Breakoutwatch Weekly Summary 09/28/19
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|NASDAQ Crashes Through a Bearish
Double-Top Support Level
On Tuesday the NASDAQ crashed through the support level between the two double tops shown in the chart. When a double top forms, the support level is the low between the two tops. The pattern is considered completed when the price falls below the support level and is considered to be a very bearish signal. While trade negotiations continue unresolved, and possibly complicated by uncertainty during the impeachment inquiry, the markets must additionally contend with political uncertainty as well as the ongoing Iranian situation and weakening in world markets, especially Europe. A further complication arose on Friday when Bloomberg reported that the administration may curb investment flows into China and de-list Chinese companies on US exchanges. The week closed with the NASDAQ shedding 2.2%.
The downturn limited the number of breakout stocks to just 6 from the cup and handle pattern with only modest gains resulting.
Our trend indicators remain positive, and the economy remains strong, but there are increasing reasons to be cautious.
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.|
|BRFS||9.78||4,325,229||BRF S.A.||Meat Products||97||9.27|
|ALDR||18.90||3,906,255||Alder BioPharmaceuticals - Inc.||Biotechnology||97||18.78|
|OMN||10.10||780,938||OMNOVA Solutions Inc.||Specialty Chemicals||95||10.07|
|UCTT||16.67||593,564||Ultra Clean Holdings - Inc.||Semiconductor - Specialized||92||14.49|
|SALT||7.10||539,230||Scorpio Bulkers Inc.||Shipping||91||6.13|
|SEMG||17.10||3,560,606||SemGroup Corporation||Oil & Gas Pipelines||91||16.38|
|DHT||6.36||1,752,048||DHT Holdings - Inc.||Shipping||91||6.03|
|GCI||11.19||3,754,588||Gannett Co. - Inc.||Publishing - Newspapers||90||10.77|
|SNR||6.80||558,225||New Senior Investment Group Inc.||Processing Systems & Products||90||6.63|
|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|
||REIT - Industrial
|Sporting Goods Stores
|Charts of each industry rank and performance over 12 months are available on the site|
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