Breakoutwatch Weekly Summary 05/22/2023
You are receiving this email because you are or were a
BreakoutWatch.com subscriber, or have subscribed to our weekly
newsletter.
To read this newsletter on the site, click here: Newsletter
.
Contents
Market Summary
Stocks briefly break out of trading band in narrow advance
Stocks recorded solid gains for the week, with the S&P 500 Index breaching the 4,200 level in intraday trading for the first time since late August. The index has remained notably range-bound over the past few months, and T. Rowe Price traders observed that the previous week marked the sixth consecutive one in which it failed to move by more than 1%—the longest such stretch since November 2019. The market’s advance remained notably narrow as well, however. The equal-weighted S&P 500 Index (SPEXW) lagged by 77 basis points (0.77%) and ended the week up only 0.93% for the year to date, 825 basis points behind the weighted index. [more...]
Major Index Performance
| Dow Jones | |
|---|---|
| Last Close | 33286.6 |
| Wk. Gain | 0.59 % |
| Yr. Gain | 0.5 % |
| Trend | Down |
|
|
| S&P 500 | |
|---|---|
| Last Close | 4192.63 |
| Wk. Gain | 1.69 % |
| Yr. Gain | 9.5 % |
| Trend | Up |
|
|
| NASDAQ Comp. | |
|---|---|
| Last Close | 12720.8 |
| Wk. Gain | 2.68 % |
| Yr. Gain | 22.69 % |
| Trend | Up |
|
|
| Russell 2000 | |
|---|---|
| Last Close | 1795.38 |
| Wk. Gain | 2.94 % |
| Yr. Gain | 1.45 % |
| Trend | Up |
|
|
Performance by Sector
| Sector | Wk. Change % | Yr. Change % | Trend |
|---|---|---|---|
| Consumer Discretionary | 1.43 | 17.08 | Up |
| Consumer Staples | -1.87 | 1.04 | Down |
| Energy | 2.47 | -8.2 | Down |
| Finance | 2.45 | -5.1 | Down |
| Health Care | 0.4 | -1.86 | Down |
| Industrials | 1.72 | 4.07 | Up |
| Technology | 3.09 | 27.2 | Up |
| Materials | 0.76 | 1.07 | Down |
| REIT | 0.67 | -1.93 | Down |
| Telecom | 2.99 | 25.33 | Up |
| Utilities | -0.94 | -7.2 | Down |
Breakouts This Week Still Within 5% of Breakout Price (Limit 20 top C Score)
| Watchlist | Symbol | Company | Industry | C Score* | % Gain |
|---|---|---|---|---|---|
| SQZ | MELI | MercadoLibre, Inc. | Internet Retail | 87.4 % | 1.5 % |
| SQZ | FSS | Federal Signal Corporation | Pollution & Treatment Controls | 76.8 % | 4.4 % |
| CWH | RCL | D/B/A Royal Caribbean Cruises Ltd. | Travel Services | 76.1 % | 2.5 % |
| SQZ | AQUA | Evoqua Water Technologies Corp. | Pollution & Treatment Controls | 76.1 % | 1.3 % |
| SQZ | FLYW | Flywire Corporation | Software - Infrastructure | 75.8 % | 0.9 % |
| SQZ | EAT | Brinker International, Inc. | Restaurants | 75.7 % | 0.3 % |
| CWH | FLEX | Flex Ltd. | Electronic Components | 75.3 % | 0.2 % |
| CWH | GMAB | Genmab A/S | Biotechnology | 73.7 % | 0.3 % |
| CWH | VSH | Vishay Intertechnology, Inc. | Semiconductors | 73.2 % | 2.5 % |
| SQZ | OEC | Orion Engineered Carbons S.A | Specialty Chemicals | 73.1 % | 2.6 % |
| SQZ | CSWI | CSW Industrials, Inc. | Specialty Industrial Machinery | 72.7 % | 2 % |
| SQZ | KRUS | Kura Sushi USA, Inc. | Restaurants | 72.6 % | 4.5 % |
| SQZ | ENS | EnerSys | Electrical Equipment & Parts | 72.1 % | 1 % |
| CWH | ARCO | Arcos Dorados Holdings Inc. | Restaurants | 70.9 % | 4.5 % |
| CWH | FLT | FleetCor Technologies, Inc. | Software - Infrastructure | 70.5 % | 1.4 % |
| CWH | NMIH | NMI Holdings Inc | Insurance - Specialty | 70.4 % | 3.3 % |
| CWH | PAA | Plains All American Pipeline, L.P. | Oil & Gas Midstream | 70.1 % | 1.1 % |
| SQZ | DOOR | Masonite International Co | Building Products & Equipment | 69.9 % | 2.8 % |
| CWH | VMC | Vulcan Materials Company (Holding Company) | Building Materials | 69.7 % | 0.4 % |
| SQZ | VNT | Vontier Corporation | Scientific & Technical Instruments | 69.5 % | 2.7 % |
| *C score is our assessment of a Stock's correlation to CAN SLIM principles. It combines a stock's Technical and Fundamental merits and is expressed as a percentage. | |||||
Breakdowns within 5% of Breakdown Price
| Watchlist | Symbol | Company | Industry | C Score* | % Loss |
|---|---|---|---|---|---|
| SS | ERIE | Erie Indemnity Company | Insurance Brokers | 68.3 % | -0.4 % |
| SS | CVCO | Cavco Industries, Inc. | Residential Construction | 67.1 % | -3.7 % |
| SS | ITI | Iteris, Inc. | Communication Equipment | 66.3 % | -4.6 % |
| SS | SJM | J.M. Smucker Company (The) New | Packaged Foods | 66.3 % | -2.7 % |
| SS | KHC | The Kraft Heinz Company | Packaged Foods | 62.3 % | -0.6 % |
| SS | UTZ | Utz Brands Inc | Packaged Foods | 49.5 % | -4.1 % |
| SS | SMAP | SportsMap Tech Acquisition Corp. | Shell Companies | 46.7 % | -0.3 % |
| *C score is our assessment of a Stock's correlation to CAN SLIM principles. It combines a stock's Technical and Fundamental merits and is expressed as a percentage. | |||||
Cup and Handle Stocks Likely to Breakout at Next Session
| Symbol | BoP | Company | Industry | Within x% of BoP | C Score* | |
|---|---|---|---|---|---|---|
| There were no CWH stocks meeting our breakout model criteria | ||||||
| *C score is our assessment of a Stock's correlation to CAN SLIM principles. It combines a stock's Technical and Fundamental merits and is expressed as a percentage. | ||||||
Cup and Handle Chart of the Week
Allison Transmission Holdings, Inc. (ALSN) is showing healthy accumulation as it builds the right side of the handle. The stock closed on Friday within just 0.2% of its Breakout Price (BoP) and appears ready to breakout
