Breakoutwatch Weekly Summary 06/15/19
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|NASDAQ Composite Trends Down;
Although the week started with a gap up on Monday in response to the faux deal with Mexico the index failed to breach the resistance level set by the recent bearish head and shoulders pattern. The NASDAQ trended down for the rest of the week as volumes fell away and the rising tensions with Iran saw the index fall 0.5% on Friday. Although the index did gain 0.7% compared to last Friday's close, our trend indicator model senses that the index is in a downward trend.
The negative trend is reflected in the performance of attempted breakouts this week. Cup and handle pattern breakouts, which usually deliver the best returns, failed to deliver a positive result on average
Although it's not a good marketing message for the site, I suggest extreme caution before going long until the trend reverses.
No new features this week
Our latest strategy suggestions are here.
|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
|Toy & Hobby Stores
|Music & Video Stores
|Charts of each industry rank and performance over 12 months are available on the site|
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