Breakoutwatch Weekly Summary 03/20/21
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|NASDAQ Trend Continues Down;
Markets Concerned over 10-year Treasury Yield
The three major indexes all closed down but our trend indicators for the Dow and S&P 500 remain positive. Traders continue to fret over the 10-year yield which rose to 1.76% driven by inflation fears, but closed on Friday at 1.73%. The inflation fears are driven by the COVID stimulus which is expected to dramatically spur economic growth, and inflation along with it, but the Fed maintains it will keep the Fed Funds rate low until there is substantial improvement in employment. Raising the Fed Funds rate would normally be one tool the Fed has to fight inflation, but that appears to be off the table for now.
Meanwhile, the NASDAQ Chart shows that a head and shoulders pattern formed at the beginning of March, but earlier this week the index failed to penetrate resistance at the level of the left shoulder (L.S.) and has since retreated further. Head and Shoulders patterns are considered bearish.
Gains from breakouts this week were more subdued than recently. The best performer was SOLY which broke out from a High Tight Flag pattern and closed for a gain of 12.9%.
NFE is the top rated stock on our daily list of stocks likely to exceed their breakout price at the next session. Note the volume spike when the stock set its pivot, which was followed by the usual profit taking, and then volume surged again on Friday.
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.|
|DSKE||7.49||628,048||Daseke - Inc.||Trucking||92||7.42|
|TFFP||18.48||580,299||TFF Pharmaceuticals - Inc.||Biotechnology||85||15.83|
|ENBL||7.42||2,378,216||Enable Midstream Partners - LP||Oil & Gas Midstream||80||6.75|
|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|
|Oil & Gas Drilling
|Oil & Gas Drilling
|Charts of each industry rank and performance over 12 months are available on the site|
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