Breakoutwatch Weekly Summary 10/21/17
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| New Features this Week
| Top Cup and Handle Chart Pattern Stocks
| Best Performing Index
Best Performing Industry
Most Improved Industry
Tax Reform Critical to Continued Upward Trend
The NASDAQ Composite hit a new high each day this week with the notable exception of Thursday, when optimism over a health care fix faded. It is interesting to compare the NASDAQ chart with that of the DJI, particularly on Thursday and Friday. On Thursday, the DJI was virtually unchanged due to a surge in volume giving price support as it appeared that the Senate would pass a budget resolution and this continued on Friday as the index gapped up and volume increased by 50% over the 50 day average. The significance of the budget being passed is that it allows the Republicans to pass tax reform in the Senate without Democratic support. It is clear that a continued advance of the bull market is predicated on continued progress on tax reform. If opposition from Republican deficit hawks mounts, then we could see the advance come under threat.
The number of breakouts increased from 9 last week to 14 this week, although the average gains were modest.
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.|
|GNBC||24.40||317,343||Green Bancorp - Inc. - Common Stock||Money Center Banks||95||23.20|
|MTLS||16.50||83,794||Materialise NV - American Depositary Shares||Application Software||95||15.18|
|NRG||26.68||8,178,856||NRG Energy - Inc. Common Stock||Diversified Utilities||94||25.40|
|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 site here.
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|
|Machine Tools & Accessories
|Publishing - Books
|Charts of each industry rank and performance over 12 months are available on the site|
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