Breakoutwatch Weekly Summary 04/01/17
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| New Features this Week
| Top Cup and Handle Chart Pattern Stocks
Major Indexes Performance
| Best Performing Index
Best Performing Industry
Most Improved Industry
|NASDAQ Sets up a Possible Head and
The NASDAQ Composite gained 1.4% this week, easily outpacing the S&P 500 which gained 0.8%. Also, the NASDAQ easily leads with a year-to-date gain of 9.8% compared to the S&P's 5.5%.
Despite investors concerns over the ability of the Trump administration to deliver health care and tax reform, and infrastructure spending, the NASDAQ rose steadily throughout the week, although it did so on generally less than average volume, a warning sign of investor caution. On Friday, the NASDAQ just failed to set a new high before pulling back and closing for a small loss on the day. This sets up a possible head and shoulders top as shown on this chart. Note that this pattern has a downward sloping neckline, so the pattern will be completed if the price drops below the left shoulder - the dotted line on the chart. A completed head and shoulder top pattern is a bearish signal, so beware if the NASDAQ price falls below 5812.
The upward trend for the week produced 20 breakouts that are shown below, mostly from a Volatility Squeeze pattern. Volatility Squeezes occur when volume slows which reduces volatility. You can see from the chart that volume has been mostly below average for the last two weeks, which explains the prevalence of VS breakouts.
No new features this week.
Our latest strategy suggestions are here.
|Brkout Date||Symbol||Base||Squeeze||BrkoutOut Price||Brkout Day Close||RS Rank*||Last Close||Current % off BOP||Gain at Intraday High|
|*RS Rank on day before breakout.|
|COHR||206.16||556,100||Coherent - Inc.||Scientific & Technical Instruments||97||205.94|
|EDN||34.98||87,536||Empresa Distribuidora Y Comercializadora Norte S.A||Electric Utilities||95||34.32|
|These stocks meet our suggested screening factors
for our Cup and Handle Chart Pattern watchlist.
See Revised Rules for Trading Cup and Handle Breakouts
|Index||Value||Change Week||Change YTD||Trend1|
1The Market Trend is derived from our proprietary market model. The market model is described on the sitehere.
2The site also shows industry rankings based on fundamentals, combined technical and fundamentals, and on price alone. The site also shows daily industry movements.
|1 Week||13 Weeks||26 Weeks||Year-to-Date|
|1 Week||3 Weeks||13 Weeks||26 Weeks|
||Regional - Southwest Banks
|Beverages - Wineries & Distillers
|Long Distance Carriers
|Charts of each industry rank and performance over 12 months are available on the site|
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