As of 09/17/2021   Indus: 34,585 -166.44 -0.5%     Trans: 14,268 -187.76 -1.3%     Utils: 904 -12.93 -1.4%     Nasdaq: 15,044 -137.95 -0.9%     S&P 500: 4,433 -40.76 -0.9%	YTD  +13.0%    +14.1%    +4.5%    +16.7%    +18.0%	Targets    Overview: 09/15/2021     35,600 or 33,800 by 10/01/2021   15,400 or 14,000 by 10/01/2021   930 or 890 by 10/01/2021   15,600 or 14,700 by 10/01/2021   4,650 or 4,350 by 10/01/2021
CPI (updated daily): on 9/3/21

As of 09/17/2021   Indus: 34,585 -166.44 -0.5%     Trans: 14,268 -187.76 -1.3%     Utils: 904 -12.93 -1.4%     Nasdaq: 15,044 -137.95 -0.9%     S&P 500: 4,433 -40.76 -0.9%	YTD  +13.0%    +14.1%    +4.5%    +16.7%    +18.0%
Targets    Overview: 09/15/2021     35,600 or 33,800 by 10/01/2021   15,400 or 14,000 by 10/01/2021   930 or 890 by 10/01/2021   15,600 or 14,700 by 10/01/2021   4,650 or 4,350 by 10/01/2021
CPI (updated daily): on 9/3/21

Monday 9/20/21. Market Monday: The Week Ahead

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

My Prediction

I show the Nasdaq on the daily scale.

I drew two trendlines, shown here in red. The first is along the bottom. It has 3 touches but only two are widely spaced. Touch spacing is important to the strength (performance) of the trendline (acting as support and resistance).

The top line I drew along the peaks, connecting the early ones but slicing through point A.

The index moved above the top trendline and fell back down below it. It looks as if the Nasdaq will bounce off the bottom line.

Stay tuned to see if it actually happens. That means I'm expecting the Nasdaq to continue moving lower.

A Brief Look Back

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

For the Week...

Year to Date...

Options Expiration

No options expire this week.

Swing Traders: Pivot Points

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

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

Here are the formulas:

Earnings, Chart Patterns & Industries

Earnings season is over.

Here's a symbol list of 126 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: AES, APD, ALRM, AYX, AEE, AFG, ANTM, AAPL, ARCB, ASH, ADP, BLL, BAX, BECN, BOOT, EPAY, CBT, CACI, CLS, CX, CNP, CIEN, CMCO, ED, CSOD, CRH, CMI, DECK, DVN, D, DTE, EMN, RE, EXPD, FAST, FE, FIVN, FLS, FORM, GIS, GL, GS, GGG, EVRG, HIG, HAYN, HL, HP, HSIC, HD, HUBG, HURC, ITW, INFN, IPI, INTU, JAZZ, KMT, KFRC, LAMR, MAN, MRTN, MAS, MTRN, MGEE, MLHR, MCO, MLI, NBR, NTGR, NKE, NWPX, NVDA, ASGN, PKG, PANW, PFE, PCG, PGR, PRU, PEG, RL, RMBS, RES, SAIA, SAIC, SEE, NOW, SCCO, SCS, TFX, TDC, TXN, TKR, UNM, IYM, QTEC, IHF, SLV, EWA, EWO, EWZ, EEM, EWQ, EWM, EPP, EWS, EZA, EWY, EWP, EWD, EWL, THD, TUR, MXI, GLD, XAR, SMH. Clink this link for details (pattern type, start and end dates).

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

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

-- Thomas Bulkowski

Friday 9/17/21. Pattern Trading Setups for the Weekend.

$ $ $

Here's a symbol list of 149 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: ANF, ACIW, AJRD, AES, ALRM, AMZN, AEE, AMN, APH, ANIK, ANTM, APOG, AMAT, ADP, AVY, AXS, BLL, BERY, BIG, BKH, BOOT, CBT, CACI, CX, CNP, CNO, ED, CR, CMI, DECK, DVN, ^DJU, DOV, WIRE, EFX, EZPW, FFIV, FE, GME, GD, GL, GS, GPRO, GES, HBI, HIG, HAYN, HQY, HL, HELE, HP, HSIC, HNI, HURC, IPAR, INTU, ISRG, K, KMT, KSS, LHX, LLY, LMT, LOW, M, MAN, MTRN, MTRX, MRK, MGEE, MU, MLHR, NBR, CNR, NJR, NXGN, NOC, ORI, OLN, ASGN, OXM, PFE, POR, PPG, PRU, RMBS, RHI, RCKY, ROG, RES, SAIC, SMG, NOW, SO, SCCO, SXI, SCS, SRDX, TFX, TDC, TER, TXT, TSCO, TG, UNM, VLO, VMI, VRTX, VC, WMT, WAT, WDAY, ZBRA, IYM, IHE, FXI, IGV, SLV, EWZ, EEM, EWH, EPP, EWL, TUR, PEJ, PJP, PHO, ILF, MXI, XLY, XLB, XAR. Clink this link for details (pattern type, start and end dates).

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

$ $ $

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

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

There were 15 patterns found this week (excluding pipe bottoms; pipe tops and bottoms are found looking back 2 weeks) out of 574 stocks searched, or 2.6%. Based on the percentage, the stock market is trending since few consolidation patterns appear.

Excluding ETFs, there were 10 bullish chart patterns this week and 4 bearish ones with any remaining (1) being undecided. The ratio of bullish to bearish patterns suggests the market is hinting of a coming bullish (up) 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.

For details about the chart patterns, click here.

-- Thomas Bulkowski

Thursday 9/16/21. Intraday Market Direction: Nasdaq

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

$ $ $

I show a picture of BTC-USD (bitcoin).

I wrote about a month ago about the coin making a double bottom and predicting a rise. That was correct and it took the coin from about 47,000 to almost 53,000 (up to D).

There's a smaller double bottom at AB. I confirms at C when the coin closed above the peak between the two bottoms. Target: D.

I'm using the measure rule here, which is the height of the double bottom (A to the red line) added to the value of the red line. I'm eyeballing it, but it should top out near the old high (D) if it behaves itself.

$ $ $

Here's a symbol list of 86 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: ABT, ACN, AES, AA, ADS, AEE, ABC, ARCB, ADP, BLL, BIG, BRKS, CBT, CALM, CAL, CLS, CENX, CTXS, CLF, CNA, CMCO, ED, COTY, DVN, D, DUK, WIRE, EOG, FIVN, FLEX, FCX, GPN, EVRG, HIG, DHI, HURC, INFN, IBP, JKHY, KALU, KLIC, LDOS, RAMP, MRO, MTRX, MGEE, NXGN, NUS, OLN, OMCL, ASGN, PINC, RMBS, REV, SIGI, NOW, SKX, LUV, SXI, SUM, SRDX, TFX, TDC, TXN, TG, WMT, WERN, IYM, IYK, IEZ, IHE, FXI, EWZ, ECH, EWQ, EWH, EWP, EWL, XAR, USO, SMH. Clink this link for details (pattern type, start and end dates).

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

$ $ $

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

-- Thomas Bulkowski

 

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