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Thomas Bulkowski’s successful investment activities allowed him to retire at age 36. He is an internationally known author and trader with 30+ years of stock market experience and widely regarded as a leading expert on chart patterns. He may be reached at

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Chart Patterns: After the Buy
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Busted
Patterns
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Patterns
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Patterns
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Market
Industrials (^DJI):
Transports (^DJT):
Utilities (^DJU):
Nasdaq (^IXIC):
S&P500 (^GSPC):
As of 11/15/2018
25,289 208.77 0.8%
10,615 158.69 1.5%
715 -9.55 -1.3%
7,259 122.64 1.7%
2,730 28.62 1.1%
YTD
2.3%
0.0%
-1.2%
5.2%
2.1%
Tom's Targets    Overview: 11/14/2018
26,800 or 24,500 by 12/01/2018
11,000 or 10,100 by 12/01/2018
710 or 750 by 12/01/2018
6,900 or 7,700 by 12/01/2018
2,650 or 2,800 by 12/01/2018

Written by and copyright © 2005-2018 by Thomas N. Bulkowski. All rights reserved. Disclaimer: You alone are responsible for your investment decisions. See Privacy/Disclaimer for more information. Some pattern names are the registered trademarks of their respective owners.

November 2018 Headlines


Archives


Friday 11/16/18. Pattern Trading Setups for the Weekend.

I updated stats on head-and-shoulders bottoms.

I updated stats on complex head-and-shoulders bottoms.

$ $ $

Go to Table.

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

Click the link for a list of symbols from the table.

The following patterns were found manually, so the results may differ from those found using Patternz.

There were 14 patterns found this week (excluding pipe bottoms; pipe tops and bottoms are found looking back 2 weeks) out of 603 stocks searched, or 2.3%. Based on the percentage, the stock market is trending since few consolidation patterns appear.

Excluding ETFs, there were 4 bullish chart patterns this week and 7 bearish ones with any remaining (3) being undecided. The ratio of bullish to bearish patterns suggests the market is hinting of a coming bearish (down) turn.

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.

More...

-- Thomas Bulkowski

 

Symbol Chart Pattern Bullish
Bearish
Start End Industry
ACETDead-cat bounce      11/09/201811/09/2018Chemical (Diversified)
AABAHead-and-shoulders bottom      10/11/201811/12/2018Internet
BAXDouble Bottom, Eve and Adam      10/31/201811/12/2018Medical Supplies
BZHDouble Bottom, Eve and Adam      10/30/201811/12/2018Homebuilding
BRKSPipe top      11/05/201811/05/2018Semiconductor Cap Equip.
CCRNPipe top      10/29/201811/05/2018Human Resources
EIXDead-cat bounce      11/08/201811/12/2018Electric Utility (West)
EEDouble Top, Adam and Adam      11/01/201811/12/2018Electric Utility (West)
GMEBroadening bottom      10/05/201811/15/2018Retail (Special Lines)
GISBroadening bottom      10/10/201811/13/2018Food Processing
NVTAPipe top      10/29/201811/05/2018Medical Services
NTGRTriangle, symmetrical      10/26/201811/15/2018Telecom. Equipment
PCGDead-cat bounce      11/08/201811/15/2018Electric Utility (West)
PGRBroadening top      09/11/201811/15/2018Insurance (Prop/Casualty)

 

Weekly screen for chart patterns ending between 11/08/2018 and 11/15/2018. Many may be still in development. If no securities appear, then I have not identified any new patterns.

Definitions
RS is relative strength (where 1 is best). For other definitions, see the glossary.
’Breakout is upward/downward 100% of the time’ means price breaks out up/down by definition, not by statistically measuring the rate.
All numbers assume a bull market and are based on the breakout direction that occurs most often.
For more information, consult my book, Encyclopedia of Chart Patterns, Second Edition.
 
Aceto Corp (ACET)
Industry: Chemical (Diversified)
Industry RS rank: 40 out of 58
Stock RS rank: 563 out of 596
11/15/18 close: $1.85
1 Month avg volatility: $0.12. Volatility stop (for downward breakout): $2.17 or 17.2% above the close.
Change YTD: -82.09%
Volume: 222,200 shares. 3 month avg: 395,892 shares.
Since 2009 bear market, the best buy day (fewest up closes) is Friday, and best sell day (most up closes) is Monday.
 
Chart pattern: Dead-cat bounce continuation pattern from 11/09/2018 to 11/09/2018
Breakout is downward 67% of the time.
Average decline: 18%.

Top

Altaba (AABA)
Industry: Internet
WARNING: This industry is within the top 7 that Dead-cat bounce often.
Industry RS rank: 41 out of 58
Stock RS rank: 470 out of 596
11/15/18 close: $64.39
1 Month avg volatility: $2.08. Volatility stop (for upward breakout): $58.37 or 9.4% below the close.
Change YTD: -7.74%
Volume: 10,098,700 shares. 3 month avg: 8,140,182 shares.
Since 2009 bear market, the best buy day (fewest up closes) is Monday, and best sell day (most up closes) is Thursday.
 
Chart pattern: Head-and-shoulders bottom reversal pattern from 10/11/2018 to 11/12/2018
Breakout is upward 100% of the time.
Average rise: 38%.
Break-even failure rate: 3%.
Throwbacks occur 45% of the time.
Price hits measure rule target 74% of the time.

Top

Baxter International, Inc. (BAX)
Industry: Medical Supplies
Industry RS rank: 16 out of 58
Stock RS rank: 350 out of 596
11/15/18 close: $65.83
1 Month avg volatility: $1.77. Volatility stop (for upward breakout): $59.29 or 9.9% below the close.
Change YTD: 1.84%
Volume: 8,750,000 shares. 3 month avg: 2,457,589 shares.
Since 2009 bear market, the best buy day (fewest up closes) is Wednesday, and best sell day (most up closes) is Friday.
 
Chart pattern: Double Bottom, Eve and Adam reversal pattern from 10/31/2018 to 11/12/2018
Breakout is upward 100% of the time.
Average rise: 35%.
Break-even failure rate: 4%.
Throwbacks occur 57% of the time.
Price hits measure rule target 66% of the time.

Top

Beazer Homes USA, Inc (BZH)
Industry: Homebuilding
Industry RS rank: 56 out of 58
Stock RS rank: 560 out of 596
11/15/18 close: $9.82
1 Month avg volatility: $0.64. Volatility stop (for upward breakout): $8.08 or 17.8% below the close.
Change YTD: -48.88%
Volume: 1,117,900 shares. 3 month avg: 503,903 shares.
Since 2009 bear market, the best buy day (fewest up closes) is Monday, and best sell day (most up closes) is Tuesday.
 
Chart pattern: Double Bottom, Eve and Adam reversal pattern from 10/30/2018 to 11/12/2018
Breakout is upward 100% of the time.
Average rise: 35%.
Break-even failure rate: 4%.
Throwbacks occur 57% of the time.
Price hits measure rule target 66% of the time.

Top

Brooks Automation (BRKS)
Industry: Semiconductor Cap Equip.
WARNING: This industry is within the top 7 that Dead-cat bounce often.
Industry RS rank: 53 out of 58
Stock RS rank: 280 out of 596
11/15/18 close: $29.39
1 Month avg volatility: $1.50. Volatility stop (for downward breakout): $32.66 or 11.1% above the close.
Change YTD: 23.23%
Volume: 531,000 shares. 3 month avg: 945,389 shares.
Since 2009 bear market, the best buy day (fewest up closes) is Tuesday, and best sell day (most up closes) is Thursday.
 
Chart pattern: Pipe top reversal pattern from 11/05/2018 to 11/05/2018
Breakout is downward 100% of the time.
Average decline: 20%.
Break-even failure rate: 11%.
Pullbacks occur 41% of the time.
Price hits measure rule target 70% of the time.

Top

Cross Country Healthcare Inc (CCRN)
Industry: Human Resources
Industry RS rank: 35 out of 58
Stock RS rank: 546 out of 596
11/15/18 close: $8.53
1 Month avg volatility: $0.47. Volatility stop (for downward breakout): $9.55 or 12.0% above the close.
Change YTD: -33.15%
Volume: 130,800 shares. 3 month avg: 226,311 shares.
Since 2009 bear market, the best buy day (fewest up closes) is Monday, and best sell day (most up closes) is Thursday.
 
Chart pattern: Pipe top reversal pattern from 10/29/2018 to 11/05/2018
WARNING: A dead-cat bounce occurred on 08/02/2018. There is a 38% chance that a 15% or higher decline will occur (or has occurred since then) by 01/31/2019.
Breakout is downward 100% of the time.
Average decline: 20%.
Break-even failure rate: 11%.
Pullbacks occur 41% of the time.
Price hits measure rule target 70% of the time.

Top

Edison International (EIX)
Industry: Electric Utility (West)
Industry RS rank: 22 out of 58
Stock RS rank: 523 out of 596
11/15/18 close: $47.19
1 Month avg volatility: $2.46. Volatility stop (for downward breakout): $58.22 or 23.4% above the close.
Change YTD: -25.38%
Volume: 10,218,600 shares. 3 month avg: 2,498,883 shares.
Since 2009 bear market, the best buy day (fewest up closes) is Wednesday, and best sell day (most up closes) is Friday.
 
Chart pattern: Dead-cat bounce continuation pattern from 11/08/2018 to 11/12/2018
Breakout is downward 67% of the time.
Average decline: 18%.

Top

El Paso Electric (EE)
Industry: Electric Utility (West)
Industry RS rank: 22 out of 58
Stock RS rank: 239 out of 596
11/15/18 close: $56.24
1 Month avg volatility: $1.26. Volatility stop (for downward breakout): $59.75 or 6.2% above the close.
Change YTD: 1.61%
Volume: 368,400 shares. 3 month avg: 249,891 shares.
Since 2009 bear market, the best buy day (fewest up closes) is Wednesday, and best sell day (most up closes) is Thursday.
 
Chart pattern: Double Top, Adam and Adam reversal pattern from 11/01/2018 to 11/12/2018
Breakout is downward 100% of the time.
Average decline: 19%.
Break-even failure rate: 8%.
Pullbacks occur 61% of the time.
Price hits measure rule target 72% of the time.

Top

GameStop Corp (GME)
Industry: Retail (Special Lines)
WARNING: This industry is within the top 7 that Dead-cat bounce often.
Industry RS rank: 25 out of 58
Stock RS rank: 305 out of 596
11/15/18 close: $13.13
1 Month avg volatility: $0.63. Volatility stop (for upward breakout): $11.51 or 12.3% below the close.
Change YTD: -26.85%
Volume: 3,029,900 shares. 3 month avg: 3,063,175 shares.
Since 2009 bear market, the best buy day (fewest up closes) is Friday, and best sell day (most up closes) is Wednesday.
 
Chart pattern: Broadening bottom reversal pattern from 10/05/2018 to 11/15/2018
Breakout is upward 53% of the time.
Average rise: 27%.
Break-even failure rate: 10%.
Throwbacks occur 41% of the time.
Price hits measure rule target 59% of the time.

Top

General Mills Inc (GIS)
Industry: Food Processing
Industry RS rank: 6 out of 58
Stock RS rank: 199 out of 596
11/15/18 close: $45.23
1 Month avg volatility: $1.06. Volatility stop (for upward breakout): $42.37 or 6.3% below the close.
Change YTD: -23.71%
Volume: 4,012,900 shares. 3 month avg: 4,139,065 shares.
Since 2009 bear market, the best buy day (fewest up closes) is Monday, and best sell day (most up closes) is Tuesday.
 
Chart pattern: Broadening bottom reversal pattern from 10/10/2018 to 11/13/2018
Breakout is upward 53% of the time.
Average rise: 27%.
Break-even failure rate: 10%.
Throwbacks occur 41% of the time.
Price hits measure rule target 59% of the time.

Top

Invitae Corp (NVTA)
Industry: Medical Services
Industry RS rank: 5 out of 58
Stock RS rank: 5 out of 596
11/15/18 close: $12.90
1 Month avg volatility: $1.14. Volatility stop (for downward breakout): $15.22 or 18.0% above the close.
Change YTD: 35.79%
Volume: 660,800 shares. 3 month avg: 321,822 shares.
Since 2009 bear market, the best buy day (fewest up closes) is Tuesday, and best sell day (most up closes) is Friday.
 
Chart pattern: Pipe top reversal pattern from 10/29/2018 to 11/05/2018
Breakout is downward 100% of the time.
Average decline: 20%.
Break-even failure rate: 11%.
Pullbacks occur 41% of the time.
Price hits measure rule target 70% of the time.

Top

Netgear Inc. (NTGR)
Industry: Telecom. Equipment
Industry RS rank: 24 out of 58
Stock RS rank: 367 out of 596
11/15/18 close: $54.38
1 Month avg volatility: $2.23. Volatility stop (for upward breakout): $48.90 or 10.1% below the close.
Change YTD: -7.44%
Volume: 314,200 shares. 3 month avg: 452,812 shares.
Since 2009 bear market, the best buy day (fewest up closes) is Friday, and best sell day (most up closes) is Monday.
 
Chart pattern: Triangle, symmetrical continuation pattern from 10/26/2018 to 11/15/2018
Breakout is upward 54% of the time.
Average rise: 31%.
Break-even failure rate: 9%.
Throwbacks occur 37% of the time.
Price hits measure rule target 66% of the time.

Top

PG and E (PCG)
Industry: Electric Utility (West)
Industry RS rank: 22 out of 58
Stock RS rank: 593 out of 596
11/15/18 close: $17.74
1 Month avg volatility: $2.27. Volatility stop (for downward breakout): $28.72 or 61.9% above the close.
Change YTD: -60.43%
Volume: 106,362,400 shares. 3 month avg: 5,870,049 shares.
Since 2009 bear market, the best buy day (fewest up closes) is Wednesday, and best sell day (most up closes) is Friday.
 
Chart pattern: Dead-cat bounce continuation pattern from 11/08/2018 to 11/15/2018
Breakout is downward 67% of the time.
Average decline: 18%.

Top

Progressive Corp (PGR)
Industry: Insurance (Prop/Casualty)
Industry RS rank: 32 out of 58
Stock RS rank: 169 out of 596
11/15/18 close: $66.30
1 Month avg volatility: $1.63. Volatility stop (for downward breakout): $69.57 or 4.9% above the close.
Change YTD: 17.72%
Volume: 6,514,700 shares. 3 month avg: 3,017,600 shares.
Since 2009 bear market, the best buy day (fewest up closes) is Monday, and best sell day (most up closes) is Thursday.
 
Chart pattern: Broadening top reversal pattern from 09/11/2018 to 11/15/2018
Breakout is downward 50% of the time.
Average decline: 15%.
Break-even failure rate: 18%.
Pullbacks occur 48% of the time.
Price hits measure rule target 37% of the time.

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Thursday 11/15/18. Intraday Market Direction: Nasdaq

The index dropped by -0.9% or -64.48 points. Since 02/05/1971 the index made 201 similar moves on a percentage basis. After those moves, the next day's...
     Average gain was 1.0% on 95 occasions.
     Average loss was -1.2% on 106 occasions.
Expect the index to close lower 52.7% of the time.
Weekly, since inception on 6/14/2011:
     The prediction of the index closing higher has been right 154/280 or 55.0% of the time.
     The prediction of the index closing lower has been right 48/95 or 50.5% of the time.

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

Picture of the Nasdaq composite on the 5 minute scale.

$ $ $

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

Let's take the letters in order.

Notice at A that price closed above the top of a broadening formation (right-angled and ascending). Then at B or perhaps a bit later, it closed below the pattern, busting the upward breakout.

Based on the pattern's height, it appears to have met the measure rule target today (well, not quite. The height is just over 100 points and the index didn't drop that far below the horizontal red line). We may have to wait for Thursday's trading to see if it actually meets the target.

I'm not sure that pattern CDE is a pattern or not. It looks like a head-and-shoulders top, except that the head (E) is awfully fat. By itself, E is a rounding top.

$ $ $

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

Top

© 2018 ThePatternSite.com    Metric  Value  Diff  Close (within 10% of the high-low range for the day)? 
 Monthly S2  6,340.79    
 Monthly S1  6,738.59  397.80   
 Daily S2  6,991.98  253.39   
 Weekly S2  7,004.68  12.71   Yes! The Weekly S2 is close to the Daily S2.
 Daily S1  7,064.18  59.50   
 Weekly S1  7,070.54  6.35   Yes! The Weekly S1 is close to the Daily S1.
 Low  7,101.17  30.63   
 Close  7,136.39  35.22   
 61.8% Down from Intraday High  7,170.46  34.07   
 Daily Pivot  7,173.38  2.91   Yes! The Daily Pivot is close to the 61.8% Down from Intraday High.
 50% Down from Intraday High  7,191.87  18.49   
 38.2% Down from Intraday High  7,213.28  21.41   
 Daily R1  7,245.58  32.31   
 Open  7,265.39  19.81   
 High  7,282.57  17.18   Yes! The High is close to the Open.
 Monthly Pivot  7,320.63  38.06   
 Weekly Pivot  7,321.73  1.10   Yes! The Weekly Pivot is close to the Monthly Pivot.
 Daily R2  7,354.78  33.04   
 Weekly R1  7,387.59  32.81   
 Weekly R2  7,638.78  251.20   
 Monthly R1  7,718.43  79.65   
 Monthly R2  8,300.47  582.04   

Wednesday 11/14/18. A Look At Indicators

Picture of the chart pattern indicator

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 red line on the indicator says that the general market has suffered over the past week. That bearish signal can change for up to a week, but is usually solid after three days. And this is day three.

So it looks like the market might be trending lower.

Picture of the percent down indicators

The red line is the percentage of stocks at least 20% below their 1-year high (plotted upside down). The blue line is the average percentage drop of stocks below their 1-year high (plotted upside down).

Shown as a red line on the above chart...
On Tuesday, 51% of stocks in my database are in bear market territory (down at least 20% from their 1-year high).
A week ago, it was 45%.
The fewest was 15% on 01/26/2018.
And the most was 58% on 10/29/2018.
Shown as a blue line on the above chart...
The 500 stocks in my database are down an average of 22% from their yearly high.
A week ago, the average was 20%.
The peak was 9% on 01/22/2018.
And the bottom was 24% on 10/29/2018.

The above stats also confirm weakness. Both lines are worse today than they were a week ago.

The more sensitive red line has tumbled further than the blue line. It looks like it could form a double bottom (two valleys near the same price).

When combined with the prior chart, yes, it looks like the market will continue lower, at least in the short term.

$ $ $

I updated stats on gaps.

$ $ $

-- Thomas Bulkowski

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Tuesday 11/13/18. Intraday Market Direction: Dow

The index dropped by -2.3% or -602.12 points. Since 10/01/1928 the index made 49 similar moves on a percentage basis. After those moves, the next day's...
     Average gain was 0.6% on 25 occasions.
     Average loss was -1.3% on 24 occasions.
Expect the index to close higher 51.0% of the time.
Weekly, since inception on 6/14/2011:
     The prediction of the index closing higher has been right 175/291 or 60.1% of the time.
     The prediction of the index closing lower has been right 35/70 or 50.0% of the time.

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

Picture of the Dow industrials on the 5 minute scale.

$ $ $

I show a picture of the Dow industrials on the 5-minute scale.

Not much to say about the chart.

Two small double bottoms appear at A and B. They confirm as valid patterns and meet their measure rule targets, too. (The measure rule varies from pattern to pattern, but is often the height of the pattern added to the top of the pattern (breakout price) for upward breakouts. That gives you a target, which price meets about 75% or so of the time).

I drew trendlines along the bottoms at C, D, and E. The slope of these lines tell a momentum story. Mo starts slow at C, increases at D, and recedes at E. That suggests the index will continue lower in the morning and maybe, just maybe, will rebound upward in the afternoon.

$ $ $

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

Top

© 2018 ThePatternSite.com    Metric  Value  Diff  Close (within 10% of the high-low range for the day)? 
 Monthly S2  22,841.26    
 Monthly S1  24,114.22  1,272.96   
 Weekly S2  24,625.81  511.59   
 Daily S2  24,938.60  312.79   
 Weekly S1  25,006.49  67.89   
 Daily S1  25,162.89  156.40   
 Low  25,340.51  177.62   
 Close  25,387.18  46.67   Yes! The Close is close to the Low.
 Monthly Pivot  25,395.19  8.01   Yes! The Monthly Pivot is close to the Close.
 Daily Pivot  25,564.80  169.61   
 61.8% Down from Intraday High  25,579.72  14.92   Yes! The 61.8% Down from Intraday High is close to the Daily Pivot.
 Weekly Pivot  25,642.16  62.44   Yes! The Weekly Pivot is close to the 61.8% Down from Intraday High.
 50% Down from Intraday High  25,653.61  11.45   Yes! The 50% Down from Intraday High is close to the Weekly Pivot.
 38.2% Down from Intraday High  25,727.50  73.89   
 Daily R1  25,789.09  61.59   Yes! The Daily R1 is close to the 38.2% Down from Intraday High.
 Open  25,959.33  170.24   
 High  25,966.71  7.38   Yes! The High is close to the Open.
 Weekly R1  26,022.84  56.13   Yes! The Weekly R1 is close to the High.
 Daily R2  26,191.00  168.16   
 Weekly R2  26,658.51  467.51   
 Monthly R1  26,668.15  9.64   Yes! The Monthly R1 is close to the Weekly R2.
 Monthly R2  27,949.12  1,280.97   

Monday 11/12/18. Market Monday: The Week Ahead

My Prediction

Picture of the S and P on the daily scale.

I show the S&P 500 index on the daily scale.

Here's what I expect the indices to do in the next week, maybe two.

The move up from the November low was a strong push higher. So the indices need a rest.

I expect that rest to come in the form of a retrace.

Look for the index to retrace down to A. That bottom is approximate, of course, but it'll probably hit a low a bit higher than that shown.

That bottom will mirror the one on the left, and together they'll form a potential (unconfirmed) head-and-shoulders bottom.

After that bottom is in place, look for the index to recover, probably making a strong push higher going into year end.

I show a part of that move higher, as the AB rise.

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A Brief Look Back

Picture of a flower from my garden.

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.

Monday: Up 190.87 points.
Tuesday: Up 173.31 points.
Wednesday: Up 545.29 points.
Thursday: Up 10.92 points.
Friday: Down 201.92 points.

For the Week...

The Dow industrials were up 718.47 points or 2.8%.
The Nasdaq composite was up 49.91 points or 0.7%.
The S&P 500 index was up 57.95 points or 2.1%.

Year to Date...

Dow Industrials
     3.6% down from the high of 26,951.81 on 10/03/2018.
     11.3% up from the low of 23,344.52 on 04/02/2018.
Nasdaq
     8.9% down from the high of 8,133.30 on 08/30/2018.
     11.7% up from the low of 6,630.67 on 02/09/2018.
S&P 500
     5.4% down from the high of 2,940.91 on 09/21/2018.
     9.8% up from the low of 2,532.69 on 02/09/2018.

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).

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Swing and Position Traders: Chart Pattern Indicator

As of 11/09/2018, the CPI had:

13 bearish patterns,
19 bullish patterns,
359 patterns waiting for breakout.
The CPI signal is 59.4%, which is neutral (between 35% and 65%).

The chart pattern indicator is bullish with 1 of 3 full triangles showing (). Additional triangles are a measure of strength with solid triangles meaning a more reliable signal than half triangles.

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.

IndexS2S1PivotR1R2
Dow Industrials (^DJI): Daily  25,733  25,861  26,011  26,140  26,290 
Weekly  24,827  25,408  25,843  26,424  26,859 
Monthly  23,042  24,516  25,596  27,070  28,150 
S&P500 (^GSPC): Daily  2,750  2,765  2,780  2,795  2,810 
Weekly  2,674  2,728  2,771  2,825  2,869 
Monthly  2,459  2,620  2,765  2,926  3,071 
Nasdaq (^IXIC): Daily  7,285  7,346  7,410  7,471  7,535 
Weekly  7,095  7,251  7,412  7,568  7,729 
Monthly  6,431  6,919  7,411  7,899  8,391 
  • 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:

Pivot point: P = (H + L + C)/3
First resistance level: R1 = (2 * P) - L
First support level: S1 = (2 * P) - H)
Second resistance level: R2 = P + (R1 - S1)
Second support level: S2 = P - (R1 - S1)
H = high price , L=low price, C=closing price

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Consecutive Price Trends

Index Consecutive
Closes So Far 
% Comments 
 Dow industrials (^DJI) 2 weeks up 32.1%   The trend may continue. 
 1 month up 55.0%   Expect a random direction. 
 S & P 500 (^GSPC) 2 weeks up 33.3%   The trend may continue. 
 1 month up 55.6%   Expect a random direction. 
 Nasdaq composite (^IXIC) 2 weeks up 33.3%   The trend may continue. 
 1 month up 47.9%   Expect a random direction. 

How long can an index close higher (or lower) each day? The adjacent table shows how often consecutive up or down closes occur in the indices, based on the most recent trend of closes.

Low percentages suggest the market is overdue to turn (think of it as the likelihood that next week or next month will continue the trend, based on historical performance). Values of 50% mean random, so most percentages will be lower.

The analysis uses data going back 10 years for weekly percentages and 25 years for monthly percentages (or the start of data, whichever is more recent). Any unchanged closing price is interpreted as the end of the string of consecutive up or down closes.

Earnings, Chart Patterns & Industries

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

Mutual funds will begin dividend distributions and rebalancing their portfolios for the approaching year end (starts in late November).

I found 57 pipe bottoms last week, which is very bullish! Large numbers of pipe bottoms often signal the start of a short to intermediate-term move up before price drops back down, forming an unconfirmed double bottom.

 Found Chart Pattern Name
67Pipe bottom
27Double Bottom, Adam and Adam
13Dead-cat bounce
11Double Bottom, Adam and Eve
8Double Top, Adam and Adam
6Head-and-shoulders bottom
6Diamond bottom
5Double Bottom, Eve and Adam
5Head-and-shoulders top
3Horn bottom

Large numbers of bullish or bearish chart patterns can signal short- to intermediate-term market trends (many bullish chart patterns can mean an uptrend will continue, for example). However, please realize that the short-term price trend could have changed since the pattern was discovered (this is especially true of pipe tops or bottoms, which are weekly patterns).

The 10 types of most frequently appearing chart patterns in the stocks, indices, and long-only exchange traded funds I follow during the last month are shown in the adjacent table.

 

 

 

 

The industries I follow were the best (rank 1) and worst performing.

This WeekLast Week
1. Short ETFs1. Short ETFs
2. Healthcare Information2. Healthcare Information
3. Retail Store3. Shoe
4. Shoe4. Computers and Peripherals
5. Medical Services5. Biotechnology

-- Thomas Bulkowski

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Friday 11/9/18. Pattern Trading Setups for the Weekend.

Go to Table.

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

Click the link for a list of symbols from the table.

The following patterns were found manually, so the results may differ from those found using Patternz.

There were 14 patterns found this week (excluding pipe bottoms; pipe tops and bottoms are found looking back 2 weeks) out of 603 stocks searched, or 2.3%. Based on the percentage, the stock market is trending since few consolidation patterns appear.

I found 57 pipe bottom chart patterns, which is very bullish! High numbers of pipe bottoms can signal a bullish move (I see many of them just before a bear market ends or during a bear market rally. Often it means the first bottom of a double bottom has formed. Thus, expect a move down to the second bottom).

Excluding ETFs, there were 58 bullish chart patterns this week and 5 bearish ones with any remaining (6) being undecided. The ratio of bullish to bearish patterns suggests the market is bullish.

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.

More...

-- Thomas Bulkowski

 

Symbol Chart Pattern Bullish
Bearish
Start End Industry
AEISDiamond bottom      10/23/201811/08/2018Semiconductor
AEPDouble Bottom, Adam and Adam      10/26/201811/02/2018Electric Utility (Central)
AELPipe bottom      10/22/201810/29/2018Insurance (Life)
APOGPipe bottom      10/22/201810/29/2018Building Materials
AGOPipe bottom      10/22/201810/29/2018Insurance (Life)
ADSKPipe bottom      10/22/201810/29/2018Computer Software and Svcs
BIIBPipe bottom      10/22/201810/29/2018Biotechnology
BAPipe bottom      10/22/201810/29/2018Aerospace/Defense
CEPipe bottom      10/22/201810/29/2018Chemical (Basic)
CFPipe bottom      10/22/201810/29/2018Chemical (Basic)
CRLPipe bottom      10/22/201810/29/2018Biotechnology
CVXPipe bottom      10/22/201810/29/2018Petroleum (Integrated)
CLNEPipe bottom      10/22/201810/29/2018Natural Gas (Distributor)
CMCOPipe bottom      10/22/201810/29/2018Machinery
CSODHead-and-shoulders bottom      10/11/201811/05/2018E-Commerce
COTYDead-cat bounce      11/06/201811/07/2018Toiletries/Cosmetics
CRPipe bottom      10/22/201810/29/2018Diversified Co.
CCKPipe bottom      10/22/201810/29/2018Packaging and Container
CMIPipe bottom      10/22/201810/29/2018Machinery
DHRPipe bottom      10/22/201810/29/2018Precision Instrument
EMNPipe bottom      10/22/201810/29/2018Chemical (Diversified)
EOGDouble Bottom, Adam and Adam      10/29/201811/02/2018Natural Gas (Distributor)
XOMPipe bottom      10/22/201810/29/2018Petroleum (Integrated)
FASTPipe bottom      10/22/201810/29/2018Retail Building Supply
FDXPipe bottom      10/22/201810/29/2018Air Transport
FOEPipe bottom      10/22/201810/29/2018Chemical (Specialty)
FMCPipe bottom      10/22/201810/29/2018Chemical (Basic)
GPRODead-cat bounce      11/02/201811/02/2018Electronics
HAYNPipe bottom      10/22/201810/29/2018Building Materials
HSICDouble Bottom, Eve and Adam      10/26/201811/06/2018Medical Supplies
HOLXPipe bottom      10/22/201810/29/2018Medical Supplies
HDPipe bottom      10/22/201810/29/2018Retail Building Supply
IEXPipe bottom      10/22/201810/29/2018Machinery
IDXXDiamond bottom      10/26/201811/07/2018Drug
ILMNPipe bottom      10/22/201810/29/2018Biotechnology
INFNDead-cat bounce      11/07/201811/07/2018Telecom. Equipment
IBKRPipe bottom      10/22/201810/29/2018Securities Brokerage
INTUPipe bottom      10/22/201810/29/2018Computer Software and Svcs
ISRGPipe bottom      10/22/201810/29/2018Medical Supplies
IVCDead-cat bounce      11/06/201811/06/2018Medical Supplies
LNCPipe bottom      10/22/201810/29/2018Insurance (Life)
LHead-and-shoulders bottom      10/12/201811/02/2018Insurance (Prop/Casualty)
MLMPipe bottom      10/22/201810/29/2018Cement and Aggregates
MTRXPipe bottom      10/22/201810/29/2018Oilfield Svcs/Equipment
MSFTPipe bottom      10/22/201810/29/2018Computer Software and Svcs
MLHRPipe bottom      10/22/201810/29/2018Furn/Home Furnishings
MOSPipe bottom      10/22/201810/29/2018Chemical (Diversified)
MLIPipe bottom      10/22/201810/29/2018Metal Fabricating
NTAPPipe bottom      10/22/201810/29/2018Computers and Peripherals
NWPXPipe bottom      10/22/201810/29/2018Building Materials
PANWRising wedge      10/29/201811/08/2018Computer Software and Svcs
PAYXPipe bottom      10/22/201810/29/2018IT Services
PRUPipe bottom      10/22/201810/29/2018Insurance (Life)
SCHWPipe bottom      10/22/201810/29/2018Securities Brokerage
SMGPipe bottom      10/22/201810/29/2018Chemical (Basic)
NOWPipe bottom      10/22/201810/29/2018IT Services
SHWPipe bottom      10/22/201810/29/2018Chemical (Basic)
SWNPipe bottom      10/22/201810/29/2018Natural Gas (Diversified)
SMRTPipe bottom      10/22/201810/29/2018Apparel
SYMCPipe bottom      10/22/201810/29/2018Computer Software and Svcs
TLRDPipe bottom      10/22/201810/29/2018Retail (Special Lines)
TEVAPipe bottom      10/22/201810/29/2018Drug
TKRPipe bottom      10/22/201810/29/2018Metal Fabricating
TGPipe bottom      10/22/201810/29/2018Chemical (Specialty)
VMIPipe bottom      10/22/201810/29/2018Metal Fabricating
VEEVPipe bottom      10/22/201810/29/2018Healthcare Information
VPipe bottom      10/22/201810/29/2018Financial Services
WERNDiamond bottom      10/11/201811/08/2018Trucking/Transp. Leasing
WLKPipe bottom      10/22/201810/29/2018Chemical (Basic)
IHIPipe bottom      10/22/201810/29/2018Medical Supplies
QQQHead-and-shoulders bottom      10/11/201811/05/2018Long ETFs

 

Weekly screen for chart patterns ending between 11/01/2018 and 11/08/2018. Many may be still in development. If no securities appear, then I have not identified any new patterns.

Definitions
RS is relative strength (where 1 is best). For other definitions, see the glossary.
’Breakout is upward/downward 100% of the time’ means price breaks out up/down by definition, not by statistically measuring the rate.
All numbers assume a bull market and are based on the breakout direction that occurs most often.
For more information, consult my book, Encyclopedia of Chart Patterns, Second Edition.
 
Advanced Energy (AEIS)
Industry: Semiconductor
WARNING: This industry is within the top 7 that Dead-cat bounce often.
Industry RS rank: 52 out of 58
Stock RS rank: 564 out of 596
11/8/18 close: $45.01
1 Month avg volatility: $2.11. Volatility stop (for upward breakout): $39.90 or 11.4% below the close.
Change YTD: -33.30%
Volume: 248,300 shares. 3 month avg: 447,252 shares.
Since 2009 bear market, the best buy day (fewest up closes) is Friday, and best sell day (most up closes) is Wednesday.
 
Chart pattern: Diamond bottom reversal pattern from 10/23/2018 to 11/08/2018
Breakout is upward 69% of the time.
Average rise: 36%.
Break-even failure rate: 4%.
Throwbacks occur 53% of the time.
Price hits measure rule target 81% of the time.

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American Electric Power AEP (AEP)
Industry: Electric Utility (Central)
Industry RS rank: 5 out of 58
Stock RS rank: 151 out of 596
11/8/18 close: $74.17
1 Month avg volatility: $1.40. Volatility stop (for upward breakout): $71.02 or 4.2% below the close.
Change YTD: 0.82%
Volume: 3,465,900 shares. 3 month avg: 2,150,485 shares.
Since 2009 bear market, the best buy day (fewest up closes) is Wednesday, and best sell day (most up closes) is Monday.
 
Chart pattern: Double Bottom, Adam and Adam reversal pattern from 10/26/2018 to 11/02/2018
Breakout is upward 100% of the time.
Average rise: 35%.
Break-even failure rate: 5%.
Throwbacks occur 64% of the time.
Price hits measure rule target 66% of the time.

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American Equity Investment Life Holding (AEL)
Industry: Insurance (Life)
Industry RS rank: 31 out of 58
Stock RS rank: 72 out of 596
11/8/18 close: $35.77
1 Month avg volatility: $1.16. Volatility stop (for upward breakout): $32.36 or 9.6% below the close.
Change YTD: 16.40%
Volume: 457,600 shares. 3 month avg: 625,883 shares.
Since 2009 bear market, the best buy day (fewest up closes) is Wednesday, and best sell day (most up closes) is Thursday.
 
Chart pattern: Pipe bottom reversal pattern from 10/22/2018 to 10/29/2018
Breakout is upward 100% of the time.
Average rise: 45%.
Break-even failure rate: 5%.
Throwbacks occur 44% of the time.
Price hits measure rule target 83% of the time.

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Apogee Enterprises (APOG)
Industry: Building Materials
WARNING: This industry is within the top 7 that Dead-cat bounce often.
Industry RS rank: 48 out of 58
Stock RS rank: 410 out of 596
11/8/18 close: $39.01
1 Month avg volatility: $1.21. Volatility stop (for upward breakout): $36.10 or 7.5% below the close.
Change YTD: -14.69%
Volume: 159,500 shares. 3 month avg: 243,183 shares.
Since 2009 bear market, the best buy day (fewest up closes) is Monday, and best sell day (most up closes) is Friday.
 
Chart pattern: Pipe bottom reversal pattern from 10/22/2018 to 10/29/2018
Breakout is upward 100% of the time.
Average rise: 45%.
Break-even failure rate: 5%.
Throwbacks occur 44% of the time.
Price hits measure rule target 83% of the time.

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Assured Guaranty Ltd. (AGO)
Industry: Insurance (Life)
Industry RS rank: 31 out of 58
Stock RS rank: 89 out of 596
11/8/18 close: $41.43
1 Month avg volatility: $0.87. Volatility stop (for upward breakout): $39.28 or 5.2% below the close.
Change YTD: 22.32%
Volume: 763,200 shares. 3 month avg: 1,068,715 shares.
Since 2009 bear market, the best buy day (fewest up closes) is Monday, and best sell day (most up closes) is Thursday.
 
Chart pattern: Pipe bottom reversal pattern from 10/22/2018 to 10/29/2018
Breakout is upward 100% of the time.
Average rise: 45%.
Break-even failure rate: 5%.
Throwbacks occur 44% of the time.
Price hits measure rule target 83% of the time.

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Autodesk Inc (ADSK)
Industry: Computer Software and Svcs
Industry RS rank: 23 out of 58
Stock RS rank: 261 out of 596
11/8/18 close: $140.61
1 Month avg volatility: $5.60. Volatility stop (for upward breakout): $126.70 or 9.9% below the close.
Change YTD: 34.13%
Volume: 1,617,400 shares. 3 month avg: 2,150,943 shares.
Since 2009 bear market, the best buy day (fewest up closes) is Monday, and best sell day (most up closes) is Tuesday.
 
Chart pattern: Pipe bottom reversal pattern from 10/22/2018 to 10/29/2018
Breakout is upward 100% of the time.
Average rise: 45%.
Break-even failure rate: 5%.
Throwbacks occur 44% of the time.
Price hits measure rule target 83% of the time.

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Biogen Idec (BIIB)
Industry: Biotechnology
Industry RS rank: 10 out of 58
Stock RS rank: 87 out of 596
11/8/18 close: $326.04
1 Month avg volatility: $10.24. Volatility stop (for upward breakout): $304.51 or 6.6% below the close.
Change YTD: 2.34%
Volume: 1,081,600 shares. 3 month avg: 1,244,726 shares.
Since 2009 bear market, the best buy day (fewest up closes) is Thursday, and best sell day (most up closes) is Tuesday.
 
Chart pattern: Pipe bottom reversal pattern from 10/22/2018 to 10/29/2018
Breakout is upward 100% of the time.
Average rise: 45%.
Break-even failure rate: 5%.
Throwbacks occur 44% of the time.
Price hits measure rule target 83% of the time.

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Boeing Company, The (BA)
Industry: Aerospace/Defense
Industry RS rank: 45 out of 58
Stock RS rank: 213 out of 596
11/8/18 close: $370.77
1 Month avg volatility: $11.84. Volatility stop (for upward breakout): $341.87 or 7.8% below the close.
Change YTD: 25.72%
Volume: 2,751,800 shares. 3 month avg: 3,332,308 shares.
Since 2009 bear market, the best buy day (fewest up closes) is Wednesday, and best sell day (most up closes) is Thursday.
 
Chart pattern: Pipe bottom reversal pattern from 10/22/2018 to 10/29/2018
Breakout is upward 100% of the time.
Average rise: 45%.
Break-even failure rate: 5%.
Throwbacks occur 44% of the time.
Price hits measure rule target 83% of the time.

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Celanese Corp (CE)
Industry: Chemical (Basic)
Industry RS rank: 33 out of 58
Stock RS rank: 353 out of 596
11/8/18 close: $104.92
1 Month avg volatility: $3.19. Volatility stop (for upward breakout): $98.33 or 6.3% below the close.
Change YTD: -2.02%
Volume: 1,981,500 shares. 3 month avg: 691,697 shares.
Since 2009 bear market, the best buy day (fewest up closes) is Monday, and best sell day (most up closes) is Thursday.
 
Chart pattern: Pipe bottom reversal pattern from 10/22/2018 to 10/29/2018
Breakout is upward 100% of the time.
Average rise: 45%.
Break-even failure rate: 5%.
Throwbacks occur 44% of the time.
Price hits measure rule target 83% of the time.

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CF Industries Holdings, Inc. (CF)
Industry: Chemical (Basic)
Industry RS rank: 33 out of 58
Stock RS rank: 33 out of 596
11/8/18 close: $53.67
1 Month avg volatility: $2.10. Volatility stop (for upward breakout): $48.82 or 9.0% below the close.
Change YTD: 26.16%
Volume: 2,556,400 shares. 3 month avg: 3,754,700 shares.
Since 2009 bear market, the best buy day (fewest up closes) is Monday, and best sell day (most up closes) is Wednesday.
 
Chart pattern: Pipe bottom reversal pattern from 10/22/2018 to 10/29/2018
Breakout is upward 100% of the time.
Average rise: 45%.
Break-even failure rate: 5%.
Throwbacks occur 44% of the time.
Price hits measure rule target 83% of the time.

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Charles River Labs Intl (CRL)
Industry: Biotechnology
Industry RS rank: 10 out of 58
Stock RS rank: 53 out of 596
11/8/18 close: $136.10
1 Month avg volatility: $4.15. Volatility stop (for upward breakout): $127.07 or 6.6% below the close.
Change YTD: 24.35%
Volume: 502,100 shares. 3 month avg: 379,248 shares.
Since 2009 bear market, the best buy day (fewest up closes) is Monday, and best sell day (most up closes) is Thursday.
 
Chart pattern: Pipe bottom reversal pattern from 10/22/2018 to 10/29/2018
Breakout is upward 100% of the time.
Average rise: 45%.
Break-even failure rate: 5%.
Throwbacks occur 44% of the time.
Price hits measure rule target 83% of the time.

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Chevron Corp (CVX)
Industry: Petroleum (Integrated)
Industry RS rank: 51 out of 58
Stock RS rank: 402 out of 596
11/8/18 close: $119.36
1 Month avg volatility: $2.84. Volatility stop (for upward breakout): $113.27 or 5.1% below the close.
Change YTD: -4.66%
Volume: 9,260,300 shares. 3 month avg: 5,172,805 shares.
Since 2009 bear market, the best buy day (fewest up closes) is Wednesday, and best sell day (most up closes) is Tuesday.
 
Chart pattern: Pipe bottom reversal pattern from 10/22/2018 to 10/29/2018
Breakout is upward 100% of the time.
Average rise: 45%.
Break-even failure rate: 5%.
Throwbacks occur 44% of the time.
Price hits measure rule target 83% of the time.

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Clean Energy Fuels Corp. (CLNE)
Industry: Natural Gas (Distributor)
Industry RS rank: 24 out of 58
Stock RS rank: 34 out of 596
11/8/18 close: $2.64
1 Month avg volatility: $0.12. Volatility stop (for upward breakout): $2.05 or 22.3% below the close.
Change YTD: 30.05%
Volume: 1,803,800 shares. 3 month avg: 1,021,160 shares.
Since 2009 bear market, the best buy day (fewest up closes) is Friday, and best sell day (most up closes) is Thursday.
 
Chart pattern: Pipe bottom reversal pattern from 10/22/2018 to 10/29/2018
WARNING: A dead-cat bounce occurred on 08/08/2018. There is a 38% chance that a 15% or higher decline will occur (or has occurred since then) by 02/06/2019.
Breakout is upward 100% of the time.
Average rise: 45%.
Break-even failure rate: 5%.
Throwbacks occur 44% of the time.
Price hits measure rule target 83% of the time.

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Columbus McKinnon (CMCO)
Industry: Machinery
Industry RS rank: 36 out of 58
Stock RS rank: 253 out of 596
11/8/18 close: $37.90
1 Month avg volatility: $1.41. Volatility stop (for upward breakout): $34.58 or 8.8% below the close.
Change YTD: -5.20%
Volume: 78,700 shares. 3 month avg: 120,960 shares.
Since 2009 bear market, the best buy day (fewest up closes) is Friday, and best sell day (most up closes) is Tuesday.
 
Chart pattern: Pipe bottom reversal pattern from 10/22/2018 to 10/29/2018
Breakout is upward 100% of the time.
Average rise: 45%.
Break-even failure rate: 5%.
Throwbacks occur 44% of the time.
Price hits measure rule target 83% of the time.

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Cornerstone OnDemand Inc (CSOD)
Industry: E-Commerce
Industry RS rank: 43 out of 58
Stock RS rank: 201 out of 596
11/8/18 close: $51.51
1 Month avg volatility: $1.98. Volatility stop (for upward breakout): $46.89 or 9.0% below the close.
Change YTD: 45.80%
Volume: 1,782,400 shares. 3 month avg: 697,858 shares.
Since 2009 bear market, the best buy day (fewest up closes) is Monday, and best sell day (most up closes) is Thursday.
 
Chart pattern: Head-and-shoulders bottom reversal pattern from 10/11/2018 to 11/05/2018
Breakout is upward 100% of the time.
Average rise: 38%.
Break-even failure rate: 3%.
Throwbacks occur 45% of the time.
Price hits measure rule target 74% of the time.

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Coty (COTY)
Industry: Toiletries/Cosmetics
Industry RS rank: 15 out of 58
Stock RS rank: 589 out of 596
11/8/18 close: $8.30
1 Month avg volatility: $0.43. Volatility stop (for downward breakout): $9.62 or 15.9% above the close.
Change YTD: -58.27%
Volume: 17,044,000 shares. 3 month avg: 5,764,371 shares.
Since 2009 bear market, the best buy day (fewest up closes) is Thursday, and best sell day (most up closes) is Friday.
 
Chart pattern: Dead-cat bounce continuation pattern from 11/06/2018 to 11/07/2018
Breakout is downward 67% of the time.
Average decline: 18%.

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Crane Co (CR)
Industry: Diversified Co.
Industry RS rank: 35 out of 58
Stock RS rank: 196 out of 596
11/8/18 close: $94.04
1 Month avg volatility: $2.70. Volatility stop (for upward breakout): $87.74 or 6.7% below the close.
Change YTD: 5.40%
Volume: 227,800 shares. 3 month avg: 293,374 shares.
Since 2009 bear market, the best buy day (fewest up closes) is Monday, and best sell day (most up closes) is Tuesday.
 
Chart pattern: Pipe bottom reversal pattern from 10/22/2018 to 10/29/2018
Breakout is upward 100% of the time.
Average rise: 45%.
Break-even failure rate: 5%.
Throwbacks occur 44% of the time.
Price hits measure rule target 83% of the time.

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Crown Holdings Inc (CCK)
Industry: Packaging and Container
Industry RS rank: 42 out of 58
Stock RS rank: 258 out of 596
11/8/18 close: $46.77
1 Month avg volatility: $1.51. Volatility stop (for upward breakout): $43.49 or 7.0% below the close.
Change YTD: -16.85%
Volume: 941,900 shares. 3 month avg: 762,669 shares.
Since 2009 bear market, the best buy day (fewest up closes) is Thursday, and best sell day (most up closes) is Wednesday.
 
Chart pattern: Pipe bottom reversal pattern from 10/22/2018 to 10/29/2018
Breakout is upward 100% of the time.
Average rise: 45%.
Break-even failure rate: 5%.
Throwbacks occur 44% of the time.
Price hits measure rule target 83% of the time.

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Cummins Inc. (CMI)
Industry: Machinery
Industry RS rank: 36 out of 58
Stock RS rank: 305 out of 596
11/8/18 close: $146.25
1 Month avg volatility: $4.22. Volatility stop (for upward breakout): $136.80 or 6.5% below the close.
Change YTD: -17.20%
Volume: 1,176,700 shares. 3 month avg: 1,327,631 shares.
Since 2009 bear market, the best buy day (fewest up closes) is Monday, and best sell day (most up closes) is Thursday.
 
Chart pattern: Pipe bottom reversal pattern from 10/22/2018 to 10/29/2018
Breakout is upward 100% of the time.
Average rise: 45%.
Break-even failure rate: 5%.
Throwbacks occur 44% of the time.
Price hits measure rule target 83% of the time.

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Danaher Corp (DHR)
Industry: Precision Instrument
Industry RS rank: 6 out of 58
Stock RS rank: 238 out of 596
11/8/18 close: $104.75
1 Month avg volatility: $2.40. Volatility stop (for upward breakout): $99.14 or 5.4% below the close.
Change YTD: 12.85%
Volume: 1,619,400 shares. 3 month avg: 2,378,355 shares.
Since 2009 bear market, the best buy day (fewest up closes) is Monday, and best sell day (most up closes) is Thursday.
 
Chart pattern: Pipe bottom reversal pattern from 10/22/2018 to 10/29/2018
Breakout is upward 100% of the time.
Average rise: 45%.
Break-even failure rate: 5%.
Throwbacks occur 44% of the time.
Price hits measure rule target 83% of the time.

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Eastman Chemical (EMN)
Industry: Chemical (Diversified)
Industry RS rank: 44 out of 58
Stock RS rank: 534 out of 596
11/8/18 close: $83.68
1 Month avg volatility: $2.48. Volatility stop (for upward breakout): $78.16 or 6.6% below the close.
Change YTD: -9.67%
Volume: 953,600 shares. 3 month avg: 1,209,300 shares.
Since 2009 bear market, the best buy day (fewest up closes) is Monday, and best sell day (most up closes) is Friday.
 
Chart pattern: Pipe bottom reversal pattern from 10/22/2018 to 10/29/2018
Breakout is upward 100% of the time.
Average rise: 45%.
Break-even failure rate: 5%.
Throwbacks occur 44% of the time.
Price hits measure rule target 83% of the time.

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EOG Resources (EOG)
Industry: Natural Gas (Distributor)
Industry RS rank: 24 out of 58
Stock RS rank: 449 out of 596
11/8/18 close: $104.85
1 Month avg volatility: $3.76. Volatility stop (for upward breakout): $97.20 or 7.3% below the close.
Change YTD: -2.84%
Volume: 4,125,000 shares. 3 month avg: 2,618,102 shares.
Since 2009 bear market, the best buy day (fewest up closes) is Monday, and best sell day (most up closes) is Tuesday.
 
Chart pattern: Double Bottom, Adam and Adam reversal pattern from 10/29/2018 to 11/02/2018
Breakout is upward 100% of the time.
Average rise: 35%.
Break-even failure rate: 5%.
Throwbacks occur 64% of the time.
Price hits measure rule target 66% of the time.

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Exxon Mobil Corp. (XOM)
Industry: Petroleum (Integrated)
Industry RS rank: 51 out of 58
Stock RS rank: 281 out of 596
11/8/18 close: $81.71
1 Month avg volatility: $1.66. Volatility stop (for upward breakout): $78.22 or 4.3% below the close.
Change YTD: -2.31%
Volume: 16,863,000 shares. 3 month avg: 15,538,298 shares.
Since 2009 bear market, the best buy day (fewest up closes) is Wednesday, and best sell day (most up closes) is Monday.
 
Chart pattern: Pipe bottom reversal pattern from 10/22/2018 to 10/29/2018
Breakout is upward 100% of the time.
Average rise: 45%.
Break-even failure rate: 5%.
Throwbacks occur 44% of the time.
Price hits measure rule target 83% of the time.

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Fastenal Company (FAST)
Industry: Retail Building Supply
Industry RS rank: 46 out of 58
Stock RS rank: 218 out of 596
11/8/18 close: $55.13
1 Month avg volatility: $1.48. Volatility stop (for upward breakout): $51.48 or 6.6% below the close.
Change YTD: 0.80%
Volume: 2,898,900 shares. 3 month avg: 2,417,771 shares.
Since 2009 bear market, the best buy day (fewest up closes) is Tuesday, and best sell day (most up closes) is Thursday.
 
Chart pattern: Pipe bottom reversal pattern from 10/22/2018 to 10/29/2018
Breakout is upward 100% of the time.
Average rise: 45%.
Break-even failure rate: 5%.
Throwbacks occur 44% of the time.
Price hits measure rule target 83% of the time.

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FedEx (FDX)
Industry: Air Transport
Industry RS rank: 37 out of 58
Stock RS rank: 387 out of 596
11/8/18 close: $229.40
1 Month avg volatility: $5.81. Volatility stop (for upward breakout): $216.24 or 5.7% below the close.
Change YTD: -8.07%
Volume: 1,031,000 shares. 3 month avg: 1,372,055 shares.
Since 2009 bear market, the best buy day (fewest up closes) is Tuesday, and best sell day (most up closes) is Thursday.
 
Chart pattern: Pipe bottom reversal pattern from 10/22/2018 to 10/29/2018
Breakout is upward 100% of the time.
Average rise: 45%.
Break-even failure rate: 5%.
Throwbacks occur 44% of the time.
Price hits measure rule target 83% of the time.

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Ferro Corp (FOE)
Industry: Chemical (Specialty)
Industry RS rank: 11 out of 58
Stock RS rank: 507 out of 596
11/8/18 close: $18.00
1 Month avg volatility: $0.73. Volatility stop (for upward breakout): $16.48 or 8.4% below the close.
Change YTD: -23.70%
Volume: 1,661,400 shares. 3 month avg: 594,032 shares.
Since 2009 bear market, the best buy day (fewest up closes) is Monday, and best sell day (most up closes) is Friday.
 
Chart pattern: Pipe bottom reversal pattern from 10/22/2018 to 10/29/2018
Breakout is upward 100% of the time.
Average rise: 45%.
Break-even failure rate: 5%.
Throwbacks occur 44% of the time.
Price hits measure rule target 83% of the time.

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FMC Corp. (FMC)
Industry: Chemical (Basic)
Industry RS rank: 33 out of 58
Stock RS rank: 345 out of 596
11/8/18 close: $83.67
1 Month avg volatility: $2.24. Volatility stop (for upward breakout): $77.80 or 7.0% below the close.
Change YTD: -11.61%
Volume: 3,281,900 shares. 3 month avg: 1,151,138 shares.
Since 2009 bear market, the best buy day (fewest up closes) is Monday, and best sell day (most up closes) is Thursday.
 
Chart pattern: Pipe bottom reversal pattern from 10/22/2018 to 10/29/2018
Breakout is upward 100% of the time.
Average rise: 45%.
Break-even failure rate: 5%.
Throwbacks occur 44% of the time.
Price hits measure rule target 83% of the time.

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GoPro (GPRO)
Industry: Electronics
Industry RS rank: 40 out of 58
Stock RS rank: 357 out of 596
11/8/18 close: $5.47
1 Month avg volatility: $0.40. Volatility stop (for downward breakout): $6.53 or 19.4% above the close.
Change YTD: -28.96%
Volume: 3,985,900 shares. 3 month avg: 5,624,629 shares.
Since 2009 bear market, the best buy day (fewest up closes) is Thursday, and best sell day (most up closes) is Tuesday.
 
Chart pattern: Dead-cat bounce continuation pattern from 11/02/2018 to 11/02/2018
Breakout is downward 67% of the time.
Average decline: 18%.

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Haynes International Inc. (HAYN)
Industry: Building Materials
WARNING: This industry is within the top 7 that Dead-cat bounce often.
Industry RS rank: 48 out of 58
Stock RS rank: 497 out of 596
11/8/18 close: $32.37
1 Month avg volatility: $1.30. Volatility stop (for upward breakout): $28.06 or 13.3% below the close.
Change YTD: 1.00%
Volume: 30,400 shares. 3 month avg: 80,035 shares.
This security may be thinly traded (less than 100k shares)!
Since 2009 bear market, the best buy day (fewest up closes) is Monday, and best sell day (most up closes) is Friday.
 
Chart pattern: Pipe bottom reversal pattern from 10/22/2018 to 10/29/2018
Breakout is upward 100% of the time.
Average rise: 45%.
Break-even failure rate: 5%.
Throwbacks occur 44% of the time.
Price hits measure rule target 83% of the time.

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Henry Schein Inc. (HSIC)
Industry: Medical Supplies
Industry RS rank: 14 out of 58
Stock RS rank: 80 out of 596
11/8/18 close: $86.97
1 Month avg volatility: $2.64. Volatility stop (for upward breakout): $79.88 or 8.2% below the close.
Change YTD: 24.46%
Volume: 1,336,400 shares. 3 month avg: 2,211,905 shares.
Since 2009 bear market, the best buy day (fewest up closes) is Wednesday, and best sell day (most up closes) is Monday.
 
Chart pattern: Double Bottom, Eve and Adam reversal pattern from 10/26/2018 to 11/06/2018
Breakout is upward 100% of the time.
Average rise: 35%.
Break-even failure rate: 4%.
Throwbacks occur 57% of the time.
Price hits measure rule target 66% of the time.

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Hologic Inc (HOLX)
Industry: Medical Supplies
Industry RS rank: 14 out of 58
Stock RS rank: 113 out of 596
11/8/18 close: $42.46
1 Month avg volatility: $1.03. Volatility stop (for upward breakout): $39.45 or 7.1% below the close.
Change YTD: -0.68%
Volume: 3,809,900 shares. 3 month avg: 3,130,522 shares.
Since 2009 bear market, the best buy day (fewest up closes) is Wednesday, and best sell day (most up closes) is Friday.
 
Chart pattern: Pipe bottom reversal pattern from 10/22/2018 to 10/29/2018
Breakout is upward 100% of the time.
Average rise: 45%.
Break-even failure rate: 5%.
Throwbacks occur 44% of the time.
Price hits measure rule target 83% of the time.

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Home Depot, Inc (HD)
Industry: Retail Building Supply
Industry RS rank: 46 out of 58
Stock RS rank: 296 out of 596
11/8/18 close: $188.00
1 Month avg volatility: $4.53. Volatility stop (for upward breakout): $176.67 or 6.0% below the close.
Change YTD: -0.81%
Volume: 4,038,400 shares. 3 month avg: 4,416,295 shares.
Since 2009 bear market, the best buy day (fewest up closes) is Monday, and best sell day (most up closes) is Friday.
 
Chart pattern: Pipe bottom reversal pattern from 10/22/2018 to 10/29/2018
Breakout is upward 100% of the time.
Average rise: 45%.
Break-even failure rate: 5%.
Throwbacks occur 44% of the time.
Price hits measure rule target 83% of the time.

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Idex Corp (IEX)
Industry: Machinery
Industry RS rank: 36 out of 58
Stock RS rank: 304 out of 596
11/8/18 close: $136.53
1 Month avg volatility: $3.50. Volatility stop (for upward breakout): $128.80 or 5.7% below the close.
Change YTD: 3.46%
Volume: 313,400 shares. 3 month avg: 279,572 shares.
Since 2009 bear market, the best buy day (fewest up closes) is Monday, and best sell day (most up closes) is Friday.
 
Chart pattern: Pipe bottom reversal pattern from 10/22/2018 to 10/29/2018
Breakout is upward 100% of the time.
Average rise: 45%.
Break-even failure rate: 5%.
Throwbacks occur 44% of the time.
Price hits measure rule target 83% of the time.

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IDEXX Laboratories, Inc (IDXX)
Industry: Drug
WARNING: This industry is within the top 7 that Dead-cat bounce often.
Industry RS rank: 13 out of 58
Stock RS rank: 287 out of 596
11/8/18 close: $209.67
1 Month avg volatility: $8.04. Volatility stop (for upward breakout): $192.27 or 8.3% below the close.
Change YTD: 34.08%
Volume: 505,900 shares. 3 month avg: 512,494 shares.
Since 2009 bear market, the best buy day (fewest up closes) is Monday, and best sell day (most up closes) is Friday.
 
Chart pattern: Diamond bottom reversal pattern from 10/26/2018 to 11/07/2018
Breakout is upward 69% of the time.
Average rise: 36%.
Break-even failure rate: 4%.
Throwbacks occur 53% of the time.
Price hits measure rule target 81% of the time.

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Illumina Inc (ILMN)
Industry: Biotechnology
Industry RS rank: 10 out of 58
Stock RS rank: 54 out of 596
11/8/18 close: $339.55
1 Month avg volatility: $12.71. Volatility stop (for upward breakout): $314.11 or 7.5% below the close.
Change YTD: 55.41%
Volume: 1,394,500 shares. 3 month avg: 759,071 shares.
Since 2009 bear market, the best buy day (fewest up closes) is Friday, and best sell day (most up closes) is Wednesday.
 
Chart pattern: Pipe bottom reversal pattern from 10/22/2018 to 10/29/2018
Breakout is upward 100% of the time.
Average rise: 45%.
Break-even failure rate: 5%.
Throwbacks occur 44% of the time.
Price hits measure rule target 83% of the time.

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Infinera Corp. (INFN)
Industry: Telecom. Equipment
Industry RS rank: 25 out of 58
Stock RS rank: 595 out of 596
11/8/18 close: $4.44
1 Month avg volatility: $0.31. Volatility stop (for downward breakout): $5.07 or 14.3% above the close.
Change YTD: -29.86%
Volume: 8,078,700 shares. 3 month avg: 1,624,214 shares.
Since 2009 bear market, the best buy day (fewest up closes) is Friday, and best sell day (most up closes) is Thursday.
 
Chart pattern: Dead-cat bounce continuation pattern from 11/07/2018 to 11/07/2018
Breakout is downward 67% of the time.
Average decline: 18%.

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Interactive Brokers Group Inc (IBKR)
Industry: Securities Brokerage
Industry RS rank: 54 out of 58
Stock RS rank: 561 out of 596
11/8/18 close: $56.34
1 Month avg volatility: $2.07. Volatility stop (for upward breakout): $51.94 or 7.8% below the close.
Change YTD: -4.85%
Volume: 389,200 shares. 3 month avg: 658,995 shares.
Since 2009 bear market, the best buy day (fewest up closes) is Wednesday, and best sell day (most up closes) is Friday.
 
Chart pattern: Pipe bottom reversal pattern from 10/22/2018 to 10/29/2018
Breakout is upward 100% of the time.
Average rise: 45%.
Break-even failure rate: 5%.
Throwbacks occur 44% of the time.
Price hits measure rule target 83% of the time.

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Intuit Inc (INTU)
Industry: Computer Software and Svcs
Industry RS rank: 23 out of 58
Stock RS rank: 105 out of 596
11/8/18 close: $223.24
1 Month avg volatility: $6.53. Volatility stop (for upward breakout): $207.00 or 7.3% below the close.
Change YTD: 41.49%
Volume: 889,000 shares. 3 month avg: 1,303,997 shares.
Since 2009 bear market, the best buy day (fewest up closes) is Monday, and best sell day (most up closes) is Wednesday.
 
Chart pattern: Pipe bottom reversal pattern from 10/22/2018 to 10/29/2018
Breakout is upward 100% of the time.
Average rise: 45%.
Break-even failure rate: 5%.
Throwbacks occur 44% of the time.
Price hits measure rule target 83% of the time.

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Intuitive Surgical Inc. (ISRG)
Industry: Medical Supplies
Industry RS rank: 14 out of 58
Stock RS rank: 96 out of 596
11/8/18 close: $540.02
1 Month avg volatility: $19.63. Volatility stop (for upward breakout): $497.05 or 8.0% below the close.
Change YTD: 47.98%
Volume: 534,200 shares. 3 month avg: 734,668 shares.
Since 2009 bear market, the best buy day (fewest up closes) is Friday, and best sell day (most up closes) is Thursday.
 
Chart pattern: Pipe bottom reversal pattern from 10/22/2018 to 10/29/2018
Breakout is upward 100% of the time.
Average rise: 45%.
Break-even failure rate: 5%.
Throwbacks occur 44% of the time.
Price hits measure rule target 83% of the time.

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Invacare Corp. (IVC)
Industry: Medical Supplies
Industry RS rank: 14 out of 58
Stock RS rank: 593 out of 596
11/8/18 close: $7.50
1 Month avg volatility: $0.76. Volatility stop (for downward breakout): $9.03 or 20.4% above the close.
Change YTD: -55.49%
Volume: 1,803,700 shares. 3 month avg: 553,063 shares.
Since 2009 bear market, the best buy day (fewest up closes) is Wednesday, and best sell day (most up closes) is Thursday.
 
Chart pattern: Dead-cat bounce continuation pattern from 11/06/2018 to 11/06/2018
Breakout is downward 67% of the time.
Average decline: 18%.

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Lincoln National Corp (LNC)
Industry: Insurance (Life)
Industry RS rank: 31 out of 58
Stock RS rank: 327 out of 596
11/8/18 close: $65.98
1 Month avg volatility: $1.95. Volatility stop (for upward breakout): $61.01 or 7.5% below the close.
Change YTD: -14.17%
Volume: 1,319,900 shares. 3 month avg: 1,171,931 shares.
Since 2009 bear market, the best buy day (fewest up closes) is Friday, and best sell day (most up closes) is Thursday.
 
Chart pattern: Pipe bottom reversal pattern from 10/22/2018 to 10/29/2018
Breakout is upward 100% of the time.
Average rise: 45%.
Break-even failure rate: 5%.
Throwbacks occur 44% of the time.
Price hits measure rule target 83% of the time.

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Loews Corp (L)
Industry: Insurance (Prop/Casualty)
Industry RS rank: 30 out of 58
Stock RS rank: 361 out of 596
11/8/18 close: $49.44
1 Month avg volatility: $1.14. Volatility stop (for upward breakout): $46.87 or 5.2% below the close.
Change YTD: -1.18%
Volume: 1,469,600 shares. 3 month avg: 964,671 shares.
Since 2009 bear market, the best buy day (fewest up closes) is Wednesday, and best sell day (most up closes) is Thursday.
 
Chart pattern: Head-and-shoulders bottom reversal pattern from 10/12/2018 to 11/02/2018
Breakout is upward 100% of the time.
Average rise: 38%.
Break-even failure rate: 3%.
Throwbacks occur 45% of the time.
Price hits measure rule target 74% of the time.

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Martin Marietta Materials, Inc (MLM)
Industry: Cement and Aggregates
Industry RS rank: 57 out of 58
Stock RS rank: 453 out of 596
11/8/18 close: $188.38
1 Month avg volatility: $6.70. Volatility stop (for upward breakout): $171.45 or 9.0% below the close.
Change YTD: -14.78%
Volume: 948,700 shares. 3 month avg: 575,872 shares.
Since 2009 bear market, the best buy day (fewest up closes) is Tuesday, and best sell day (most up closes) is Friday.
 
Chart pattern: Pipe bottom reversal pattern from 10/22/2018 to 10/29/2018
Breakout is upward 100% of the time.
Average rise: 45%.
Break-even failure rate: 5%.
Throwbacks occur 44% of the time.
Price hits measure rule target 83% of the time.

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Matrix Service Co. (MTRX)
Industry: Oilfield Svcs/Equipment
Industry RS rank: 56 out of 58
Stock RS rank: 32 out of 596
11/8/18 close: $23.28
1 Month avg volatility: $0.89. Volatility stop (for upward breakout): $20.73 or 11.0% below the close.
Change YTD: 30.79%
Volume: 213,800 shares. 3 month avg: 303,508 shares.
Since 2009 bear market, the best buy day (fewest up closes) is Monday, and best sell day (most up closes) is Tuesday.
 
Chart pattern: Pipe bottom reversal pattern from 10/22/2018 to 10/29/2018
Breakout is upward 100% of the time.
Average rise: 45%.
Break-even failure rate: 5%.
Throwbacks occur 44% of the time.
Price hits measure rule target 83% of the time.

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Microsoft Corp (MSFT)
Industry: Computer Software and Svcs
Industry RS rank: 23 out of 58
Stock RS rank: 110 out of 596
11/8/18 close: $111.75
1 Month avg volatility: $3.37. Volatility stop (for upward breakout): $104.17 or 6.8% below the close.
Change YTD: 30.64%
Volume: 25,478,500 shares. 3 month avg: 21,460,729 shares.
Since 2009 bear market, the best buy day (fewest up closes) is Wednesday, and best sell day (most up closes) is Thursday.
 
Chart pattern: Pipe bottom reversal pattern from 10/22/2018 to 10/29/2018
Breakout is upward 100% of the time.
Average rise: 45%.
Break-even failure rate: 5%.
Throwbacks occur 44% of the time.
Price hits measure rule target 83% of the time.

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Miller, Herman (MLHR)
Industry: Furn/Home Furnishings
Industry RS rank: 29 out of 58
Stock RS rank: 230 out of 596
11/8/18 close: $33.99
1 Month avg volatility: $1.11. Volatility stop (for upward breakout): $31.43 or 7.5% below the close.
Change YTD: -15.13%
Volume: 358,100 shares. 3 month avg: 361,806 shares.
Since 2009 bear market, the best buy day (fewest up closes) is Monday, and best sell day (most up closes) is Tuesday.
 
Chart pattern: Pipe bottom reversal pattern from 10/22/2018 to 10/29/2018
Breakout is upward 100% of the time.
Average rise: 45%.
Break-even failure rate: 5%.
Throwbacks occur 44% of the time.
Price hits measure rule target 83% of the time.

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Mosaic Co (MOS)
Industry: Chemical (Diversified)
Industry RS rank: 44 out of 58
Stock RS rank: 24 out of 596
11/8/18 close: $36.99
1 Month avg volatility: $1.09. Volatility stop (for upward breakout): $33.96 or 8.2% below the close.
Change YTD: 44.15%
Volume: 7,437,500 shares. 3 month avg: 4,715,435 shares.
Since 2009 bear market, the best buy day (fewest up closes) is Friday, and best sell day (most up closes) is Tuesday.
 
Chart pattern: Pipe bottom reversal pattern from 10/22/2018 to 10/29/2018
Breakout is upward 100% of the time.
Average rise: 45%.
Break-even failure rate: 5%.
Throwbacks occur 44% of the time.
Price hits measure rule target 83% of the time.

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Mueller Industries Inc. (MLI)
Industry: Metal Fabricating
Industry RS rank: 47 out of 58
Stock RS rank: 437 out of 596
11/8/18 close: $26.35
1 Month avg volatility: $0.91. Volatility stop (for upward breakout): $24.27 or 7.9% below the close.
Change YTD: -25.63%
Volume: 95,700 shares. 3 month avg: 161,678 shares.
Since 2009 bear market, the best buy day (fewest up closes) is Monday, and best sell day (most up closes) is Friday.
 
Chart pattern: Pipe bottom reversal pattern from 10/22/2018 to 10/29/2018
Breakout is upward 100% of the time.
Average rise: 45%.
Break-even failure rate: 5%.
Throwbacks occur 44% of the time.
Price hits measure rule target 83% of the time.

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Network Appliance (NTAP)
Industry: Computers and Peripherals
WARNING: This industry is within the top 7 that Dead-cat bounce often.
Industry RS rank: 12 out of 58
Stock RS rank: 101 out of 596
11/8/18 close: $82.84
1 Month avg volatility: $2.69. Volatility stop (for upward breakout): $77.03 or 7.0% below the close.
Change YTD: 49.75%
Volume: 2,465,600 shares. 3 month avg: 2,986,022 shares.
Since 2009 bear market, the best buy day (fewest up closes) is Monday, and best sell day (most up closes) is Wednesday.
 
Chart pattern: Pipe bottom reversal pattern from 10/22/2018 to 10/29/2018
Breakout is upward 100% of the time.
Average rise: 45%.
Break-even failure rate: 5%.
Throwbacks occur 44% of the time.
Price hits measure rule target 83% of the time.

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Northwest Pipe Co (NWPX)
Industry: Building Materials
WARNING: This industry is within the top 7 that Dead-cat bounce often.
Industry RS rank: 48 out of 58
Stock RS rank: 174 out of 596
11/8/18 close: $22.48
1 Month avg volatility: $0.80. Volatility stop (for upward breakout): $18.38 or 18.2% below the close.
Change YTD: 17.45%
Volume: 113,800 shares. 3 month avg: 31,645 shares.
This security may be thinly traded (less than 100k shares)!
Since 2009 bear market, the best buy day (fewest up closes) is Wednesday, and best sell day (most up closes) is Friday.
 
Chart pattern: Pipe bottom reversal pattern from 10/22/2018 to 10/29/2018
Breakout is upward 100% of the time.
Average rise: 45%.
Break-even failure rate: 5%.
Throwbacks occur 44% of the time.
Price hits measure rule target 83% of the time.

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Palto Alto Networks Inc (PANW)
Industry: Computer Software and Svcs
Industry RS rank: 23 out of 58
Stock RS rank: 420 out of 596
11/8/18 close: $188.44
1 Month avg volatility: $7.34. Volatility stop (for downward breakout): $206.94 or 9.8% above the close.
Change YTD: 30.01%
Volume: 1,144,300 shares. 3 month avg: 1,496,697 shares.
Since 2009 bear market, the best buy day (fewest up closes) is Monday, and best sell day (most up closes) is Thursday.
 
Chart pattern: Rising wedge reversal pattern from 10/29/2018 to 11/08/2018
Breakout is downward 69% of the time.
Average decline: 14%.
Break-even failure rate: 24%.
Pullbacks occur 63% of the time.
Price hits measure rule target 46% of the time.

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Paychex Inc (PAYX)
Industry: IT Services
Industry RS rank: 20 out of 58
Stock RS rank: 168 out of 596
11/8/18 close: $69.00
1 Month avg volatility: $1.51. Volatility stop (for upward breakout): $65.36 or 5.3% below the close.
Change YTD: 1.35%
Volume: 1,854,500 shares. 3 month avg: 2,048,471 shares.
Since 2009 bear market, the best buy day (fewest up closes) is Tuesday, and best sell day (most up closes) is Monday.
 
Chart pattern: Pipe bottom reversal pattern from 10/22/2018 to 10/29/2018
Breakout is upward 100% of the time.
Average rise: 45%.
Break-even failure rate: 5%.
Throwbacks occur 44% of the time.
Price hits measure rule target 83% of the time.

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Prudential Financial Inc (PRU)
Industry: Insurance (Life)
Industry RS rank: 31 out of 58
Stock RS rank: 347 out of 596
11/8/18 close: $96.97
1 Month avg volatility: $2.65. Volatility stop (for upward breakout): $90.71 or 6.5% below the close.
Change YTD: -15.66%
Volume: 4,078,000 shares. 3 month avg: 1,669,805 shares.
Since 2009 bear market, the best buy day (fewest up closes) is Friday, and best sell day (most up closes) is Thursday.
 
Chart pattern: Pipe bottom reversal pattern from 10/22/2018 to 10/29/2018
Breakout is upward 100% of the time.
Average rise: 45%.
Break-even failure rate: 5%.
Throwbacks occur 44% of the time.
Price hits measure rule target 83% of the time.

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Schwab, Charles Corporation (SCHW)
Industry: Securities Brokerage
Industry RS rank: 54 out of 58
Stock RS rank: 503 out of 596
11/8/18 close: $48.63
1 Month avg volatility: $1.42. Volatility stop (for upward breakout): $45.29 or 6.9% below the close.
Change YTD: -5.33%
Volume: 6,938,300 shares. 3 month avg: 6,527,123 shares.
Since 2009 bear market, the best buy day (fewest up closes) is Monday, and best sell day (most up closes) is Friday.
 
Chart pattern: Pipe bottom reversal pattern from 10/22/2018 to 10/29/2018
Breakout is upward 100% of the time.
Average rise: 45%.
Break-even failure rate: 5%.
Throwbacks occur 44% of the time.
Price hits measure rule target 83% of the time.

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Scotts Miracle-Gro Co. (SMG)
Industry: Chemical (Basic)
Industry RS rank: 33 out of 58
Stock RS rank: 341 out of 596
11/8/18 close: $78.20
1 Month avg volatility: $2.38. Volatility stop (for upward breakout): $70.46 or 9.9% below the close.
Change YTD: -26.91%
Volume: 892,500 shares. 3 month avg: 327,891 shares.
Since 2009 bear market, the best buy day (fewest up closes) is Monday, and best sell day (most up closes) is Friday.
 
Chart pattern: Pipe bottom reversal pattern from 10/22/2018 to 10/29/2018
Breakout is upward 100% of the time.
Average rise: 45%.
Break-even failure rate: 5%.
Throwbacks occur 44% of the time.
Price hits measure rule target 83% of the time.

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ServiceNow Inc (NOW)
Industry: IT Services
Industry RS rank: 20 out of 58
Stock RS rank: 266 out of 596
11/8/18 close: $186.16
1 Month avg volatility: $8.94. Volatility stop (for upward breakout): $167.30 or 10.1% below the close.
Change YTD: 42.77%
Volume: 1,784,500 shares. 3 month avg: 1,411,754 shares.
Since 2009 bear market, the best buy day (fewest up closes) is Monday, and best sell day (most up closes) is Thursday.
 
Chart pattern: Pipe bottom reversal pattern from 10/22/2018 to 10/29/2018
Breakout is upward 100% of the time.
Average rise: 45%.
Break-even failure rate: 5%.
Throwbacks occur 44% of the time.
Price hits measure rule target 83% of the time.

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Sherwin-Williams Co (SHW)
Industry: Chemical (Basic)
Industry RS rank: 33 out of 58
Stock RS rank: 199 out of 596
11/8/18 close: $415.34
1 Month avg volatility: $11.76. Volatility stop (for upward breakout): $385.93 or 7.1% below the close.
Change YTD: 1.29%
Volume: 810,400 shares. 3 month avg: 564,294 shares.
Since 2009 bear market, the best buy day (fewest up closes) is Monday, and best sell day (most up closes) is Friday.
 
Chart pattern: Pipe bottom reversal pattern from 10/22/2018 to 10/29/2018
Breakout is upward 100% of the time.
Average rise: 45%.
Break-even failure rate: 5%.
Throwbacks occur 44% of the time.
Price hits measure rule target 83% of the time.

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Southwestern Energy Company (SWN)
Industry: Natural Gas (Diversified)
Industry RS rank: 38 out of 58
Stock RS rank: 43 out of 596
11/8/18 close: $5.71
1 Month avg volatility: $0.27. Volatility stop (for upward breakout): $5.16 or 9.7% below the close.
Change YTD: -2.06%
Volume: 17,495,800 shares. 3 month avg: 16,683,949 shares.
Since 2009 bear market, the best buy day (fewest up closes) is Friday, and best sell day (most up closes) is Thursday.
 
Chart pattern: Pipe bottom reversal pattern from 10/22/2018 to 10/29/2018
Breakout is upward 100% of the time.
Average rise: 45%.
Break-even failure rate: 5%.
Throwbacks occur 44% of the time.
Price hits measure rule target 83% of the time.

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Stein Mart Inc. (SMRT)
Industry: Apparel
Industry RS rank: 19 out of 58
Stock RS rank: 523 out of 596
11/8/18 close: $2.05
1 Month avg volatility: $0.12. Volatility stop (for upward breakout): $1.79 or 12.5% below the close.
Change YTD: 76.72%
Volume: 156,700 shares. 3 month avg: 428,055 shares.
Since 2009 bear market, the best buy day (fewest up closes) is Monday, and best sell day (most up closes) is Wednesday.
 
Chart pattern: Pipe bottom reversal pattern from 10/22/2018 to 10/29/2018
Breakout is upward 100% of the time.
Average rise: 45%.
Break-even failure rate: 5%.
Throwbacks occur 44% of the time.
Price hits measure rule target 83% of the time.

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Symantec Corp (SYMC)
Industry: Computer Software and Svcs
Industry RS rank: 23 out of 58
Stock RS rank: 533 out of 596
11/8/18 close: $22.39
1 Month avg volatility: $0.80. Volatility stop (for upward breakout): $20.62 or 7.9% below the close.
Change YTD: -20.21%
Volume: 14,479,300 shares. 3 month avg: 5,752,529 shares.
Since 2009 bear market, the best buy day (fewest up closes) is Monday, and best sell day (most up closes) is Wednesday.
 
Chart pattern: Pipe bottom reversal pattern from 10/22/2018 to 10/29/2018
WARNING: A dead-cat bounce occurred on 05/11/2018. There is a 38% chance that a 15% or higher decline will occur (or has occurred since then) by 11/09/2018.
Breakout is upward 100% of the time.
Average rise: 45%.
Break-even failure rate: 5%.
Throwbacks occur 44% of the time.
Price hits measure rule target 83% of the time.

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Tailored Brands Inc (TLRD)
Industry: Retail (Special Lines)
WARNING: This industry is within the top 7 that Dead-cat bounce often.
Industry RS rank: 16 out of 58
Stock RS rank: 550 out of 596
11/8/18 close: $23.41
1 Month avg volatility: $0.90. Volatility stop (for upward breakout): $21.39 or 8.7% below the close.
Change YTD: 6.46%
Volume: 668,900 shares. 3 month avg: 1,195,355 shares.
Since 2009 bear market, the best buy day (fewest up closes) is Tuesday, and best sell day (most up closes) is Wednesday.
 
Chart pattern: Pipe bottom reversal pattern from 10/22/2018 to 10/29/2018
WARNING: A dead-cat bounce occurred on 06/14/2018. There is a 38% chance that a 15% or higher decline will occur (or has occurred since then) by 12/13/2018.
Breakout is upward 100% of the time.
Average rise: 45%.
Break-even failure rate: 5%.
Throwbacks occur 44% of the time.
Price hits measure rule target 83% of the time.

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Teva Pharmaceutical Industries (TEVA)
Industry: Drug
WARNING: This industry is within the top 7 that Dead-cat bounce often.
Industry RS rank: 13 out of 58
Stock RS rank: 73 out of 596
11/8/18 close: $23.84
1 Month avg volatility: $0.82. Volatility stop (for upward breakout): $21.61 or 9.3% below the close.
Change YTD: 25.61%
Volume: 11,337,000 shares. 3 month avg: 26,334,894 shares.
Since 2009 bear market, the best buy day (fewest up closes) is Friday, and best sell day (most up closes) is Wednesday.
 
Chart pattern: Pipe bottom reversal pattern from 10/22/2018 to 10/29/2018
Breakout is upward 100% of the time.
Average rise: 45%.
Break-even failure rate: 5%.
Throwbacks occur 44% of the time.
Price hits measure rule target 83% of the time.

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Timken Co., The (TKR)
Industry: Metal Fabricating
Industry RS rank: 47 out of 58
Stock RS rank: 464 out of 596
11/8/18 close: $42.12
1 Month avg volatility: $1.45. Volatility stop (for upward breakout): $39.04 or 7.3% below the close.
Change YTD: -14.30%
Volume: 481,000 shares. 3 month avg: 853,643 shares.
Since 2009 bear market, the best buy day (fewest up closes) is Tuesday, and best sell day (most up closes) is Wednesday.
 
Chart pattern: Pipe bottom reversal pattern from 10/22/2018 to 10/29/2018
Breakout is upward 100% of the time.
Average rise: 45%.
Break-even failure rate: 5%.
Throwbacks occur 44% of the time.
Price hits measure rule target 83% of the time.

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Tredegar Corp (TG)
Industry: Chemical (Specialty)
Industry RS rank: 11 out of 58
Stock RS rank: 322 out of 596
11/8/18 close: $19.93
1 Month avg volatility: $0.76. Volatility stop (for upward breakout): $18.18 or 8.8% below the close.
Change YTD: 3.80%
Volume: 61,900 shares. 3 month avg: 64,734 shares.
This security may be thinly traded (less than 100k shares)!
Since 2009 bear market, the best buy day (fewest up closes) is Friday, and best sell day (most up closes) is Thursday.
 
Chart pattern: Pipe bottom reversal pattern from 10/22/2018 to 10/29/2018
WARNING: A dead-cat bounce occurred on 08/02/2018. There is a 38% chance that a 15% or higher decline will occur (or has occurred since then) by 01/31/2019.
Breakout is upward 100% of the time.
Average rise: 45%.
Break-even failure rate: 5%.
Throwbacks occur 44% of the time.
Price hits measure rule target 83% of the time.

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Valmont Industries Inc. (VMI)
Industry: Metal Fabricating
Industry RS rank: 47 out of 58
Stock RS rank: 384 out of 596
11/8/18 close: $135.40
1 Month avg volatility: $3.93. Volatility stop (for upward breakout): $124.68 or 7.9% below the close.
Change YTD: -18.36%
Volume: 112,900 shares. 3 month avg: 117,540 shares.
Since 2009 bear market, the best buy day (fewest up closes) is Wednesday, and best sell day (most up closes) is Thursday.
 
Chart pattern: Pipe bottom reversal pattern from 10/22/2018 to 10/29/2018
Breakout is upward 100% of the time.
Average rise: 45%.
Break-even failure rate: 5%.
Throwbacks occur 44% of the time.
Price hits measure rule target 83% of the time.

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Veeva Systems Inc (VEEV)
Industry: Healthcare Information
Industry RS rank: 2 out of 58
Stock RS rank: 59 out of 596
11/8/18 close: $96.63
1 Month avg volatility: $3.67. Volatility stop (for upward breakout): $88.67 or 8.2% below the close.
Change YTD: 72.62%
Volume: 1,260,600 shares.
Since 2009 bear market, the best buy day (fewest up closes) is Tuesday, and best sell day (most up closes) is Wednesday.
 
Chart pattern: Pipe bottom reversal pattern from 10/22/2018 to 10/29/2018
Breakout is upward 100% of the time.
Average rise: 45%.
Break-even failure rate: 5%.
Throwbacks occur 44% of the time.
Price hits measure rule target 83% of the time.

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Visa (V)
Industry: Financial Services
Industry RS rank: 21 out of 58
Stock RS rank: 166 out of 596
11/8/18 close: $145.23
1 Month avg volatility: $4.08. Volatility stop (for upward breakout): $135.49 or 6.7% below the close.
Change YTD: 27.37%
Volume: 5,925,300 shares.
Since 2009 bear market, the best buy day (fewest up closes) is Wednesday, and best sell day (most up closes) is Thursday.
 
Chart pattern: Pipe bottom reversal pattern from 10/22/2018 to 10/29/2018
Breakout is upward 100% of the time.
Average rise: 45%.
Break-even failure rate: 5%.
Throwbacks occur 44% of the time.
Price hits measure rule target 83% of the time.

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Werner Enterprises, Inc (WERN)
Industry: Trucking/Transp. Leasing
Industry RS rank: 39 out of 58
Stock RS rank: 388 out of 596
11/8/18 close: $33.36
1 Month avg volatility: $1.30. Volatility stop (for upward breakout): $30.27 or 9.3% below the close.
Change YTD: -13.69%
Volume: 356,000 shares. 3 month avg: 887,242 shares.
Since 2009 bear market, the best buy day (fewest up closes) is Monday, and best sell day (most up closes) is Thursday.
 
Chart pattern: Diamond bottom reversal pattern from 10/11/2018 to 11/08/2018
Breakout is upward 69% of the time.
Average rise: 36%.
Break-even failure rate: 4%.
Throwbacks occur 53% of the time.
Price hits measure rule target 81% of the time.

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Westlake Chemical Corp (WLK)
Industry: Chemical (Basic)
Industry RS rank: 33 out of 58
Stock RS rank: 568 out of 596
11/8/18 close: $77.46
1 Month avg volatility: $2.69. Volatility stop (for upward breakout): $71.78 or 7.3% below the close.
Change YTD: -27.29%
Volume: 697,300 shares. 3 month avg: 812,517 shares.
Since 2009 bear market, the best buy day (fewest up closes) is Thursday, and best sell day (most up closes) is Friday.
 
Chart pattern: Pipe bottom reversal pattern from 10/22/2018 to 10/29/2018
Breakout is upward 100% of the time.
Average rise: 45%.
Break-even failure rate: 5%.
Throwbacks occur 44% of the time.
Price hits measure rule target 83% of the time.

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DJ US Medical devices index fund (IHI)
Industry: Medical Supplies
Industry RS rank: 14 out of 58
Stock RS rank: 145 out of 596
11/8/18 close: $217.26
1 Month avg volatility: $4.65. Volatility stop (for upward breakout): $204.95 or 5.7% below the close.
Change YTD: 25.21%
Volume: 357,700 shares. 3 month avg: 82,220 shares.
This security may be thinly traded (less than 100k shares)!
Since 2009 bear market, the best buy day (fewest up closes) is Wednesday, and best sell day (most up closes) is Friday.
 
Chart pattern: Pipe bottom reversal pattern from 10/22/2018 to 10/29/2018
Breakout is upward 100% of the time.
Average rise: 45%.
Break-even failure rate: 5%.
Throwbacks occur 44% of the time.
Price hits measure rule target 83% of the time.

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PowerShares QQQ -- Nasdaq 100 (QQQ)
Industry: Long ETFs
Industry RS rank: 32 out of 58
Stock RS rank: 259 out of 596
11/8/18 close: $174.46
1 Month avg volatility: $4.34. Volatility stop (for upward breakout): $164.95 or 5.5% below the close.
Change YTD: 12.01%
Volume: 40,194,300 shares. 3 month avg: 28,533,265 shares.
Since 2009 bear market, the best buy day (fewest up closes) is Friday, and best sell day (most up closes) is Tuesday.
 
Chart pattern: Head-and-shoulders bottom reversal pattern from 10/11/2018 to 11/05/2018
Breakout is upward 100% of the time.
Average rise: 38%.
Break-even failure rate: 3%.
Throwbacks occur 45% of the time.
Price hits measure rule target 74% of the time.

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Thursday 11/8/18. Intraday Market Direction: Nasdaq

The index climbed by 2.6% or 194.79 points. Since 02/05/1971 the index made 24 similar moves on a percentage basis. After those moves, the next day's...
     Average gain was 1.4% on 14 occasions.
     Average loss was -2.6% on 10 occasions.
Expect the index to close higher 58.3% of the time.
Weekly, since inception on 6/14/2011:
     The prediction of the index closing higher has been right 154/279 or 55.2% of the time.
     The prediction of the index closing lower has been right 48/95 or 50.5% of the time.

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

Picture of the Nasdaq composite on the 5 minute scale.

$ $ $

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

A double top appears at DE and price drops to F, exceeding the measure rule target (which is the height of the pattern subtracted from the low between the two peaks).

I drew two parallel red lines, starting with the bottom one. Line AB skirts the bottoms at the start (A) and slices through the index later. Line C is drawn parallel to A, using the peak near the middle of the line as the distance.

A lot of this is just arbitrary, but notice how the index has climbed above the top line and is rising at a parallel trend. I think that trend has staying power. But with such a big rise today, it wouldn't surprise me if we dropped to close lower on Thursday. The above probabilities suggest otherwise, though.

$ $ $

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

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© 2018 ThePatternSite.com    Metric  Value  Diff  Close (within 10% of the high-low range for the day)? 
 Monthly S2  6,349.10    
 Weekly S2  6,776.34  427.23   
 Monthly S1  6,959.93  183.59   
 Weekly S1  7,173.54  213.62   
 Weekly Pivot  7,320.04  146.49   
 Daily S2  7,389.46  69.42   
 Low  7,435.87  46.41   
 Open  7,446.09  10.22   Yes! The Open is close to the Low.
 Daily S1  7,480.10  34.01   
 61.8% Down from Intraday High  7,488.23  8.12   Yes! The 61.8% Down from Intraday High is close to the Daily S1.
 50% Down from Intraday High  7,504.40  16.17   
 38.2% Down from Intraday High  7,520.57  16.17   
 Daily Pivot  7,526.52  5.94   Yes! The Daily Pivot is close to the 38.2% Down from Intraday High.
 Monthly Pivot  7,533.65  7.14   Yes! The Monthly Pivot is close to the Daily Pivot.
 Close  7,570.75  37.10   
 High  7,572.93  2.18   Yes! The High is close to the Close.
 Daily R1  7,617.16  44.23   
 Daily R2  7,663.58  46.41   
 Weekly R1  7,717.24  53.67   
 Weekly R2  7,863.74  146.49   
 Monthly R1  8,144.48  280.74   
 Monthly R2  8,718.20  573.73   

Wednesday 11/7/18. A Look At Indicators

Picture of the chart pattern indicator

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.

I'm watching the election results, so you can figure out the charts as well as I can.

Picture of the percent down indicators

The red line is the percentage of stocks at least 20% below their 1-year high (plotted upside down). The blue line is the average percentage drop of stocks below their 1-year high (plotted upside down).

Shown as a red line on the above chart...
On Tuesday, 45% of stocks in my database are in bear market territory (down at least 20% from their 1-year high).
A week ago, it was 50%.
The fewest was 15% on 01/26/2018.
And the most was 58% on 10/29/2018.
Shown as a blue line on the above chart...
The 500 stocks in my database are down an average of 20% from their yearly high.
A week ago, the average was 22%.
The peak was 9% on 01/22/2018.
And the bottom was 24% on 10/29/2018.

-- Thomas Bulkowski

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Tuesday 11/6/18. Intraday Market Direction: Dow

The index climbed by 0.8% or 190.87 points. Since 10/01/1928 the index made 571 similar moves on a percentage basis. After those moves, the next day's...
     Average gain was 0.6% on 315 occasions.
     Average loss was -0.7% on 256 occasions.
Expect the index to close higher 55.2% of the time.
Weekly, since inception on 6/14/2011:
     The prediction of the index closing higher has been right 174/290 or 60.0% of the time.
     The prediction of the index closing lower has been right 35/70 or 50.0% of the time.

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

Picture of the Dow industrials on the 5 minute scale.

$ $ $

I show a picture of the Dow industrials on the 5-minute scale.

I don't see much on the chart to be worth writing about.

I drew the bottom red trendline to connect recent lows and extended it back to Tuesday. It forms a line of support.

The top red line I drew along recent peaks. It forms a channel (two parallel trendlines). The trendline forms a line of resistance.

It'll be interesting to see which direction the index pierces the red lines.

$ $ $

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

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© 2018 ThePatternSite.com    Metric  Value  Diff  Close (within 10% of the high-low range for the day)? 
 Monthly S2  22,682.33    
 Weekly S2  23,597.55  915.22   
 Monthly S1  24,072.02  474.46   
 Weekly S1  24,529.63  457.61   
 Weekly Pivot  25,054.30  524.68   
 Daily S2  25,164.29  109.99   
 Low  25,261.47  97.18   
 Open  25,261.47  0.00   Yes! The Open is close to the Low.
 Daily S1  25,313.00  51.53   
 61.8% Down from Intraday High  25,355.40  42.40   
 50% Down from Intraday High  25,384.41  29.01   
 Daily Pivot  25,410.17  25.76   
 38.2% Down from Intraday High  25,413.42  3.25   Yes! The 38.2% Down from Intraday High is close to the Daily Pivot.
 Close  25,461.70  48.28   
 High  25,507.35  45.65   
 Monthly Pivot  25,511.91  4.56   Yes! The Monthly Pivot is close to the High.
 Daily R1  25,558.88  46.96   
 Daily R2  25,656.05  97.18   
 Weekly R1  25,986.38  330.32   
 Weekly R2  26,511.05  524.68   
 Monthly R1  26,901.60  390.54   
 Monthly R2  28,341.49  1,439.90   

Monday 11/5/18. Market Monday: The Week Ahead

My Prediction

Picture of the nasdaq on the daily scale.

I show a picture of the Nasdaq composite on the daily scale with an inset from earlier in the year (could be 2017).

I want to know what is likely to happen next, so I took a glance back and found the inset.

Notice how the index made a strong move down to A (inset). That drop corresponds to the move down to the October low.

In the inset, price bounces to B. We can see a mirror bounce to B ending today. The index might continue higher, though.

If it follows the inset, however, look for the index to drop again, reaching C.

C will be above A, but it might form a double bottom.

It's also possible that we'll get a V-shaped bottom. I discussed this on Wednesday.

The inset looks like an extended V-bottom pattern or even an ugly double bottom.

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A Brief Look Back

Picture of a flower from my garden.

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.

Monday: Down 245.39 points.
Tuesday: Up 431.72 points.
Wednesday: Up 241.12 points.
Thursday: Up 264.98 points.
Friday: Down 109.91 points.

For the Week...

The Dow industrials were up 582.52 points or 2.4%.
The Nasdaq composite was up 189.78 points or 2.6%.
The S&P 500 index was up 64.37 points or 2.4%.

Year to Date...

Dow Industrials
     6.2% down from the high of 26,951.81 on 10/03/2018.
     8.3% up from the low of 23,344.52 on 04/02/2018.
Nasdaq
     9.5% down from the high of 8,133.30 on 08/30/2018.
     11.0% up from the low of 6,630.67 on 02/09/2018.
S&P 500
     7.4% down from the high of 2,940.91 on 09/21/2018.
     7.5% up from the low of 2,532.69 on 02/09/2018.

Options Expiration

No options expire this week.

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Swing and Position Traders: Chart Pattern Indicator

As of 11/02/2018, the CPI had:

12 bearish patterns,
29 bullish patterns,
321 patterns waiting for breakout.
The CPI signal is 70.7%, which is bullish (>= 65%).

The chart pattern indicator is bullish with 1 of 3 half triangles showing (). Additional triangles are a measure of strength with solid triangles meaning a more reliable signal than half triangles.

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.

IndexS2S1PivotR1R2
Dow Industrials (^DJI): Daily  24,809  25,040  25,310  25,540  25,810 
Weekly  23,534  24,402  24,991  25,859  26,447 
Monthly  22,619  23,945  25,448  26,774  28,278 
S&P500 (^GSPC): Daily  2,671  2,697  2,727  2,753  2,783 
Weekly  2,541  2,632  2,694  2,785  2,847 
Monthly  2,419  2,571  2,755  2,907  3,092 
Nasdaq (^IXIC): Daily  7,206  7,282  7,374  7,449  7,542 
Weekly  6,705  7,031  7,249  7,575  7,792 
Monthly  6,278  6,817  7,462  8,002  8,647 
  • 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:

Pivot point: P = (H + L + C)/3
First resistance level: R1 = (2 * P) - L
First support level: S1 = (2 * P) - H)
Second resistance level: R2 = P + (R1 - S1)
Second support level: S2 = P - (R1 - S1)
H = high price , L=low price, C=closing price

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Consecutive Price Trends

Index Consecutive
Closes So Far 
% Comments 
 Dow industrials (^DJI) 1 week up 44.9%   Expect a random direction. 
 1 month up 55.0%   Expect a random direction. 
 S & P 500 (^GSPC) 1 week up 45.4%   Expect a random direction. 
 1 month up 55.6%   Expect a random direction. 
 Nasdaq composite (^IXIC) 1 week up 46.5%   Expect a random direction. 
 1 month up 47.9%   Expect a random direction. 

How long can an index close higher (or lower) each day? The adjacent table shows how often consecutive up or down closes occur in the indices, based on the most recent trend of closes.

Low percentages suggest the market is overdue to turn (think of it as the likelihood that next week or next month will continue the trend, based on historical performance). Values of 50% mean random, so most percentages will be lower.

The analysis uses data going back 10 years for weekly percentages and 25 years for monthly percentages (or the start of data, whichever is more recent). Any unchanged closing price is interpreted as the end of the string of consecutive up or down closes.

Earnings, Chart Patterns & Industries

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

Mutual funds will begin dividend distributions and rebalancing their portfolios for the approaching year end (starts in late November).

 Found Chart Pattern Name
18Double Bottom, Adam and Adam
15Double Top, Adam and Adam
15Head-and-shoulders top
9Dead-cat bounce
7Triple top
7Double Top, Eve and Eve
5Double Bottom, Adam and Eve
5Double Top, Adam and Eve
4Pipe bottom
4Double Top, Eve and Adam

Large numbers of bullish or bearish chart patterns can signal short- to intermediate-term market trends (many bullish chart patterns can mean an uptrend will continue, for example). However, please realize that the short-term price trend could have changed since the pattern was discovered (this is especially true of pipe tops or bottoms, which are weekly patterns).

The 10 types of most frequently appearing chart patterns in the stocks, indices, and long-only exchange traded funds I follow during the last month are shown in the adjacent table.

 

 

 

 

The industries I follow were the best (rank 1) and worst performing.

This WeekLast Week
1. Short ETFs1. Short ETFs
2. Healthcare Information2. Healthcare Information
3. Shoe3. Computers and Peripherals
4. Computers and Peripherals4. Shoe
5. Biotechnology5. Electric Utility (Central)

-- Thomas Bulkowski

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Friday 11/2/18. Pattern Trading Setups for the Weekend.

Go to Table.

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

Click the link for a list of symbols from the table.

The following patterns were found manually, so the results may differ from those found using Patternz.

There were 20 patterns found this week (excluding pipe bottoms; pipe tops and bottoms are found looking back 2 weeks) out of 603 stocks searched, or 3.3%. Based on the percentage, the stock market is trending since few consolidation patterns appear.

I found 3 pipe bottom chart patterns, which is neutral. High numbers of pipe bottoms can signal a bullish move (I see many of them just before a bear market ends or during a bear market rally. Often it means the first bottom of a double bottom has formed. Thus, expect a move down to the second bottom).

Excluding ETFs, there were 6 bullish chart patterns this week and 8 bearish ones with any remaining (9) being undecided. The ratio of bullish to bearish patterns suggests the market is hinting of a coming bearish (down) turn.

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.

More...

-- Thomas Bulkowski

 

Symbol Chart Pattern Bullish
Bearish
Start End Industry
DDDDead-cat bounce      10/31/201810/31/2018Electronics
ANFPipe bottom      10/15/201810/22/2018Apparel
AJRDDouble Bottom, Adam and Adam      10/12/201810/30/2018Diversified Co.
AKAMDouble Bottom, Adam and Adam      10/11/201810/29/2018E-Commerce
ALBDouble Bottom, Adam and Eve      10/11/201810/26/2018Chemical (Diversified)
AMNDouble Bottom, Adam and Adam      10/11/201810/26/2018Human Resources
FEYEDouble Bottom, Eve and Adam      10/11/201810/30/2018Computer Software and Svcs
FLEXDead-cat bounce      10/26/201810/26/2018Electronics
GNWPipe bottom      10/15/201810/22/2018Insurance (Life)
GPRODouble Bottom, Adam and Eve      10/10/201810/26/2018Electronics
INCYDouble Bottom, Adam and Eve      10/12/201810/30/2018Drug
MRKBroadening top      09/21/201810/31/2018Drug
NXGNDead-cat bounce      10/31/201810/31/2018Healthcare Information
OMIDead-cat bounce      10/31/201810/31/2018Medical Supplies
PHMPipe bottom      10/15/201810/22/2018Homebuilding
RHTHorn bottom      10/08/201810/22/2018Computer Software and Svcs
REVDead-cat bounce      10/29/201810/29/2018Toiletries/Cosmetics
SKXHead-and-shoulders bottom      09/20/201810/26/2018Shoe
SXIDead-cat bounce      10/29/201810/29/2018Diversified Co.
SRDXTriangle, descending      10/22/201811/01/2018Medical Supplies
TFXDouble Bottom, Adam and Adam      10/23/201810/26/2018Diversified Co.
TDCDouble Bottom, Adam and Adam      10/11/201810/29/2018Computer Software and Svcs
TSCOHorn bottom      10/08/201810/22/2018Retail Building Supply

 

Weekly screen for chart patterns ending between 10/25/2018 and 11/01/2018. Many may be still in development. If no securities appear, then I have not identified any new patterns.

Definitions
RS is relative strength (where 1 is best). For other definitions, see the glossary.
’Breakout is upward/downward 100% of the time’ means price breaks out up/down by definition, not by statistically measuring the rate.
All numbers assume a bull market and are based on the breakout direction that occurs most often.
For more information, consult my book, Encyclopedia of Chart Patterns, Second Edition.
 
3D Systems (DDD)
Industry: Electronics
Industry RS rank: 29 out of 58
Stock RS rank: 106 out of 596
11/1/18 close: $11.83
1 Month avg volatility: $1.00. Volatility stop (for downward breakout): $14.35 or 21.3% above the close.
Change YTD: 36.92%
Volume: 12,592,800 shares. 3 month avg: 3,031,971 shares.
Since 2009 bear market, the best buy day (fewest up closes) is Friday, and best sell day (most up closes) is Monday.
 
Chart pattern: Dead-cat bounce continuation pattern from 10/31/2018 to 10/31/2018
Breakout is downward 67% of the time.
Average decline: 18%.

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Abercrombie and Fitch Co. (ANF)
Industry: Apparel
Industry RS rank: 19 out of 58
Stock RS rank: 554 out of 596
11/1/18 close: $19.31
1 Month avg volatility: $0.95. Volatility stop (for upward breakout): $16.34 or 15.4% below the close.
Change YTD: 10.79%
Volume: 2,977,900 shares. 3 month avg: 2,821,334 shares.
Since 2009 bear market, the best buy day (fewest up closes) is Friday, and best sell day (most up closes) is Wednesday.
 
Chart pattern: Pipe bottom reversal pattern from 10/15/2018 to 10/22/2018
Breakout is upward 100% of the time.
Average rise: 45%.
Break-even failure rate: 5%.
Throwbacks occur 44% of the time.
Price hits measure rule target 83% of the time.

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Aerojet Rocketdyne (AJRD)
Industry: Diversified Co.
Industry RS rank: 32 out of 58
Stock RS rank: 32 out of 596
11/1/18 close: $36.00
1 Month avg volatility: $1.21. Volatility stop (for upward breakout): $33.39 or 7.3% below the close.
Change YTD: 14.29%
Volume: 2,137,900 shares. 3 month avg: 950,497 shares.
Since 2009 bear market, the best buy day (fewest up closes) is Thursday, and best sell day (most up closes) is Friday.
 
Chart pattern: Double Bottom, Adam and Adam reversal pattern from 10/12/2018 to 10/30/2018
Breakout is upward 100% of the time.
Average rise: 35%.
Break-even failure rate: 5%.
Throwbacks occur 64% of the time.
Price hits measure rule target 66% of the time.

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Akamai Technologies Inc (AKAM)
Industry: E-Commerce
Industry RS rank: 25 out of 58
Stock RS rank: 295 out of 596
11/1/18 close: $72.29
1 Month avg volatility: $1.88. Volatility stop (for upward breakout): $67.04 or 7.3% below the close.
Change YTD: 11.15%
Volume: 3,063,200 shares. 3 month avg: 2,185,974 shares.
Since 2009 bear market, the best buy day (fewest up closes) is Monday, and best sell day (most up closes) is Thursday.
 
Chart pattern: Double Bottom, Adam and Adam reversal pattern from 10/11/2018 to 10/29/2018
Breakout is upward 100% of the time.
Average rise: 35%.
Break-even failure rate: 5%.
Throwbacks occur 64% of the time.
Price hits measure rule target 66% of the time.

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Albemarle Corp. (ALB)
Industry: Chemical (Diversified)
Industry RS rank: 40 out of 58
Stock RS rank: 185 out of 596
11/1/18 close: $105.42
1 Month avg volatility: $2.68. Volatility stop (for upward breakout): $94.64 or 10.2% below the close.
Change YTD: -17.57%
Volume: 2,981,900 shares. 3 month avg: 1,363,352 shares.
Since 2009 bear market, the best buy day (fewest up closes) is Wednesday, and best sell day (most up closes) is Friday.
 
Chart pattern: Double Bottom, Adam and Eve reversal pattern from 10/11/2018 to 10/26/2018
Breakout is upward 100% of the time.
Average rise: 37%.
Break-even failure rate: 5%.
Throwbacks occur 59% of the time.
Price hits measure rule target 66% of the time.

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AMN Healthcare (AMN)
Industry: Human Resources
Industry RS rank: 43 out of 58
Stock RS rank: 477 out of 596
11/1/18 close: $58.26
1 Month avg volatility: $2.06. Volatility stop (for upward breakout): $46.89 or 19.5% below the close.
Change YTD: 17.34%
Volume: 1,554,000 shares. 3 month avg: 549,046 shares.
Since 2009 bear market, the best buy day (fewest up closes) is Tuesday, and best sell day (most up closes) is Thursday.
 
Chart pattern: Double Bottom, Adam and Adam reversal pattern from 10/11/2018 to 10/26/2018
WARNING: A dead-cat bounce occurred on 05/04/2018. There is a 38% chance that a 15% or higher decline will occur (or has occurred since then) by 11/02/2018.
Breakout is upward 100% of the time.
Average rise: 35%.
Break-even failure rate: 5%.
Throwbacks occur 64% of the time.
Price hits measure rule target 66% of the time.

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FireEye Inc (FEYE)
Industry: Computer Software and Svcs
Industry RS rank: 16 out of 58
Stock RS rank: 240 out of 596
11/1/18 close: $19.41
1 Month avg volatility: $0.76. Volatility stop (for upward breakout): $16.70 or 13.9% below the close.
Change YTD: 36.21%
Volume: 11,075,900 shares. 3 month avg: 3,815,435 shares.
Since 2009 bear market, the best buy day (fewest up closes) is Tuesday, and best sell day (most up closes) is Thursday.
 
Chart pattern: Double Bottom, Eve and Adam reversal pattern from 10/11/2018 to 10/30/2018
Breakout is upward 100% of the time.
Average rise: 35%.
Break-even failure rate: 4%.
Throwbacks occur 57% of the time.
Price hits measure rule target 66% of the time.

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Flextronics International Ltd (FLEX)
Industry: Electronics
Industry RS rank: 29 out of 58
Stock RS rank: 583 out of 596
11/1/18 close: $8.59
1 Month avg volatility: $0.44. Volatility stop (for downward breakout): $9.54 or 11.1% above the close.
Change YTD: -52.49%
Volume: 13,937,900 shares. 3 month avg: 3,241,565 shares.
Since 2009 bear market, the best buy day (fewest up closes) is Monday, and best sell day (most up closes) is Wednesday.
 
Chart pattern: Dead-cat bounce continuation pattern from 10/26/2018 to 10/26/2018
Breakout is downward 67% of the time.
Average decline: 18%.

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Genworth Financial Inc (GNW)
Industry: Insurance (Life)
Industry RS rank: 45 out of 58
Stock RS rank: 33 out of 596
11/1/18 close: $4.07
1 Month avg volatility: $0.17. Volatility stop (for upward breakout): $3.66 or 10.0% below the close.
Change YTD: 29.21%
Volume: 14,981,700 shares. 3 month avg: 4,022,160 shares.
Since 2009 bear market, the best buy day (fewest up closes) is Monday, and best sell day (most up closes) is Thursday.
 
Chart pattern: Pipe bottom reversal pattern from 10/15/2018 to 10/22/2018
Breakout is upward 100% of the time.
Average rise: 45%.
Break-even failure rate: 5%.
Throwbacks occur 44% of the time.
Price hits measure rule target 83% of the time.

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GoPro (GPRO)
Industry: Electronics
Industry RS rank: 29 out of 58
Stock RS rank: 23 out of 596
11/1/18 close: $7.18
1 Month avg volatility: $0.42. Volatility stop (for upward breakout): $5.80 or 19.2% below the close.
Change YTD: -6.75%
Volume: 8,735,100 shares. 3 month avg: 5,624,629 shares.
Since 2009 bear market, the best buy day (fewest up closes) is Thursday, and best sell day (most up closes) is Tuesday.
 
Chart pattern: Double Bottom, Adam and Eve reversal pattern from 10/10/2018 to 10/26/2018
Breakout is upward 100% of the time.
Average rise: 37%.
Break-even failure rate: 5%.
Throwbacks occur 59% of the time.
Price hits measure rule target 66% of the time.

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Incyte Corp. (INCY)
Industry: Drug
WARNING: This industry is within the top 7 that Dead-cat bounce often.
Industry RS rank: 11 out of 58
Stock RS rank: 136 out of 596
11/1/18 close: $68.43
1 Month avg volatility: $3.25. Volatility stop (for upward breakout): $55.84 or 18.4% below the close.
Change YTD: -27.75%
Volume: 1,775,900 shares. 3 month avg: 1,771,434 shares.
Since 2009 bear market, the best buy day (fewest up closes) is Monday, and best sell day (most up closes) is Friday.
 
Chart pattern: Double Bottom, Adam and Eve reversal pattern from 10/12/2018 to 10/30/2018
Breakout is upward 100% of the time.
Average rise: 37%.
Break-even failure rate: 5%.
Throwbacks occur 59% of the time.
Price hits measure rule target 66% of the time.

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Merck and Co., Inc. (MRK)
Industry: Drug
WARNING: This industry is within the top 7 that Dead-cat bounce often.
Industry RS rank: 11 out of 58
Stock RS rank: 52 out of 596
11/1/18 close: $73.12
1 Month avg volatility: $1.67. Volatility stop (for downward breakout): $77.38 or 5.8% above the close.
Change YTD: 29.94%
Volume: 13,843,100 shares. 3 month avg: 11,487,503 shares.
Since 2009 bear market, the best buy day (fewest up closes) is Monday, and best sell day (most up closes) is Friday.
 
Chart pattern: Broadening top reversal pattern from 09/21/2018 to 10/31/2018
Breakout is downward 50% of the time.
Average decline: 15%.
Break-even failure rate: 18%.
Pullbacks occur 48% of the time.
Price hits measure rule target 37% of the time.

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NextGen Healthcare Inc (NXGN)
Industry: Healthcare Information
Industry RS rank: 2 out of 58
Stock RS rank: 168 out of 596
11/1/18 close: $15.07
1 Month avg volatility: $0.87. Volatility stop (for downward breakout): $17.35 or 15.2% above the close.
Change YTD: 10.97%
Volume: 668,500 shares.
Since 2009 bear market, the best buy day (fewest up closes) is Wednesday, and best sell day (most up closes) is Thursday.
 
Chart pattern: Dead-cat bounce continuation pattern from 10/31/2018 to 10/31/2018
Breakout is downward 67% of the time.
Average decline: 18%.

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Owens and Minor Inc (OMI)
Industry: Medical Supplies
Industry RS rank: 13 out of 58
Stock RS rank: 590 out of 596
11/1/18 close: $8.86
1 Month avg volatility: $0.77. Volatility stop (for downward breakout): $10.68 or 20.6% above the close.
Change YTD: -53.07%
Volume: 4,874,600 shares. 3 month avg: 1,318,423 shares.
Since 2009 bear market, the best buy day (fewest up closes) is Wednesday, and best sell day (most up closes) is Monday.
 
Chart pattern: Dead-cat bounce continuation pattern from 10/31/2018 to 10/31/2018
Breakout is downward 67% of the time.
Average decline: 18%.

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Pulte Homes Inc. (PHM)
Industry: Homebuilding
Industry RS rank: 58 out of 58
Stock RS rank: 526 out of 596
11/1/18 close: $24.66
1 Month avg volatility: $0.99. Volatility stop (for upward breakout): $22.24 or 9.8% below the close.
Change YTD: -25.83%
Volume: 9,857,500 shares. 3 month avg: 4,812,565 shares.
Since 2009 bear market, the best buy day (fewest up closes) is Monday, and best sell day (most up closes) is Tuesday.
 
Chart pattern: Pipe bottom reversal pattern from 10/15/2018 to 10/22/2018
Breakout is upward 100% of the time.
Average rise: 45%.
Break-even failure rate: 5%.
Throwbacks occur 44% of the time.
Price hits measure rule target 83% of the time.

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Red Hat, Inc (RHT)
Industry: Computer Software and Svcs
Industry RS rank: 16 out of 58
Stock RS rank: 213 out of 596
11/1/18 close: $172.40
1 Month avg volatility: $3.67. Volatility stop (for upward breakout): $163.66 or 5.1% below the close.
Change YTD: 43.55%
Volume: 6,253,500 shares. 3 month avg: 1,583,828 shares.
Since 2009 bear market, the best buy day (fewest up closes) is Monday, and best sell day (most up closes) is Wednesday.
 
Chart pattern: Horn bottom reversal pattern from 10/08/2018 to 10/22/2018
Breakout is upward 100% of the time.
Average rise: 35%.
Break-even failure rate: 9%.
Throwbacks occur 29% of the time.
Price hits measure rule target 76% of the time.

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Revlon Inc (REV)
Industry: Toiletries/Cosmetics
Industry RS rank: 12 out of 58
Stock RS rank: 283 out of 596
11/1/18 close: $21.68
1 Month avg volatility: $2.05. Volatility stop (for downward breakout): $26.00 or 19.9% above the close.
Change YTD: -0.55%
Volume: 256,800 shares. 3 month avg: 238,602 shares.
Since 2009 bear market, the best buy day (fewest up closes) is Monday, and best sell day (most up closes) is Thursday.
 
Chart pattern: Dead-cat bounce continuation pattern from 10/29/2018 to 10/29/2018
Breakout is downward 67% of the time.
Average decline: 18%.

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Skechers USA Inc (SKX)
Industry: Shoe
Industry RS rank: 3 out of 58
Stock RS rank: 268 out of 596
11/1/18 close: $28.87
1 Month avg volatility: $1.11. Volatility stop (for upward breakout): $25.73 or 10.9% below the close.
Change YTD: -23.71%
Volume: 1,964,300 shares. 3 month avg: 3,234,920 shares.
Since 2009 bear market, the best buy day (fewest up closes) is Wednesday, and best sell day (most up closes) is Thursday.
 
Chart pattern: Head-and-shoulders bottom reversal pattern from 09/20/2018 to 10/26/2018
WARNING: A dead-cat bounce occurred on 07/20/2018. There is a 38% chance that a 15% or higher decline will occur (or has occurred since then) by 01/18/2019.
Breakout is upward 100% of the time.
Average rise: 38%.
Break-even failure rate: 3%.
Throwbacks occur 45% of the time.
Price hits measure rule target 74% of the time.

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Standex International Corp (SXI)
Industry: Diversified Co.
Industry RS rank: 32 out of 58
Stock RS rank: 474 out of 596
11/1/18 close: $82.32
1 Month avg volatility: $4.07. Volatility stop (for downward breakout): $90.93 or 10.5% above the close.
Change YTD: -19.18%
Volume: 97,700 shares. 3 month avg: 37,109 shares.
This security may be thinly traded (less than 100k shares)!
Since 2009 bear market, the best buy day (fewest up closes) is Wednesday, and best sell day (most up closes) is Thursday.
 
Chart pattern: Dead-cat bounce continuation pattern from 10/29/2018 to 10/29/2018
Breakout is downward 67% of the time.
Average decline: 18%.

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Surmodics, Inc (SRDX)
Industry: Medical Supplies
Industry RS rank: 13 out of 58
Stock RS rank: 14 out of 596
11/1/18 close: $63.42
1 Month avg volatility: $2.57. Volatility stop (for downward breakout): $69.37 or 9.4% above the close.
Change YTD: 126.50%
Volume: 76,800 shares. 3 month avg: 37,286 shares.
This security may be thinly traded (less than 100k shares)!
Since 2009 bear market, the best buy day (fewest up closes) is Thursday, and best sell day (most up closes) is Friday.
 
Chart pattern: Triangle, descending reversal pattern from 10/22/2018 to 11/01/2018
Breakout is downward 64% of the time.
Average decline: 16%.
Break-even failure rate: 16%.
Pullbacks occur 54% of the time.
Price hits measure rule target 54% of the time.

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Teleflex Inc (TFX)
Industry: Diversified Co.
Industry RS rank: 32 out of 58
Stock RS rank: 332 out of 596
11/1/18 close: $263.49
1 Month avg volatility: $7.00. Volatility stop (for upward breakout): $234.01 or 11.2% below the close.
Change YTD: 5.90%
Volume: 978,200 shares. 3 month avg: 269,822 shares.
Since 2009 bear market, the best buy day (fewest up closes) is Wednesday, and best sell day (most up closes) is Tuesday.
 
Chart pattern: Double Bottom, Adam and Adam reversal pattern from 10/23/2018 to 10/26/2018
Breakout is upward 100% of the time.
Average rise: 35%.
Break-even failure rate: 5%.
Throwbacks occur 64% of the time.
Price hits measure rule target 66% of the time.

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Teradata Corp (TDC)
Industry: Computer Software and Svcs
Industry RS rank: 16 out of 58
Stock RS rank: 442 out of 596
11/1/18 close: $36.62
1 Month avg volatility: $0.92. Volatility stop (for upward breakout): $34.13 or 6.8% below the close.
Change YTD: -5.35%
Volume: 2,203,300 shares. 3 month avg: 1,378,918 shares.
Since 2009 bear market, the best buy day (fewest up closes) is Monday, and best sell day (most up closes) is Thursday.
 
Chart pattern: Double Bottom, Adam and Adam reversal pattern from 10/11/2018 to 10/29/2018
Breakout is upward 100% of the time.
Average rise: 35%.
Break-even failure rate: 5%.
Throwbacks occur 64% of the time.
Price hits measure rule target 66% of the time.

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Tractor Supply Co (TSCO)
Industry: Retail Building Supply
Industry RS rank: 48 out of 58
Stock RS rank: 38 out of 596
11/1/18 close: $92.42
1 Month avg volatility: $2.86. Volatility stop (for upward breakout): $85.19 or 7.8% below the close.
Change YTD: 23.64%
Volume: 1,440,500 shares. 3 month avg: 2,128,008 shares.
Since 2009 bear market, the best buy day (fewest up closes) is Tuesday, and best sell day (most up closes) is Friday.
 
Chart pattern: Horn bottom reversal pattern from 10/08/2018 to 10/22/2018
Breakout is upward 100% of the time.
Average rise: 35%.
Break-even failure rate: 9%.
Throwbacks occur 29% of the time.
Price hits measure rule target 76% of the time.

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Thursday 11/1/18. Intraday Market Direction: Nasdaq

The index climbed by 2.0% or 144.25 points. Since 02/05/1971 the index made 47 similar moves on a percentage basis. After those moves, the next day's...
     Average gain was 1.1% on 29 occasions.
     Average loss was -1.4% on 18 occasions.
Expect the index to close higher 61.7% of the time.
Weekly, since inception on 6/14/2011:
     The prediction of the index closing higher has been right 153/278 or 55.0% of the time.
     The prediction of the index closing lower has been right 48/95 or 50.5% of the time.

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

Picture of the Nasdaq composite on the 5 minute scale.

$ $ $

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

Nothing jumped out on this chart, so I dug a bit deeper.

I've been working on testing gaps, so I noticed those today. Those are at A, B, and C. What interests me is what happened after the gap.

Price gapped down at A but the index recovered to D. At B, the index gapped down again and recovered to E.

Of course, both of those are down gaps and C is a gap upward. So I expect the index to drop back to about F, the start of the gap up. If you'll notice how D and E stop near the end of the associated gap. I'm thinking the market will go in the opposite direction because of this gap up. It might not, of course, so be cautious.

$ $ $

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

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© 2018 ThePatternSite.com    Metric  Value  Diff  Close (within 10% of the high-low range for the day)? 
 Monthly S2  6,439.71    
 Weekly S2  6,830.94  391.23   
 Monthly S1  6,872.81  41.87   
 Weekly S1  7,068.42  195.61   
 Daily S2  7,217.15  148.73   
 Daily S1  7,261.52  44.38   
 Low  7,270.63  9.11   Yes! The Low is close to the Daily S1.
 Open  7,276.62  5.99   Yes! The Open is close to the Low.
 Weekly Pivot  7,294.48  17.86   
 Close  7,305.90  11.42   
 61.8% Down from Intraday High  7,308.01  2.11   Yes! The 61.8% Down from Intraday High is close to the Close.
 Daily Pivot  7,315.01  6.99   Yes! The Daily Pivot is close to the 61.8% Down from Intraday High.
 50% Down from Intraday High  7,319.56  4.55   Yes! The 50% Down from Intraday High is close to the Daily Pivot.
 38.2% Down from Intraday High  7,331.11  11.55   
 Daily R1  7,359.38  28.28   
 High  7,368.49  9.11   Yes! The High is close to the Daily R1.
 Daily R2  7,412.87  44.38   
 Monthly Pivot  7,490.09  77.23   
 Weekly R1  7,531.96  41.87   
 Weekly R2  7,758.02  226.06   
 Monthly R1  7,923.19  165.17   
 Monthly R2  8,540.47  617.29   

Written by and copyright © 2005-2018 by Thomas N. Bulkowski. All rights reserved. Disclaimer: You alone are responsible for your investment decisions. See Privacy/Disclaimer for more information. Some pattern names are the registered trademarks of their respective owners.