Bulkowski's Blog: ThePatternSite.com
As of 03/18/2024
  Indus: 38,790 +75.66 +0.2%  
  Trans: 15,418 -81.05 -0.5%  
  Utils: 853 +3.06 +0.4%  
  Nasdaq: 16,103 +130.28 +0.8%  
  S&P 500: 5,149 +32.33 +0.6%  
YTD
 +2.9%  
-3.0%  
-3.2%  
 +7.3%  
 +8.0%  
  Targets    Overview: 03/13/2024  
  Down arrow38,000 or 39,350 by 04/01/2024
  Up arrow16,300 or 15,350 by 04/01/2024
  Up arrow885 or 830 by 04/01/2024
  Down arrow15,200 or 16,600 by 04/01/2024
  Up arrow5,250 or 5,000 by 04/01/2024
As of 03/18/2024
  Indus: 38,790 +75.66 +0.2%  
  Trans: 15,418 -81.05 -0.5%  
  Utils: 853 +3.06 +0.4%  
  Nasdaq: 16,103 +130.28 +0.8%  
  S&P 500: 5,149 +32.33 +0.6%  
YTD
 +2.9%  
-3.0%  
-3.2%  
 +7.3%  
 +8.0%  
  Targets    Overview: 03/13/2024  
  Down arrow38,000 or 39,350 by 04/01/2024
  Up arrow16,300 or 15,350 by 04/01/2024
  Up arrow885 or 830 by 04/01/2024
  Down arrow15,200 or 16,600 by 04/01/2024
  Up arrow5,250 or 5,000 by 04/01/2024

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Tuesday 3/19/24. Invest for Two-Comma Wealth Book Available

Picture of 'Invest for two-comma wealth' book.

I released a new stock market book titled, Invest for Two-Comma Wealth (Ad). It's available from Amazon.com at the link.

Invest for Two-Comma Wealth ($1,000,000) is an entry-level yet comprehensive book about investing in the securities markets to grow your net worth. From annuities, bonds, and CDs, to common stocks, meme stocks, and cryptocurrency, the book explains each topic in an easy-to-understand manner.

It teaches you about scams, and how to avoid them, including those “free” lunch seminars that try to sell you something, either immediately or months later. It explains why owning your home may not be a good investment and buying gold coins with huge sales charges put you at a disadvantage.

Follow Susan as she does everything right and Basketcase Bob who serves as an example of what not to do.

If knowledge is the way to wealth, then this book is for you. Use the information in this book to invest for the long term and discover that one day you’ve joined the two-comma club.

Price $20, soft cover, print only, 300+ pages.

Here's an abbreviated list of contents.

-- Thomas Bulkowski, author: Invest for Two-Comma Wealth (Ad)

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Monday 3/18/24. Market Monday: The Week Ahead

My Prediction

Picture of the Dow utilities on the daily scale.

I show the Dow utilities on the daily scale.

A double bottom appears at AB. It confirms as a valid chart pattern when the index closes above the red line, which connects the highest peak between the two bottoms.

When confirmed, it becomes a valid chart pattern, suggesting a rise in price.

However, I'm looking for the index to retrace following the green line. This idea is to form a complex head-and-shoulders bottom, with two heads at AB, a left shoulder during the January low, and a new right shoulder yet to appear (D).

I don't know if this will play out, but it's worth watching.

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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.

Monday: Up 46.97 points.
Tuesday: Up 235.83 points.
Wednesday: Up 37.83 points.
Thursday: Down 137.66 points.
Friday: Down 190.89 points.

For the Week...

The Dow industrials were down 7.92 points or 0.0%.
The Nasdaq composite was down 111.94 points or 0.7%.
The S&P 500 index was down 6.6 points or 0.1%.

Year to Date...

Dow Industrials
     1.4% down from the high of 39,282.28 on 02/23/2024.
     4.3% up from the low of 37,122.95 on 01/18/2024.
Nasdaq
     2.9% down from the high of 16,449.70 on 03/08/2024.
     10.3% up from the low of 14,477.57 on 01/05/2024.
S&P 500
     1.4% down from the high of 5,189.26 on 03/08/2024.
     9.3% up from the low of 4,682.11 on 01/05/2024.

Options Expiration

No options expire this week.

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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  38,444  38,579  38,754  38,889  39,064 
Weekly  38,081  38,398  38,800  39,117  39,519 
Monthly  37,437  38,076  38,679  39,318  39,921 
S&P500 (^GSPC): Daily  5,087  5,102  5,119  5,135  5,152 
Weekly  5,041  5,079  5,129  5,168  5,218 
Monthly  4,807  4,962  5,076  5,231  5,345 
Nasdaq (^IXIC): Daily  15,855  15,914  15,985  16,044  16,114 
Weekly  15,709  15,841  16,058  16,190  16,408 
Monthly  14,960  15,467  15,958  16,465  16,956 

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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Earnings, Chart Patterns & Industries

Earnings season is over.

Here's a symbol list of 181 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: DDD, MMM, ABT, ABM, AXDX, ACN, ACIW, AFL, ALB, AA, ALL, DOX, AMED, AMWD, APH, ANIK, APOG, ACGL, ADM, AWI, ASH, AIZ, BMI, BCPC, BSET, BECN, BERY, BBY, BIG, BR, BG, CAL, CPB, CX, CIEN, CSCO, CNO, CNX, CTSH, CL, CMCO, ED, CSGP, CW, DFS, DRQ, EMN, ECL, WIRE, EVRG, FLEX, FTNT, FDP, GIS, GNW, GMS, GS, HLIT, HIG, HQY, HP, HSIC, HOLX, HWM, JBHT, IDA, ITW, IIIN, IPAR, JKHY, KALU, KFRC, LNC, LXU, MCHX, MTRX, MU, MLKN, MOS, MLI, NOV, NFLX, NWL, NOC, NWPX, NUS, ORI, OLN, OMCL, PKE, PATK, PDCO, PEN, PLXS, PFG, PRU, RJF, RTX, RGA, RLI, ROL, RES, CRM, SAND, SCHW, SMG, SEE, SEIC, STR, SMAR, SCCO, SPLK, SXI, SCS, SRDX, TECH, TDY, TKR, TSCO, TZOO, TG, SLCA, UGI, VFC, VLO, VECO, MDRX, VRTX, WRB, WMT, WAT, WLK, WMB, WWW, WWD, ZBRA, IYC, IHE, QTEC, FXL, FXI, IGV, SLV, EWA, EWK, EEM, EWG, EWH, EWJ, EWM, EPP, EZA, EWY, EWP, EWL, TUR, PEJ, PXJ, XLY, XLF. 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.

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

This WeekLast Week
1. Apparel1. Shoe
2. Shoe2. Apparel
3. Retail (Special Lines)3. Semiconductor
4. Semiconductor4. Furn/Home Furnishings
5. Furn/Home Furnishings5. Semiconductor Cap Equip.
6. Cement and Aggregates6. Cement and Aggregates
7. Semiconductor Cap Equip.7. Homebuilding
8. Homebuilding8. Building Materials
9. Building Materials9. Retail (Special Lines)
10. Retail Store10. Telecom. Equipment
Best Performing AboveWorst Performing Below
50. Air Transport50. Natural Gas (Distributor)
51. Natural Gas (Distributor)51. Medical Services
52. Electric Utility (Central)52. Air Transport
53. Natural Gas (Diversified)53. Natural Gas (Diversified)
54. Food Processing54. Food Processing
55. Electric Utility (East)55. Toiletries/Cosmetics
56. Toiletries/Cosmetics56. Electric Utility (West)
57. Electric Utility (West)57. Petroleum (Integrated)
58. Chemical (Diversified)58. Chemical (Diversified)
59. Short ETFs59. Short ETFs
60. Oilfield Svcs/Equipment60. Oilfield Svcs/Equipment

-- Thomas Bulkowski

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Friday 3/15/24. Pattern Trading Setups for the Weekend.

$ $ $

Here's a symbol list of 142 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: DDD, ADTN, AES, ALB, ALKS, DOX, AMED, AIG, AMWD, AMN, APH, AAPL, ATO, ADSK, AVA, BSET, BIG, BAH, BBW, BLDR, CACI, CX, CNC, CDAY, CF, CRL, CIEN, CSCO, CNX, CTSH, CMCO, CONN, COP, CXW, DFS, EMN, WIRE, EFX, EXC, FISV, FIVN, FLS, FORM, IT, GMS, GS, GFF, HLIT, HQY, HNI, JBHT, HUN, ITW, PODD, TILE, IPI, IRM, JKHY, KMT, KFRC, LHX, LAMR, LEG, LPLA, MCHX, MKTX, MRTN, MA, MDT, META, NKE, NUS, OXM, PATK, PDCO, PEN, PETS, PHM, RTX, RGS, ROK, ROP, ROST, R, SLB, SEE, SEIC, SIGI, SWX, SPLK, SCS, SRDX, TDY, TFX, TDC, TTD, TKR, UPS, VFC, VLO, VECO, VEEV, MDRX, VRTX, V, VMC, WMT, WSO, WSC, WWD, IYK, IYC, IDU, IEO, EEM, EWQ, EWJ, EWS, EWY, TUR, PPA, DBA, PBE, PEJ, PHO, XLY, XLF, XLI, XAR, USO, 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.

$ $ $

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.

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

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 Symbol  Chart Pattern  Bullish 
 Bearish 
Start End Industry
MMMDouble Bottom, Eve and Eve      02/20/202403/04/2024Diversified Co.
ADBEDouble Bottom, Eve and Eve      02/20/202403/06/2024Computer Software and Svcs
ALKDouble Bottom, Adam and Adam      03/04/202403/11/2024Air Transport
AZTADouble Top, Adam and Adam      03/04/202403/08/2024Semiconductor Cap Equip.
BECNDiamond top      02/14/202403/14/2024Retail Building Supply
BERYUgly double bottom      02/07/202402/28/2024Packaging and Container
BIGPipe top      02/26/202403/04/2024Retail Store
BKHDouble Bottom, Eve and Eve      01/19/202402/07/2024Electric Utility (West)
CNPHead-and-shoulders bottom      01/24/202403/01/2024Electric Utility (Central)
CSCODouble Bottom, Eve and Adam      02/20/202403/01/2024Computers and Peripherals
CLFHead-and-shoulders top      03/01/202403/13/2024Metals and Mining (Div.)
CNXDouble Bottom, Eve and Eve      01/18/202402/14/2024Natural Gas (Diversified)
CMTLDead-cat bounce      03/13/202403/13/2024Telecom. Equipment
CSGSDouble Top, Adam and Eve      02/12/202402/28/2024IT Services
^DJUDouble Bottom, Adam and Adam      02/13/202403/01/2024None
^DJTTriangle, symmetrical      02/20/202403/11/2024None
EFXDouble Top, Adam and Eve      02/29/202403/08/2024Information Services
FICODouble Top, Eve and Eve      02/09/202403/08/2024IT Services
FAROTriple top      01/30/202402/28/2024Precision Instrument
FLSTriangle, symmetrical      02/16/202403/05/2024Machinery
GMEBroadening top, right-angled and descending      01/17/202402/26/2024Retail (Special Lines)
HUBGDouble Top, Eve and Eve      12/26/202301/23/2024Trucking/Transp. Leasing
HURCDead-cat bounce      03/08/202403/08/2024Machinery
IDADouble Bottom, Adam and Adam      02/14/202403/01/2024Electric Utility (West)
IDXXDouble Top, Eve and Eve      02/06/202403/01/2024Drug
IPGDouble Bottom, Adam and Adam      02/09/202403/01/2024Advertising
KFRCDouble Top, Adam and Adam      03/04/202403/08/2024Human Resources
KMBBroadening bottom      12/13/202303/13/2024Household Products
MDouble Bottom, Adam and Adam      01/19/202402/29/2024Retail Store
MROTriple bottom      01/18/202402/13/2024Petroleum (Integrated)
MLIDiamond top      02/27/202403/13/2024Metal Fabricating
NBRDouble Bottom, Adam and Adam      02/05/202402/13/2024Oilfield Svcs/Equipment
^IXICDiamond top      02/23/202403/14/2024None
NOCTriangle, descending      02/26/202403/14/2024Aerospace/Defense
OLNTriple bottom      02/05/202402/20/2024Chemical (Basic)
OMCPipe bottom      02/05/202402/12/2024Advertising
PTENDouble Top, Eve and Eve      02/16/202403/08/2024Oilfield Svcs/Equipment
PORHead-and-shoulders bottom      01/24/202403/01/2024Electric Utility (West)
PRUTriangle, symmetrical      02/15/202403/01/2024Insurance (Life)
QCOMPipe bottom      01/29/202402/05/2024Telecom. Equipment
ROPTriangle, symmetrical      01/30/202403/14/2024Industrial Services
SLBHead-and-shoulders bottom      01/30/202402/28/2024Oilfield Svcs/Equipment
SREHead-and-shoulders bottom      01/24/202403/04/2024Electric Utility (West)
STRUgly double bottom      02/05/202402/23/2024Natural Gas (Diversified)
LUVTriple top      02/22/202403/08/2024Air Transport
TPXBroadening top      02/29/202403/13/2024Furn/Home Furnishings
RIGPipe bottom      02/20/202402/26/2024Oilfield Svcs/Equipment
TREXDiamond top      03/04/202403/14/2024Building Materials
VECOPipe top      02/26/202403/04/2024Precision Instrument
WPMPipe bottom      02/20/202402/26/2024Metals and Mining (Div.)

 

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Thursday 3/14/24. Ethereum (ETH-USD)

The Nasdaq dropped by -0.5% or -87.87 points. Since 02/05/1971 the Nasdaq made 372 similar moves on a percentage basis. After those moves, the next day's...
     Average gain was 1.0% on 183 occasions.
     Average loss was -1.0% on 189 occasions.
Expect the Nasdaq to close lower 50.8% of the time.
Weekly, since inception on 6/14/2011:
     The prediction of the Nasdaq closing higher has been right 273/483 or 56.5% of the time.
     The prediction of the Nasdaq closing lower has been right 75/161 or 46.6% 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 ethereum on the weekly scale.

$ $ $

I show a picture of the Ethereum (ETH-USD) on the weekly scale.

Ethereum is a cryptocurrency. A rising wedge appears highlighted in green on the chart. Those breakout downward most often. In this case, the breakout was upward and it led to a strong rally.

I drew a red line from the current price backward in time to the left, just so I could see where it lines up with overhead resistance (circled in red). The crypto is right in the middle of resistance. That means the upward run could stall, even reverse.

However, the trend upward over the last two weeks or so is strong. It might continue. I'd like to say that the rally is overextended, and it is, but these upward runs can last longer than we imagine.

So, yes, I think the upward move will continue.

$ $ $

Here's a symbol list of 137 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: DDD, ABM, AXDX, ADTN, AES, ATSG, ALB, ALGT, AEP, AEL, AMWD, APA, ADSK, AVY, AVA, BAX, BZH, BIG, BIO, BA, BSX, BFH, CDNS, CX, CDAY, CF, CRL, CVX, CIEN, CMTL, COP, CROX, DVN, FANG, DDS, DSGR, DOV, BOOM, EMN, WIRE, EOG, EXC, FIVN, FTNT, FCX, GPS, GNW, GL, GFF, GES, HE, HP, DHI, PODD, IPG, JAZZ, KMB, LHX, LEN, MGY, MRO, MCHX, MTDR, MTRX, MDT, MUR, NOV, NEE, NTNX, OXY, ASGN, ORCL, PATK, PEN, PETS, PINC, PSTG, KWR, RCKY, ROG, ROP, ROST, RES, SBH, SAND, SLB, SEE, STR, SCCO, LUV, SWN, SPLK, SRDX, TRGP, TFX, RIG, UPS, UNH, VLO, VECO, MDRX, WRB, WU, WSM, WWW, IYK, IYE, IEZ, IEV, IXC, MXI, IGE, IEO, EWO, EWC, ECH, EWQ, EWH, EWI, EPP, EWS, EZA, EWP, EWD, TUR, EWU, PXJ, XLE, XLB, VHT. 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.

$ $ $

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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© 2024 ThePatternSite.com    Metric  Value  Diff  Close (within 10% of the high-low range for the day)? 
 Monthly S2  15,028.32    
 Weekly S2  15,576.30  547.97   
 Monthly S1  15,603.05  26.75   
 Weekly S1  15,877.03  273.99   
 Monthly Pivot  16,026.37  149.34   
 Daily S2  16,094.84  68.47   
 Daily S1  16,136.31  41.46   
 Low  16,143.34  7.03   Yes! The Low is close to the Daily S1.
 Weekly Pivot  16,163.37  20.03   
 61.8% Down from Intraday High  16,177.71  14.34   
 Close  16,177.77  0.06   Yes! The Close is close to the 61.8% Down from Intraday High.
 Daily Pivot  16,184.80  7.03   Yes! The Daily Pivot is close to the Close.
 50% Down from Intraday High  16,188.32  3.52   Yes! The 50% Down from Intraday High is close to the Daily Pivot.
 38.2% Down from Intraday High  16,198.94  10.62   
 Open  16,220.11  21.17   
 Daily R1  16,226.27  6.16   Yes! The Daily R1 is close to the Open.
 High  16,233.30  7.03   Yes! The High is close to the Daily R1.
 Daily R2  16,274.76  41.46   
 Weekly R1  16,464.10  189.34   
 Monthly R1  16,601.10  136.99   
 Weekly R2  16,750.44  149.34   
 Monthly R2  17,024.42  273.99   

 

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