Breakoutwatch Weekly Summary 10/15/22

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Weekly Commentary
NASDAQ Closes Below Support

The major indexes each had another losing week with the NASDAQ leading the trend lower with a 1% loss. The NASDAQ suffered from a 3.2% loss in information technology. Friday's close left the index just below the June support level at 10542. The next support level is 10519 not seen since October of 2020. The index has effectively given up 2 years of gains.

Thursday's CPI report showed inflation at an 8.2% level year-on-year indicating that further interest rate increases are likely as the fight against inflation continues. J. P. Morgan CEO Jamie  Diamond expects we will be in a recession within 6-9 months and that the markets could fall a further 20% if there is a hard landing.

Chart of the Week

There is no Chart of the Week this week.

New Features this Week

No new features this week
Strategy Suggestions
Our latest strategy suggestions are here.
Breakouts Summary by Watchlist for Week Beginning 10/10/22
List Breakouts Avg. Gain
SQZ 3 2.25
Breakouts Gaining at Least 5% for Week Beginning 10/10/22
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.
CwH Stocks Likely to Close above BoP at Next Session*
Symbol Company Industry RS Rank Last Close BoP % off BoP
IRDM Iridium Communications Inc Telecom Services 94 47.75 48.69 98.07
MGI Moneygram International, Inc. Credit Services 92 10.55 10.60 99.53
THS Treehouse Foods, Inc. Packaged Foods 93 46.27 46.70 99.08
*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 Monday October 10, 2022
Symbol BO
Company Industry RS
SBS 11.43 4,672,496 Companhia de saneamento Basico Do Estado De Sao Pa Utilities - Regulated Water 97 11.14
TCDA 12.54 1,175,141 Tricida - Inc. Drug Manufacturers - Specialty & Generic 97 11.80
MOD 17.52 545,778 Modine Manufacturing Company Auto Parts 96 13.39
ARCO 7.92 1,243,734 Arcos Dorados Holdings Inc. Restaurants 94 7.46
NOV 19.27 4,570,342 NOV Inc. Oil & Gas Equipment & Services 90 18.00
MLCO 8.18 7,092,648 Melco Resorts & Entertainment Limited Resorts & Casinos 88 7.50
TBPH 11.00 861,228 Theravance Biopharma - Inc. Biotechnology 85 9.83
AGI 8.17 5,458,241 Alamos Gold Inc. Gold 81 7.59
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 29202.9
-0.32% -19.64% Down
NASDAQ 10542.1
-1.04% -32.62% Down
S&P 500 3612.39
-0.75% -24.21% 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 S&P 500
Dow Jones
Dow Jones
Best Performing Industry
1 Week 3 Weeks 13 Weeks 26 Weeks
Thermal Coal
Thermal Coal
Thermal Coal
Industrial Distribution
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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