Breakoutwatch Weekly Summary 08/05/2024

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Contents

Market Summary

Downside economic surprises send shares sharply lower

The major benchmarks closed lower, as investors reacted to the busiest week of the quarterly earnings reporting season and arguably the most important week of monthly economic data. The recent rotation toward value stocks and small-caps stalled, at least in part, as the small-cap Russell 2000 Index pulled back sharply at the end of the week. Notably, however, an equal-weighted version of the large-cap S&P 500 Index held up better than its more familiar, market-weighted counterpart, suggesting that the market’s performance continued to broaden away from the so-called Magnificent Seven and other technology-oriented market giants. Relatedly, the Nasdaq Composite pulled back over 10% from its July high, putting it in a technical correction. [more...]

Major Index Performance

Dow Jones
Last Close 38703
Wk. Gain -5.07 %
Yr. Gain 3.03 %
Trend Up
Dow Jones
S&P 500
Last Close 5186
Wk. Gain -5.81 %
Yr. Gain 9.29 %
Trend Down
S&P 500
NASDAQ Comp.
Last Close 16200
Wk. Gain -7.42 %
Yr. Gain 8.91 %
Trend Down
NASDAQ Comp.
Russell 2000
Last Close 2039
Wk. Gain -9.54 %
Yr. Gain 1.29 %
Trend Up
Russell 2000

Performance by Sector

Sector Wk. Change % Yr. Change % Trend
Consumer Discretionary -8.41 -3.01 Down
Consumer Staples -0.74 8.24 Up
Energy -8.1 2.41 Down
Finance -7.57 8.2 Down
Health Care -2.42 7.71 Up
Industrials -6.47 6.14 Up
Technology -8.62 7.82 Down
Materials -5.37 1.71 Up
REIT -2.45 0.7 Up
Telecom -4.89 11.01 Down
Utilities -0.88 15.06 Up

Breakouts This Week Still Within 5% of Breakout Price (Limit 20 top C Score)

Watchlist Symbol Company Industry C Score* % Gain
CWH LTH Life Time Group Holdings, Inc. Leisure 79.1 % 4.9 %
CWH WLDN Willdan Group, Inc. Engineering & Construction 75.8 % 4.3 %
CWH BFAM Bright Horizons Family Solutions Inc. Personal Services 71.3 % 5 %
SQZ SQSP Squarespace, Inc. Software - Infrastructure 67.8 % 0.5 %
SQZ MOR MorphoSys AG Biotechnology 57.2 % 2.4 %
*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 FIX Comfort Systems USA, Inc. Engineering & Construction 71.3 % -4.7 %
SS GE GE Aerospace Aerospace & Defense 68.7 % -2.4 %
SS S SentinelOne, Inc. Software - Infrastructure 63.7 % -0.7 %
SS URGN UroGen Pharma Ltd. Biotechnology 59.3 % -1.3 %
SS SPHR Sphere Entertainment Co. Class A Entertainment 57.5 % -1.2 %
SS VERA Vera Therapeutics, Inc. Biotechnology 54.7 % -1.5 %
SS MNTX Manitex International, Inc. Farm & Heavy Construction Machinery 53.4 % -4.4 %
SS GIC Global Industrial Company Industrial Distribution 49.6 % -2.4 %
SS BCAB BioAtla, Inc. Biotechnology 29.6 % -4.9 %
*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 next Week

Symbol BoP Company Industry Relative Strength Rank Within x% of BoP C Score*
GSUN 8.45 Golden Sun Health Technology Group Limited Education & Training Services 99.00 89.94 54.9
PGY 15.63 Pagaya Technologies Ltd. Software - Infrastructure 99.00 86.82 71.9
PRAX 59.81 Praxis Precision Medicines, Inc. Biotechnology 99.00 94.93 64.5
HUMA 9.79 Humacyte, Inc. Biotechnology 98.00 84.27 61
SEZL 98.32 Sezzle Inc. Credit Services 98.00 78.42 61.4
SLNO 52.27 Soleno Therapeutics, Inc. Biotechnology 98.00 93.25 62
BNTC 10.88 Benitec Biopharma Inc. Biotechnology 97.00 73.62 46.9
SNDA 33.25 Sonida Senior Living, Inc. Medical Care Facilities 97.00 88.99 60.5
AGIO 50.35 Agios Pharmaceuticals, Inc. Biotechnology 94.00 87.31 59.5
REVG 29.89 REV Group, Inc. Farm & Heavy Construction Machinery 93.00 89.33 73.9
TEVA 18.03 Teva Pharmaceutical Indus Drug Manufacturers - Specialty & Generic 93.00 94.23 63.6
ITOS 18.10 iTeos Therapeutics, Inc. Biotechnology 93.00 91.55 52
SLDB 10.26 Solid Biosciences Inc. Biotechnology 92.00 76.51 37.5
DNTH 31.61 Dianthus Therapeutics, Inc. Biotechnology 92.00 86.97 66.6
SNCR 11.21 Synchronoss Technologies, Inc. Software - Infrastructure 92.00 89.21 61.8
MDGL 298.00 Madrigal Pharmaceuticals, Inc. Biotechnology 92.00 92.4 53.8
SKE 7.11 Skeena Resources Limited Other Industrial Metals & Mining 91.00 87.34 52.4
SIGA 10.70 SIGA Technologies Inc. Drug Manufacturers - Specialty & Generic 91.00 81.31 63
TILE 17.86 Interface, Inc. Building Products & Equipment 91.00 97.09 73.5
TGI 17.87 Triumph Group, Inc. Aerospace & Defense 90.00 86.91 72.2
LFVN 8.75 Lifevantage Corporation Packaged Foods 90.00 95.43 61.8
ARIS 17.91 Aris Water Solutions, Inc. Utilities - Regulated Water 90.00 84.87 75.9
PRIM 57.72 Primoris Services Corporation Engineering & Construction 89.00 87.56 69.8
BCRX 7.93 BioCryst Pharmaceuticals, Inc. Biotechnology 89.00 88.52 71.7
TRUP 38.14 Trupanion, Inc. Insurance - Specialty 89.00 88.41 66
FFNW 22.48 First Financial Northwest, Inc. Banks - Regional 89.00 93.91 58.7
GSHD 92.50 Goosehead Insurance, Inc. Insurance - Diversified 88.00 95.19 75.6
AXGN 9.62 Axogen, Inc. Medical Devices 88.00 84.2 64.4
NVEI 33.22 Nuvei Corporation Software - Infrastructure 88.00 99.31 66.5
FLXS 38.95 Flexsteel Industries, Inc. Furnishings, Fixtures & Appliances 88.00 90.89 76.4
RYTM 53.92 Rhythm Pharmaceuticals, Inc. Biotechnology 88.00 81.95 65
PRFT 75.50 Perficient, Inc. Information Technology Services 88.00 99.67 62.5
CELC 19.77 Celcuity Inc. Biotechnology 87.00 87.41 49.4
CASY 401.07 Caseys General Stores, Inc. Specialty Retail 87.00 92.73 68.6
CWBC 21.85 Community West Bancshares Banks - Regional 86.00 88.38 67
PHIN 47.51 PHINIA Inc. Auto Parts 86.00 89.22 58.8
PRG 46.40 PROG Holdings, Inc. Rental & Leasing Services 86.00 91.01 61.1
COLL 39.58 Collegium Pharmaceutical, Inc. Drug Manufacturers - Specialty & Generic 85.00 91.86 64.8
EGY 7.43 VAALCO Energy, Inc. Oil & Gas Exploration & Production 85.00 83.85 69
GFF 75.55 Griffon Corporation Conglomerates 85.00 89.38 67.4
EXR 171.46 Extra Space Storage Inc REIT - Industrial 84.00 96.2 64
PHG 29.53 Koninklijke Philips N.V. Medical Devices 84.00 96.44 54.9
SA 16.98 Seabridge Gold, Inc. Gold 84.00 93.46 55.8
TSEM 44.18 Tower Semiconductor Ltd. Semiconductors 83.00 84.83 61.4
FNKO 10.36 Funko, Inc. Leisure 83.00 84.46 58.2
CVEO 27.50 Civeo Corporation (Canada) Specialty Business Services 83.00 98.69 72.3
KAI 363.40 Kadant Inc Specialty Industrial Machinery 82.00 85.19 48.1
SPR 37.08 Spirit Aerosystems Holdings, Inc. Aerospace & Defense 82.00 92.56 64.7
CYBR 284.10 CyberArk Software Ltd. Software - Infrastructure 82.00 86.96 70.6
KTOS 22.96 Kratos Defense & Security Solutions, Inc. Aerospace & Defense 82.00 91.38 69.3
KGS 29.75 Kodiak Gas Services, Inc. Oil & Gas Equipment & Services 82.00 90.35 59.4
IT 509.15 Gartner, Inc. Information Technology Services 81.00 94.14 66.4
SMBC 58.03 Southern Missouri Bancorp, Inc. Banks - Regional 81.00 90.16 71.1
KMPR 65.93 Kemper Corporation Insurance - Property & Casualty 81.00 96.57 61.5
TOST 27.88 Toast, Inc. Software - Infrastructure 80.00 87.7 63.3
TZOO 10.45 Travelzoo Advertising Agencies 80.00 94.35 75.1
DNOW 15.65 DNOW Inc. Industrial Distribution 80.00 90.35 61.8
SCS 14.74 Steelcase Inc. Business Equipment & Supplies 80.00 91.99 71.6
RVTY 128.15 Revvity, Inc. Diagnostics & Research 80.00 96.19 61.7
PETQ 22.91 PetIQ, Inc. Drug Manufacturers - Specialty & Generic 80.00 91.66 67.1
GE 177.20 GE Aerospace Aerospace & Defense 80.00 90.45 68.7
*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.

Cup and Handle Chart of the Week

There were no cup and handle stocks meeting our breakout model criteria this week.