Breakoutwatch Weekly Summary 09/26/20
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|NASDAQ Gains for the Week but Trend
Indicators Still Negative
The NASDAQ gained 1.1% over last Friday's close but the trend is flat and volumes below average. The S&P 500 and DJI were both in the red with losses of 0.6% and 1.8%, respectively. All three indexes made gains on Friday despite a slight uptick in jobless claims on Friday. The mega cap technology stocks led the gains but there was no specifically identified reason why. Traders may have taken upwardly revised durable goods orders for July as an indication the economy is strengthening. And of course, the Fed has promised near zero interest rates for the foreseeable future.
The Volatility Squeeze pattern again delivered the most breakouts but it was last weeks chart of the week (ZM) which delivered the best return from its High Tight Flag pattern.
Did you know you can use breakoutwatch on your mobile phone? I've been laboring for a few months to improve rendering on phones and its getting quite useful. Give it a try. Instructions are here.
|For the chart of
the week, I again turn to the High Tight Flag pattern and select
New Fortress Energy Inc. (NFE). Since forming the handle
the chart shows initial profit taking but a steady rise since
then on heavy volume.
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.|
|CLDX||13.43||886,614||Celldex Therapeutics - Inc.||Biotechnology||99||12.80|
|BCLI||15.21||735,466||Brainstorm Cell Therapeutics Inc.||Biotechnology||97||14.95|
|SURF||7.75||1,281,874||Surface Oncology - Inc.||Biotechnology||97||6.31|
|NG||12.07||2,965,782||Novagold Resources Inc.||Gold||88||11.34|
|SCPL||16.98||1,256,300||SciPlay Corporation||Electronic Gaming & Multimedia||86||15.90|
|UNIT||10.50||2,164,030||Uniti Group Inc.||REIT - Industrial||81||9.81|
|BCOV||13.36||657,412||Brightcove Inc.||Software - Application||80||9.94|
|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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