Breakoutwatch Weekly Summary 03/28/20
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| Patiently Waiting for a Follow
Through Day The NASDAQ set a new intraday low on Monday but went on to close 13% above that low, despite profit taking before Friday's close. There is a possibility that Monday's low will in future be seen as the market bottom, following the passage of the $2trillion rescue package, combined with the support announced by the Fed (new credit facilities,purchase of investment-grade corporate bonds, municipal debt, and U.S.-listed exchange ETFs for investment grade corporate bonds). The chart below shows that following the low set on Monday. March 23, the index closed higher that day and continued to move higher until Thursday which was day 4 of the (possible) recovery. Under the O'Neil method for recognizing a market bottom, we look for a 'follow-through day' on the 4th through 7th day of the low. The requirement is that a follow through day must meet the condition of closing higher, on higher volume , than the day before. We can see that day 4 did not meet the condition, and neither did day 5.  For an alternative approach, we can
look at our Trend Reversal Signals for the NASDAQ Comp.The blue
areas indicate when the trend was up, and we see that the trend
has not yet reversed.
 |
No chart of the week. |
| No new features this week |
|
Our latest strategy
suggestions are here.
|
| List | Breakouts | Avg. Gain |
|---|---|---|
| CWH | 1 | 0.84 |
| SQZ | 1 | -1.14 |
| HTF | 0 | |
| HSB | 0 | |
| DB | 0 |
| Brkout Date | Symbol | Base | Squeeze | Brkout Price | Brkout Day Close | RS Rank* | Last Close | Current % off BOP | Gain at Intraday High |
|---|---|---|---|---|---|---|---|---|---|
| 2020-03-27 | TBIO | CWH | n | 10.72 | 10.81 | 91 | 10.81 | 0.84% | 8.68% |
| 2020-03-25 | HMI | SQZ | y | 14.01 | 14.56 | 96 | 13.85 | -1.14% | 6.07% |
| *RS Rank on day before breakout. | |||||||||
| date | symbol | list | support | close | gain % |
|---|---|---|---|---|---|
| 03/26/2020 | GFI | HST | 5.97 | 5.64 | 5.53 % |
| 03/26/2020 | GFI | SS | 6.11 | 5.64 | 7.69 % |
| Symbol | BO Price |
BO Vol. |
Company | Industry | RS Rank |
Last Close |
|---|---|---|---|---|---|---|
| No stocks met 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 |
|---|---|---|---|---|
| Dow | 21636.8 |
12.84% | -24.18% | Down |
| NASDAQ | 7502.38 |
9.05% | -16.39% | Down |
| S&P 500 | 2541.47 |
10.26% | -21.34% | 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. |
||||
| 1 Week | 13 Weeks | 26 Weeks | Year-to-Date |
|---|---|---|---|
| Dow Jones |
NASDAQ Composite -16.7 |
NASDAQ Composite -5.51 |
NASDAQ Composite -16.39 |
| 1 Week | 3 Weeks | 13 Weeks | 26 Weeks |
|---|---|---|---|
| Shell Companies |
Utilities - Renewable |
| Gold 40 |
Grocery Stores 117 |
Grocery Stores 197 |
Grocery Stores 184 |
| Charts of each industry rank and performance over 12 months are available on the site | |||
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