Breakoutwatch Weekly Summary 06/11/22

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Weekly Commentary
NASDAQ will Test Support Next Week

The NASDAQ lost 5.6% this week and is approaching the support level of May 2. The week started well but by Wednesday, fears that the CPI report due Friday would show that inflation was not abating sparked selling and sure enough, the report that inflation in May had reached 8.6% year-on-year provoked a broad based selloff that hit every sector, including energy. There is now the distinct possibility that the Fed will need to tighten more aggressively, provoking a recession.
The positive start to the week produced 95 breakouts, 25 from a cup and handle pattern, but just 2 managed to hold on to a minimum 5% gain by week's end.
Chart of the Week

IMAX has risen in recent days due to the box office success of Top Gun: Maverick and the anticipated success of the new Jurassic Park sequel, but 2 big down days and Friday's Long Legged Doji, which implies directional uncertainty, indicates investors fear the Summer's profits may not be so strong as families trade off entertainment for gas, food and rent.

IMAX 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 06/06/22
List Breakouts Avg. Gain
CWH 25 -4.35
SQZ 70 -4.37
Breakouts Gaining at Least 5% for Week Beginning 06/06/22
Brkout Date Symbol Base Squeeze Brkout Price Brkout Day Close RS Rank* Last Close Current % off BOP Gain at Intraday High
2022-06-07 METC SQZ y 15.02 17.68 96 17.34 15.45% 21.44%
2022-06-06 WLL CWH n 93.74 95.11 96 99.25 5.88% 8.43%
*RS Rank on day before breakout.
CwH Stocks Likely to Close above BoP at Next Session*
Symbol Company Industry RS Rank Last Close BoP % off BoP
RNDB Randolph Bancorp, Inc. Banks - Regional 95 26.19 26.63 98.35
SRLP Sprague Resources LP Oil & Gas Refining & Marketing 90 19.01 19.03 99.89
HQY HealthEquity, Inc. Health Information Services 93 64.05 66.11 96.88
MVO MV Oil Trust Units of Ben Oil & Gas E&P 97 12.36 12.66 97.63
JILL J. Jill, Inc. Apparel Retail 93 18.75 19.47 96.3
ATNI ATN International, Inc. Telecom Services 91 43.65 45.43 96.08
VIPS Vipshop Holdings Limited Internet Retail 89 10.56 11.20 94.29
MBI MBIA Inc. Insurance - Specialty 94 13.99 14.48 96.62
*These stocks were selected using our CWH price breakout model. This model selects stocks likely to close above the breakout price at the next session. When backtested over the three years beginning January 2019 until October 28, 2021, 80% of the stocks selected closed above their breakout price. This does not mean that on any day, 80% of the stocks selected will breakout, but it is the expectation over an extended period of time.
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Top Rated Cup and Handle Stocks as of Friday June 10, 2022
Symbol BO
Company Industry RS
VIST 10.03 955,297 Vista Energy S.A.B. de C. Oil & Gas E&P 98 8.68
TUFN 12.85 1,228,829 Tufin Software Technologi Software - Infrastructure 96 12.26
NPTN 15.63 946,878 NeoPhotonics Corporation Semiconductors 95 15.55
CTT 12.39 708,487 CatchMark Timber Trust - Inc. REIT - Specialty 94 10.99
OIS 9.02 1,075,796 Oil States International - Inc. Oil & Gas Equipment & Services 94 7.79
WTTR 9.69 534,649 Select Energy Services - Inc. Oil & Gas Equipment & Services 94 8.50
CNSL 8.49 713,949 Consolidated Communications Holdings - Inc. Telecom Services 93 7.97
MRC 12.05 948,208 MRC Global Inc. Oil & Gas Equipment & Services 93 10.86
RFP 17.11 1,175,095 Resolute Forest Products Inc. Paper & Paper Products 93 15.06
KYN 9.83 1,158,003 Kayne Anderson Energy Infrastructure Fund - Inc. Asset Management 92 9.39
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 31392.8
-4.58% -13.61% Down
NASDAQ 11340
-5.6% -27.52% Down
S&P 500 3900.86
-5.05% -18.16% 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 Dow Jones
Dow Jones
Dow Jones
Best Performing Industry
1 Week 3 Weeks 13 Weeks 26 Weeks
Thermal Coal
Thermal Coal
REIT - Residential
Most Improved Industry (by change in technical rank2)
Aerospace & Defense
Aerospace & Defense
Aerospace & Defense
Aerospace & Defense
Charts of each industry rank and performance over 12 months are available on the site


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