Breakoutwatch Weekly Summary 09/27/2024
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Market Summary
Stocks reach record highs on China and AI hopes
The Dow Jones Industrial Average and the S&P 500 Index moved to record highs, as investors appeared to celebrate new stimulus measures in China (see below). Chemicals and materials stocks were particularly strong on hopes for a rebound in Chinese demand. Copper prices also increased, raising hopes that “Doctor Copper” was again reflecting a healthier global industrial economy. Technology stocks outperformed as well, helped by reports of a possible takeover of Intel and news that NVIDIA’s CEO had ceased sales of his own shares in the company. In addition, chipmaker Micron Technology surged and seemed to provide a general tailwind for the sector following its upbeat outlook for artificial intelligence demand. [more...]
Major Index Performance
| Dow Jones
|
| Last Close
| 42175.1 |
| Wk. Gain
| INF % |
| Yr. Gain
| 12.27 % |
| Trend
| Up |
|
| S&P 500
|
| Last Close
| 5745.37 |
| Wk. Gain
| INF % |
| Yr. Gain
| 21.08 % |
| Trend
| Down |
|
| NASDAQ Comp.
|
| Last Close
| 18190.3 |
| Wk. Gain
| 1.06 % |
| Yr. Gain
| 22.3 % |
| Trend
| Down |
|
| Russell 2000
|
| Last Close
| 18190.3 |
| Wk. Gain
| 22.3 % |
| Yr. Gain
| 803.64 % |
| Trend
| Up |
|
Performance by Sector
| Sector |
Wk. Change % |
Yr. Change % |
Trend |
| Consumer Discretionary |
5439.07 |
5901.02 |
Up |
| Consumer Staples |
9451.22 |
9370.66 |
Up |
| Energy |
14812.53 |
23292.88 |
Up |
| Finance |
18616.23 |
24787.54 |
Up |
| Health Care |
8066.97 |
9346.07 |
Down |
| Industrials |
11653.88 |
12496.29 |
Up |
| Technology |
8201.52 |
8201.52 |
Up |
| Materials |
14533.01 |
14533.01 |
Up |
| REIT |
19427.97 |
19427.97 |
Up |
| Telecom |
20760.44 |
20760.44 |
Up |
| Utilities |
12793.61 |
12793.61 |
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. |
| 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
There were no cup and handle stocks meeting our breakout model criteria this week.