Breakoutwatch Weekly Summary 09/07/2024
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Contents
Market Summary
Slowdown worries weigh on stocks
The S&P 500 Index suffered its worst weekly drop in 18 months, as worries over an economic slowdown appeared to weigh on sentiment. Information technology shares led the declines, driven in part by a drop in NVIDIA following rumors that it may be the subject of a Justice Department antitrust investigation, which led to a roughly USD 300 billion drop in the chip giant’s market capitalization. Energy shares were also especially weak on the back of a decline in oil prices. Conversely, the typically defensive utilities, consumer staples, and real estate sectors held up better. [more...]
Major Index Performance
| Dow Jones | |
|---|---|
| Last Close | 40755.8 |
| Wk. Gain | INF % |
| Yr. Gain | 8.49 % |
| Trend | Down |
|
|
| S&P 500 | |
|---|---|
| Last Close | 5503.41 |
| Wk. Gain | INF % |
| Yr. Gain | 15.98 % |
| Trend | Down |
|
|
| NASDAQ Comp. | |
|---|---|
| Last Close | 17127.7 |
| Wk. Gain | INF % |
| Yr. Gain | 15.15 % |
| Trend | Down |
|
|
| Russell 2000 | |
|---|---|
| Last Close | 17127.7 |
| Wk. Gain | INF % |
| Yr. Gain | 750.85 % |
| Trend | Down |
|
|
Performance by Sector
| Sector | Wk. Change % | Yr. Change % | Trend |
|---|---|---|---|
| Consumer Discretionary | -2.7 | 2.62 | Up |
| Consumer Staples | 0.36 | 14.68 | Up |
| Energy | -4.61 | 1.49 | Down |
| Finance | -3.02 | 16.54 | Up |
| Health Care | -2.17 | 12.69 | Up |
| Industrials | -4.27 | 10.01 | Up |
| Technology | -6.32 | 11.54 | Down |
| Materials | -3.87 | 3.82 | Up |
| REIT | 0.22 | 7.84 | Up |
| Telecom | -3.44 | 14.39 | Down |
| Utilities | -0.49 | 20.41 | Up |
Breakouts This Week Still Within 5% of Breakout Price (Limit 20 top C Score)
| Watchlist | Symbol | Company | Industry | C Score* | % Gain |
|---|---|---|---|---|---|
| SQZ | VEL | Velocity Financial, Inc. | Farm Products | 69.6 % | 0.8 % |
| SQZ | JWN | Nordstrom, Inc. | Travel Services | 64.4 % | 0.9 % |
| CWH | ARGX | argenx SE | Biotechnology | 60.9 % | 0.3 % |
| SQZ | OTLK | Outlook Therapeutics, Inc. | Biotechnology | 54.6 % | 1.5 % |
| SQZ | ELYM | Eliem Therapeutics, Inc | Biotechnology | 47.9 % | 1.9 % |
| SQZ | LRMR | Larimar Therapeutics, Inc. | Biotechnology | 40.2 % | 3.5 % |
| *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. | |||||
Breakdowns within 5% of Breakdown Price
| Watchlist | Symbol | Company | Industry | C Score* | % Loss |
|---|---|---|---|---|---|
| SS | AX | Axos Financial, Inc. | Household & Personal Products | 70.8 % | -2.8 % |
| SS | TPC | Tutor Perini Corporation | Insurance - Diversified | 68.1 % | -3.1 % |
| SS | WTTR | Select Water Solutions, Inc. | Advertising Agencies | 63.6 % | -3.2 % |
| SS | FCNCA | First Citizens BancShares, Inc. | Household & Personal Products | 62.9 % | -0.6 % |
| SS | URI | United Rentals, Inc. | Biotechnology | 62 % | -2.5 % |
| SS | JANX | Janux Therapeutics, Inc. | Biotechnology | 56.8 % | -2.2 % |
| SS | DKNG | DraftKings Inc. | Luxury Goods | 55.6 % | -0.7 % |
| SS | VERI | Veritone, Inc. | Utilities - Regulated Gas | 51.7 % | -0.5 % |
| SS | BDTX | Black Diamond Therapeutics, Inc. | Biotechnology | 50.3 % | -2 % |
| SS | RSVR | Reservoir Media, Inc. | Other Precious Metals & Mining | 48.7 % | -3.6 % |
| SS | SNX | TD SYNNEX Corporation | Household & Personal Products | 41.5 % | -4.1 % |
| *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 | 61.94 | Praxis Precision Medicines, Inc. | Biotechnology | 95.00 | 87.21 | 57.2 |
| ACLX | 74.10 | Arcellx, Inc. | Biotechnology | 94.00 | 96.15 | 60.6 |
| APGE | 51.67 | Apogee Therapeutics, Inc. | Biotechnology | 94.00 | 91.45 | 44.5 |
| SG | 38.53 | Sweetgreen, Inc. | Residential Construction | 93.00 | 72.33 | 52.7 |
| APP | 93.70 | Applovin Corporation | Utilities - Renewable | 93.00 | 90.26 | 76.5 |
| REPL | 11.32 | Replimune Group, Inc. | Biotechnology | 92.00 | 91.61 | 47.7 |
| OSPN | 16.41 | OneSpan Inc. | Utilities - Regulated Gas | 91.00 | 91.29 | 67.4 |
| FLXS | 43.60 | Flexsteel Industries, Inc. | Footwear & Accessories | 91.00 | 89.5 | 74.6 |
| SLDB | 10.37 | Solid Biosciences Inc. | Biotechnology | 91.00 | 78.21 | 51 |
| TNGX | 12.02 | Tango Therapeutics, Inc. | Biotechnology | 90.00 | 90.6 | 57.4 |
| AFRM | 44.99 | Affirm Holdings, Inc. | Utilities - Regulated Gas | 90.00 | 85.44 | 65.1 |
| CLDX | 45.08 | Celldex Therapeutics, Inc. | Biotechnology | 89.00 | 97.07 | 58.4 |
| BHRB | 70.00 | Burke & Herbert Financial Services Corp. | Household & Personal Products | 89.00 | 89.96 | 63.6 |
| TILE | 19.15 | Interface, Inc. | Beverages - Non-Alcoholic | 89.00 | 92.95 | 70.4 |
| FIHL | 19.02 | Fidelis Insurance Holdings Limited | Confectioners | 88.00 | 96 | 68.1 |
| FNKO | 10.73 | Funko, Inc. | Lodging | 88.00 | 89.56 | 60.8 |
| FTNT | 78.08 | Fortinet, Inc. | Utilities - Regulated Gas | 87.00 | 96.25 | 66.1 |
| AAON | 96.55 | AAON, Inc. | Utilities - Regulated Water | 86.00 | 90.52 | 70.1 |
| NVEI | 33.33 | Nuvei Corporation | Utilities - Regulated Gas | 86.00 | 99.52 | 58.6 |
| NSA | 47.42 | National Storage Affiliates Trust | Oil & Gas Drilling | 86.00 | 98 | 60.6 |
| STRW | 12.44 | Strawberry Fields REIT, Inc. | Oil & Gas Refining & Marketing | 86.00 | 90.43 | 73.2 |
| VCTR | 55.16 | Victory Capital Holdings, Inc. | Packaged Foods | 86.00 | 92.78 | 77 |
| CCOI | 76.42 | Cogent Communications Holdings, Inc. | Specialty Chemicals | 85.00 | 95.76 | 69.8 |
| SUPN | 35.41 | Supernus Pharmaceuticals, Inc. | Drug Manufacturers - Specialty & Generic | 84.00 | 95.57 | 59.5 |
| INTA | 46.58 | Intapp, Inc. | Utilities - Renewable | 84.00 | 92.66 | 70.2 |
| FIX | 359.34 | Comfort Systems USA, Inc. | Utilities - Regulated Gas | 83.00 | 84.21 | 70.1 |
| DSGR | 38.30 | Distribution Solutions Group, Inc. | Electronics & Computer Distribution | 83.00 | 89.79 | 60.4 |
| WNEB | 8.99 | Western New England Bancorp, Inc. | Household & Personal Products | 83.00 | 96.89 | 60.3 |
| TTD | 105.39 | The Trade Desk, Inc. | Utilities - Renewable | 82.00 | 95.18 | 75.3 |
| ZYME | 12.01 | Zymeworks Inc. | Biotechnology | 82.00 | 96.25 | 58.8 |
| FRBA | 15.70 | First Bank | Household & Personal Products | 82.00 | 93.95 | 66.1 |
| DNB | 12.75 | Dun & Bradstreet Holdings, Inc. | Biotechnology | 82.00 | 91.45 | 54.9 |
| CRH | 91.02 | CRH PLC Ordinary Shares | Telecom Services | 82.00 | 93.75 | 55.7 |
| AAPL | 232.92 | Apple Inc. | Utilities - Independent Power Producers | 82.00 | 94.81 | 66.4 |
| IP | 49.24 | International Paper Company | Biotechnology | 81.00 | 95.67 | 62.5 |
| EME | 393.35 | EMCOR Group, Inc. | Packaged Foods | 81.00 | 89.71 | 72.2 |
| MSGE | 42.99 | Madison Square Garden Entertainment Corp. Class A | Lodging | 80.00 | 93.09 | 64.7 |
| LIND | 11.29 | Lindblad Expeditions Holdings Inc. | Textile Manufacturing | 80.00 | 82.73 | 56.4 |
| TMP | 65.29 | Tompkins Financial Corporation | Household & Personal Products | 80.00 | 87.38 | 62 |
| VFC | 19.03 | V.F. Corporation | Leisure | 80.00 | 92.91 | 52.5 |
| BIPC | 41.58 | Brookfield Infrastructure | Engineering & Construction | 80.00 | 95.29 | 64.5 |
| *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 Chart of the Week
There were no cup and handle stocks meeting our breakout model criteria this week.