Up Up and Away Market Update and Stock Scan for Oct 21
Tue, Oct 21, 2:31 PM ET, by Corey Rosenbloom
Just like the prior times when buyers intervened to force a short-squeeze, we’re seeing the same breakout into shot-squeeze outcome this time above 1,900.
Here’s our S&P 500 update and trending stock scan for the day:
After the recent V-Spike Intervention at the lows, we’ve seen the market creep like a serpent ever higher into the first resistance cluster at 1,900.
This morning’s gap triggered yet another Short-Squeeze Breakout outcome (see yesterday’s planning) and we continue to trade long with the buyers (and perversely, long with the bears/short-sellers who continue to drive price higher collectively with their buy-to-cover stop-losses).
With the market above 1,925, we aim for 1,945’s confluence target.
Sector Breadth is Bullish at the moment again:
Today’s price action – as confirmed with our Sector Breadth stock grid – shows clear bullish indications.
Our strongest sectors are all the Offensive/Bullish names while the weakest sectors of the day – excluding Health Care – are the Defensive/Risk-Off names (Staples and Utilities).
Uptrending bullish intraday candidates today include the following:
Waters Corp (WAT), FMC, Robert Half (RHI), and Equifax Inc (EFX).
Top bearish downtrending candidates include the following stocks:
Coca-Cola (KO), Chipotle (CMG), Lockheed Martin (LMT), and IBM.
Follow along with members of the Daily Commentary and Idealized Trades summaries for real-time updates and additional trade planning.
Corey Rosenbloom, CMT
Afraid to Trade.com
Follow Corey on Twitter: http://twitter.com/afraidtotrade
Corey's book The Complete Trading Course (Wiley Finance) is now available along with the newly released Profiting from the Life Cycle of a Stock Trend presentation (also from Wiley).
SDI Glossary: "Breakout" Definition
SDI Glossary: "Bullish" Definition
SDI Glossary: "price" Definition
SDI Glossary: "Finance" Definition
SDI Glossary: "Risk" Definition
SDI Glossary: "Sector" Definition
SDI Glossary: "Short" Definition
SDI Glossary: "Stock" Definition
SDI Glossary: "Trend" Definition
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