Breakoutwatch Weekly Summary 03/09/19
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|Economic Outlook Stymies New
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.
No new features this week
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||Base||Squeeze||Brkout Price||Brkout Day Close||RS Rank*||Last Close||Current % off BOP||Gain at Intraday High|
|*RS Rank on day before breakout.|
|No stocks met 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|
||Auto Parts Stores
|Healthcare Information Services
|Music & Video Stores
|Music & Video Stores
|Charts of each industry rank and performance over 12 months are available on the site|
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