Breakoutwatch Weekly Summary 07/21/18
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| New Features this Week
| Top Cup and Handle Chart Pattern Stocks
| Best Performing Index
Best Performing Industry
Most Improved Industry
|NASDAQ Consolidation Begins as
Selling Volume Increases
Last weeks prediction that the NASDAQ could be ready for consolidation did not come true immediately. The index did close with a small loss on Monday but then went on to set another new high on Tuesday led by Amazon, Alphabet, Microsoft and Charles Schwab. The momentum did not carry through though, and the rest of the week brought small losses as selling volume increased. Wednesday delivered a distribution day and Thursday also saw a loss on above average volume. Friday delivered another loss following end of session selling across all three major indexes as investors reacted to further threats from Trump of tariffs on $500 billion worth of Chinese goods and further criticism of the Fed. The NASDAQ closed with a small loss of 0.7% for the week.
The chart below shows average volumes have fallen since early July as investors depart on vacation. This is particularly true on Friday's as yesterday's volume shows. Consequently, breakouts on above average volume have diminished and this pattern will likely continue through August.
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.|
|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|
||Home Health Care
|Long Distance Carriers
|Charts of each industry rank and performance over 12 months are available on the site|
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