Breakoutwatch Weekly Summary 10/05/19
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|Trend Indicators Turn Negative;
Revised Industry Classification
Our trend indicators turned negative for the three major indexes on Monday. The indicator for the Dow Jones Indus trials recovered on Friday following a positive jobs report but the NASDAQ and S&P 500 remain negative. Last week I showed that the NASDAQ had completed a bearish Double Top pattern and the chart still shows that the bearish signal is still in effect.
Heavy selling for all major indexes on Tuesday and Wednesday followed the ISM manufacturing index falling to its lowest level since June 2009. Thursday started with a continuing decline leading to an oversold position but the NASDAQ found support at the 200 day moving average level and the index closed higher following short sale covering. Friday's gap up followed the positive employment report but volume levels were well below the 50 day average showing residual fear that a correction is looming.
Note that the best performing industries are Utilities indicating that there is a move towards defensive stock positions.
The negative trend for the week inevitably meant that there were very few breakouts.
No new features this week, however I have reviewed the industry data I provide and found a number of anomalies. Among these were:
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.|
|ALDR||18.95||4,300,284||Alder BioPharmaceuticals - Inc.||Biotechnology||97||18.90|
|AKTS||8.77||670,330||Akoustis Technologies - Inc.||Communication Equipment||92||7.95|
|CZR||12.03||16,776,519||Caesars Entertainment Corporation||Resorts & Casinos||88||11.66|
|PLAB||11.45||690,910||Photronics - Inc.||Semiconductor Equipment & Materials||87||10.85|
|PSDO||16.96||1,925,121||Presidio - Inc.||Information Technology||87||16.79|
|CORT||15.03||1,117,971||Corcept Therapeutics Incorporated||Biotechnology||86||14.19|
|VRRM||15.10||1,340,434||Verra Mobility Corporation - Class A Common Stock||Security & Protection Services||85||13.97|
|WSC||16.89||722,250||WillScot Corporation||Rental & Leasing Services||85||15.57|
|SONO||15.41||2,407,084||Sonos - Inc.||Electronic Equipment||84||13.39|
|TTMI||12.63||1,614,963||TTM Technologies - Inc.||Printed Circuit Boards||81||12.29|
|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|
|Charts of each industry rank and performance over 12 months are available on the site|
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