Breakoutwatch Weekly Summary 03/09/19

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Weekly Commentary
Economic Outlook Stymies New Breakouts

The NASDAQ Composite slipped 1.6% compared to last Friday's close as signs of slowing economic growth led traders to question the underlying strength of the recent recovery. Slowing economic growth at home and abroad, particularly in Europe and China, combined with continued uncertainty about a US-China trade deal, led to profit taking beginning on Monday and continued throughout the week. Surprising low job growth figures, just 20,000 new jobs in February, caused a sell-off early on Friday.The NASDAQ did recover from its lows but still closed for a loss. Failure to hold above the 200 day moving average introduced a bearish technical factor in addition to the weakening economic situation.

The result was that there were far fewer breakouts this week, just 7 compared to 26 last week. Although our trend indicator remains positive, clearly there are doubts about the direction the market is taking. The next technical support level is at the 50 day moving average, just 3% below Friday's close.
NASDAQ Chart

New Features this Week

No new features this week
Strategy Suggestions
Our latest strategy suggestions are here.

Since issuing our first emails of stocks meeting our new Buy at Open strategy criteria on February 19, our picks have hit a headwind as the market went from flat to negative. Six stocks could not be bought at the next open as they opened below the previous day's breakout price (BoP). The remainder were stopped out using the upper true range value from the previous day, as the strategy provides for, but only one, JKS, showed a profit.

Brkout
Date
Symbol BoP Buy
Date
Buy
Price
Sell
Date
Sell
Price
Profit Comment
2/19/19 JKS 16.99 2/20/19 18.9 3/4/19 19.74 4.44 Stopped out
2/22/19 SCS 17.55 2/25/19 17.65 2/26/19 17.43 -1.25 Stopped out
2/25/19 SPWH 6.31 2/26/19 6.46 3/1/19 6.26 -3.1 Stopped out
2/25/19 FIT 6.73 2/26/19 6.5 N/A 0 0 Next Open below BoP
2/26/19 TBIO 9.94 2/27/19 9.8 N/A 0 0 Next Open below BoP
2/27/19 CIO 12.19 2/28/19 10.96 N/A 0 0 Next Open below BoP
2/28/19 ACRE 15.34 3/1/19 15.34 3/7/19 15.04 -1.96 Stopped out
3/1/19 REPH 9.28 3/4/19 9.77 3/6/19 9.33 -4.5 Stopped out
3/1/19 RUN 16.03 3/4/19 16.1 3/5/19 16.1 0 Stopped out
3/4/19 AMRC 17 3/5/19 17.4 3/6/19 16.69 -4.08 Stopped out
3/4/19 EFC 17.48 3/5/19 17.3 N/A 0 0 Next Open below BoP
3/5/19 STRL 15.15 3/6/19 14.28 N/A 0 0 Next Open below BoP
3/5/19 MAG 10.17 3/6/19 9.55 N/A 0 0 Next Open below BoP

Breakouts Summary by Watchlist for Week Beginning 03/04/19
List Breakouts Avg. Gain
CWH 5 1.74
SQZ 2 0.81
HTF
0
HSB
0
DB
0
Breakouts Detail for Week Beginning 03/04/19
Brkout Date Symbol Base Squeeze Brkout Price Brkout Day Close RS Rank* Last Close Current % off BOP Gain at Intraday High
2019-03-08 UPLD CWH n 35.60 39.91 84 39.91 12.11% 12.42%
2019-03-07 PNM CWH n 44.93 44.94 85 45.86 2.07% 2.16%
2019-03-07 DLTR SQZ y 100.36 103.16 85 102.4 2.03% 3.82%
2019-03-08 WBC CWH n 142.00 142.59 86 142.59 0.42% 3.17%
2019-03-04 REPH SQZ y 9.43 9.55 95 9.39 -0.42% 9.44%
2019-03-05 CCK CWH n 55.38 55.55 85 54.62 -1.37% 0.99%
2019-03-04 AMRC CWH n 17.00 17.27 94 16.23 -4.53% 6.18%
*RS Rank on day before breakout.
Top Rated Cup and Handle Stocks as of Friday March 08, 2019
Symbol BO
Price
BO
Vol.
Company Industry RS
Rank
Last
Close
No stocks met our suggested screening factors for our Cup and Handle Chart Pattern watchlist.
See Revised Rules for Trading Cup and Handle Breakouts
Major Index Summary
Index Value Change Week Change YTD Trend1
Dow 25450.2
-2.23% 9.1% Up
NASDAQ 7408.14
-1.59% 11.65% Up
S&P 500 2743.07
-1.78% 9.42% Up
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.
Best Performing Index
1 Week 13 Weeks 26 Weeks Year-to-Date
S&P 500 NASDAQ Composite
4.35 %
Dow Jones
-1.8 %
NASDAQ Composite
11.65 %
Best Performing Industry (by average technical score over each period)
1 Week 3 Weeks 13 Weeks 26 Weeks
Foreign Utilities
Foreign Utilities
Foreign Utilities
Auto Parts Stores
Most Improved Industry (by change in technical rank2)
Lodging
49
Healthcare Information Services
67
Music & Video Stores
178
Music & Video Stores
214
Charts of each industry rank and performance over 12 months are available on the site

 

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