When the stock market hesitates to move in either direction, it becomes challenging to identify potential trading candidates. For this reason, it’s a good idea to have a checklist of items to go over during the trading day. One item on my checklist is to run my SCTR (StockCharts Technical Rank, pronounced “scooter”) scan, which looks for stocks and exchange-traded funds (ETFs) with a SCTR rank above 76, 78, or 80. The scan results give you a good idea of which industries show technical strength. The scan is provided at the bottom of this article. When I ran the scan on October 30 and sorted the results table by the Universe and SCTR columns, several regional banks made the list. This isn’t surprising, given that the Federal Reserve has started cutting interest rates and will likely make further cuts. The demand for consumer loans increases when interest rates are lower.…
