As of 04/18/2024   Indus: 37,775 +22.07 +0.1%     Trans: 14,947 -39.62 -0.3%     Utils: 860 +6.95 +0.8%     Nasdaq: 15,602 -81.87 -0.5%     S&P 500: 5,011 -11.09 -0.2%	YTD  +0.2%   -6.0%   -2.4%    +3.9%    +5.1%	Targets    Overview: 04/12/2024     39,800 or 37,150 by 05/01/2024   16,200 or 15,000 by 05/01/2024   885 or 850 by 05/01/2024   16,700 or 15,800 by 05/01/2024   5,250 or 5,025 by 05/01/2024
Chart Pattern Indicator: on 4/1/24

As of 04/18/2024   Indus: 37,775 +22.07 +0.1%     Trans: 14,947 -39.62 -0.3%     Utils: 860 +6.95 +0.8%     Nasdaq: 15,602 -81.87 -0.5%     S&P 500: 5,011 -11.09 -0.2%	YTD  +0.2%   -6.0%   -2.4%    +3.9%    +5.1%
Targets    Overview: 04/12/2024     39,800 or 37,150 by 05/01/2024   16,200 or 15,000 by 05/01/2024   885 or 850 by 05/01/2024   16,700 or 15,800 by 05/01/2024   5,250 or 5,025 by 05/01/2024
Chart Pattern Indicator: on 4/1/24

Tuesday 2/28/23. Slider Trading Quiz!

$ $ $

I show another slider trading quiz featuring Tribune Co. 2: TRB stock.

$ $ $

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: ABM, AXDX, AES, APD, AEE, AXP, AMN, ATR, ANET, AVNT, BAX, BIG, BIO, BIIB, BA, BRC, BRKR, BBW, BLDR, CBT, CACI, CAL, CNP, CVX, CMCO, CMTL, ED, CAG, CXW, COST, CCRN, CSGS, CTS, DHR, XRAY, DDS, DSGR, DUK, EIX, EL, EXPD, FLS, FWRD, GME, IT, GIS, GL, GES, HSC, HQY, HSII, HELE, HSIC, HOV, IPG, IPI, KFRC, KSS, LZB, LDOS, LNC, L, LXU, MRTN, MTRN, MSFT, MS, MOS, MLI, MUR, NTGR, NTAP, NEU, NEE, NI, ORI, OMC, ON, OTEX, OUT, OMI, PANW, PTEN, PCTY, PRFT, PETS, PFE, PPG, QCOM, DGX, RTX, RGA, RNG, RLI, RCKY, SLB, SCHW, SAIC, SMTC, SR, SPSC, SCS, SUM, TRGP, TJX, TZOO, TWLO, UIS, MDRX, VC, WEX, WOLF, WWW, IYM, IEZ, IHE, FXL, IHF, SLV, EWZ, EIS, TUR, DBA, XLP, XLB, UNG, VHT, 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.

$ $ $

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

Monday 2/27/23. Market Monday: The Week Ahead

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

My Prediction

This is a chart of the S&P 500 index on the daily scale.

There's not a lot going on in this chart. At AB, we see a double top that confirms when the index closes below the low between the two peaks (D).

The height of the pattern from A (the higher of the two peaks) to D subtracted from D gives a target. A stock (not an index) reaches the target 64% of the time in a bull market. (I measured this).

In this case, the drop to C is either at or certainly near the target.

Since then, the index has climbed to the top of the chart and then retraced. No pattern appears during the span, at least none that come to mind.

To me, it looks as if the retrace of the climb from C to the top of the chart, is about halfway of the move. And that suggests we'll see a reversal here (meaning price should rise).

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 either underway or should be starting soon. The sessions could be more volatile.

Here's a symbol list of 188 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: AXDX, ACN, ADBE, ATSG, AKAM, ALK, AA, AYX, AME, APOG, AAPL, ATR, ARW, AIZ, AGO, AVNT, BBBY, BBY, BKH, BA, BRKR, BBW, CAL, CIEN, CINF, CTAS, CLX, CNO, CMCO, CXW, CSGP, CSGS, CMI, D, DTE, EIX, EMR, EOG, EFX, EL, EXC, FFIV, FARO, FWRD, FCX, FRD, GPS, GE, GILD, GPN, GGG, GFF, HBI, HIG, HE, HSII, HELE, HSIC, HURC, IEX, IDXX, INFN, NSP, IIIN, IPG, IPI, KALU, KELYA, LNC, RAMP, LXU, MAN, MAS, MDT, MSFT, NCR, NFLX, NTGR, NEWR, JWN, NUS, OLN, ON, OXM, PANW, PDCO, PCTY, PKI, PFE, PLXS, PPL, PSTG, DGX, RRC, RGS, RNG, SBH, SMTC, SCI, SHW, SWX, SWN, SUM, TMO, TKR, TREX, TWLO, SLCA, VLO, VRSN, WERN, WU, WEX, WWW, IYK, IYC, IHE, DDM, FTEC, FXI, IYH, IHF, IAT, IYZ, IGV, SLV, IGE, IYF, EWA, EWO, EWK, EWZ, ECH, EEM, EWQ, EWG, EWH, EWI, EWJ, EPP, EWS, EZA, EWD, EWL, EWT, THD, TUR, EWU, DBA, PBE, PEJ, PJP, PHO, IEV, IXN, ILF, MXI, GLD, XHB, XLI, 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.

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

-- Thomas Bulkowski

Friday 2/24/23. Pattern Trading Setups for the Weekend.

$ $ $

Here's a symbol list of 144 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: ADTN, AFL, ALGT, AYX, AEL, AFG, ABC, AME, AON, ATR, AIZ, AVNT, BBBY, BIIB, BMRN, BRKR, BBW, CAL, CRL, CINF, CTAS, CXW, CSGP, CCRN, CSGS, CTS, CW, DECK, ^DJI, DUK, EBAY, EIX, EME, EMR, EFX, EVH, FDX, FISV, FWRD, FCX, FRD, GPS, GD, GPRO, HELE, HSIC, HUM, IDA, IEX, INFN, NSP, IBKR, IPG, IPI, KALU, KEYS, KLIC, RAMP, LPLA, LXU, M, MSFT, MYGN, NFLX, NTGR, NI, JWN, NUS, NVDA, ON, PANW, PDCO, PYPL, PETS, PCG, PPL, PSTG, KWR, DGX, RL, RGA, RNG, RCKY, ROP, SCHW, SHW, STR, SR, SXI, SCS, SUM, TRGP, TGT, TEVA, TJX, RIG, TWLO, UGI, UPS, WU, WEX, WWW, WWD, IAI, IYK, IYC, DDM, FXI, ICF, IHF, IAT, IYZ, IYF, EWH, EWJ, EWM, EWS, TUR, EWU, DBA, PEJ, PXJ, PHO, MXI, XLP, XLI, XLB, USO. 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

Thursday 2/23/23. Cryptocurrency Ethereum

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 Ethereum on the daily scale.

The cryptocurrency formed a channel at A. They can slope either up or down, but not horizontally. If they travel horizontally, they are rectangles.

This one slopes up and it has a downward breakout that takes price down to B. Following that, the currency pulls back to C. There, it forms a knot (directly under C) as it bumps up against overhead resistance. I show that resistance with a horizontal blue line.

What comes next? Usually after a pullback, the stock continues rising, but the percentages of advancing versus dropping are nearly 50-50 (47% move lower). Cryptocurrencies may act differently.

My guess: Because the currency is at overhead resistance, I vote for a drop.

$ $ $

Here's a symbol list of 152 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: AXDX, ACN, ALGT, AYX, AEL, ABC, AME, APH, ATR, AIZ, AVNT, AVA, BMI, BSET, BBY, BMRN, BFH, BCO, BRKR, BBW, CAL, CRL, CHD, CTSH, COP, CXW, CSGP, COST, ^DJT, ^DJI, DRQ, EMR, EXPI, EXPD, FDX, FORM, FTV, FWRD, FDP, GME, GPS, GS, GOOGL, GFF, HLIT, HELE, HSIC, HSY, HD, HWM, IDXX, IIIN, INTC, IBKR, TILE, IPI, IRM, K, KEYS, KFRC, LZB, RAMP, LXU, MRO, MKTX, MTDR, MTRX, MGEE, MSFT, MOS, MYGN, NWL, NXGN, OXY, ON, OXM, PANW, PDCO, PAYX, PSTG, RTX, RNG, RCKY, CRM, SLB, SMTC, SLGN, LUV, SUM, TTD, TJX, TDG, RIG, TWLO, UGI, UPS, VMI, MDRX, VRSN, WEX, WWW, WDAY, IAI, IYE, DDM, FXL, FXI, IAT, IGE, IEO, IYF, EIS, EWI, EWJ, EWM, EPP, EWS, EZA, EWY, EWT, TUR, DBA, PBE, PXJ, PHO, IXN, MXI, XLP, XLE, XHB, XLI. 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

Wednesday 2/22/23. 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.

The CPI has turned bearish when the recent retrace began (that is, three days ago). I expect this to have lasting power, judging by what happened in December when we got a dual bearish signal, separated only by the neutral zone.

This chart is bearish.

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).

Both the red and blue lines are bearish this week compared to the same day last week. Notice that we hit a peak in the red line in late January and the index also shared a high. Since then, both have retraced.

That retrace suggests the red line might drop to 3202, the site of the late November peak. I don't know what that would equate to on the index, but it appears to be where the index resides now. I say that by finding the red line peak and looking at the index directly above it.

I'm looking for the journey back to the corrective phase of a measured move up chart pattern. In stocks, we see that kind of retrace often and it's reliable. Maybe we'll see that here in the red line.

$ $ $

Here's a symbol list of 191 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: ANF, AXDX, ACN, ACIW, ADBE, ADTN, AMD, ATSG, AA, AYX, AMZN, AEL, AMN, ANIK, AR, APOG, BMI, BECN, BZH, BIG, BMRN, BBW, BLDR, CAL, CE, CVX, CLNE, CGNX, CTSH, CMCO, CXW, CRH, CCK, CTS, FANG, DRQ, EMR, EQT, EXPI, EXPD, FARO, FAST, FORM, FTV, FCX, FRD, GPS, GL, GS, GOOGL, GFF, HLIT, HD, HON, HWM, HUN, HURC, IIIN, INTC, IBKR, INTU, IRM, KMT, KSS, KLIC, LRCX, LNC, RAMP, MGY, MTDR, MTRX, MSFT, MLI, MUR, MYGN, NOV, NTAP, NVDA, OXY, ON, OMI, PKG, PANW, PAYX, PKI, PXD, POR, PPG, PFG, PGR, PRU, PSTG, QCOM, RTX, RCKY, RES, SRE, SMTC, SHW, SHOP, SLGN, STR, LUV, SSYS, SUM, TPR, TRGP, TGT, RIG, TZOO, TREX, TWLO, SLCA, UPS, WU, WMB, WOLF, ITA, IYM, IYC, IYE, IEZ, IDU, DDM, FTEC, FDN, QTEC, FXL, FXI, BOTZ, IAT, IGV, SOXX, IGE, IYF, EWK, EEM, EWH, EIS, EWW, EPP, EWS, EZA, EWD, EWT, TUR, QLD, DBA, PBE, PXJ, PJP, PHO, ROBO, IXC, IXN, MXI, XLE, XHB, XLB, XLK, UNG, SMH, 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

Tuesday 2/21/23. Slider Trading Quiz!

$ $ $

I show another slider trading quiz featuring Tribune Co.: TRB stock.

$ $ $

I posted a new pre-release version of Patternz (version 7.0.0.47) to the website. It supports Weinstein Stages (or my version of them). If you're a stage user, then let me know what you think. You'll find it on the List Form, Filters button.

$ $ $

Here's a symbol list of 146 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: ABT, AXDX, ADBE, AMD, AJRD, AA, AYX, AMZN, AEL, AXP, AIG, APA, AWI, BECN, BZH, BIG, BIO, BA, BCO, CBT, CVX, CLF, CL, COP, CXW, CCRN, CCK, DVN, FANG, DFS, ^DJI, DTE, EME, EOG, RE, XOM, FDS, FARO, FAST, FORM, FWRD, FCX, FDP, FRD, GPS, GL, GOOGL, GFF, HSII, HWM, ITGR, INTC, IPG, INTU, KMT, KLIC, LNC, RAMP, LXU, MGY, MTDR, MTRX, MSFT, MCO, MUR, NOV, NFLX, NEU, NXGN, JWN, OXY, OUT, OMI, PCTY, PYPL, PRFT, PXD, PPL, PG, PRU, PEG, QCOM, RMBS, RES, ^GSPC, CRM, SLB, SMTC, SHW, SHOP, STR, SR, TSCO, TWLO, SLCA, UGI, VLO, VRSN, V, WMT, WERN, WWW, ITA, IYM, IYE, IEZ, IHE, IDU, DDM, FXI, BOTZ, IYH, IGE, IEO, EWK, ECH, EEM, EWH, EIS, EWM, EPP, DBA, PXJ, IXN, SSO, XLP, XLE, XLB, SPY, XAR, UNG, USO. 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 Dow industrials, sorted by value. When several are near each other (small differences), the area might act as support or resistance.

-- Thomas Bulkowski

Friday 2/17/23. Pattern Trading Setups for the Weekend.

$ $ $

Here's a symbol list of 88 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: ABT, AKAM, ALK, ALKS, AYX, AEE, AIG, AMN, AWI, AIZ, AVNT, BZH, BKH, BMY, CBT, CVX, CI, CSCO, CXW, CROX, CCRN, DVN, FANG, D, DUK, EME, FWRD, GME, GPS, GOOGL, GFF, HSII, HD, INCY, IPG, IPI, NVTA, KELYA, KMT, KEYS, LH, LDOS, LLY, RAMP, MTRN, MTRX, MGEE, NEU, JWN, NWPX, OUT, OMI, PKE, PCTY, PEN, PINC, DGX, RMBS, REGN, RNG, SAIA, SLB, SMG, SHW, SR, TG, TWLO, UGI, UNM, VLO, VMI, WAT, WSO, WERN, ZBRA, IYE, IEZ, IHE, EWM, USO. 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

Thursday 2/16/23. 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 the Nasdaq composite on the 5-minute scale.

I identified and highlight one chart pattern, shown here in red. Do you know it's name?

Answer: a rising wedge. Those breakout downward most often (60% of the time). Will this one be the same?

If you believe the CPI (chart pattern indicator), the the answer is probably. The CPI turned neutral, erasing a bullish signal a few days ago and changing it bearish. That makes me believe the bias is downward.

$ $ $

Here's a symbol list of 155 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: ABT, ACN, AJRD, ALL, AYX, DOX, AIG, AME, APOG, ATR, ARCB, AWI, AGO, ADP, AVY, AVNT, AZTA, BCPC, BZH, BKNG, BAH, BFH, BBW, CBT, CAL, CNP, CENX, CVX, CLNE, CLX, CNA, CCRN, CCK, CW, DVN, FANG, DSGR, DTE, EXP, WIRE, EOG, RE, FDS, FAST, FIVN, FLS, FMC, FWRD, FDP, GPS, GILD, GS, GOOGL, GGG, GFF, HAYN, HTLD, HSII, HELE, HSY, HURC, IEX, ITW, ILMN, NSP, PODD, IPG, IPI, KMT, LAMR, LEG, LNC, RAMP, MRO, MLM, MAS, MTRX, NFG, NOV, NCR, NJR, NEU, NXGN, JWN, NUS, OUT, PCTY, PETS, PXD, PLXS, PGR, PRU, PEG, PHM, RMBS, REGN, RGA, RNG, SAIA, SLB, SAIC, SIGI, SMTC, SLGN, STR, SKYW, SWX, SR, SSYS, TDY, TPX, TTD, UGI, VLO, WMT, WAT, WERN, WLK, WSM, XEL, IYE, IDU, DDM, FXI, IHF, IAT, IEO, EWA, ECH, EEM, EWH, EWJ, EPP, EWS, EZA, EWY, EWT, THD, TUR, PBE, ILF, XLE, GLD, USO. 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

Wednesday 2/15/23. 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.

The bullish signal we saw a week ago flipped to red when the market dropped. Signals can change for up to a week.

Now, we see a vertical green bar on the far right of the screen, indicating a bullish stance that has eased back into the neutral zone. Again, the signal can disappear and new ones appear.

The chart is neutral, trying to decide on a direction. The index looks like a flag, so maybe this is just a short retrace in an uptrend.

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).

Both the red line blue lines are worse off this week than a week ago. The red line is at the highest point it has seen in months (highest on this chart). That shows strength. The minor retrace below the M-shaped high is no cause for concern, I think.

The prior chart is neutral. This chart is bullish but cautious. I'm not sure what to make of this and perhaps that in itself is a warning sign. Maybe we'll see a big drop here.

$ $ $

Here's a symbol list of 123 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: ABT, AJRD, AA, ALGT, AYX, DOX, AIG, ANIK, AON, ANET, AWI, AIZ, ATO, AVA, AXS, BCPC, BSET, CBT, CNP, CDAY, CMCO, COP, CCRN, DHR, DVN, FANG, DDS, D, EXP, EOG, RE, EVRG, EXC, FARO, FLEX, FMC, FORM, FWRD, GPS, GILD, GFS, GOOGL, GFF, HSII, HELE, HSY, HUBG, HURC, ITW, NSP, IPG, NVTA, JBLU, KALU, K, KELYA, KMT, KFRC, KMB, KSS, RAMP, LPLA, MRO, MTRX, NCR, NEU, JWN, ON, OUT, PKE, PCTY, PCG, PXD, PEG, PSTG, DGX, RMBS, RTX, REGN, RGA, RLI, RES, SAIA, SBH, SLB, SEIC, SMTC, SLGN, STR, SKYW, SR, SRDX, TDOC, TPX, TMO, TRV, TG, TREX, UGI, VLO, WERN, WEX, WSM, XEL, ITA, IAI, IYE, IEO, EPP, EWD, THD, DBA, PBE, IXC, XLE, XRT, USO. 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

Tuesday 2/14/23. Slider Trading Quiz! Trex (TREX)

$ $ $

I show another slider trading quiz featuring Trex: (TREX) stock.

$ $ $

Here's a symbol list of 90 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: AXDX, ACN, AJRD, AA, AYX, AFG, AIG, AWI, ARW, AVY, AXS, BERY, BMRN, BKNG, BFH, CBT, CTAS, CSCO, CTSH, CONN, GLW, COTY, ^DJI, EFX, RE, FDS, FIS, FISV, FIVN, FMC, FCX, FRD, GPS, GNW, GPRO, HBI, HLIT, HAYN, HWM, IDXX, IBP, IIIN, IRM, LXU, MKTX, NTAP, OLN, ASGN, OUT, PKE, PCG, PSTG, RCKY, ROL, RES, SMTC, SKYW, SWX, SRDX, TRGP, TDC, TXT, TTD, TOL, TSCO, UIS, VRTX, WMT, WEX, IHE, IDU, DDM, FXL, ICF, IYF, EWG, EWS, EWT, THD, EWU, PPA, PEJ, PJP, PHO, IXC, XLY, XLV, 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.

$ $ $

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

Monday 2/13/23. 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 a chart of the Nasdaq index on the daily scale.

At A, I highlight in red a chart pattern called a broadening top. The two red lines diverge, forming a megaphone shape. This one acted as a reversal of the short-term upward rise from 2 to the pattern.

Below that, at 1, 2, and 3, is a triple bottom. It confirms as a valid chart pattern when the index closes above peak A, the highest peak in the pattern. If the pattern works as it's supposed to, the index should climb above A the height of the pattern (from A to 1). That hasn't happened yet. The move to B is about halfway there.

At B, we see a flag. With this chart pattern, the measure rule suggests the target would be the climb from 3 to B added to the bottom of the flag. That move hasn't happened yet. That move assumes an upward breakout from the flag.

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

Many options expire this week, so traders will be looking to close out their positions, and that suggests increased volatility (large daily price swings).

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 either underway or should be starting soon. The sessions could be more volatile.

Here's a symbol list of 117 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: ABM, AXDX, AJRD, AES, ATSG, ALRM, ALK, AA, ALGT, AYX, AMED, APH, APA, ATR, ADM, AWI, ADP, AXS, AZTA, BALL, BIO, BMRN, BFH, CNC, CRL, CONN, CXW, CSGP, DVN, DSGR, DUK, BOOM, ELV, EPAM, EFX, EL, EZPW, FLS, FTV, FCX, GPS, GD, GNW, GPRO, GGG, GES, HBI, HIG, HAYN, IDA, NSP, PODD, NVTA, LANC, LXU, M, MGY, MRO, MKTX, MUR, NUS, NTNX, OUT, OMI, PKE, PRFT, PXD, PLXS, PPG, PSTG, QTWO, KWR, RRC, RHI, ROL, SEE, SIGI, SMTC, SHW, LUV, SWX, TRGP, TECH, TDY, TOL, VRTX, WMB, WSM, WSC, ITA, IHE, IDU, FDN, FXI, IGE, EEM, EWQ, EIS, EWM, EPP, EZA, EWL, THD, ILF, MXI, XLB. 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.

-- Thomas Bulkowski

Friday 2/10/23. Pattern Trading Setups for the Weekend.

$ $ $

Here's a symbol list of 155 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: ABT, ABM, AXDX, ADTN, AEIS, AES, A, ALKS, ALL, AYX, AEE, AEL, APH, AON, APA, AWI, AVY, AZTA, BAX, BMRN, BA, BFH, BBW, BLDR, CLS, CRL, CHD, CLF, CGNX, CL, CAG, CONN, CXW, CR, DFS, DSGR, D, DUK, BOOM, ELV, EME, EMR, EOG, EPAM, EFX, EL, RE, EXC, EZPW, FDX, FORM, FTV, FRD, GPS, GE, GFS, GL, GS, GPRO, HBI, HLIT, HAYN, HSIC, HWM, HUBG, INFN, NSP, ITGR, NVTA, JNJ, KBAL, KMB, LEG, LDOS, M, MGY, MKTX, MLM, MTRX, MS, MUR, NCR, NWL, NUS, NTNX, OTEX, OMI, PRFT, PKI, PFE, PPG, PGR, PEG, PSTG, RJF, RLI, RHI, RCKY, SAIC, SEE, SIGI, SRE, SHW, SUM, TRGP, TEVA, TTD, TMO, TOL, TSCO, TREX, SLCA, UNM, VFC, VRTX, WERN, WU, WEX, ITA, IAI, IEZ, IHE, IDU, ICF, IYF, EWO, EWK, EWZ, EWH, EIS, EWI, EZA, EWL, THD, PPA, DBA, PXJ, PJP, ILF, XLF, XLV, XLU. 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

Thursday 2/9/23. Bitcoin Review

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 bitcoin on the daily scale.

At B, you can see price moving sideways, forming a resistance zone. That resistance causes the cryptocurrency to move sideways for a time at A. The currency has enough juice to push upward, through that overhead resistance. It does so in a robust manner as the tall white candle shows.

Highlighted in blue is a channel. Notice that the coin pushes out the bottom of the channel at C. We see the slide halt and slide along the bottom of the channel, but I think that's just a pause before the decline resumes.

In the coming days, I expect the coin to drop and find support at A.

$ $ $

Here's a symbol list of 73 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: APD, ALL, AEE, APA, ATR, ANET, AWI, BALL, BSET, BMRN, BKH, BFH, CONN, CCK, DDS, DSGR, D, ELV, EXC, FTNT, FTV, GPS, GPRO, GES, HAYN, HL, HURC, ITW, ITGR, JKHY, JAZZ, RAMP, MHO, MKTX, NCR, NTGR, NEWR, NI, OTEX, PANW, RL, SRE, NOW, SKX, SSYS, SRDX, TPR, TTD, TOL, VRTX, VC, VMC, WSO, WERN, WU, IAI, IDU, IHF, EWO, ECH, EZA, EWY, TUR, EWU, PJP, XAR, XLU. 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

Wednesday 2/8/23. 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.

Much to my surprise, the CPI continued to rise instead of retracing. The chart shows three pairs of white and green bars, a pattern I can't recall seeing before.

The chart shows one of strength but let me issue this warning that the indicator signals can change for up to a week. So the recent green bar can switch to red if the index were to plunge.

Will that happen? It could, of course. The index has climbed to a resistance area so I anticipate weakness going forward.

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).

Both the red and blue lines show improvement from a week ago. The red line, the more sensitive of the two, made a big gain.

If you think of the red line's pattern as a measured move up, then we'd expect to see a retrace back to what's called the corrective phase. That's a return to the location where the red line went flat in mid to late December.

That suggests weakness going forward. Although both charts are bullish, they are signaling caution.

$ $ $

Here's a symbol list of 96 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: MMM, ACIW, ADTN, AJRD, ALGT, AXP, AIG, APOG, AAPL, ATR, ARCB, AWI, ASH, AIZ, BALL, BSET, BBBY, BMRN, BFH, CLS, CINF, CTAS, CLF, CNX, CTSH, CONN, ELV, EME, EMR, EPAM, FTV, GPS, GPRO, HE, HAYN, HD, ITW, NSP, IIIN, NVTA, JKHY, KMT, KEYS, LEG, MHO, MAN, MKTX, MTDR, META, MOS, NWL, NEE, NUS, OUT, OMI, PKE, PFG, PG, RGA, SEIC, SRE, SKX, TECH, TDY, TTD, TJX, TOL, TZOO, UNH, VRTX, WRB, WERN, WSC, ITA, IAI, IHF, IAT, EWZ, ECH, EWM, EWW, EZA, EWY, TUR, IBB, PJP, XLV, 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.

-- Thomas Bulkowski

Tuesday 2/7/23. Slider Trading Quiz!

$ $ $

I show another slider trading quiz featuring Tredegar 2: TG stock.

$ $ $

Here's a symbol list of 97 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: ADBE, ADTN, AES, ALL, AMZN, ANIK, AON, APA, AWI, AXS, BSET, BBBY, BSX, CACI, CNP, CHD, CNX, CRH, CCRN, CMI, DECK, DVN, DDS, DSGR, XOM, FARO, FIS, FMC, FTV, GPS, GILD, GPN, GS, GPRO, HSY, HOV, INTU, NVTA, IRM, KALU, LMT, L, LXU, MGY, MTRX, ORI, PKE, PDCO, PCTY, PGR, RRC, ROG, RES, SHW, SWX, TECH, TTD, TSCO, RIG, TRV, SLCA, UIS, VRSN, FXI, IGV, SLV, EWA, EWO, EWK, EWZ, EEM, EWH, EWJ, EWM, EPP, EZA, EWY, EWT, THD, TUR, EWU, PPA, PBE, ILF, MXI, GLD, XLV, XLB. 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 Dow industrials, sorted by value. When several are near each other (small differences), the area might act as support or resistance.

-- Thomas Bulkowski

Monday 2/6/23. 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 Dow industrials on the daily scale.

At AB, we see a wonderful looking double bottom. That means we see two valleys (AB) which bottom near the same price. It confirms as a valid double bottom when the index closes above line C. If the index didn't close above C, the double bottom would be just squiggles on the chart.

You can see how the market reacted after the double bottom (it climbed to the top of the chart).

At B, in blue, is another chart pattern called a symmetrical triangle. Because it closed today near the top of the pattern, I'd expect an upward breakout. A breakout would mean the index has closed above the top blue line. After that, I'm not so sure the index will rise much farther.

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 either underway or should be starting soon. The sessions could be more volatile.

Here's a symbol list of 92 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: AXDX, AES, AMED, AEE, AEL, AXP, AME, ANIK, ATR, AWI, BMI, BSET, BA, BBW, CBT, CACI, CALM, CPB, CNC, CF, CIEN, CI, CSCO, CLNE, CLX, CNA, CAG, DECK, DSGR, DTE, EVRG, EXC, EZPW, FTV, FDP, FRD, GPS, GD, GIS, GILD, GS, HBI, HSY, HWM, HUBG, IDXX, IIIN, IBKR, M, MANH, MTRX, MRK, JWN, NUS, OLN, OTEX, PCTY, PCG, PLXS, PPL, PGR, PRU, RGS, ROL, RES, SRE, SKYW, SCS, TECH, TXT, UNH, WLK, ITA, IAI, IDU, IYZ, EWZ, EWC, TUR, PBE, ILF, XLV, XLU. 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.

-- Thomas Bulkowski

Friday 2/3/23. Pattern Trading Setups for the Weekend.

$ $ $

Here's a symbol list of 220 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: DDD, AXDX, ACN, ADBE, AFL, ALRM, ALGT, AYX, AMZN, AMED, AEO, AEL, AXP, AFG, AME, AAPL, AMAT, ATR, AWI, ARW, ATO, ADSK, AVNT, BSET, BECN, BBBY, BERY, BBY, BIO, BIIB, BA, BFH, CBT, CPB, CX, CNP, CIEN, CLNE, CNA, CGNX, CTSH, CONN, COST, CMI, DECK, XRAY, DSGR, DOV, DTE, EFX, RE, EVRG, EXPI, FFIV, FDX, FIS, FRD, GME, GPS, GIS, GNW, GILD, GL, GS, GOOGL, GPRO, GGG, HBI, HELE, HD, DHI, HOV, HWM, ITW, ILMN, IBP, IIIN, INTU, NVTA, IRM, JBLU, KBH, K, KELYA, KLIC, LZB, LAMR, LEN, LLY, RAMP, LOW, MHO, M, MCHX, MLM, MTRX, MDC, MRK, META, MSFT, MCO, MS, ^IXIC, NTAP, NJR, NEWR, NXGN, NWPX, NOVT, NUS, OMCL, OMC, ASGN, OUT, PANW, PCTY, PYPL, PEN, PRFT, PETS, PPL, PGR, PRU, PEG, PHM, QTWO, RJF, RGS, RNG, ROL, RES, SCHW, SMG, SIGI, SCI, NOW, SHW, SHOP, SMAR, SPLK, SXI, SCS, SSYS, TDOC, TDY, TER, TXT, TKR, TOL, TDG, TREX, TWLO, UPS, UNH, UNM, VFC, VMI, VEEV, WSO, WSM, WOLF, WDAY, ZBRA, ITA, IAI, IYC, ITB, IEZ, FTEC, FDN, QTEC, FXL, QQQ, ICF, IYZ, IGV, SLV, EWK, EWZ, EWC, EWQ, EWW, EWD, TUR, EWU, QLD, DBA, PBE, PEJ, ROBO, IXN, XLY, XLI, XRT, XLK, VAW, 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.

$ $ $

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

Thursday 2/2/23. 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 released another version (7.0.0.46) of Patternz, my free pattern finding software. This one expands the filters to include big price and volume moves.

$ $ $

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

The Nasdaq has been following an up-sloping trend as the red line shows. However, at A, the index spiked. Why?

The answer is the FED told the world what they did with interest rates (raised them 1/4 point again) and also described what the rest of the year might look like. The market liked what they said.

Look near the end of today's trading. The index dropped marginally, suggesting tomorrow the index will open lower.

$ $ $

Here's a symbol list of 105 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: ABM, AXDX, AEIS, AMD, AEO, AMGN, ANIK, ARCB, ATO, AVNT, BFH, BMY, CBT, CENX, CRL, CNO, CTSH, GLW, CCK, CMI, DDS, DSGR, ^DJT, ^DJI, EME, WIRE, EVRG, FFIV, FTV, FCX, GNW, GILD, GFS, GS, GGG, HELE, IEX, IIIN, IRM, JBLU, KELYA, LANC, LOW, M, MAS, MTRN, MTRX, MS, NEU, NOVT, OXY, ON, PTEN, PKI, PFG, PGR, PEG, RTX, RGS, RNG, RES, R, ^GSPC, SAIA, SMG, SEIC, SRE, SMTC, SCI, SWN, SNPS, TPX, TMO, RIG, UNH, VFC, VMI, VECO, ITA, IAI, IHE, QTEC, FXL, IYZ, SLV, EWA, EWK, ECH, EIS, EWP, TUR, IBB, PBE, PJP, IEV, MXI, XLI, SPY. 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

Wednesday 2/1/23. 2023 Forecast Update

I pre-released a new version of Patternz (twice. I'm up to 7.0.0.45). It has the ability to filter chart patterns by various traits. See the List Form, Filter button (middle bottom of the form). I'm still working on enhancements to the program so send me your ideas for improvement and maybe you'll see it soon. Version 45 has some important bug fixes.

$ $ $

Here's the updated 2023 forecast, presented in slider format.

$ $ $

Based on sector performance from Fidelity, the best performing sectors for year-to-date performance as of 1/30/2023 were... (The numbering is how they ranked a month ago.)

The folks at two firms polled by Fidelity weigh the sectors in this order, as of 1/31/23.

Here's how they rank the industries, but only the top 10 appear. One-year change, as of 1/30/23. The numbering is how they ranked a month ago.

$ $ $

Here's a symbol list of 134 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: DDD, AEIS, AJRD, AA, AEO, AFG, ANIK, ATR, ARCB, ANET, ARW, AVNT, AVA, BKH, BOOT, BFH, BCO, BBW, CNP, CRL, CLF, CTSH, GLW, XRAY, DRQ, BOOM, RE, EVRG, FICO, FAST, FE, FDP, GNW, GPN, GS, GOOGL, GPRO, GGG, HLIT, HAYN, HSII, HELE, HUBG, IIIN, PODD, ITGR, TILE, NVTA, JBLU, KELYA, KFRC, KBAL, LAMR, L, LXU, MTSI, MCHX, MAS, MTRX, MDC, MLI, NEU, NEE, OXM, PTEN, PAYX, PNW, PGR, PHM, QTWO, RMBS, RGS, ROG, ROST, RES, SRE, SCI, SMAR, SPSC, SSYS, SNPS, TFX, TEVA, TDG, RIG, TREX, UNM, VMI, MDRX, VRTX, V, WERN, WMB, WOLF, IAI, IHE, ICF, SOXX, IYF, EWK, EWC, EEM, EWG, EWH, EWJ, EWM, EWS, EWY, EWD, EWL, EWT, TUR, DBA, PBE, PEJ, PJP, IXN, XLY, XLI, XLK, USO, SMH, VHT, 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.

-- Thomas Bulkowski

 

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