As of 04/26/2024   Indus: 38,240 +153.86 +0.4%     Trans: 15,171 -126.01 -0.8%     Utils: 884 -10.33 -1.2%     Nasdaq: 15,928 +316.14 +2.0%     S&P 500: 5,100 +51.54 +1.0%	YTD  +1.5%   -4.6%    +0.3%    +6.1%    +6.9%	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 04/26/2024   Indus: 38,240 +153.86 +0.4%     Trans: 15,171 -126.01 -0.8%     Utils: 884 -10.33 -1.2%     Nasdaq: 15,928 +316.14 +2.0%     S&P 500: 5,100 +51.54 +1.0%	YTD  +1.5%   -4.6%    +0.3%    +6.1%    +6.9%
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

Monday 7/31/23. Market Monday: The Week Ahead

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

My Prediction

There's not much going on in this chart of the Nasdaq composite on the daily scale.

I drew two nearly parallel lines, shown here in red, highlighting the upward trend. The index touched the top trendline and bounced off it, suggesting it'll fall to the lower red line.

I'm not sure if that'll happen or not. I have my doubts.

One thing is clear: The index has made a nice move up since the low in March. I'm expecting continued gains.

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 108 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: AXDX, ATSG, ALL, AMZN, DOX, ANIK, ATR, ACGL, ANET, AGO, AXS, BCPC, BMRN, BR, CBT, CNP, CVX, CHD, CIEN, CINF, CLX, CNA, CTSH, CMCO, DRQ, DTE, EXP, EIX, EME, FLEX, FORM, FDP, GPRO, GFF, HIG, HAYN, HON, HOV, ITW, PODD, ITGR, INTC, TILE, ISRG, IRM, KEYS, KLIC, LH, LAMR, LEN, L, LXU, MCHX, MRTN, MDT, NTGR, NJR, JWN, NTNX, PRFT, PG, QCOM, RHI, ROK, ROL, RGLD, SBH, SKX, SO, SXI, SSYS, TKR, TWLO, VEEV, WRB, WU, WEX, WSC, WOLF, WDAY, IAI, FTEC, QTEC, FXL, FXI, QQQ, ICF, IXN, EWA, EWK, EEM, EWQ, EWH, EWS, EZA, EWY, TUR, QLD, XLY, GLD, XLK, 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 below industries were the best (rank 1) or worst performing of those I follow.

-- Thomas Bulkowski

Friday 7/28/23. Pattern Trading Setups for the Weekend.

$ $ $

Here's a symbol list of 260 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: ACIW, ATVI, AJRD, AES, AFL, ATSG, ALL, AYX, AMZN, DOX, AMED, AXP, AME, ANIK, AR, AAPL, AMAT, ACGL, ADM, AWI, AIZ, AZTA, BMI, BCPC, BALL, BECN, BBY, BAH, BMY, BR, CACI, CAL, CPB, CLS, CNP, CENX, CDAY, CRL, CVX, CHS, CNA, CNX, CTSH, CMTL, CXW, GLW, CSGP, COST, CROX, CCRN, XRAY, DVN, FANG, ^DJI, DTE, BOOM, EPAM, EL, FDS, FISV, FMC, FWRD, FDP, GPS, GD, GILD, GPN, GMS, GPRO, GES, HQY, HSY, HOLX, HON, HOV, JBHT, HUN, IDXX, INFN, IBP, PODD, ITGR, IBKR, IPI, ISRG, IRM, KALU, KEYS, KLIC, LRCX, LAMR, LANC, LDOS, LEN, LNC, RAMP, MAN, MRO, MLM, MA, MTDR, MTRX, MDT, MRK, META, MU, MSFT, MUR, MYGN, ^IXIC, NFG, NOV, NTGR, NTAP, NEWR, NXGN, NKE, JWN, NUS, NTNX, NVDA, OXY, OMC, ASGN, ON, OR, OUT, OMI, PANW, PKE, PYPL, PRFT, PETS, PPG, PG, PHM, QTWO, QCOM, DGX, RL, RGS, RGA, ^GSPC, SAIA, SBH, SLB, SEE, NOW, SHW, SHOP, LUV, SWX, SPLK, SCS, SSYS, SUM, SRDX, TRGP, TJX, RIG, TZOO, UGI, UNH, VECO, VEEV, VC, VMC, WRB, WMT, WU, WSC, WOLF, WWW, WDAY, IYM, IAI, IYK, IYC, ITB, IEZ, DDM, FDN, BOTZ, ICF, IYH, IHF, IAT, IXC, MXI, ILF, SOXX, IGE, IYF, IHI, EWA, EWO, EWC, EEM, EWH, EWM, EPP, EWS, EZA, EWD, EWT, THD, TUR, EWU, IBB, PPA, PBE, PEJ, PXJ, PHO, SSO, XLY, XLP, XLF, XLV, XLI, XLB, XRT, SPY, XAR, USO, SMH, VHT, VIS, 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 7/27/23. 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.

The chart shows a broadening formation, right-angled and ascending, which I often abbreviate RABFA.

The index touches the bottom trendline (red line) multiple times and even pierces it early on. The top trendline (red line) also has plenty of touches.

However, Wednesday's trading was all over the place, likely caused by a report of an interest rate rise by the FED. Traders couldn't decide if the news was good or bad.

What does the indecision say about the coming price action? I've no idea.

$ $ $

Here's a symbol list of 127 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: ABT, ACIW, ATSG, ALK, ALKS, ALL, AYX, AMZN, APH, ADM, ANET, ADP, AZTA, BMI, BBY, BIG, BA, BKNG, CHS, CTAS, CNA, CNX, CGNX, CMTL, ED, CXW, CR, CCRN, ^DJT, ^DJI, DTE, EIX, ELV, EVRG, FARO, GPS, GIS, GFS, GS, GOOGL, HLIT, HSY, HOV, TILE, IPI, ISRG, IRM, JBLU, KSS, LHX, LDOS, LLY, LNC, MANH, MKTX, META, MSFT, MLI, MYGN, NBR, NFLX, NTAP, NWL, NEU, JWN, NOVT, NVDA, OTEX, ORCL, OR, PKE, PFG, PRU, PHM, QTWO, KWR, RRC, RHI, R, SBH, SAIC, SMG, SEE, SO, SWN, SR, TDY, TJX, TOL, TREX, SLCA, UNH, UNM, VLO, VEEV, WRB, WSO, WOLF, WWW, IYC, IDU, DDM, FXI, ICF, IXN, EWK, EWZ, EEM, EWM, EWS, TUR, PEJ, PJP, XLF, SPY, 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 7/26/23. 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 is trending lower as the chart shows (look at the thin blue line near chart bottom). It's not a good sign but don't panic yet.

As it is right now, there's bearish divergence between the indicator and the index.

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 lines show improvement this week compared to a week ago. That's the good news. The bad news is I'm not sure what it means. The prior chart is bullish but shows a change coming.

This chart is still bullish. My guess is we'll see a retrace soon. Perhaps as soon as tomorrow (Wednesday) after the FED reports.

$ $ $

Here's a symbol list of 139 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: DDD, MMM, ANF, ACIW, ADTN, AEIS, AFL, ALRM, ALL, AMZN, ANIK, ATR, ASH, ADSK, AZTA, BSET, BIIB, BKH, BSX, BCO, BR, BBW, CNP, CHKP, CHD, CI, CGNX, CMTL, ED, CONN, CXW, CSGP, CCRN, DTE, DUK, BOOM, EBAY, EIX, EXPI, FFIV, FICO, FARO, FCX, GE, GIS, GPRO, HE, HTLD, HOV, ITW, ISRG, JBLU, JNJ, KLAC, LHX, LH, LDOS, LEN, L, MRO, MAS, MDC, META, NFG, NXGN, NOC, NTNX, NVDA, ON, PKG, PPL, PHM, DGX, RTX, RNG, RGLD, SBH, SAIC, SEE, SIGI, SCI, SHW, STR, SKX, SCCO, LUV, SNPS, TPR, TDY, TFX, TJX, TOL, TDG, TREX, TWLO, UGI, VFC, VMI, VEEV, WRB, WEX, WOLF, IYM, DDM, FXI, IAT, MXI, ILF, EWA, EWQ, EWH, EIS, EWM, EPP, EZA, EWY, EWT, THD, TUR, PJP, XLB, SPY, UNG, USO, SMH. 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 7/25/23. Slider Trading Quiz!

$ $ $

I show another slider trading quiz featuring United Technologies: UTX 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: ADBE, AES, ALB, ALKS, AYX, AFG, ABC, ATR, ADM, ADP, AVA, BKH, BOOT, BSX, BMY, BBW, CACI, CLS, CX, CENX, CF, CRL, CVX, CHS, CNX, CL, COP, CXW, CTS, CMI, DECK, XRAY, DDS, DFS, ^DJI, DTE, EIX, EOG, EFX, EL, EG, EZPW, GIS, GPRO, THG, HQY, HTLD, HOLX, ITW, NSP, ITGR, TILE, IPG, ISRG, JNJ, KBH, LH, LAMR, MAN, MRO, MDC, MU, MS, MUR, NEU, JWN, NOVT, NUS, OXY, OGE, ORI, OLN, OMCL, PKG, PKE, PFE, PPG, PEG, PSTG, QTWO, RNG, RHI, RCKY, RES, SBH, SEE, SIGI, SCI, STR, SKX, SWX, SCS, SRDX, TRGP, TDOC, TFX, TJX, TDG, SLCA, VLO, WRB, WU, WWD, IYE, DDM, FXI, IYZ, IXC, SLV, IGE, IEO, IYF, IHI, EWO, EWC, EEM, EWH, EIS, EWM, EZA, EWY, TUR, DBA, PBE, PJP, 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 Dow industrials, sorted by value. When several are near each other (small differences), the area might act as support or resistance.

-- Thomas Bulkowski

Monday 7/24/23. Market Monday: The Week Ahead

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

My Prediction

Not much is happening in the Industrials this week. I show the chart on the daily scale, by the way.

A line of overhead resistance should have stopped the advance, and it did, but only for a few peaks in June before the index busted through upward. The resulting move was a nice deposit in my wallet.

As they say, a rising tide lifts all boats.

What's next? The CPI chart (Chart Pattern Indicator not consumer price index, not shown) is trending lower. That suggests the upward move is running out of steam. Of course, it's being powered by earnings reports now. Maybe we'll have some companies miss and will pull the index lower.

I'm doing some selling in anticipation of a lower value in September when I'll buy back in.

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 180 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: ATVI, AMD, ATSG, AKAM, ALB, ALKS, AYX, AMED, AMWD, ABC, AMN, AR, AON, ADM, AWI, AIZ, AGO, ATO, AVA, AXS, BMI, BALL, BZH, BIO, BOOT, BAH, BCO, BG, CX, CNC, CENX, CNX, CGNX, CTSH, ED, COP, CXW, CMI, CW, DHR, ^DJU, DRQ, DTE, DUK, EMN, EBAY, EIX, EPAM, EFX, EQT, EL, EXPI, EZPW, FCX, FDP, GPS, IT, GNW, GFS, GPRO, GGG, GES, HBI, THG, HLIT, HAYN, HQY, HELE, HOLX, HWM, JBHT, IBP, IPG, IPI, KBH, KELYA, KMT, KLAC, LAMR, LEG, LNC, LOW, LPLA, LXU, M, MAN, MRO, MGEE, MU, MLKN, ^IXIC, NFLX, NEE, NOVT, OMC, OR, OXM, PKG, PATK, PDCO, PETS, PLXS, PEG, RL, RJF, RHI, ROP, SBH, SIGI, SMTC, SCI, STR, SKX, SWN, SCS, SRDX, TDOC, TDG, UNM, VC, WRB, WLK, WSM, WOLF, WWD, IYC, IDU, FDN, QTEC, FXL, BOTZ, QQQ, ICF, IAT, IXN, ILF, SOXX, SLV, IHI, EWO, ECH, EEM, EIS, EWJ, EWY, EWD, THD, QLD, PPA, PJP, PHO, ROBO, XLY, GLD, XHB, XLU, USO, SMH, 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 below industries were the best (rank 1) or worst performing of those I follow.

-- Thomas Bulkowski

Friday 7/21/23. Pattern Trading Setups for the Weekend.

Consider tax loss harvesting now. The markets are high and if you have a stock/ETF/mutualfund losing money, it might be the time to sell. You have to wait MORE than 30 days before you buy back the same or similar shares otherwise the tax loss will be disallowed (but it raises the cost basis for the next time you sell, so the deduction isn't lost, just postponed). When the markets drop in September (weakest month of the year or October, you'll have the cash available.

You could sell now and buy back a security that isn't similar. What's that mean? The government doesn't say, but doing something like selling a stock and buying a diversified ETF or mutual fund will work. By diversified, I mean a fund that has more than one security in it. Making a switch from an ETF to another ETF, especially if they both have the same benchmark (like the Nasdaq) is high risk of triggering the wash sale rule and may or may not cause a problem. If you do that, make sure you choose a different fund company (such as moving from iShares to Vanguard). It's best to make a move like selling the QQQs (which follows the Nasdaq) and buying SMH (semiconductors). In other words, change industries on the benchmark.

$ $ $

Here's a symbol list of 168 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: ACN, AMD, ALB, ALKS, ALL, AYX, ANIK, AMAT, ADM, ASH, ATO, AVY, AVA, AXS, AZTA, BMI, BCPC, BAX, BZH, BIIB, BSX, BMY, BG, CBT, CACI, CX, CENX, CHS, CINF, CNO, CNX, CMTL, GLW, COST, CRH, CROX, ^DJU, ^DJI, DRQ, EMN, EIX, EL, EVH, FICO, FARO, FAST, FDX, FLEX, FTNT, FCX, GPS, GNW, GFS, GL, GGG, GES, HBI, HAYN, HQY, DHI, HOV, IEX, ITW, INCY, INFN, IBP, IIIN, PODD, IPAR, IBKR, ISRG, NVTA, JAZZ, JNJ, KBH, KELYA, KLAC, KLIC, LHX, LZB, LEG, LEN, RAMP, LXU, MHO, MDC, MU, MYGN, ORI, OMCL, ORCL, OR, OUT, PKG, PETS, PPG, PEG, PHM, QTWO, RL, RMBS, RGLD, SCHW, SIGI, SCI, SKX, SCCO, SPSC, SUM, SRDX, SNPS, TRGP, TECH, TDOC, TDC, TER, TSCO, RIG, UGI, VLO, VEEV, WSC, ZBRA, ITA, ITB, IEZ, IHE, IDU, DDM, BOTZ, ILF, SOXX, SLV, IHI, EWK, EWC, EWH, EWS, EWY, EWT, PBE, XLP, GLD, XHB, XLU, UNG, SMH. 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 7/20/23. Ethereum ETH-USD

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 (ETH-USD) on the daily scale.

BC is a chart pattern called an ugly double bottom. That's when the second bottom (C) is well above the price of the first bottom (B).

If confirms at D when the currency closes above the blue line.

I drew two lines parallel, A and C, showing how the currency is marching upward. We should see it bounce off the lower line and rise to the top one. Of course, that might not happen. If we see it punch through the lower line, then it could drop all the way down to about the price of B.

$ $ $

Here's a symbol list of 151 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: MMM, ACN, ADTN, AMD, AES, A, ALKS, ALGT, AXP, ABC, AIZ, ATO, AVY, AVA, AXS, AZTA, BMI, BALL, BIG, BMRN, CX, CENX, CHKP, CHS, CI, CLNE, CLF, CNX, CXW, DHR, DSGR, ^DJI, DTE, ELV, EZPW, FIS, FTNT, FWRD, GME, GFS, HQY, HSIC, HOV, HUBG, JBHT, ITW, IPAR, IPG, INTU, ISRG, JAZZ, JBLU, JNJ, KBH, LAMR, RAMP, LMT, LOW, MHO, MRO, MCHX, MU, NFG, NFLX, NWL, NEU, OLN, OMCL, ASGN, ON, OTEX, ORCL, OR, PKG, PKE, PTEN, PEN, PETS, PLXS, PPG, QCOM, DGX, REGN, RHI, SLB, SRE, SLGN, LUV, SWN, SPLK, SPSC, SCS, SUM, SRDX, SNPS, TRGP, TDOC, TDC, TER, TEVA, TMO, RIG, TREX, VEEV, MDRX, WAT, WU, WSM, WDAY, IYK, DDM, BOTZ, ICF, IHF, SOXX, EWO, EWK, EWC, EIS, THD, EWU, DBA, PEJ, SSO, XLP, XRT, SPY, XAR, SMH, 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

Wednesday 7/19/23. 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 Dow industrials climbed 366 points today (Tuesday), an indication of the strength of the upward move.

The CPI is bullish as the chart shows with a green vertical bar on the far right of the chart. Notice that you don't see neutral (white) bars to the right of the green one (yet). So that means the run is still coasting upward.

Does all of this suggest the uptrend will end soon?

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).

The green line shows the longer-term uptrend in the indicator. I believe it continues to show strength. Both lines show improvement from the reading taken a week ago.

Both charts are bullish, suggesting either a nasty bearish surprise is coming or the bull run remains intact. I'm hoping the upward run continues.

$ $ $

Here's a symbol list of 129 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: ABT, ANF, ACN, ADTN, AFL, ATSG, ALKS, ALGT, AYX, AEO, AXP, ASH, ATO, AVA, AXS, BSET, BERY, BOOT, BSX, CX, CENX, CF, CHS, CSCO, CLNE, CNX, CMCO, COST, COTY, CMI, CW, DFS, D, EXPD, EZPW, FDS, FARO, FWRD, GD, GL, GOOGL, GPRO, GFF, HLIT, HAYN, HQY, HTLD, HL, HSY, HUN, ITW, INFN, ITGR, IBKR, ISRG, JBLU, KBH, LZB, LLY, LMT, MHO, MKTX, MLM, MDC, MDT, MU, MS, MYGN, NBR, NCR, JWN, NOC, OLN, OMCL, PKG, RRC, RTX, RGA, RLI, RCKY, ROST, R, SAIA, SCHW, STR, LUV, SWN, SPLK, SCS, SRDX, TDOC, TDG, TRV, TZOO, TREX, TWLO, UNH, WAT, WERN, WSM, WWW, WWD, IAI, IHE, DDM, IHF, IXN, IEO, EIS, EZA, THD, XLP, XLF, GLD, XLI, XRT, SPY, XLK, 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

Tuesday 7/18/23. Slider Trading Quiz!

$ $ $

I show another slider trading quiz featuring Valero Energy: VLO stock.

$ $ $

Here's a symbol list of 120 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: ABM, ACN, ACIW, ATVI, ADBE, A, APD, ALK, AMGN, AAPL, ACGL, ANET, AIZ, AVY, BOOT, BCO, BMY, CX, CNP, CENX, CDAY, CNO, CMTL, CCRN, DDS, DSGR, ^DJT, ^DJI, BOOM, EQT, EL, EG, FDS, FICO, FARO, FIS, FISV, FORM, FTV, FCX, GMS, GOOGL, GPRO, HP, HSIC, HOLX, HURC, INFN, JKHY, LRCX, LPLA, MAN, MAS, MU, NFG, NEWR, ORI, OLN, OMC, PANW, PTEN, PFE, PFG, PSTG, QCOM, RJF, RGS, ROK, RES, SEIC, SMTC, SKX, SO, SCS, TPR, TGT, TFX, TPX, TDC, TXN, TSCO, TRV, UIS, VECO, VMC, WRB, WERN, WWW, WDAY, XEL, IYM, DDM, FDN, QTEC, FXL, IYZ, IXN, EWK, EWQ, EZA, EWY, THD, TUR, EWU, DBA, PBE, SSO, SPY, XLK. 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 7/17/23. Market Monday: The Week Ahead

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

My Prediction

AB is a double bottom. However, if you include D, then you can interpret it as a head-and-shoulders bottom chart pattern.

Either way is fine but you get a slightly taller measure rule prediction with the double bottom. What does that mean? I use the height of the pattern to help predict a target price. That way, I can assign probabilities of how often price will reach the target.

Price reaches the target 73% of the time for an Adam & Adam double bottom, for example.

In this case, we see that the BC height added to C gives us E. So if we were able to buy an ETF related to the transports, we could buy at C and exit at our E target. It would have worked wonderfully this time.

$ $ $

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 155 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: AFL, ALGT, ALL, AYX, AMED, AFG, AIG, AR, ADM, AIZ, AGO, AVY, AVNT, BSET, BOOT, BAH, BSX, BFH, BMY, CLS, CNP, CHKP, CVX, CHS, CINF, CLNE, CNX, CSGP, CCK, DVN, FANG, DFS, DSGR, ^DJT, ^DJI, DUK, ECL, EIX, EFX, EG, FAST, FDX, FIS, FE, FLS, FTNT, FNV, FCX, IT, GNW, GS, GPRO, GFF, THG, HIG, HL, HSIC, DHI, IEX, IRM, KLIC, LEN, LLY, L, LOW, LPLA, MKTX, MTRX, MSFT, MOS, MUR, NFG, NFLX, NOVT, OLN, OTEX, OXM, PKG, PKE, PDCO, PAYX, PLXS, POR, PRU, PHM, RL, RJF, RNG, SAND, SCHW, SCI, SMAR, SWN, SCS, SSYS, SUM, TFX, TPX, TSCO, TRV, UHAL, UGI, UNM, VC, WAT, WLK, IYM, IAI, IYE, IAT, IYZ, IEV, IXC, IXN, SOXX, SLV, IEO, IYF, EWA, EWO, EWC, EWQ, EWM, EWY, EWP, EWU, DBA, PEJ, PXJ, ROBO, XLP, XLE, XLF, XLB, XAR, XLK, SMH, 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 below industries were the best (rank 1) or worst performing of those I follow.

-- Thomas Bulkowski

Friday 7/14/23. Pattern Trading Setups for the Weekend.

$ $ $

Here's a symbol list of 183 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: AXDX, ALGT, AYX, AMZN, AEE, AFG, AR, ANET, AXS, BMI, BKNG, BOOT, BFH, BLDR, BG, CPB, CNC, CNP, CF, CVX, CNO, CNX, CGNX, COP, CXW, CRH, CTS, DDS, DSGR, ^DJU, ^DJT, DRQ, DTE, DUK, BOOM, ECL, EIX, EFX, EG, EXPI, FAST, FDX, FISV, FLS, FORM, FCX, FRD, IT, GNW, GL, GOOGL, GPRO, THG, HQY, HL, HP, HNI, HD, DHI, INFN, INTU, NVTA, IRM, JNJ, KLAC, KLIC, LRCX, LAMR, RAMP, LOW, MHO, M, MGY, MRO, MTRX, MDT, MRK, META, ^IXIC, NCR, NWPX, NVDA, PKG, PKE, PTEN, PAYX, POR, PG, QCOM, RMBS, RNG, ^GSPC, SBH, SAND, SEIC, SIGI, SCI, SHOP, SKX, SCCO, SCS, SSYS, SRDX, SNPS, TPX, TER, TTD, TSCO, TZOO, UGI, UIS, VECO, VC, WU, WLK, IYE, FTEC, FDN, QTEC, FXL, FXI, BOTZ, QQQ, IEV, MXI, IXN, SOXX, SLV, EWA, EWO, EWK, EWC, EEM, EWQ, EWG, EWH, EIS, EWI, EWJ, EWM, EPP, EWS, EZA, EWY, EWP, EWD, EWL, EWT, EWU, QLD, PBE, PJP, ROBO, XLE, XRT, XLK, UNG, USO, SMH, MGK, VONG. 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 7/13/23. 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 drew a red support line connecting the valleys just to see how they line up.

This is one weird looking chart, isn't it? The holiday puts a whole in the chart and the indices have bounced around, too, adding to the presentation.

At AB, we see a potential double top. I write potential because the index has to drop below C before it confirms the double top. I was going to write that I don't see that happening but with the index bouncing around so much, anything can happen.

The position of C on the chart also denotes a support area, so if the index drops to that area, I would expect it to stall there. Let's wait and see what happens. I went grocery shopping this morning, so I have my supply of popcorn handy while I wait.

$ $ $

Here's a symbol list of 312 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: ABT, ANF, AXDX, ACIW, AES, A, APD, ATSG, ALRM, AA, AYX, AEE, AXP, AFG, AMN, AR, AON, APOG, AMAT, ATR, ADM, ASH, AGO, ATO, ADSK, AVY, AXS, BMI, BSET, BERY, BIO, BA, BOOT, BAH, BRC, BFH, BMY, BRKR, BBW, BLDR, BG, CBT, CPB, CE, CLS, CNP, CDAY, CVX, CHS, CIEN, CLF, CNX, CGNX, ED, COP, CXW, CR, CRH, CROX, CCK, CMI, CW, XRAY, DDS, DFS, ^DJT, ^DJI, DRQ, DTE, DUK, EMN, ELV, EFX, EG, EVH, EXPI, FFIV, FAST, FDX, FLS, FORM, FNV, GPS, IT, GNW, GFS, GL, GPRO, THG, HLIT, HE, HAYN, HQY, HL, HSII, HNI, HD, DHI, HWM, HUBG, HUM, HUN, HURC, IEX, ITW, INCY, INFN, NSP, IBP, IIIN, IBKR, TILE, INTU, NVTA, JAZZ, KALU, KBH, KFRC, KLAC, LZB, LRCX, LAMR, LEN, LNC, LXU, MHO, MTSI, M, MAN, MRO, MAS, MA, MTRN, MTRX, MDC, MRK, MLKN, MCO, MS, MOS, MLI, MUR, MYGN, NBR, NOV, NCR, NTAP, NEE, NXGN, JWN, NOC, NTNX, NVDA, OXY, ORI, OMC, OUT, OXM, PKG, PANW, PKE, PATK, PDCO, PRFT, PLXS, POR, PPL, PHM, PSTG, QTWO, RMBS, RTX, RNG, RHI, ROG, ROST, RGLD, SLB, SIGI, SRE, SMTC, SCI, SHOP, SLGN, SCCO, SR, SPLK, SPSC, SCS, TPR, TPX, TDC, TER, TXN, TJX, TSCO, RIG, TZOO, TG, UHAL, UIS, UNH, VFC, VEEV, V, VC, VMC, WU, WLK, WMB, WSM, WSC, ITA, IYM, IAI, IYC, IYE, ITB, DDM, BOTZ, ICF, IYH, IHF, IAT, IEV, IXC, MXI, IXN, ILF, SOXX, SLV, IGE, IEO, IYF, IHI, EWA, EWO, EWK, ECH, EEM, EWQ, EWG, EWH, EIS, EWI, EWM, EPP, EWS, EZA, EWY, EWP, EWD, EWL, EWT, THD, EWU, IBB, DBA, PBE, PEJ, PJP, PHO, ROBO, XLY, XLE, XLF, GLD, XLV, XHB, XRT, XLK, USO, SMH, 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 Nasdaq composite, sorted by value. When several are near each other (small differences), the area might act as support or resistance.

-- Thomas Bulkowski

Wednesday 7/12/23. 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 most recent signal is bullish as the vertical green bar on the far right of the chart shows.

It suggests that the uptrend will continue. Interpolating the chart says that the signal is at 90 out of 100. So there's room for growth. If it were pegged at 100, chances are that the CPI would reverse (it couldn't go higher). That would suggest a downturn was coming.

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).

The red line this week shows improvement when compared to where it was a week ago.

It continues a stair-step type rise since the September low. However, this chart shows the red line matching where it was at the June peak. Does this mean it's hitting overhead resistance?

Answer: I don't know. Based on what I see in the rest of the chart (that is, the horizontal to up move from May to June) suggests we can see another move higher.

So this week, both charts are bullish. I see the indices climbing to new highs.

$ $ $

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: ABM, ACN, AYI, AEIS, A, AEO, AMWD, ANIK, APOG, AAPL, BMI, BSET, BA, BKNG, BOOT, BFH, BMY, CLS, CVX, CHS, CSCO, CNA, CNX, CGNX, CL, COP, GLW, CMI, DVN, FANG, DFS, DSGR, D, DOV, DRQ, EBAY, EME, WIRE, EFX, EG, EVH, FDS, FLS, FORM, GME, GPS, GES, HLIT, HIG, HELE, HSIC, HOLX, HURC, ITW, INFN, JAZZ, JNJ, KBH, KMT, KEYS, KLAC, LRCX, LAMR, LMT, LOW, MHO, M, MANH, MRO, MLM, MTDR, MTRX, MDC, MRK, META, MLKN, MUR, NTAP, NWL, NWPX, NOVT, ORI, OTEX, PKE, PATK, PTEN, PETS, PXD, PINC, RMBS, REGN, RNG, RHI, ROK, CRM, SLB, SCHW, SMG, SMTC, SHW, STR, SMAR, SWX, SCS, TPR, TDOC, TDY, TMO, TKR, TJX, TOL, TRV, TZOO, TREX, UIS, VECO, VEEV, VC, WRB, WERN, WLK, WEX, WSM, WSC, WWW, ITA, IYC, IYE, IEZ, DDM, FTEC, FDN, BOTZ, IHF, IEV, IXC, IGE, IEO, EWA, EWK, EWZ, ECH, EEM, EWQ, EWG, EWI, EWM, EWS, EWD, EWL, THD, IBB, PEJ, PXJ, XLY, XLE, XLF, GLD, XHB, XLI, XRT, SPY, 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

Tuesday 7/11/23. Slider Trading Quiz!

$ $ $

I show another slider trading quiz featuring United Online: UNTD stock.

$ $ $

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: ACIW, ALRM, ALKS, ALL, AMWD, APA, ADM, ANET, AVA, BMI, BCPC, BIIB, BA, BFH, BMY, BLDR, CDNS, CRL, CHS, CNX, CGNX, CROX, CMI, FANG, DSGR, ^DJI, DRQ, EMR, EPAM, EFX, EVH, EXPI, FICO, FARO, FIS, FMC, GE, GIS, GFS, GOOGL, GES, HE, HELE, HD, PODD, IRM, JNJ, KBH, KELYA, LZB, LAMR, LANC, M, MRO, MCHX, MA, MTDR, MTRX, MDC, MLKN, MUR, NFG, NEE, NWPX, NOVT, NVDA, OUT, OXM, PATK, PDCO, PTEN, PGR, DGX, RGS, RNG, RLI, RHI, SCHW, SMG, SIGI, SRE, SWX, SSYS, TFX, TPX, TKR, TJX, TSCO, SLCA, VEEV, MDRX, WRB, WEX, WPM, WSM, ZBRA, ITA, IAI, IYE, IHE, BOTZ, ICF, IYH, IGV, IXC, IGE, IEO, EWA, ECH, EPP, EZA, EWY, TUR, EWU, IBB, PJP, XLE, XLF, XRT, 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.

$ $ $

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 7/10/23. 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 Dow utilities on the daily scale.

The red line represents support. Notice how several valleys come near the line and rebound upward.

At AB, we see a potential double top. It won't become a valid double top until the index closes below C.

I'm not sure that's going to happen. I suspect that we'll see the index turn upward and eventually rise above A.

I suppose that since the index is already dropping toward C, that we could see it bounce off the red line another time before staging an upward run.

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 will be starting in about 6 days.

Here's a symbol list of 159 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: ABM, AXDX, ACIW, ADTN, ATSG, ALRM, ALB, AA, ALKS, ADM, ANET, AVA, AXS, BMI, BALL, BECN, BIG, BA, BAH, BMY, CACI, CALM, CE, CLS, CNA, CGNX, CTSH, CMCO, CMTL, CRH, CROX, CCK, DVN, DDS, ^DJI, DRQ, EME, EOG, EFX, RE, EVRG, XOM, FIS, GME, GIS, GILD, GPN, GFS, GL, GES, HBI, HE, HSII, HSY, HOLX, HUM, HUN, ITGR, INTC, IPAR, IBKR, TILE, IPI, IRM, JAZZ, JNJ, KBH, LANC, RAMP, L, M, MGY, MRO, MDC, MRK, MU, MUR, NBR, NJR, NEU, NKE, NOVT, NUS, NVDA, OXY, OMC, OTEX, OUT, OXM, PATK, PDCO, PTEN, PXD, PINC, PSTG, RMBS, RTX, REGN, RNG, RHI, RCKY, RES, SMG, SMAR, LUV, SWX, SSYS, SRDX, TDOC, TDY, TER, TEVA, TXT, TKR, TJX, TZOO, TREX, MDRX, VC, WRB, WEX, ZBRA, IEZ, IHE, DDM, FXI, IYH, IHF, ILF, SLV, IEO, EWZ, ECH, EEM, EWQ, EWG, EWS, EWT, THD, IBB, PBE, PXJ, 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.

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

-- Thomas Bulkowski

Friday 7/7/23. Pattern Trading Setups for the Weekend.

$ $ $

Here's a symbol list of 227 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: DDD, ANF, ABM, AXDX, ACN, ACIW, AEIS, AMD, ALRM, ALKS, AYX, ABC, AMN, ATR, ANET, AVNT, AXS, AZTA, BCPC, BBY, BIIB, BKH, BCO, BMY, BBW, CBT, CVX, CHD, CLNE, CLF, CGNX, CMCO, CRH, CROX, XRAY, FANG, DSGR, ^DJI, DOV, EXP, EOG, EFX, EXPI, FICO, FORM, FTNT, FTV, FCX, GME, GFS, GGG, GES, HBI, THG, HLIT, HAYN, HP, HOLX, DHI, IEX, ITW, INFN, IIIN, INTC, IPG, IRM, JAZZ, JNJ, KMT, KLIC, LZB, LANC, M, MRO, MLM, MAS, MTDR, MTRN, MDC, MDT, MU, MLI, MUR, MYGN, NTGR, NTAP, NEU, NEE, NXGN, NKE, NWPX, NOVT, OXY, OMC, ASGN, OUT, OMI, OXM, PKE, PATK, PETS, PFE, PXD, RNG, ROST, RGLD, SLB, SMG, SEE, SIGI, SRE, SCI, SHW, STR, SCCO, SWX, SSYS, SUM, TPR, TECH, TFX, TER, TEVA, TTD, TKR, UIS, VFC, WU, WLK, WPM, WMB, WWW, ZBRA, IYM, IYE, ITB, IHE, DDM, FTEC, QTEC, FXL, FXI, BOTZ, IHF, IAT, IEV, IGV, IXC, MXI, IXN, ILF, IGE, IEO, IHI, EWO, EWK, EWZ, EEM, EWQ, EWG, EWH, EIS, EWI, EWJ, EWW, EPP, EWS, EZA, EWY, EWP, EWD, EWL, EWT, EWU, IBB, PBE, PEJ, PJP, PHO, ROBO, XLV, XHB, XLI, XLB, XLK, UNG, VHT, VIS, 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.

$ $ $

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 7/6/23. A Look at Cryptocurrency Bitcoin (BTC-USD)

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 cryptocurrency Bitcoin (BTC-USD) on the daily scale.

There's only one thing I want to mention about this chart and that's the potential of a pennant.

A flag (has parallel sides) or a pennant (unparallel sides) can appear midway through a move.

In this case, the pennant has to be perched atop a flagpole, which I show as the AB rise. If the pennant obeys the theory, the rise from the low at C should also be the same AB length.

How often does that work? In stocks, a move of 19% from A to B falls short on the C to (D, not shown) move by rising only 14%. So don't expect the full AB rise.

$ $ $

Here's a symbol list of 159 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: ABM, ACN, ACIW, ADBE, AMD, AES, ALRM, AA, ALKS, AEE, AXP, ATR, ADM, ANET, ATO, BCPC, BSET, BERY, BIIB, BMY, BBW, BG, CBT, CNP, CENX, CVX, CIEN, CGNX, COP, CROX, CCK, CW, FANG, ^DJU, D, DRQ, DTE, DUK, EIX, EOG, EFX, EXPI, FARO, FNV, FRD, GFS, HBI, HLIT, HAYN, HP, HURC, TILE, INTU, ISRG, IRM, JNJ, KELYA, LZB, LANC, LOW, MTSI, MRO, MAS, MTDR, MTRX, MDC, MS, NBR, NCR, NXGN, NKE, NOC, NWPX, NOVT, OXY, OTEX, ORCL, OR, OUT, OMI, OXM, PANW, PATK, PCTY, PXD, PPL, PEG, QCOM, RMBS, RGS, RNG, RHI, RGLD, RES, R, SLB, SMG, SMTC, SLGN, STR, SWX, SSYS, TEVA, TKR, TJX, SLCA, UIS, VFC, VMI, VEEV, MDRX, WAT, WEX, WPM, WMB, WOLF, WWW, ZBRA, IYE, ITB, IEZ, IDU, IAT, IXC, IGE, IEO, EWK, ECH, EWW, EZA, EWD, EWL, PXJ, XLU, UNG, VONG. 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 7/5/23. Market Forecast Update

$ $ $

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

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Here's a symbol list of 139 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: ACN, AKAM, AA, ALKS, ALGT, ALL, AXP, AMAT, ASH, AIZ, BRC, BRKR, BBW, CAL, CLS, CVX, CHS, CLNE, CNO, CGNX, CMTL, CXW, CROX, ^DJT, BOOM, EBAY, EFX, FDS, FDX, FIS, FCX, GD, GPN, GS, GFF, GES, HIG, HQY, HOLX, HON, HUBG, HUN, ITW, INTC, IBKR, IPI, NVTA, JNJ, KALU, KSS, LRCX, LANC, RAMP, L, M, MOS, MUR, NFG, NOV, NCR, NTGR, NJR, NXGN, NKE, JWN, NUS, OXY, OUT, PATK, PTEN, PGR, KWR, QCOM, DGX, RMBS, RTX, RGA, RNG, RCKY, ^GSPC, SAIA, SAND, SCHW, SMTC, SLGN, STR, SKX, SKYW, SWX, SCS, TPR, TGT, TDOC, TFX, TXT, TKR, TDG, TG, UNH, V, VC, WEX, ZBRA, ITA, IAI, IYC, IYE, ITB, IEZ, FXI, IAT, MXI, ILF, IEO, EWZ, EEM, EWI, EWM, EPP, EWY, THD, PEJ, PXJ, XLY, XLE, XRT. 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

Monday 7/3/23. Market Monday: The Week Ahead

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

My Prediction

Not much is going on in this picture of the Nasdaq on the daily scale.

The red line highlights support and resistance. On the left half of the chart, we see the index bumping up against overhead resistance. On the right side, it's too soon to see if the index will drop and find support at the line.

Beyond that, I'm expecting the indices to continue moving higher over the next two weeks. Fortunately, after I rebalanced most of my portfolios in the last week or two, I feel well positioned to take advantage of any new highs.

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 244 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: DDD, AYI, AEIS, AJRD, A, ALRM, ALL, DOX, AMED, AEL, AXP, AFG, AMWD, APH, AR, AON, APOG, AAPL, AIZ, AXS, BMI, BSET, BZH, BBY, BIO, BCO, BR, CBT, CPB, CHKP, CVX, CHS, CHD, CTAS, CLNE, CGNX, CTSH, CMTL, CONN, COST, CR, CRH, CCRN, DVN, DFS, DOV, BOOM, EFX, XOM, EZPW, FDS, FICO, FAST, FDX, FISV, FLEX, FLS, FTNT, FTV, FWRD, FRD, IT, GD, GE, GFS, GMS, GPRO, GGG, GES, HIG, HON, HWM, IDXX, NSP, IIIN, INTC, IBKR, TILE, IPG, IPI, JAZZ, JNJ, KEYS, KLAC, KLIC, LZB, LANC, LXU, MTSI, MANH, MRTN, MAS, MA, MDC, MRK, MRCY, MCO, MUR, MYGN, ^IXIC, NCR, NTGR, NWL, NXGN, JWN, NOC, NOVT, OXY, OLN, ON, OTEX, ORCL, OR, PKE, PATK, PETS, PPG, PG, PRU, DGX, RGS, RGA, RNG, RHI, ROK, ROP, ROST, RGLD, ^GSPC, SAIA, SAND, SCHW, SIGI, NOW, STR, SWX, SR, SPLK, SXI, SNPS, TRGP, TGT, TFX, TDC, TER, TXN, TMO, TKR, TJX, RIG, TG, UIS, UNH, MDRX, VRSN, V, WU, WDAY, ZBRA, IYM, IYC, IYE, ITB, IEZ, IHE, IDU, DDM, FTEC, FDN, QTEC, FXL, QQQ, IYH, IAT, IYZ, IGV, IXC, IXN, SOXX, IGE, IEO, IYF, IHI, EWC, EWQ, EWH, EWI, EWM, EWP, THD, QLD, PPA, PEJ, PXJ, PHO, SSO, ROBO, XLY, XLE, XLF, XLV, XHB, XLI, XLB, SPY, XLK, VHT, VIS, VAW, MGK, VONG. 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

 

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