As of 11/20/2024   Indus: 43,408 +139.53 +0.3%     Trans: 17,002 -26.31 -0.2%     Utils: 1,055 +1.25 +0.1%     Nasdaq: 18,966 -21.33 -0.1%     S&P 500: 5,917 +0.13 +0.0%	YTD  +15.2%    +6.9%    +19.7%    +26.3%    +24.1%	Targets    Overview: 11/12/2024     46,000 or 43,000 by 12/01/2024   18,000 or 16,600 by 12/01/2024   1,075 or 1,000 by 12/01/2024   20,000 or 18,400 by 12/01/2024   6,100 or 5,800 by 12/01/2024
Chart Pattern Indicator: on 11/18/24

As of 11/20/2024   Indus: 43,408 +139.53 +0.3%     Trans: 17,002 -26.31 -0.2%     Utils: 1,055 +1.25 +0.1%     Nasdaq: 18,966 -21.33 -0.1%     S&P 500: 5,917 +0.13 +0.0%	YTD  +15.2%    +6.9%    +19.7%    +26.3%    +24.1%
Targets    Overview: 11/12/2024     46,000 or 43,000 by 12/01/2024   18,000 or 16,600 by 12/01/2024   1,075 or 1,000 by 12/01/2024   20,000 or 18,400 by 12/01/2024   6,100 or 5,800 by 12/01/2024
Chart Pattern Indicator: on 11/18/24

Recent Headlines Thursday 11/21/24. Intraday Market Direction: Nasdaq Wednesday 11/20/24. A Look at the Chart Pattern Indicator (CPI) Tuesday 11/19/24. Slider Trading Quiz! Watsco: WSO Monday 11/18/24. Market Monday: The Week Ahead Friday 11/15/24. Pattern Trading Setups for the Weekend.

Older Headlines Thursday 11/14/24. Intraday Market Direction: Nasdaq Wednesday 11/13/24. A Look at the Chart Pattern Indicator (CPI) Tuesday 11/12/24. Slider Trading Quiz! Werner Enterprises: WERN Monday 11/11/24. Market Monday: The Week Ahead Friday 11/8/24. Pattern Trading Setups for the Weekend. Thursday 11/7/24. Dow After 2016 Election Wednesday 11/6/24. A Look at the Chart Pattern Indicator (CPI) Tuesday 11/5/24. Slider Trading Quiz! Williams-Sonoma: WSM Monday 11/4/24. Market Monday: The Week Ahead Friday 11/1/24. 2024 Forecast Update Thursday 10/31/24. Intraday Market Direction: Nasdaq

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Thursday 11/21/24. Intraday Market Direction: Nasdaq

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

At A, circled in green, we see a double top chart pattern. Those breakout down, and if they don't, they are not double tops. The index made a good drop to B.

The two diagonal, rising and diverging red trendlines highlight an ascending broadening wedge. Those breakout downward 52% of the time in a bull market. This one looks like price is about to pause and then resume moving upward.

At C, we have the dreaded multi-peak pattern. Those are tricky but are usually bears and I avoid them.

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Here's a symbol list of 171 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: MMM, ABM, AXDX, ACN, ACIW, AYI, AES, ALRM, ALB, ALKS, AMZN, AEO, AMGN, APH, AR, AON, ATR, ARCB, AGO, AVA, AZTA, BBY, BIO, BKNG, BRC, CBT, CDAY, CRL, CIEN, CI, CTAS, CLNE, CTSH, CMTL, GLW, CR, CROX, CCRN, CTS, CW, FANG, ^DJU, ^DJT, BOOM, EXP, ECL, EIX, EOG, EQT, EVRG, EVH, EXC, EXPI, EZPW, FDX, FLEX, FRD, GAP, IT, GE, GILD, GFS, GPRO, GFF, THG, HAYN, HP, HUM, JBHT, IDA, IEX, ITW, INCY, IPAR, JKHY, KBH, KEYS, KFRC, KMB, KLIC, LHX, LZB, LRCX, LANC, MTSI, MCHX, MRTN, MA, MDT, META, MLI, NBR, NFLX, NEU, OXY, OLN, OMCL, ASGN, OMI, OXM, PAYX, PCTY, PEN, PETS, PNW, PLXS, PPL, PFG, PRU, QTWO, RMBS, RRC, RGA, RNG, ROP, RGLD, SAND, SCHW, SIGI, SMTC, SHW, SHOP, SR, SPSC, SUM, SNPS, TGT, TDY, TXN, TXT, TTD, TSCO, UIS, VECO, VEEV, VRTX, V, VC, VMC, WRB, WSM, WWD, XEL, ITA, IEZ, FXL, IHF, IGV, EWJ, TUR, QLD, IBB, PPA, PBE, PJP, PHO, XLF, GLD, XAR, UNG, VIS. Click this link for details (pattern type, start and end dates).

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

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

-- Thomas Bulkowski, author: Invest for Two-Comma Wealth and the novel (fiction), Foresight (#Ad)

Wednesday 11/20/24. A Look at the Chart Pattern Indicator (CPI)

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

The CPI is bearish, as the red vertical bar on the far right shows. Notice that it was neutral for almost two weeks before turning red.

Also notice that the mid to end July period shows a lot of neutral bars followed by a red one. Back then, it remained red (bearish) for about a week. Half that time, the index dropped and half it recovered while the CPI still remaining bearish.

Maybe that's what we can expect this time, but nothing is guaranteed.

In this chart, I show the CPI at the bottom of the chart without the vertical bars hiding the indicator line.

The green lines connect the peaks on the CPI line to see where they line up with the index.

I drew violet bars which show where the index peaks after a CPI peak. Notice that the distance from the CPI peaking compared to the index peaking. In several, but not all, cases it's about a week. Maybe, in the future, you can use the timing to help determine when the CPI will show a corresponding peak in the index. Notice that the best timing (of about a week before an actual peak) corresponds to the CPI that has a sharp turn. July, October, and November are such peaks (gray circles). The wider CPI peaks tend to take longer before a index peak appears.

I don't know if this works because I only saw this relationship today, so keep that in mind, but maybe it can help you determine when the index is going to peak.

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Here's a symbol list of 177 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: MMM, ANF, ABM, AXDX, ACIW, AYI, A, ALKS, ALGT, AMZN, AEO, AMWD, AME, APH, ATR, ARCB, AWI, ASH, AZTA, BMI, BERY, BBY, BIO, BRC, CBT, CLS, CENX, CDAY, CRL, CIEN, CI, CTAS, CSCO, CLNE, CTSH, CMCO, CMTL, CR, CRH, CCRN, CTS, CW, DVN, ^DJU, ^DJT, DOV, EXP, ECL, EME, EPAM, EXPI, FLEX, FLS, FORM, FWRD, FNV, FRD, GME, GAP, IT, GE, GILD, GS, GPRO, GFF, HAYN, HP, HOV, JBHT, IEX, INCY, IPAR, INTU, K, KEYS, KFRC, KLIC, LHX, LRCX, LANC, LNC, RAMP, LPLA, MTSI, MCHX, MRTN, MTRN, MDT, MLI, NBR, NEU, NKE, ORI, OLN, OMCL, ASGN, ON, OUT, PAYX, PCTY, PETS, PLXS, PPG, PPL, PG, QTWO, KWR, RL, RMBS, RNG, RHI, ROP, RGLD, SAND, SEE, SIGI, SMTC, NOW, SLGN, STR, SPSC, SUM, SNPS, TDY, TPX, TXN, TXT, TTD, TJX, TSCO, RIG, TZOO, UIS, UNM, VECO, VEEV, VRTX, VC, VMC, WMT, WSO, WPM, WWD, ITA, IYC, FTEC, QTEC, FXL, BOTZ, IHF, IXN, EWK, EWI, THD, TUR, QLD, PPA, PBE, PHO, SSO, ROBO, GLD, XLB, XLK, MGK. Click this link for details (pattern type, start and end dates).

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

-- Thomas Bulkowski, author: Invest for Two-Comma Wealth and the novel (fiction), Foresight (#Ad)

Tuesday 11/19/24. Slider Trading Quiz!

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I show another slider trading quiz featuring Watsco: WSO stock.

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Here's a symbol list of 131 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: ANF, AXDX, ACN, AFL, APD, ALGT, AMZN, AEO, AMGN, APH, ACGL, ADM, ANET, BCPC, BBY, BIO, BKH, BRC, BLDR, BG, CENX, CIEN, CSCO, CLNE, CTSH, ED, GLW, COTY, XRAY, DSGR, ^DJU, ^DJI, DUK, EBAY, EIX, EFX, EG, EVRG, EXC, EXPI, FIS, FLEX, FMC, FORM, FTV, FNV, GME, GIS, GS, HLIT, HL, HSIC, HSY, HNI, ILMN, IBKR, INTU, JAZZ, JNJ, KEYS, KMB, LRCX, LLY, META, NFG, NFLX, NTGR, NEU, NKE, JWN, NTNX, PKE, PATK, PDCO, PYPL, PFE, PPL, PRU, RNG, CRM, SAND, SMTC, NOW, SHOP, SKYW, SO, SCCO, SR, TRGP, TECH, TMO, TJX, TG, UPS, UNM, VECO, VEEV, WRB, WMB, WDAY, IYM, IHE, FXL, ICF, IYZ, IGV, IXC, SLV, EWK, EIS, EWT, EWU, IBB, PBE, PXJ, UNG, USO, VAW. Click this link for details (pattern type, start and end dates).

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

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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, author: Invest for Two-Comma Wealth and the novel (fiction), Foresight (#Ad)