Breakoutwatch Weekly Summary 10/01/22

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Weekly Commentary
NASDAQ Testing June Low but Support Unlikely
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The NASDAQ has fallen to the support level last seen on June 16th which was followed by a 2 month recovery. On June 16th, the index closed above its low for the day, but that was not the case yesterday. So support at this level is unlikely.

September was a bleak month with the NASDAQ losing 10.5%. Apple, one of the NASDAQ's tech leaders, dropped 8.1% this week on fears that sales of the new iPhone would tumble. As a result supplier's stocks also fell as well as funds and ETF's that have Apple as a core holding.

Other factors weighing down the markets are:
  • The Fed will likely keep raising rates at a 0.75% clip until inflation is tamed,
  • Europe is likely to go into recession this winter as food and fuel shortages caused by the war drive inflation higher
  • Putin's escalation of the war makes nuclear warfare more likely
NASDAQ Chart
Chart of the Week
Navient Corporation (NAVI) moved 5% higher on Friday and brokeout from its Average True Range. The stock has shown increasing positive volume for the last three days. The stock may have benefited from changes announced Thursday on the Administration's Student Loan forgiveness program. The company has a dividend yield of 4.35%. Currently, NAVI's payout ratio is 28% of earnings.
NAVI 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 09/26/22
List Breakouts Avg. Gain
CWH 2 3.1
SQZ 12 1.2
HTF 1 14.53
HSB
0
DB
0
Breakouts Gaining at Least 5% for Week Beginning 09/26/22
Brkout Date Symbol Base Squeeze Brkout Price Brkout Day Close RS Rank* Last Close Current % off BOP Gain at Intraday High
2022-09-29 AKRO HTF n 29.73 29.8 99 34.05 14.53% 18.84%
2022-09-28 KNSA SQZ y 11.52 11.97 91 12.84 11.46% 13.15%
2022-09-28 HLIT CWH n 12.09 13 96 13.07 8.11% 10.01%
*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
There were no stocks meeting our probable breakout criteria today.
*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 September 30, 2022
Symbol BO
Price		 BO
Vol.		 Company Industry RS
Rank		 Last
Close
MOD 17.52 541,730 Modine Manufacturing Company Auto Parts 95 12.94
MGI 10.54 737,049 Moneygram International - Inc. Credit Services 93 10.40
TBPH 11.00 904,612 Theravance Biopharma - Inc. Biotechnology 92 10.14
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 28725.5
 -2.92% -20.95% Down
NASDAQ 10575.6
 -2.69% -32.4% Down
S&P 500 3585.62
 -2.91% -24.77% 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
-7.63		 Dow Jones
-17.5		 Dow Jones
-20.95
Best Performing Industry
1 Week 3 Weeks 13 Weeks 26 Weeks
Healthcare Plans
 Thermal Coal
 Thermal Coal
 Rental & Leasing Services
Most Improved Industry (by change in technical rank2)
Aerospace & Defense
0		 Aerospace & Defense
0		 Aerospace & Defense
0		 Aerospace & Defense
0
Charts of each industry rank and performance over 12 months are available on the site

 

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