Breakoutwatch Weekly Summary 04/04/20

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Weekly Commentary
Market Bottom Not Confirmed For a summary of the week's confusing market action I suggest reading Briefing.com's Weekly Wrap. The question we need answering before being comfortable about opening new long positions is; was March 23 a market bottom? On March 24, the market closed higher on higher volume but there has not been a similar day since. O'Neil's test for a market bottom is that there should be a follow through day between the 4th and 7th day, so his criterion has not been met. Equally, my own Trend Reversal Signal algorithm has not shown a reversal.

Chart of the Week
While opening new long positions may be risky, I selected Bio-Rad Laboratories (BIO) from the Volatility Squeeze watchlist as a possible breakout candidate for Monday, April 6. Note the very strong upward move on Friday. See Bio-Rad's ddPCR System Detects Coronavirus More Accurately.

New Features this Week
No new features this week

Strategy Suggestions
Our latest strategy suggestions are here. While most stocks are in decline, there are some that are setting new highs. You can find these under the Watchlists menu.

Breakouts Summary by Watchlist for Week Beginning 03/30/20
List	Breakouts	Avg. Gain
CWH	1	0.47
SQZ	3	13.01
HTF		0
HSB		0
DB		0

Breakouts Detail for Week Beginning 03/30/20
Brkout Date	Symbol	Base	Squeeze	Brkout Price	Brkout Day Close	RS Rank^*	Last Close	Current % off BOP	Gain at Intraday High
2020-03-31	HLI	SQZ	y	47.99	52.12	90	58.06	20.98%	21.17%
2020-03-31	KALA	SQZ	y	7.50	8.79	98	8.75	16.67%	28.73%
2020-04-03	BIO	SQZ	y	360.75	365.78	92	365.78	1.39%	2.45%
2020-03-31	RARX	CWH	n	47.77	48.01	97	47.995	0.47%	0.5%
^*RS Rank on day before breakout.

Breakdown Detail for Week Beginning 03/30/20
date	symbol	list	support	close	gain %
04/02/2020	GDS	HST	54.67	27.43	49.83 %
04/03/2020	GDS	HST	54.67	51.2	6.35 %

Top Rated Cup and Handle Stocks as of Friday April 03, 2020
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

Major Index Summary
Index	Value	Change Week	Change YTD	Trend¹
Dow	21052.5	-2.7%	-26.23%	Down
NASDAQ	7373.08	-1.72%	-17.83%	Down
S&P 500	2488.65	-2.08%	-22.97%	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
NASDAQ Composite	NASDAQ Composite -18.27	NASDAQ Composite -7.63	NASDAQ Composite -17.83

Best Performing Industry
1 Week	3 Weeks	13 Weeks	26 Weeks
Shell Companies	Medical Distribution

Most Improved Industry (by change in technical rank²)
Healthcare Plans 70	Silver 67	Grocery Stores 191	Grocery Stores 183
Charts of each industry rank and performance over 12 months are available on the site

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