Breakoutwatch Weekly Summary 08/27/2024
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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 | 41240.5 |
| Wk. Gain | 0.75 % |
| Yr. Gain | 9.78 % |
| Trend | Up |
|
|
| S&P 500 | |
|---|---|
| Last Close | 5616.84 |
| Wk. Gain | -0.38 % |
| Yr. Gain | 18.37 % |
| Trend | Up |
|
|
| NASDAQ Comp. | |
|---|---|
| Last Close | 17725.8 |
| Wk. Gain | -1.49 % |
| Yr. Gain | 19.17 % |
| Trend | Up |
|
|
| Russell 2000 | |
|---|---|
| Last Close | 17725.8 |
| Wk. Gain | 716.48 % |
| Yr. Gain | 780.57 % |
| Trend | Up |
|
|
Performance by Sector
| Sector | Wk. Change % | Yr. Change % | Trend |
|---|---|---|---|
| Consumer Discretionary | 5691.8 | 5747.78 | Up |
| Consumer Staples | 9207.32 | 9128.82 | Up |
| Energy | 14431.73 | 22695.52 | Up |
| Finance | 18138.3 | 24152.02 | Up |
| Health Care | 7858.42 | 9104.86 | Up |
| Industrials | 11353.73 | 12174.63 | Up |
| Technology | 7989.54 | 7989.54 | Up |
| Materials | 14159.35 | 14159.35 | Up |
| REIT | 18929.31 | 18929.31 | Up |
| Telecom | 20227.75 | 20227.75 | Up |
| Utilities | 12464.36 | 12464.36 | Up |
Breakouts This Week Still Within 5% of Breakout Price (Limit 20 top C Score)
| Watchlist | Symbol | Company | Industry | C Score* | % Gain |
|---|---|---|---|---|---|
| *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 | There were no Breakdowns still within 5% of breakdown price this week |
|---|---|---|---|---|---|
| *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 | 86.99 | 60.5 |
| SLNO | 52.38 | Soleno Therapeutics, Inc. | Biotechnology | 98.00 | 88.07 | 57.7 |
| BDTX | 6.75 | Black Diamond Therapeutics, Inc. | Biotechnology | 95.00 | 97.41 | 57.7 |
| SLDB | 10.37 | Solid Biosciences Inc. | Biotechnology | 95.00 | 91.22 | 54.7 |
| APP | 92.50 | Applovin Corporation | Utilities - Renewable | 94.00 | 97.18 | 77.9 |
| SUPV | 7.56 | Grupo Supervielle S.A. Am | Household & Personal Products | 94.00 | 91.01 | 75.6 |
| CRVO | 19.00 | CervoMed Inc. | Biotechnology | 94.00 | 95.79 | 56 |
| DNTH | 31.61 | Dianthus Therapeutics, Inc. | Biotechnology | 93.00 | 94.21 | 68.5 |
| ARIS | 17.91 | Aris Water Solutions, Inc. | Electrical Equipment & Parts | 92.00 | 95.53 | 73.9 |
| GGAL | 36.63 | Grupo Financiero Galicia S.A. | Household & Personal Products | 92.00 | 92.25 | 60.7 |
| INFN | 6.19 | Infinera Corporation | Utilities - Regulated Water | 91.00 | 98.87 | 56.6 |
| NVEI | 33.33 | Nuvei Corporation | Utilities - Regulated Gas | 89.00 | 99.64 | 62.9 |
| ITOS | 18.13 | iTeos Therapeutics, Inc. | Biotechnology | 88.00 | 99.12 | 61.3 |
| BBAR | 10.68 | Banco BBVA Argentina S.A. | Household & Personal Products | 87.00 | 87.27 | 72.4 |
| SPHR | 50.88 | Sphere Entertainment Co. Class A | Other Precious Metals & Mining | 87.00 | 97.09 | 62.4 |
| QNST | 20.50 | QuinStreet, Inc. | Gold | 87.00 | 90.88 | 63.9 |
| NGS | 22.83 | Natural Gas Services Group, Inc. | Luxury Goods | 87.00 | 94.31 | 76.4 |
| FIX | 347.73 | Comfort Systems USA, Inc. | Utilities - Regulated Gas | 86.00 | 97.06 | 75 |
| BHRB | 70.00 | Burke & Herbert Financial Services Corp. | Household & Personal Products | 85.00 | 94.99 | 64.9 |
| SPR | 37.08 | Spirit Aerosystems Holdings, Inc. | Utilities - Renewable | 83.00 | 93.96 | 60.7 |
| NFLX | 711.33 | Netflix, Inc. | Other Precious Metals & Mining | 82.00 | 96.78 | 77.2 |
| DASH | 131.21 | DoorDash, Inc. | Insurance - Specialty | 82.00 | 98.03 | 59.4 |
| FIHL | 19.02 | Fidelis Insurance Holdings Limited | Confectioners | 81.00 | 97.63 | 69.9 |
| NFBK | 12.94 | Northfield Bancorp, Inc. | Household & Personal Products | 80.00 | 93.51 | 68.8 |
| KNF | 83.00 | Knife Riv Holding Co. | Telecom Services | 80.00 | 95.07 | 63.9 |
| COLL | 39.58 | Collegium Pharmaceutical, Inc. | Oil & Gas Drilling | 80.00 | 94.9 | 68 |
| INNV | 6.61 | InnovAge Holding Corp. | Health Information Services | 80.00 | 95.61 | 63.7 |
| FTNT | 76.31 | Fortinet, Inc. | Utilities - Regulated Gas | 80.00 | 98.52 | 64.9 |
| FRBA | 15.70 | First Bank | Household & Personal Products | 80.00 | 98.22 | 67 |
| *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.