As of 05/16/2024   Indus: 39,869 -38.62 -0.1%     Trans: 15,561 -20.59 -0.1%     Utils: 950 +0.34 +0.0%     Nasdaq: 16,698 -44.07 -0.3%     S&P 500: 5,297 -11.05 -0.2%	YTD  +5.8%   -2.1%    +7.7%    +11.2%    +11.1%	Targets    Overview: 05/13/2024     39,950 or 38,500 by 06/01/2024   16,050 or 15,300 by 06/01/2024   960 or 900 by 06/01/2024   17,250 or 15,850 by 06/01/2024   5,500 or 5,100 by 06/01/2024
Chart Pattern Indicator: on 5/1/24

As of 05/16/2024   Indus: 39,869 -38.62 -0.1%     Trans: 15,561 -20.59 -0.1%     Utils: 950 +0.34 +0.0%     Nasdaq: 16,698 -44.07 -0.3%     S&P 500: 5,297 -11.05 -0.2%	YTD  +5.8%   -2.1%    +7.7%    +11.2%    +11.1%
Targets    Overview: 05/13/2024     39,950 or 38,500 by 06/01/2024   16,050 or 15,300 by 06/01/2024   960 or 900 by 06/01/2024   17,250 or 15,850 by 06/01/2024   5,500 or 5,100 by 06/01/2024
Chart Pattern Indicator: on 5/1/24

Friday 5/17/24. Pattern Trading Setups for the Weekend.

$ $ $

Here's a symbol list of 141 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: DDD, MMM, ABM, ACIW, ADTN, AMD, APD, ALGT, AEO, AXP, AFG, AMWD, ANIK, APOG, ARCB, ACGL, ARW, ASH, AGO, BSET, BAX, BKNG, BFH, BRKR, BBW, CACI, CNC, CI, CSCO, CNO, CGNX, CMTL, CONN, CSGP, CR, CROX, CSGS, CMI, DECK, DVN, DDS, DFS, EBAY, EQT, EXC, FLEX, FTNT, GME, GMS, GOOGL, GPRO, GES, HBI, THG, HQY, HSII, HELE, HP, HSIC, HUM, IBP, INTC, TILE, KBH, KEYS, LAMR, L, MGY, MAN, MCHX, MLM, MA, MTRN, MTRX, MGEE, MOS, MLI, MUR, MYGN, NWL, JWN, OMCL, PKG, PEN, PRFT, PCG, POR, PFG, PGR, DGX, RMBS, REGN, RGS, RNG, RCKY, ROG, SMG, SEE, SCI, STR, SWX, SWN, SXI, TGT, TPX, UNH, UNM, VFC, VMC, WLK, WMB, ZBRA, DDM, FXI, QQQ, IEV, ILF, EWA, EWJ, EPP, EWS, EWD, PHO, XLP, XLV, XLK, UNG, USO, VAW, MGK. Click this link for details (pattern type, start and end dates).

For a list of small patterns (those a few days wide) click this link.

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You can find setups based on a Fibonacci retrace by clicking on the link.

The following patterns were found manually, not using Patternz. Mr. Bulkowski has excluded any securities he owns from appearing in the list. However, he may add any of the securities listed to his portfolio at any time, just as you can.

In the table below, the red and green colors are based on the historical breakout direction for the associated chart pattern. If a high and tight flag appears, the start and end dates highlight the flagpole only and not the flag.

For details about the chart patterns, click here.

-- Thomas Bulkowski, author: Invest for Two-Comma Wealth and Training "Miles" (#Ad)

Thursday 5/16/24. Intraday Market Direction: Nasdaq

Since I post this the night before, check how the futures are trading before market open. Large moves can affect the opening direction.

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I show a picture of the Nasdaq composite on the 5-minute scale.

At first glance, there wasn't a lot going on in this picture. However, after gluing on a few trendlines, a chart pattern emerges.

At A, an ascending triangle appears. Those have horizontal tops and up-sloping bottoms. They can break out in either direction, but is upward 63% of the time.

An upward breakout happened here. At B, the index gapped open higher, perhaps on favorable news about inflation. I think it looks good for additional rises, especially after going horizontal for a week.

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I updated the 10-year forecast for the Dow industrials, Nasdaq composite, and S&P 500. click the link to see the pictures.

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Here's a symbol list of 216 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: DDD, ADTN, AEIS, AES, A, ALB, ALGT, DOX, AMED, AEE, AEO, AME, AMGN, APH, ANIK, AMAT, ARCB, ANET, BALL, BSET, BECN, BZH, BERY, BBY, BIO, BIIB, BOOT, BMY, BRKR, BLDR, BG, CBT, CI, CONN, CROX, CCK, CMI, DECK, DVN, FANG, DDS, EXP, EBAY, EFX, EXC, EXPI, FICO, FIS, FE, FLS, FORM, FTNT, GME, GIS, GPN, GMS, GPRO, GES, THG, HELE, HP, HSIC, DHI, HOV, IDXX, IBP, ITGR, IPAR, TILE, INTU, IRM, JBLU, KBH, KMT, KEYS, KLAC, LEN, LLY, LMT, MHO, MGY, MAN, MKTX, MAS, MA, MTRN, MGEE, MU, MLI, MUR, MYGN, NBR, ^IXIC, NWL, NEE, NI, JWN, NOC, NOVT, NUS, OXY, OMCL, OR, PYPL, PEN, PCG, PPL, PEG, PHM, QCOM, REGN, RGS, ^GSPC, CRM, SBH, SLB, SCHW, SMG, SEIC, STR, SKX, SMAR, SWX, SWN, SR, SUM, SNPS, TRGP, TDY, TFX, TER, TXN, TKR, TOL, TZOO, TG, UHAL, UNH, VLO, VECO, MDRX, V, VMC, WLK, WMB, IAI, IHE, IDU, DDM, FTEC, QTEC, FXL, QQQ, ICF, IYH, IAT, IEV, IGV, MXI, IXN, SOXX, SLV, IEO, IYF, ITB, EWK, EEM, EWG, EIS, EWI, EWM, EWW, EZA, EWY, EWP, EWD, EWL, EWT, EWU, QLD, IBB, PBE, PHO, SSO, XLF, XLV, XHB, XLB, SPY, XLK, XLU, USO, SMH, VHT, VAW, MGK, VONG. Click this link for details (pattern type, start and end dates).

For a list of small patterns (those a few days wide) click this link.

$ $ $

The following table shows where Fibonacci retrace values of the day's high-low range are plus pivot points, calculated on the Nasdaq composite, sorted by value. When several are near each other (small differences), the area might act as support or resistance.

-- Thomas Bulkowski, author: Invest for Two-Comma Wealth and Training "Miles" (#Ad)

Wednesday 5/15/24. A Look at the Chart Pattern Indicator (CPI)

This is a picture of the chart pattern indicator on the daily scale. The indicator is the line chart below a chart of the S&P 500 composite.

The bullish signal is still in place, just as it has been for a few weeks now. The vertical green bar (far right of the chart) shows this.

Based on this chart of the S&P, I expect overhead resistance to stop the upward advance. However, it could power through that resistance to post new highs. That's what the CPI is saying (new high coming).

Here's another view of the indicator. I mentioned this last week, that the indicator has been making lower highs even as the index makes new highs. That's bearish divergence.

I show that with the two green lines. Of course, the divergence has ended with the March peak...

The CPI has a max value of 100 and it's at 90.8 now. Last week, it was at 94, so we're seeing a softening of the upward push. To me, that signals a warning, but not a guarantee, of a coming retrace.

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Here's a symbol list of 158 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: ABT, ANF, AMD, AFL, ALGT, ALL, DOX, AMED, ANIK, AR, ADM, ANET, AIZ, ATO, ADP, AVNT, BBY, BIG, BIO, BAH, BMY, BRKR, BG, CDNS, CLS, CENX, CDAY, CF, CTAS, CNA, CNX, CMCO, CMTL, CONN, CXW, CTS, DECK, DVN, ^DJT, D, DUK, EBAY, ELV, EVRG, FAST, FDX, FIVN, FMC, FWRD, GME, GPRO, HBI, THG, HSII, HSIC, HNI, JBHT, IDA, NSP, IBP, IIIN, PODD, TILE, IPG, JKHY, KMT, KLAC, LANC, LLY, LMT, MHO, MGY, MANH, MAN, MCHX, MA, MTRN, MRK, MGEE, MUR, ^IXIC, NWL, NOC, NVDA, OMCL, OMI, OXM, PKE, PDCO, PETS, POR, PG, PHM, PSTG, RRC, RTX, RHI, ^GSPC, SAIA, SAND, SLB, SEIC, STR, SCCO, SR, TPR, TFX, UPS, UNH, VLO, V, VMC, WMT, WU, WMB, XEL, FTEC, BOTZ, QQQ, IGV, IXN, SOXX, EWO, EWK, EWZ, ECH, EWQ, EIS, EWI, EWS, EZA, EWP, EWD, EWT, THD, QLD, PBE, PJP, GLD, XLK, SMH, MGK, VONG. Click this link for details (pattern type, start and end dates).

For a list of small patterns (those a few days wide) click this link.

-- Thomas Bulkowski, author: Invest for Two-Comma Wealth and Training "Miles" (#Ad)

Tuesday 5/14/24. Slider Trading Quiz!

$ $ $

I show another slider trading quiz featuring horn tops.

$ $ $

Here's a symbol list of 182 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: ABT, ACN, ADTN, ALKS, ALL, AMED, AEO, AXP, AFG, AMWD, APA, APOG, ADM, AWI, ARW, ASH, AIZ, ATO, ADSK, BCPC, BAX, BA, BAH, BRC, BG, CDNS, COR, CDAY, CINF, CTAS, CSCO, CLF, CLX, CNA, CNO, CTSH, CMCO, CXW, COST, CMI, DVN, FANG, DFS, DSGR, ^DJI, EXP, WIRE, EVH, FICO, FAST, FIS, FE, FMC, GME, GPRO, GFF, HBI, THG, HLIT, HSY, HON, DHI, HWM, HUM, JBHT, HURC, INCY, NSP, IBP, IIIN, PODD, TILE, IPG, INTU, ISRG, IRM, JKHY, JBLU, KALU, KEYS, LZB, LH, LRCX, LANC, LDOS, MGY, MANH, MAS, MA, MTDR, MTRN, MDT, MLI, MYGN, NFG, NOV, JWN, NUS, OXY, ORI, OMC, ASGN, PKE, PEN, PETS, PLXS, PG, PGR, PRU, PEG, PHM, QTWO, RRC, RTX, RLI, ROK, ROP, RGLD, R, SAND, SCHW, SEE, SEIC, SMTC, SWN, SXI, TDY, TPX, TOL, TDG, TZOO, TG, UPS, MDRX, VRTX, V, VMC, WMT, WU, WLK, WSC, WWW, WWD, FDN, FXI, IYZ, IYF, ITB, EWK, EEM, EWG, EWH, EWM, EWW, EWL, TUR, PHO, XLF, XLV, XLB, XRT, VAW. Click this link for details (pattern type, start and end dates).

For a list of small patterns (those a few days wide) click this link.

$ $ $

The following table shows where Fibonacci retrace values of the day's high-low range are plus pivot points, calculated on the Dow industrials, sorted by value. When several are near each other (small differences), the area might act as support or resistance.

-- Thomas Bulkowski, author: Invest for Two-Comma Wealth and Training "Miles" (#Ad)

Monday 5/13/24. Market Monday: The Week Ahead

• My Prediction
• A Brief Look Back
• Options Expiration
• Swing Traders: Pivot Points
• Earnings, Chart Patterns & Industries

My Prediction

At AB is a chart pattern called a double top. It confirms as a valid chart pattern when the index closes below the horizontal green line.

At C, we see another chart pattern and another green line. The pattern is a weird looking triple bottom. The three valleys should bottom near the same price, but in this case, they don't.

A close above the nearby green line confirms the chart pattern as valid and signals an upward move, which sees price rise to D.

At D, we see the index getting near the price level of peaks A and B. That's important because it signals overhead resistance is coming. That could stop the upward move (and my guess is it will).

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I released a new version of Patternz. It has a button on the Chart form where you can get more detail about a found chart pattern.

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I had one reader of my Training "Miles" book (pictured on the right) write, "It did not disappoint. I read the entire book in one sitting." -- DJB

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A Brief Look Back

The following is a brief review of how the markets performed over time. The numbers refer to the close-to-close move in the Dow industrials.

For the Week...

Year to Date...

Options Expiration

Many options expire this week, so traders will be looking to close out their positions, and that suggests increased volatility (large daily price swings).

Swing Traders: Pivot Points

The following is based on an SFO article in December 2004 by John Seekinger, titled, "Take a two-dimensional approach." He offers these tips.

• Seekinger doesn't look at the range of S2 to R2 as support and resistance levels. Rather, he considers them oversold (S) and overbought (R) areas.
• S2 to R2 range of values across daily, weekly, and monthly periods: If two values are close together then they lend more significance to the area.
• If the market trends on day 1, the odds rise tremendously that the market will be range bound between daily S1 and daily R1 the next day.
• In a quiet market when traders are waiting for an important earnings announcement or economic report, look for daily R1 and S1 levels to hold and for the market to return to the daily pivot.
• A move outside of daily R1 or S1 usually does not mean a breakout.
• The odds suggest that the entire week's price action will remain between weekly R2 and S2.
• Avoid going long when the market moves above weekly R2 (it's overbought) and avoid going short when price moves below weekly S2 (oversold).
• Consider going short at weekly R1 or long at weekly S1 with a profit objective of the weekly pivot.
• Consider going long at weekly S2 or short at weekly R2 with a profit objective of weekly S1 or R1, respectively.

Here are the formulas:

Earnings, Chart Patterns & Industries

Earnings season is either underway or should be starting soon. The sessions could be more volatile.

Here's a symbol list of 172 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: MMM, ABM, ADTN, AFL, AKAM, ALB, AMED, AXP, AFG, AR, APA, AMAT, ATR, ACGL, ANET, AIZ, ATO, ADSK, AVY, BCPC, BZH, BA, BOOT, BAH, BRC, BMY, BBW, CALM, CAL, CE, CRL, CHKP, CINF, CTAS, CLX, CNO, CNX, CONN, CRH, CMI, DVN, FANG, ^DJI, DRQ, DTE, EOG, EVH, FICO, FE, FLS, FRD, GME, GIS, GPN, GPRO, GFF, GES, HBI, HLIT, HIG, HE, HAYN, HQY, HELE, HSY, HOV, HWM, INCY, PODD, INTC, IPAR, IPI, JAZZ, KALU, KMT, KEYS, LH, MGY, MRO, MTDR, MRCY, MU, MOS, MUR, ^IXIC, NFG, NOV, NWL, NI, OXY, OLN, OMC, ON, PYPL, PETS, PPG, PEG, QTWO, KWR, DGX, RRC, RGA, RES, SAND, SIGI, STR, SWX, SWN, SCS, TPX, TTD, TDG, TZOO, UHAL, SLCA, UIS, VFC, VLO, V, VMC, WAT, WOLF, WWD, ITA, IYM, IHE, FXI, QQQ, IYH, IEV, MXI, ILF, IEO, IYF, EWO, EWK, EWC, EEM, EWG, EWH, EWI, EWM, EPP, EZA, EWY, EWP, EWD, EWL, EWT, TUR, EWU, PBE, PHO, XLF, XLV, XLB, USO, SMH, VAW, MGK. Click this link for details (pattern type, start and end dates).

For a list of small patterns (those a few days wide) click this link.

The below industries were the best (rank 1) or worst performing of those I follow.

-- Thomas Bulkowski, author: Invest for Two-Comma Wealth and Training "Miles" (#Ad)

Friday 5/10/24. Pattern Trading Setups for the Weekend.

$ $ $

Here's a symbol list of 132 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: AXDX, ADTN, AFL, ATSG, AEE, AFG, AAPL, ATR, ARW, ADSK, BCPC, BSET, BBY, BKH, BCO, BRKR, BBW, BLDR, CACI, CALM, CPB, CE, CLS, COR, CRL, CHKP, CINF, CTAS, CNO, CGNX, CMTL, CONN, CXW, DUK, BOOM, WIRE, EPAM, EQT, EXC, FDS, FDX, FWRD, FRD, GME, GNW, GILD, HIG, HQY, HELE, HUBG, ITW, INCY, INFN, IPG, INTU, K, KMT, KFRC, LHX, LZB, LAMR, LEG, LMT, LOW, MGEE, NFG, NEE, NWPX, NOVT, NTNX, NVDA, OMCL, PKE, PTEN, POR, PG, DGX, RL, RRC, ROP, ROST, SAND, SMTC, SHOP, STR, SCCO, SWX, SWN, TRV, TZOO, UIS, UPS, UNH, UNM, VRTX, V, WRB, WU, WPM, WDAY, XEL, IYE, FXL, IHF, IEV, IXC, MXI, SLV, IGE, IHI, EWA, EWO, EWK, EWQ, EWG, EWI, EWD, EWL, PXJ, PJP, XLE, XLB, VIS, VAW. Click this link for details (pattern type, start and end dates).

For a list of small patterns (those a few days wide) click this link.

$ $ $

You can find setups based on a Fibonacci retrace by clicking on the link.

The following patterns were found manually, not using Patternz. Mr. Bulkowski has excluded any securities he owns from appearing in the list. However, he may add any of the securities listed to his portfolio at any time, just as you can.

In the table below, the red and green colors are based on the historical breakout direction for the associated chart pattern. If a high and tight flag appears, the start and end dates highlight the flagpole only and not the flag.

For details about the chart patterns, click here.

-- Thomas Bulkowski, author: Invest for Two-Comma Wealth and Training "Miles" (#Ad)

Thursday 5/9/24. Bitcoin Explored

Since I post this the night before, check how the futures are trading before market open. Large moves can affect the opening direction.

$ $ $

I show a picture of bitcon on the daily scale.

In cases like this, shown by the red line which follows price (not the inset), the security moves higher, retraces, and resumes the up move.

Now look at the inset (the boxed thing). This shows the pattern of what Elliott wavers call an simple ABC correction and those of us in the pattern world call a measured move up.

You can also call this (the currency's move, not the inset) a triple top (the three tallest peaks on the chart), but the downward move has been lackluster. So maybe we'll see the second leg of the measured move up pattern.

What does that mean? If the currency behaves as the pattern predicts, then look for a second straight-line run up. Based on how long the retrace has lasted, I'd expect the up move to begin soon.

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Here's a symbol list of 132 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: ABM, AXDX, ADTN, AES, AKAM, AMED, AXP, AMWD, AMGN, APH, AON, ARW, AGO, ADSK, BMI, BCPC, BA, BR, CPB, CLS, CX, COR, CINF, CTAS, CLF, CL, CMCO, CMTL, GLW, COTY, XRAY, DDS, DOV, XOM, FFIV, FAST, GIS, GILD, GS, GPRO, GFF, GES, HQY, HSII, HNI, HUBG, ILMN, INCY, INFN, INTC, IBKR, TILE, INTU, KLAC, KSS, LZB, LRCX, LEG, LNC, LPLA, MHO, MCHX, MTRN, MRCY, MGEE, MCO, MYGN, NTAP, NEE, NOC, NUS, NTNX, OXY, OR, OUT, PYPL, PETS, PNW, PGR, PEG, RRC, RGA, RCKY, SBH, SAND, SAIC, SEIC, SMTC, SHOP, SKX, LUV, SWX, SWN, SXI, TFX, TER, TZOO, SLCA, UIS, UPS, VMI, WU, DDM, FXL, FXI, IAT, IYZ, MXI, EWK, EEM, EWQ, EWJ, EPP, EWS, EZA, EWY, EWP, EWL, EWU, PPA, XHB, XAR, UNG, USO, VHT. Click this link for details (pattern type, start and end dates).

For a list of small patterns (those a few days wide) click this link.

$ $ $

The following table shows where Fibonacci retrace values of the day's high-low range are plus pivot points, calculated on the Nasdaq composite, sorted by value. When several are near each other (small differences), the area might act as support or resistance.

-- Thomas Bulkowski, author: Invest for Two-Comma Wealth and Training "Miles" (#Ad)

Wednesday 5/8/24. A Look at the Chart Pattern Indicator (CPI)

This is a picture of the chart pattern indicator on the daily scale. The indicator is the line chart below a chart of the S&P 500 composite.

As the chart shows, the most recent signal is bullish. That follows a string of neutral readings, which -- at one time -- I thought were an important bearish signal by themselves.

Maybe they say that the bullish transition is a reluctant one, that the bullish reading will struggle with overhead resistance soon.

Here's the same chart with signals removed. I show the overhead resistance that I expect will cause some trouble in the near future.

The CPI is at 94 with 100 being the ceiling for the indicator. There's still room to grow, in other words. Having written that, the current signal is the highest the indicator has been since December 2023.

I'd urge caution adding to positions now. If we pierce that horizontal red line, then there's hope for additional gains. Otherwise, I expect the upward move to hit that resistance and collapse.

$ $ $

Here's a symbol list of 156 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: AXDX, ACN, ADTN, AES, ATSG, AA, ALGT, ALL, AMZN, AFG, AIG, AMWD, ADM, ADSK, AVNT, AXS, BCPC, BIIB, BA, BRC, BLDR, BG, CBT, CAL, CE, CINF, CTAS, CNO, CTSH, CMTL, CROX, DHR, DDS, DSGR, ^DJU, EMN, EVRG, EXPI, XOM, FAST, FIS, GNW, GFS, GOOGL, GES, HE, HSII, HUBG, HUM, IEX, ILMN, INCY, INFN, PODD, IBKR, JAZZ, KEYS, KSS, LRCX, LEG, LPLA, MHO, MKTX, MRK, MGEE, MU, MCO, ^IXIC, NTGR, NEU, NEE, NOC, NWPX, NOVT, OMCL, PFE, PINC, PFG, PGR, PRU, PEG, RRC, RJF, RGA, ROL, CRM, SCHW, SEIC, NOW, SLGN, SKX, SO, SWX, SWN, TDY, TPX, TER, TDG, TZOO, TWLO, VLO, V, WMT, WSO, WMB, WSM, WOLF, IYM, IAI, IHE, IDU, QQQ, IYH, IHF, IAT, IEV, MXI, IYF, EWA, EWO, EWK, EWQ, EWG, EWI, EWM, EWP, EWD, EWL, EWU, PHO, XLP, XLF, XLV, XHB, XLB, XLU, UNG, USO, VHT, VIS, VAW, MGK. Click this link for details (pattern type, start and end dates).

For a list of small patterns (those a few days wide) click this link.

-- Thomas Bulkowski, author: Invest for Two-Comma Wealth and Training "Miles" (#Ad)

Tuesday 5/7/24. Slider Trading Quiz!

$ $ $

I show another slider trading quiz featuring Rising wedge 1.

$ $ $

Here's a symbol list of 176 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: AYI, ADBE, AES, A, AKAM, ALB, AEO, AXP, AFG, AR, ATR, BCPC, BERY, BMRN, BA, BMY, BBW, BLDR, BG, CACI, CX, CHKP, CIEN, CTAS, CLF, CNA, CNO, CGNX, CMCO, CSGP, CRH, CCRN, CW, DECK, DSGR, DOV, DTE, EXP, EBAY, EME, WIRE, EQT, EVRG, FAST, FLS, FMC, FORM, FTNT, FNV, FDP, GD, GNW, GGG, THG, HIG, HE, HAYN, HL, HELE, HOV, HUM, HUN, IBP, IBKR, JBLU, KALU, KMT, KLAC, LZB, LH, LEG, L, MTSI, MGY, MCHX, MRK, MU, ^IXIC, NTAP, NEE, NWPX, NUS, NVDA, OMC, ON, OR, PKG, PYPL, PRFT, PFE, PRU, PHM, KWR, QCOM, DGX, REGN, RGA, RCKY, ROL, R, ^GSPC, SAND, SAIC, SEE, SMTC, SKX, SWN, SR, SRDX, TECH, TFX, TER, TTD, TMO, TOL, TWLO, UHAL, VECO, WAT, WSO, WWW, ZBRA, IAI, BOTZ, QQQ, IHF, IEV, MXI, ILF, SOXX, IYF, EWA, EWO, EWK, EWC, EWG, EIS, EWJ, EPP, EZA, EWY, EWD, EWT, PPA, DBA, PXJ, SSO, XLF, XLI, SPY, XAR, UNG, USO, SMH, VIS, VAW, MGK. Click this link for details (pattern type, start and end dates).

For a list of small patterns (those a few days wide) click this link.

$ $ $

The following table shows where Fibonacci retrace values of the day's high-low range are plus pivot points, calculated on the Dow industrials, sorted by value. When several are near each other (small differences), the area might act as support or resistance.

-- Thomas Bulkowski, author: Invest for Two-Comma Wealth and Training "Miles" (#Ad)

Monday 5/6/24. Market Monday: The Week Ahead

• My Prediction
• A Brief Look Back
• Options Expiration
• Swing Traders: Pivot Points
• Earnings, Chart Patterns & Industries

My Prediction

This is a chart of the Dow transports on the daily scale.

Notice the three peaks. I have numbered them for your viewing convenience.

It confirms as a valid triple top when the index closes below the red line, which happens at 4.

After confirmation, it means price is going down. However, it doesn't say for how long or how far. Indeed, we can see the index rebounding in the last three days.

See point 5? That's what's called a pullback, because price pulls back to the breakout price. In this case, it continued higher for a bit (to peak at 5) before turning back down.

Because the pullback has completed and price is now moving higher, I expect the drop from the triple top is over, but I could be wrong.

A Brief Look Back

The following is a brief review of how the markets performed over time. The numbers refer to the close-to-close move in the Dow industrials.

For the Week...

Year to Date...

Options Expiration

No options expire this week.

Swing Traders: Pivot Points

The following is based on an SFO article in December 2004 by John Seekinger, titled, "Take a two-dimensional approach." He offers these tips.

• Seekinger doesn't look at the range of S2 to R2 as support and resistance levels. Rather, he considers them oversold (S) and overbought (R) areas.
• S2 to R2 range of values across daily, weekly, and monthly periods: If two values are close together then they lend more significance to the area.
• If the market trends on day 1, the odds rise tremendously that the market will be range bound between daily S1 and daily R1 the next day.
• In a quiet market when traders are waiting for an important earnings announcement or economic report, look for daily R1 and S1 levels to hold and for the market to return to the daily pivot.
• A move outside of daily R1 or S1 usually does not mean a breakout.
• The odds suggest that the entire week's price action will remain between weekly R2 and S2.
• Avoid going long when the market moves above weekly R2 (it's overbought) and avoid going short when price moves below weekly S2 (oversold).
• Consider going short at weekly R1 or long at weekly S1 with a profit objective of the weekly pivot.
• Consider going long at weekly S2 or short at weekly R2 with a profit objective of weekly S1 or R1, respectively.

Here are the formulas:

Earnings, Chart Patterns & Industries

Earnings season is either underway or should be starting soon. The sessions could be more volatile.

Here's a symbol list of 203 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: ACIW, ADTN, AEIS, AES, A, ALB, AA, AMZN, AEO, AIG, AMGN, AMN, AAPL, AIZ, AVY, AVNT, AVA, AZTA, BAX, BMRN, BRKR, BBW, BLDR, CBT, CF, CHD, CIEN, CI, CNO, CGNX, CMCO, CAG, CSGP, CR, CROX, CSGS, CTS, XRAY, DSGR, ^DJT, ^DJI, EXP, EIX, EME, EVRG, EZPW, FDS, FICO, FLEX, FMC, FORM, FTNT, GD, GNW, GS, HBI, HLIT, HAYN, HQY, HSIC, HOV, IDXX, ILMN, INFN, IBP, PODD, IPI, ISRG, IRM, KBH, KMT, KLAC, KSS, LAMR, LEN, LLY, MTSI, MKTX, MTRN, MRK, MRCY, MGEE, MS, MOS, ^IXIC, NTGR, NEE, NVDA, OXY, ON, OTEX, OUT, OMI, PYPL, PINC, PHM, KWR, QCOM, RGA, RLI, ROL, ROST, RGLD, R, SAIA, SBH, SAND, SMG, SEE, SMTC, SCI, SWX, SRDX, TER, TTD, TMO, TOL, TREX, TWLO, UHAL, VECO, WAT, WERN, WLK, WWD, ZBRA, ITA, IYM, IAI, IYC, IYE, FDN, BOTZ, ICF, IAT, IYZ, IEV, ILF, SOXX, SLV, ITB, EWA, EWO, EWK, EWZ, ECH, EWG, EWJ, EWM, EPP, EZA, EWY, EWT, THD, EWU, IBB, DBA, PBE, PEJ, PXJ, PHO, ROBO, XLY, XLE, XLF, XLB, XAR, USO, SMH, VAW. Click this link for details (pattern type, start and end dates).

For a list of small patterns (those a few days wide) click this link.

The below industries were the best (rank 1) or worst performing of those I follow.

-- Thomas Bulkowski, author: Invest for Two-Comma Wealth and Training "Miles" (#Ad)

Friday 5/3/24. Pattern Trading Setups for the Weekend.

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Here's a symbol list of 164 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: DDD, ABT, ADTN, AEIS, AES, A, AKAM, ALK, ALB, ALGT, ALL, AEE, AEO, AFG, AIG, AME, AON, APA, ARW, AVNT, AZTA, BAX, BZH, BERY, BIIB, BMY, BRKR, BLDR, CDAY, CF, CIEN, CI, CSCO, CLX, CGNX, CSGP, CCK, CSGS, XRAY, EXP, EBAY, ECL, EIX, EME, EZPW, FARO, FIS, FIVN, FORM, GPS, GNW, GPN, HLIT, HE, HP, HSIC, HOV, HWM, HUM, JBHT, IDXX, ILMN, INCY, IBP, TILE, IPI, IRM, K, KEYS, KLAC, LH, LLY, LNC, LMT, MTSI, M, MKTX, MA, MTRN, MTRX, MRK, META, MGEE, MCO, MYGN, NTGR, NTAP, NEE, NKE, NVDA, OXY, OLN, OMC, ON, OUT, PTEN, PAYX, PEG, PHM, QCOM, RTX, REGN, RGA, ROL, ROP, R, SBH, SMTC, SCI, TDC, TER, TTD, TMO, TOL, TRV, TWLO, UPS, VFC, VMI, VECO, MDRX, VRSN, V, WAT, WERN, WU, WOLF, WWW, ZBRA, ITA, IEZ, IHE, FXI, BOTZ, SOXX, SLV, EWO, EWK, EWZ, EWH, EWJ, EWM, EZA, TUR, DBA, PJP, XLF, USO, SMH. Click this link for details (pattern type, start and end dates).

For a list of small patterns (those a few days wide) click this link.

$ $ $

You can find setups based on a Fibonacci retrace by clicking on the link.

The following patterns were found manually, not using Patternz. Mr. Bulkowski has excluded any securities he owns from appearing in the list. However, he may add any of the securities listed to his portfolio at any time, just as you can.

In the table below, the red and green colors are based on the historical breakout direction for the associated chart pattern. If a high and tight flag appears, the start and end dates highlight the flagpole only and not the flag.

For details about the chart patterns, click here.

-- Thomas Bulkowski, author: Invest for Two-Comma Wealth and Training "Miles" (#Ad)

Thursday 5/2/24. Intraday Market Direction: Nasdaq

Since I post this the night before, check how the futures are trading before market open. Large moves can affect the opening direction.

$ $ $

I show a picture of the Nasdaq composite on the 5-minute scale.

A triple top appeared earlier in the week. It's hard to see the three peaks on this chart, but I've identified their location. After the pattern confirmed (meaning price closed below the lowest valley between the three peaks), the Nasdaq dropped substantially.

Today (Wednesday), at A, the index responded to the FED meeting. It climbed to A and then plummeted. That's about 300 points in about a half hour. I'd like to suggest that the strength of the decline suggests price will gap open lower on Thursday or just continue down, but there could be a snap-back rally. I don't know which way it'll go.

$ $ $

Here's a symbol list of 191 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: ANF, AEIS, AMD, AES, AFL, A, ALB, ALGT, DOX, AEE, AEO, AEP, AFG, AMWD, APA, AMAT, ARCB, ANET, AWI, ASH, ADP, AVNT, AVA, AZTA, BZH, BFH, BLDR, CALM, COR, CENX, CDAY, CF, CIEN, CNX, CGNX, GLW, CSGP, CROX, CTS, DVN, DRQ, DUK, EXP, ECL, EIX, EME, EQT, EL, EVH, EXC, FIS, FE, FLEX, FORM, FTNT, FWRD, GPN, GFS, HE, HP, HSIC, HON, HOV, HUM, IDXX, ILMN, INFN, IBP, IPI, JKHY, JNJ, KMT, KLAC, LRCX, LEG, MTSI, M, MANH, MA, MTDR, MTRN, MRCY, MGEE, MUR, MYGN, NTGR, NTAP, NEE, NKE, NOVT, NTNX, NVDA, OXY, ON, OUT, OMI, PCG, PNW, PLXS, PPG, PRU, PHM, PSTG, QCOM, RGA, RCKY, ROL, R, SLB, SMG, SRE, SMTC, SHOP, SO, SWN, SNPS, TECH, TDY, TER, TTD, TMO, TOL, TZOO, TWLO, UIS, UNM, VFC, VECO, MDRX, V, VC, WAT, WU, WLK, WOLF, WDAY, ZBRA, IYC, IYE, FTEC, QTEC, FXL, FXI, BOTZ, IYH, MXI, ILF, SOXX, EWO, EWK, EWG, EWI, EWJ, EZA, EWP, EWL, EWT, QLD, DBA, PBE, PXJ, XLY, XLE, XLF, GLD, XLB, XRT, USO, SMH, VHT, VAW. Click this link for details (pattern type, start and end dates).

For a list of small patterns (those a few days wide) click this link.

$ $ $

The following table shows where Fibonacci retrace values of the day's high-low range are plus pivot points, calculated on the Nasdaq composite, sorted by value. When several are near each other (small differences), the area might act as support or resistance.

-- Thomas Bulkowski, author: Invest for Two-Comma Wealth and Training "Miles" (#Ad)

Wednesday 5/1/24. Market Forecast Update

Here's the updated 2024 market forecast, presented in slider format.

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Here's a symbol list of 202 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: MMM, ANF, ACIW, AEIS, AMD, AES, A, ALRM, ALB, ALGT, DOX, AEO, AEL, AMWD, AMAT, ARCB, ACGL, ADM, ANET, AVA, AZTA, BCPC, BZH, BKH, BRKR, BLDR, CALM, CX, CDAY, CF, CIEN, CI, CINF, CTAS, CGNX, GLW, CSGP, CROX, CCRN, CTS, CW, ^DJI, EXP, ECL, EIX, ELV, EME, WIRE, EQT, EZPW, FFIV, FARO, FIS, FORM, FTV, FWRD, FDP, GFS, GMS, GOOGL, GGG, HE, HQY, HL, HSIC, HON, HOV, HUM, HURC, IDXX, ITW, ILMN, IBP, IBKR, JKHY, JNJ, KELYA, KMT, KLAC, KLIC, LRCX, LDOS, LEN, LLY, LPLA, LXU, MTSI, MGY, MRO, MCHX, MRK, MLKN, MUR, ^IXIC, NOV, NFLX, NTAP, NJR, NOVT, NUS, NTNX, NVDA, OXY, OGE, ON, OUT, OMI, PINC, PHM, PSTG, QCOM, RMBS, RRC, RNG, RCKY, ROL, R, SIGI, SMTC, SHW, SKYW, SWN, SR, SSYS, SUM, SRDX, SNPS, TER, TTD, TMO, TKR, TOL, RIG, TZOO, TREX, TWLO, UNH, VECO, VMC, WAT, WMB, WOLF, WWW, WWD, WDAY, ZBRA, ITA, IYM, IYC, IHE, FTEC, FDN, QTEC, FXL, BOTZ, QQQ, IHF, IAT, IXN, SOXX, SLV, IGE, IEO, ITB, EWO, EWK, ECH, EWJ, EWW, EZA, EWT, QLD, DBA, SSO, ROBO, XLY, GLD, XHB, XLK, SMH, VIS, MGK, VONG. Click this link for details (pattern type, start and end dates).

For a list of small patterns (those a few days wide) click this link.

-- Thomas Bulkowski, author: Invest for Two-Comma Wealth and Training "Miles" (#Ad)

 

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