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Triangle Midday Market Update and Stock Scan July 26

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Today’s market activity was a volatile, big swing event that resulted in an intraday triangle pattern.

Let’s update our levels for the S&P 500 Index and note the big trending stocks today:

Price continues to trade within the wider range between the 2,160 and 2,175 level.

While it’s a lengthy consolidation rectangle, today saw a tighter triangle compression take hold near 2,165.

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Let’s see what our Breadth Chart reveals about current market strength (or weakness):

ZERO stocks in the Utility sector were positive today and 10% of stocks in Staples were positive.

This suggests a bullish edge to Money Flow as seen at the sector performance level.

All Offensive Sectors were above 50% and trending higher as seen in the grid above.

Here are today’s strongest trending (intraday) names – candidates for pro-trend continuation:

Wolverine (WWW), Texas Instruments (TXN), Analog (ADI), and Caterpillar (CAT)

Bearish downtrending candidates include the following stocks from our “weakness” scan:

Cadence (CDNS), McDonald’s (MCD), Reynold’s (RAI), and Coors Brewing (TAP).

See this morning’s update about McDonald’s (MCD) collapsing.

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Corey Rosenbloom, CMT
Afraid to Trade.com

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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).


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