Breakoutwatch Weekly Summary 09/12/20
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|Market Signals Turn Down for the
Three Major Indexes
Our market signals for the three major indexes all turned down on Friday. The NASDAQ closed below its 50 day moving average while the DJI and S&P 500 remain above that level, for now. This change in trends indicates that extra caution is necessary when opening long positions. The NASDAQ has slipped 10% since its September 2 high putting it in 'correction' territory. This may not be a bad thing, as the index was overextended, and a period of consolidation was overdue.
While a move down was anticipated, it may have been influenced by the Senate failing to pass its $300 billion coronavirus relief bill, which could have added some stimulus to the economy and the pause in the AstraZeneca (AZN) vaccine trial in the UK,
|With the market
trends turning negative, readers may be looking for
opportunities to go short. Fastly inc. is on our Head and
Shoulders Top (HST) short position list and fell 9% on Friday.
Read why here.
The stock is close to completing the HST pattern when it falls
to $73.9 in which case the target price becomes $30. See our HST
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.|
|SURF||7.44||1,245,098||Surface Oncology - Inc.||Biotechnology||98||6.60|
|EQT||17.97||6,290,283||EQT Corporation||Oil & Gas E&P||85||14.03|
|TME||16.43||14,267,986||Tencent Music Entertainme||Internet Content & Information||83||15.80|
|INSU||14.49||599,638||Insurance Acquisition Corp.||Shell Companies||83||12.77|
|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|
|Other Precious Metals & Mining
|Charts of each industry rank and performance over 12 months are available on the site|
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