Breakoutwatch Weekly Summary 04/11/20

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Weekly Commentary
Trend is Still Down Despite Record Week for Markets

The NASDAQ gained 11% this week in what Marketwatch called the best week for stocks in 45 years. Nevertheless our trend model still considers that the overall market direction is negative. Although that results from a purely technical analysis, many market observers who compare this rally to previous meltdowns of this scale, believe the March low will be retested in the coming weeks (example). Has the reality of the hit to the economy of 16 million unemployed (and climbing) yet been priced into the market? We could learn more next week as the Q1 earnings season begins and companies report forward guidance.

Chart of the Week
This week I've chosen a cup and handle pattern stock to watch on Monday: MSCI inc. MSCI Inc., together with its subsidiaries, provides investment decision support tools for the clients to manage their investment processes worldwide. Thursday's volume was above the 50 day average and above that of the day before. The stock is above both it's 50 and 200 day moving average. A breakout could test resistance at 322.

MSCI chart

New Features this Week

No new features this week
Strategy Suggestions
Our latest strategy suggestions are here.
Breakouts Summary by Watchlist for Week Beginning 04/06/20
List Breakouts Avg. Gain
CWH 1 1.02
SQZ 3 4.77
Breakouts Detail for Week Beginning 04/06/20
Brkout Date Symbol Base Squeeze Brkout Price Brkout Day Close RS Rank* Last Close Current % off BOP Gain at Intraday High
2020-04-09 CYRX SQZ y 17.00 18.27 90 18.27 7.47% 11.29%
2020-04-07 HTLD SQZ y 18.99 19.24 81 20.26 6.69% 7.27%
2020-04-07 CY CWH n 23.58 23.81 93 23.82 1.02% 1.06%
2020-04-07 CHT SQZ y 35.85 35.99 88 35.9 0.14% 0.75%
*RS Rank on day before breakout.
Top Rated Cup and Handle Stocks as of Thursday April 09, 2020
Symbol BO
Company Industry RS
CTSO 7.73 1,229,976 Cytosorbents Corporation - Common Stock Medical Devices 96 6.59
VSTO 9.71 1,307,824 Vista Outdoor Inc. Common Stock Leisure 94 8.95
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 23719.4
12.67% -16.89% Down
NASDAQ 8153.58
10.59% -9.13% Down
S&P 500 2789.82
12.1% -13.65% Down
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 NASDAQ Composite
NASDAQ Composite
NASDAQ Composite
Best Performing Industry
1 Week 3 Weeks 13 Weeks 26 Weeks
Shell Companies
REIT - Industrial

Most Improved Industry (by change in technical rank2)
Grocery Stores
Grocery Stores
Charts of each industry rank and performance over 12 months are available on the site


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