Breakoutwatch Weekly Summary 08/26/2024

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Contents

Market Summary

Investors celebrate notice of coming rate cuts

The Dow Jones Industrial Average and S&P 500 Index moved back toward record highs, as investors appeared to celebrate Federal Reserve Chair Jerome Powell’s announcement that interest rate cuts would soon be coming. The gains were also broad-based, with small-caps outperforming large-caps and an equal-weighted version of the S&P 500 Index outpacing its more familiar, capitalization-weighted counterpart. T. Rowe Price traders noted that trading activity was exceptionally light through most of week, which featured some of the lowest daily trading volumes of the summer. [more...]

Major Index Performance

Dow Jones
Last Close 41175.1
Wk. Gain 1.24 %
Yr. Gain 9.61 %
Trend Up
Dow Jones
S&P 500
Last Close 5634.61
Wk. Gain 1.4 %
Yr. Gain 18.75 %
Trend Up
S&P 500
NASDAQ Comp.
Last Close 17877.8
Wk. Gain 1.29 %
Yr. Gain 20.19 %
Trend Up
NASDAQ Comp.
Russell 2000
Last Close 17877.8
Wk. Gain 732.69 %
Yr. Gain 788.12 %
Trend Up
Russell 2000

Performance by Sector

Sector Wk. Change % Yr. Change % Trend
Consumer Discretionary 2.37 6.39 Up
Consumer Staples 1.45 13.67 Up
Energy -0.19 7.13 Down
Finance 1.68 17.73 Up
Health Care 1.93 14.3 Up
Industrials 2.13 13.98 Up
Technology 1.4 21.34 Up
Materials 2.39 7.89 Up
REIT 3.78 7.65 Up
Telecom 1.39 19.62 Up
Utilities 1.22 19.77 Up

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

Watchlist Symbol Company Industry C Score* % Gain
DB WING Wingstop Inc. Restaurants 74.3 % 1.5 %
SQZ EME EMCOR Group, Inc. Engineering & Construction 73.6 % 4.1 %
CWH SMBC Southern Missouri Bancorp, Inc. Banks - Regional 72.9 % 0 %
SQZ BCRX BioCryst Pharmaceuticals, Inc. Biotechnology 72.9 % 3.4 %
SQZ HGTY Hagerty, Inc. Insurance - Property & Casualty 72.6 % 4.1 %
DB LNTH Lantheus Holdings, Inc. Drug Manufacturers - Specialty & Generic 70.6 % 1.3 %
CWH EML Eastern Company (The) Tools & Accessories 70.4 % 0.3 %
CWH TGLS Tecnoglass Inc. Building Materials 69.7 % 1 %
CWH OSPN OneSpan Inc. Software - Infrastructure 68.5 % 0.8 %
CWH PH Parke Specialty Industrial Machinery 67.5 % 0.1 %
CWH DKS Dick's Sporting Goods Inc Specialty Retail 64.7 % 4.1 %
SQZ NSA National Storage Affiliates Trust REIT - Industrial 64 % 1.8 %
SQZ SRCL Stericycle, Inc. Waste Management 63.8 % 0.2 %
CWH CAL Caleres, Inc. Apparel Retail 62.7 % 2.3 %
SQZ SDA SunCar Technology Group Inc. Auto & Truck Dealerships 62 % 0.3 %
DB ESAB ESAB Corporation Metal Fabrication 61.1 % 0.1 %
SQZ T AT&T Inc. Telecom Services 59.3 % 1.2 %
SQZ ZYME Zymeworks Inc. Biotechnology 59.1 % 4.7 %
CWH PHG Koninklijke Philips N.V. Medical Devices 56.3 % 2.2 %
SQZ IFF International Flavors & Fragrances, Inc. Specialty Chemicals 56 % 2.2 %
*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 OWL Blue Owl Capital Inc. Asset Management 72.4 % -2.6 %
SS KEX Kirby Corporation Marine Shipping 70.4 % -0.1 %
SS SLNO Soleno Therapeutics, Inc. Biotechnology 57.4 % -0.9 %
SS DKNG DraftKings Inc. Gambling 56.5 % -0.3 %
SS MRNS Marinus Pharmaceuticals, Inc. Biotechnology 32 % -1.5 %
*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*
PRAX 59.81 Praxis Precision Medicines, Inc. Biotechnology 99.00 84.18 60.2
SLNO 52.38 Soleno Therapeutics, Inc. Biotechnology 98.00 86.39 57.4
SLDB 10.37 Solid Biosciences Inc. Biotechnology 96.00 92.19 55
BDTX 6.75 Black Diamond Therapeutics, Inc. Biotechnology 95.00 95.7 57.6
SUPV 7.56 Grupo Supervielle S.A. Am Banks - Regional 95.00 91.93 75.7
ZIM 23.76 ZIM Integrated Shipping S Marine Shipping 94.00 84.89 69.5
GGAL 36.63 Grupo Financiero Galicia S.A. Banks - Regional 94.00 94.68 61.1
TAYD 54.00 Taylor Devices, Inc. Specialty Industrial Machinery 93.00 94.39 73.8
ACRV 9.42 Acrivon Therapeutics, Inc. Biotechnology 93.00 99.36 51.8
DNTH 31.61 Dianthus Therapeutics, Inc. Biotechnology 92.00 89.53 67.7
ARIS 17.91 Aris Water Solutions, Inc. Utilities - Regulated Water 92.00 94.7 74
CRVO 19.00 CervoMed Inc. Biotechnology 92.00 85.89 52.7
BBAR 10.68 Banco BBVA Argentina S.A. Banks - Regional 92.00 90.64 71.4
NRG 83.85 NRG Energy, Inc. Utilities - Independent Power Producers 92.00 99.58 64.2
INFN 6.19 Infinera Corporation Communication Equipment 91.00 98.06 56.6
GHM 33.64 Graham Corporation Specialty Industrial Machinery 89.00 92.45 72.3
LFVN 8.75 Lifevantage Corporation Packaged Foods 88.00 98.29 65.2
WIX 171.98 Wix.com Ltd. Software - Infrastructure 87.00 97.67 68
NGS 22.83 Natural Gas Services Group, Inc. Oil & Gas Equipment & Services 87.00 95.05 77.1
SPHR 50.88 Sphere Entertainment Co. Class A Entertainment 87.00 98.41 63
MTZ 113.29 MasTec, Inc. Engineering & Construction 86.00 98.82 63
ITOS 18.13 iTeos Therapeutics, Inc. Biotechnology 86.00 96.41 60.4
BHRB 70.00 Burke & Herbert Financial Services Corp. Banks - Regional 86.00 95.67 65.4
RYTM 53.92 Rhythm Pharmaceuticals, Inc. Biotechnology 85.00 85.53 62.8
QNST 20.50 QuinStreet, Inc. Advertising Agencies 84.00 87.61 63.1
FIHL 19.02 Fidelis Insurance Holdings Limited Insurance - Diversified 83.00 98.53 70.5
SPR 37.08 Spirit Aerosystems Holdings, Inc. Aerospace & Defense 82.00 94.8 60
NFLX 711.33 Netflix, Inc. Entertainment 82.00 96.54 77.2
RM 33.87 Regional Management Corp. Credit Services 82.00 95.19 71.2
KNF 83.00 Knife Riv Holding Co. Building Materials 82.00 95.76 65
SKYT 10.50 SkyWater Technology, Inc. Semiconductors 81.00 92.86 64.8
PANW 375.37 Palo Alto Networks, Inc. Software - Infrastructure 81.00 93.44 68.9
SNCR 12.98 Synchronoss Technologies, Inc. Software - Infrastructure 81.00 99 65.7
NFBK 12.94 Northfield Bancorp, Inc. Banks - Regional 81.00 94.67 68
INNV 6.61 InnovAge Holding Corp. Medical Care Facilities 81.00 95.76 63.6
TSEM 44.18 Tower Semiconductor Ltd. Semiconductors 81.00 93.78 59.5
FRBA 15.70 First Bank Banks - Regional 80.00 98.47 66.5
TMP 65.29 Tompkins Financial Corporation Banks - Regional 80.00 94.69 64.7
EXP 279.69 Eagle Materials Inc Building Materials 80.00 95.05 66.8
APT 6.44 Alpha Pro Tech, Ltd. Building Products & Equipment 80.00 98.76 65.6
*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.