As of 11/13/2019   Indus: 27,784 +92.10 +0.3%     Trans: 10,843 -116.63 -1.1%     Utils: 844 +12.11 +1.5%     Nasdaq: 8,482 -3.99 0.0%     S&P 500: 3,094 +2.20 +0.1%	YTD  +19.1%    +18.2%    +18.4%    +27.8%    +23.4%	Targets    Overview: 10/31/2019     28,200 or 27,100 by 12/01/2019   11,300 or 10,100 by 11/15/2019   870 or 800 by 12/01/2019   8,700 or 8,200 by 12/01/2019   3,150 or 2,950 by 11/15/2019
Chart pattern indicator: on 10/9/19

As of 11/13/2019   Indus: 27,784 +92.10 +0.3%     Trans: 10,843 -116.63 -1.1%     Utils: 844 +12.11 +1.5%     Nasdaq: 8,482 -3.99 0.0%     S&P 500: 3,094 +2.20 +0.1%	YTD  +19.1%    +18.2%    +18.4%    +27.8%    +23.4%
Targets    Overview: 10/31/2019     28,200 or 27,100 by 12/01/2019   11,300 or 10,100 by 11/15/2019   870 or 800 by 12/01/2019   8,700 or 8,200 by 12/01/2019   3,150 or 2,950 by 11/15/2019
Chart pattern indicator: on 10/9/19

Thursday 11/14/19. Intraday Nasdaq: Up

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

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

I drew two trendlines following price and lo and behold, a chart pattern appeared. Do you know its name?

Answer: it's a descending triangle.

You might think that the descending triangle breaks out downward most often, but the breakout direction is really about random. In fact, it's upward 53% of the time.

Knowing that and knowing that the above probabilities favor a higher close on Thursday, then an upward breakout is my bet.

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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

Wednesday 11/13/19. A Look At Indicators

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.

This sounds like a repeat of last week when I discussed bearish divergence. It's baaack!

I show a nearly horizontal line on the indicator even as the index keeps rising. That's bearish divergence and it can last a long time, as the chart shows. But it also suggests weakness.

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).

Only the red line shows improvement this week when compared to the same time last week.

The indicator is climbing but slowly. The rate of climb has diminished over what we saw in prior weeks, too. To me, that says the bullish buying pressure is weakening.

Although the indicator shows an upward trend, I think underneath that strength is weakening. I don't know if the index is going to turn down soon, but my guess is, yes, it is.

-- Thomas Bulkowski

Tuesday 11/12/19. Slider Quiz: Rounding Tops!

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I show a another slider quiz featuring the rounding top chart pattern.

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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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