Breakoutwatch Weekly Summary 09/28/19

You are receiving this email because you are or were a subscriber, or have subscribed to our weekly newsletter. This newsletter summarizes the breakout events of the week and provides additional guidance that does not fit into our daily format. It is published each weekend.

Weekly Commentary
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.


New Features this Week

No new features this week
Strategy Suggestions
Our latest strategy suggestions are here.
Breakouts Summary by Watchlist for Week Beginning 09/23/19
List Breakouts Avg. Gain
CWH 6 0.19
Breakouts Detail for Week Beginning 09/23/19
Brkout Date Symbol Base Squeeze Brkout Price Brkout Day Close RS Rank* Last Close Current % off BOP Gain at Intraday High
2019-09-23 XBIT CWH n 9.90 10.36 98 10.29 3.94% 6.06%
2019-09-26 WHR CWH n 153.22 154.84 87 155.5 1.49% 3.91%
2019-09-26 TSM CWH n 45.22 46.46 81 45.51 0.64% 2.85%
2019-09-25 AIN CWH n 90.08 91.51 87 89.85 -0.26% 2.18%
2019-09-26 HASI CWH n 29.54 29.73 89 29.1 -1.49% 1.49%
2019-09-26 WSC CWH n 16.44 16.6 89 15.915 -3.19% 2.74%
*RS Rank on day before breakout.
Top Rated Cup and Handle Stocks as of Friday September 27, 2019
Symbol BO
Company Industry RS
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
FRO 9.57 1,014,974 Frontline Ltd. Shipping 95 9.12
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
Major Index Summary
Index Value Change Week Change YTD Trend1
Dow 26820.2
-0.43% 14.97% Up
NASDAQ 7939.63
-2.19% 19.66% Up
S&P 500 2961.79
-1.01% 18.15% 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
Dow Jones Dow Jones
0.68 %
S&P 500
4.49 %
NASDAQ Composite
19.66 %
Best Performing Industry (by average technical score over each period)
1 Week 3 Weeks 13 Weeks 26 Weeks
Insurance Brokers
Insurance Brokers
Insurance Brokers
REIT - Industrial
Most Improved Industry (by change in technical rank2)
Personal Computers
Sporting Goods Stores
Personal Computers
Manufactured Housing
Charts of each industry rank and performance over 12 months are available on the site


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