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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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Market
Industrials (^DJI):
Transports (^DJT):
Utilities (^DJU):
Nasdaq (^IXIC):
S&P500 (^GSPC):
As of 02/22/2018
24,962 164.70 0.7%
10,429 56.81 0.5%
668 3.38 0.5%
7,210 -8.14 -0.1%
2,704 2.63 0.1%
YTD
1.0%
-1.7%
-7.6%
4.4%
1.1%
Tom's Targets    Overview: 02/14/2018
25,900 or 23,800 by 03/01/2018
10,850 or 9,800 by 03/01/2018
640 or 685 by 03/01/2018
7,400 or 6,700 by 03/01/2018
2,800 or 2,560 by 03/01/2018

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Friday 2/23/18. 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 8 patterns found this week (excluding pipe bottoms; pipe tops and bottoms are found looking back 2 weeks) out of 619 stocks searched, or 1.3%. Based on the percentage, the stock market is trending since few consolidation patterns appear.

I found 14 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 19 bullish chart patterns this week and 1 bearish ones with any remaining (1) 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
AMZNPipe bottom      02/05/201802/12/2018Internet
AEOPipe bottom      02/05/201802/12/2018Apparel
CFPipe bottom      02/05/201802/12/2018Chemical (Basic)
CVGPipe bottom      01/10/201802/15/2018Computer Software and Svcs
DUKTriangle, symmetrical      02/08/201802/22/2018Electric Utility (East)
EIGIPipe bottom      02/05/201802/12/2018E-Commerce
EZPWTriangle, symmetrical      02/01/201802/20/2018Financial Services
FICOPipe bottom      02/05/201802/12/2018IT Services
GXPBroadening wedge, descending      12/21/201702/16/2018Electric Utility (Central)
HSCHead-and-shoulders bottom      02/06/201802/21/2018Diversified Co.
INCYDiamond bottom      02/05/201802/21/2018Drug
INTUPipe bottom      02/05/201802/12/2018Computer Software and Svcs
KBroadening top      12/05/201702/20/2018Food Processing
MOSPipe bottom      02/05/201802/12/2018Chemical (Diversified)
RHIPipe bottom      02/05/201802/12/2018Human Resources
CRMPipe bottom      02/05/201802/12/2018E-Commerce
SSYSPipe bottom      02/05/201802/12/2018Electronics
TDOCPipe bottom      02/05/201802/12/2018Healthcare Information
TUESRectangle top      09/28/201702/22/2018Retail Store
WEXPipe bottom      02/05/201802/12/2018Information Services
WGLRectangle top      06/16/201702/20/2018Natural Gas (Distributor)
SMHPipe bottom      02/05/201802/12/2018Semiconductor

 

Weekly screen for chart patterns ending between 02/15/2018 and 02/22/2018. 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.
 
Amazon.com Inc. (AMZN)
Industry: Internet
WARNING: This industry is within the top 7 that Dead-cat bounce often.
Industry RS rank: 16 out of 58
Stock RS rank: 21 out of 611
2/22/18 close: $1,485.34
1 Month avg volatility: $51.68. Volatility stop (for upward breakout): $1,372.41 or 7.6% below the close.
Change YTD: 27.01%
Volume: 4,792,400 shares. 3 month avg: 3,583,803 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 02/05/2018 to 02/12/2018
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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American Eagle Outfitters Inc. (AEO)
Industry: Apparel
Industry RS rank: 4 out of 58
Stock RS rank: 19 out of 611
2/22/18 close: $18.86
1 Month avg volatility: $0.66. Volatility stop (for upward breakout): $17.35 or 8.0% below the close.
Change YTD: 0.32%
Volume: 3,385,800 shares. 3 month avg: 4,309,748 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 02/05/2018 to 02/12/2018
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: 22 out of 58
Stock RS rank: 27 out of 611
2/22/18 close: $42.97
1 Month avg volatility: $1.60. Volatility stop (for upward breakout): $39.63 or 7.8% below the close.
Change YTD: 1.01%
Volume: 2,980,100 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 02/05/2018 to 02/12/2018
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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Convergys Corporation (CVG)
Industry: Computer Software and Svcs
Industry RS rank: 17 out of 58
Stock RS rank: 397 out of 611
2/22/18 close: $24.24
1 Month avg volatility: $0.61. Volatility stop (for upward breakout): $21.50 or 11.3% below the close.
Change YTD: 3.15%
Volume: 2,650,700 shares. 3 month avg: 888,571 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 01/10/2018 to 02/15/2018
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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Duke Energy Corp (DUK)
Industry: Electric Utility (East)
Industry RS rank: 53 out of 58
Stock RS rank: 553 out of 611
2/22/18 close: $75.54
1 Month avg volatility: $1.51. Volatility stop (for upward breakout): $72.15 or 4.5% below the close.
Change YTD: -10.19%
Volume: 3,103,900 shares. 3 month avg: 2,571,354 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: Triangle, symmetrical continuation pattern from 02/08/2018 to 02/22/2018
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.

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Endurance International Group Holdings (EIGI)
Industry: E-Commerce
Industry RS rank: 35 out of 58
Stock RS rank: 438 out of 611
2/22/18 close: $7.75
1 Month avg volatility: $0.36. Volatility stop (for upward breakout): $7.03 or 9.2% below the close.
Change YTD: -7.74%
Volume: 302,100 shares. 3 month avg: 656,929 shares.
Since 2009 bear market, the best buy day (fewest up closes) is Thursday, and best sell day (most up closes) is Thursday.
 
Chart pattern: Pipe bottom reversal pattern from 02/05/2018 to 02/12/2018
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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EZCorp Inc (EZPW)
Industry: Financial Services
Industry RS rank: 8 out of 58
Stock RS rank: 28 out of 611
2/22/18 close: $13.10
1 Month avg volatility: $0.44. Volatility stop (for upward breakout): $12.16 or 7.2% below the close.
Change YTD: 7.38%
Volume: 282,500 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: Triangle, symmetrical continuation pattern from 02/01/2018 to 02/20/2018
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.

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Fair Isaac Corp (FICO)
Industry: IT Services
Industry RS rank: 13 out of 58
Stock RS rank: 135 out of 611
2/22/18 close: $172.75
1 Month avg volatility: $4.42. Volatility stop (for upward breakout): $163.05 or 5.6% below the close.
Change YTD: 12.76%
Volume: 155,700 shares. 3 month avg: 162,437 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 02/05/2018 to 02/12/2018
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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Great Plains Energy (GXP)
Industry: Electric Utility (Central)
Industry RS rank: 56 out of 58
Stock RS rank: 494 out of 611
2/22/18 close: $29.81
1 Month avg volatility: $0.65. Volatility stop (for upward breakout): $27.93 or 6.3% below the close.
Change YTD: -7.54%
Volume: 1,204,100 shares. 3 month avg: 1,439,260 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: Broadening wedge, descending reversal pattern from 12/21/2017 to 02/16/2018
Breakout is upward 79% of the time.
Average rise: 33%.
Break-even failure rate: 6%.
Throwbacks occur 53% of the time.
Price hits measure rule target 79% of the time.

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Harsco Corp (HSC)
Industry: Diversified Co.
Industry RS rank: 24 out of 58
Stock RS rank: 185 out of 611
2/22/18 close: $19.60
1 Month avg volatility: $0.73. Volatility stop (for upward breakout): $16.53 or 15.6% below the close.
Change YTD: 5.09%
Volume: 1,342,100 shares. 3 month avg: 523,465 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: Head-and-shoulders bottom reversal pattern from 02/06/2018 to 02/21/2018
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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Incyte Corp. (INCY)
Industry: Drug
WARNING: This industry is within the top 7 that Dead-cat bounce often.
Industry RS rank: 46 out of 58
Stock RS rank: 600 out of 611
2/22/18 close: $85.19
1 Month avg volatility: $2.83. Volatility stop (for upward breakout): $79.35 or 6.9% below the close.
Change YTD: -10.05%
Volume: 1,313,300 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: Diamond bottom reversal pattern from 02/05/2018 to 02/21/2018
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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Intuit Inc (INTU)
Industry: Computer Software and Svcs
Industry RS rank: 17 out of 58
Stock RS rank: 109 out of 611
2/22/18 close: $172.10
1 Month avg volatility: $4.45. Volatility stop (for upward breakout): $162.68 or 5.5% below the close.
Change YTD: 9.08%
Volume: 2,036,600 shares. 3 month avg: 1,303,997 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 02/05/2018 to 02/12/2018
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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Kellogg Co (K)
Industry: Food Processing
Industry RS rank: 47 out of 58
Stock RS rank: 467 out of 611
2/22/18 close: $68.26
1 Month avg volatility: $1.56. Volatility stop (for downward breakout): $72.72 or 6.5% above the close.
Change YTD: 0.41%
Volume: 1,820,600 shares. 3 month avg: 3,593,774 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 12/05/2017 to 02/20/2018
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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Mosaic Co (MOS)
Industry: Chemical (Diversified)
Industry RS rank: 37 out of 58
Stock RS rank: 57 out of 611
2/22/18 close: $27.45
1 Month avg volatility: $0.90. Volatility stop (for upward breakout): $25.48 or 7.2% below the close.
Change YTD: 6.98%
Volume: 5,782,600 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 02/05/2018 to 02/12/2018
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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Robert Half International (RHI)
Industry: Human Resources
Industry RS rank: 1 out of 58
Stock RS rank: 85 out of 611
2/22/18 close: $57.33
1 Month avg volatility: $1.66. Volatility stop (for upward breakout): $53.95 or 5.9% below the close.
Change YTD: 3.22%
Volume: 1,823,900 shares. 3 month avg: 1,012,069 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 02/05/2018 to 02/12/2018
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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salesforce com (CRM)
Industry: E-Commerce
Industry RS rank: 35 out of 58
Stock RS rank: 159 out of 611
2/22/18 close: $113.00
1 Month avg volatility: $2.70. Volatility stop (for upward breakout): $107.07 or 5.2% below the close.
Change YTD: 10.54%
Volume: 4,763,200 shares. 3 month avg: 4,417,257 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 02/05/2018 to 02/12/2018
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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Stratasys Ltd (SSYS)
Industry: Electronics
Industry RS rank: 26 out of 58
Stock RS rank: 477 out of 611
2/22/18 close: $21.25
1 Month avg volatility: $0.78. Volatility stop (for upward breakout): $19.61 or 7.7% below the close.
Change YTD: 6.46%
Volume: 363,500 shares. 3 month avg: 835,520 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: Pipe bottom reversal pattern from 02/05/2018 to 02/12/2018
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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Teladoc, Inc (TDOC)
Industry: Healthcare Information
Industry RS rank: 50 out of 58
Stock RS rank: 76 out of 611
2/22/18 close: $38.80
1 Month avg volatility: $1.61. Volatility stop (for upward breakout): $35.08 or 9.6% below the close.
Change YTD: 8.68%
Volume: 1,269,900 shares.
Since 2009 bear market, the best buy day (fewest up closes) is Monday, and best sell day (most up closes) is Monday.
 
Chart pattern: Pipe bottom reversal pattern from 02/05/2018 to 02/12/2018
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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Tuesday Morning Corp (TUES)
Industry: Retail Store
Industry RS rank: 18 out of 58
Stock RS rank: 11 out of 611
2/22/18 close: $3.00
1 Month avg volatility: $0.20. Volatility stop (for upward breakout): $2.61 or 13.0% below the close.
Change YTD: 9.09%
Volume: 74,700 shares. 3 month avg: 391,566 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: Rectangle top continuation pattern from 09/28/2017 to 02/22/2018
Breakout is upward 68% of the time.
Average rise: 39%.
Break-even failure rate: 9%.
Throwbacks occur 64% of the time.
Price hits measure rule target 80% of the time.

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WEX Inc (WEX)
Industry: Information Services
Industry RS rank: 28 out of 58
Stock RS rank: 30 out of 611
2/22/18 close: $154.04
1 Month avg volatility: $4.85. Volatility stop (for upward breakout): $143.75 or 6.7% below the close.
Change YTD: 9.07%
Volume: 384,300 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 02/05/2018 to 02/12/2018
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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WGL Holdings (WGL)
Industry: Natural Gas (Distributor)
Industry RS rank: 51 out of 58
Stock RS rank: 451 out of 611
2/22/18 close: $83.33
1 Month avg volatility: $0.84. Volatility stop (for upward breakout): $80.82 or 3.0% below the close.
Change YTD: -2.92%
Volume: 204,100 shares. 3 month avg: 264,052 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: Rectangle top continuation pattern from 06/16/2017 to 02/20/2018
Breakout is upward 68% of the time.
Average rise: 39%.
Break-even failure rate: 9%.
Throwbacks occur 64% of the time.
Price hits measure rule target 80% of the time.

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VanEck Vectors Semiconductor (SMH)
Industry: Semiconductor
WARNING: This industry is within the top 7 that Dead-cat bounce often.
Industry RS rank: 5 out of 58
Stock RS rank: 186 out of 611
2/22/18 close: $103.34
1 Month avg volatility: $2.51. Volatility stop (for upward breakout): $98.05 or 5.1% below the close.
Change YTD: 5.65%
Volume: 4,479,200 shares. 3 month avg: 5,608,554 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 02/05/2018 to 02/12/2018
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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Thursday 2/22/18. Intraday Market Direction: Nasdaq

The index dropped by -0.2% or -16.08 points. Since 02/05/1971 the index made 491 similar moves on a percentage basis. After those moves, the next day's...
     Average gain was 0.6% on 256 occasions.
     Average loss was -0.8% on 235 occasions.
Expect the index to close higher 52.1% of the time.
Weekly, since inception on 6/14/2011:
     The prediction of the index closing higher has been right 142/253 or 56.1% of the time.
     The prediction of the index closing lower has been right 45/87 or 51.7% 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.

The index bumped up against overhead resistance but broke though it at A. That's the good news.

The bad news is that the index returned to the rectangle. The upward breakout at A and reversal at B, suggests the potential for a busted pattern.

That won't happen unless the index closes below the bottom red line. If it does, then I would expect an extended (large) decline.

$ $ $

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  6,243.12    
 Weekly S2  6,710.16  467.03   
 Monthly S1  6,730.68  20.52   
 Weekly S1  6,964.19  233.52   
 Monthly Pivot  7,118.22  154.03   
 Weekly Pivot  7,133.73  15.50   
 Daily S2  7,137.80  4.07   Yes! The Daily S2 is close to the Weekly Pivot.
 Daily S1  7,178.01  40.22   
 Low  7,218.11  40.10   
 Close  7,218.23  0.12   Yes! The Close is close to the Low.
 Daily Pivot  7,258.33  40.10   
 Open  7,258.48  0.15   Yes! The Open is close to the Daily Pivot.
 61.8% Down from Intraday High  7,264.15  5.67   Yes! The 61.8% Down from Intraday High is close to the Open.
 50% Down from Intraday High  7,278.38  14.22   
 38.2% Down from Intraday High  7,292.60  14.22   
 Daily R1  7,298.54  5.95   Yes! The Daily R1 is close to the 38.2% Down from Intraday High.
 High  7,338.64  40.10   
 Daily R2  7,378.86  40.22   
 Weekly R1  7,387.76  8.91   Yes! The Weekly R1 is close to the Daily R2.
 Weekly R2  7,557.30  169.53   
 Monthly R1  7,605.78  48.48   
 Monthly R2  7,993.32  387.55   

Wednesday 2/21/18. 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 CPI shows a green vertical bar on the far right of the chart. That means it's bullish.

If you look at the blue CPI line under the green bar, you'll see that it's curving downward. That's typical. Once the indicator hits 100, there's nowhere to go but down. I suppose it could move sideways, but that would take a market that's moving up at a good clip to sustain a 100 or near 100 reading.

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 Friday, 23% of stocks in my database are in bear market territory (down at least 20% from their 1-year high).
A week ago, it was 29%.
The fewest was 15% on 02/21/2017.
And the most was 31% on 02/08/2018.
Shown as a blue line on the above chart...
The 515 stocks in my database are down an average of 15% from their yearly high.
A week ago, the average was 18%.
The peak was 9% on 01/22/2018.
And the bottom was 19% on 02/08/2018.

Both lines show improvement this week. Rather, they show very good improvement.

As the above text explains the red line was 31% (the percentage of stocks in my database down 20% from their highs) twelve days ago and it's now 23%. Nice.

So both charts are bullish. If today's down move is sustained, look for both charts to turn bearish. The CPI will show it first, followed by the red line and in last place will be the blue line.

-- Thomas Bulkowski

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