Bulkowski's Blog: ThePatternSite.com
As of 07/11/2024
  Indus: 39,754 +32.39 +0.1%  
  Trans: 15,430 +330.93 +2.2%  
  Utils: 939 +20.22 +2.2%  
  Nasdaq: 18,283 -364.04 -2.0%  
  S&P 500: 5,585 -49.37 -0.9%  
YTD
 +5.5%  
-2.9%  
 +6.5%  
 +21.8%  
 +17.1%  
  Targets    Overview: 06/28/2024  
  Up arrow40,000 or 38,000 by 07/15/2024
  Up arrow15,950 or 14,750 by 07/15/2024
  Up arrow960 or 890 by 07/15/2024
  Up arrow19,200 or 17,800 by 08/01/2024
  Up arrow5,750 or 5,500 by 08/01/2024
As of 07/11/2024
  Indus: 39,754 +32.39 +0.1%  
  Trans: 15,430 +330.93 +2.2%  
  Utils: 939 +20.22 +2.2%  
  Nasdaq: 18,283 -364.04 -2.0%  
  S&P 500: 5,585 -49.37 -0.9%  
YTD
 +5.5%  
-2.9%  
 +6.5%  
 +21.8%  
 +17.1%  
  Targets    Overview: 06/28/2024  
  Up arrow40,000 or 38,000 by 07/15/2024
  Up arrow15,950 or 14,750 by 07/15/2024
  Up arrow960 or 890 by 07/15/2024
  Up arrow19,200 or 17,800 by 08/01/2024
  Up arrow5,750 or 5,500 by 08/01/2024

June 2024 Headlines

Archives


Friday 6/28/24. Pattern Trading Setups for the Weekend.

$ $ $

Here's a symbol list of 145 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: ANF, ABM, ADBE, AFL, AA, AEP, ATR, ANET, ASH, AIZ, AVY, AZTA, BSET, BAX, BA, BKNG, BCO, BR, CBT, CPB, COR, CENX, CHKP, CHD, CSCO, CLF, CAG, CONN, COST, COTY, CCRN, DECK, DSGR, DOV, EOG, EQT, EG, EXPD, FLEX, FMC, FCX, FDP, GME, GPS, GD, GPRO, GES, HE, HQY, HSII, HP, HOV, HWM, INCY, KELYA, KMT, LAMR, LEG, LNC, MAN, MKTX, MA, MDT, META, MGEE, MU, MOS, MUR, MYGN, NBR, NFG, NFLX, NI, OMI, PANW, PKE, PATK, PDCO, PEN, PETS, PCG, PINC, PRU, PSTG, QTWO, KWR, RTX, REGN, RLI, RCKY, CRM, SAIC, SKYW, SCCO, SWX, SR, SXI, SCS, SNPS, TDG, TZOO, TWLO, UHAL, UIS, UPS, V, WSM, WOLF, WWW, IYC, FDN, FXI, ICF, IEO, EWH, EIS, EZA, EWY, THD, TUR, EWU, DBA, PBE, ROBO, XLF, XRT, UNG, 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, author: Invest for Two-Comma Wealth and the novel (fiction) Training "Miles" (#Ad)

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 Symbol  Chart Pattern  Bullish 
 Bearish 
Start End Industry
DDDPipe top      06/03/202406/10/2024Electronics
AMGNDouble Bottom, Adam and Eve      05/30/202406/13/2024Biotechnology
AGOBroadening bottom      05/15/202406/27/2024Insurance (Life)
AZTADouble Top, Adam and Eve      06/12/202406/24/2024Semiconductor Cap Equip.
BADouble Bottom, Adam and Adam      06/20/202406/25/2024Aerospace/Defense
BRDouble Bottom, Adam and Eve      05/30/202406/14/2024Information Services
CALMDouble Bottom, Eve and Adam      06/10/202406/21/2024Food Processing
CORUgly double bottom      05/29/202406/12/2024Biotechnology
CGNXPipe bottom      06/03/202406/10/2024Precision Instrument
CONNDead-cat bounce      06/24/202406/27/2024Retail (Special Lines)
FANGDouble Bottom, Adam and Adam      06/04/202406/17/2024Petroleum (Producing)
^DJTBroadening bottom      05/29/202406/26/2024None
DUKDouble Top, Adam and Adam      05/21/202406/04/2024Electric Utility (East)
EMRBroadening top, right-angled and ascending      06/06/202406/27/2024Computers and Peripherals
EOGDouble Bottom, Adam and Adam      06/04/202406/14/2024Natural Gas (Distributor)
EXPDThree Rising Valleys      05/01/202406/14/2024Air Transport
FICOUgly double bottom      04/26/202405/31/2024IT Services
FLSBroadening wedge, descending      05/22/202406/24/2024Machinery
HTLDUgly double bottom      04/30/202405/29/2024Trucking/Transp. Leasing
KFRCHead-and-shoulders bottom      05/30/202406/17/2024Human Resources
LENDouble Top, Eve and Adam      06/03/202406/12/2024Homebuilding
LDouble Bottom, Eve and Eve      05/29/202406/14/2024Insurance (Prop/Casualty)
MHOBroadening bottom      05/23/202406/21/2024Homebuilding
MADouble Bottom, Eve and Eve      06/03/202406/13/2024Financial Services
MOSPipe bottom      06/10/202406/17/2024Chemical (Diversified)
NBRPipe bottom      06/10/202406/17/2024Oilfield Svcs/Equipment
NTNXDouble Bottom, Eve and Eve      06/07/202406/20/2024E-Commerce
OTEXPipe bottom      06/03/202406/10/2024E-Commerce
PAYXDouble Top, Adam and Adam      05/22/202406/24/2024IT Services
PNWDouble Top, Eve and Eve      05/21/202405/31/2024Electric Utility (West)
PGRMulti-peaks      03/18/202406/27/2024Insurance (Prop/Casualty)
PSTGPipe top      06/10/202406/17/2024Computers and Peripherals
RLHead-and-shoulders top      05/31/202406/25/2024Apparel
RTXHead-and-shoulders top      05/23/202406/24/2024Aerospace/Defense
RGSFlag, high and tight      06/07/202406/27/2024Toiletries/Cosmetics
RBroadening bottom      05/28/202406/12/2024Trucking/Transp. Leasing
CRMUgly double bottom      05/30/202406/17/2024E-Commerce
SLBDouble Bottom, Eve and Adam      06/06/202406/14/2024Oilfield Svcs/Equipment
SEEHead-and-shoulders top      05/17/202406/12/2024Packaging and Container
SEICDouble Bottom, Adam and Adam      06/10/202406/17/2024IT Services
NOWPipe bottom      05/28/202406/03/2024IT Services
SKXDouble Top, Adam and Eve      06/12/202406/25/2024Shoe
SCSDouble Bottom, Adam and Adam      06/10/202406/20/2024Furn/Home Furnishings
WPMTriangle, descending      06/04/202406/27/2024Metals and Mining (Div.)
WDAYDouble Bottom, Adam and Eve      05/30/202406/13/2024Computer Software and Svcs

 

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Thursday 6/27/24. Intraday Market Direction: Nasdaq

The Nasdaq climbed by 0.5% or 87.51 points. Since 02/05/1971 the Nasdaq made 590 similar moves on a percentage basis. After those moves, the next day's...
     Average gain was 0.9% on 397 occasions.
     Average loss was -0.9% on 193 occasions.
Expect the Nasdaq to close higher 67.3% of the time.
Weekly, since inception on 6/14/2011:
     The prediction of the Nasdaq closing higher has been right 278/496 or 56.0% of the time.
     The prediction of the Nasdaq closing lower has been right 77/163 or 47.2% of the time.

Picture of the Nasdaq composite on the 5 minute scale.

$ $ $

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

At AB, a chart pattern called a double top forms. It confirms as a valid chart pattern when the index closes below the lowest valley between the two peaks. That happens at C.

Other than that pattern, the chart is a yawn. Not much is happening except the index is climbing to overhead resistance which I show as a green line. The line is really an area or zone with the line being near the center of that congestion. As the index rises, look for it to stall or even reverse near that line.

$ $ $

Here's a symbol list of 147 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: ANF, ADTN, APD, AA, AEE, AEP, AIG, AMWD, APH, ANIK, ATR, ASH, AIZ, AXS, BSET, BECN, BBY, BMRN, BCO, BR, COR, CENX, CI, CLNE, CLF, CNA, CNO, CONN, COP, CSGS, ^DJT, D, EIX, ELV, EOG, EQT, EXPI, FDX, FE, FISV, FMC, FNV, GES, HSIC, HON, HOV, JBHT, ILMN, INFN, TILE, IPI, JKHY, JNJ, K, LZB, LEG, LNC, L, M, MAN, MRO, MTRX, META, MGEE, MLKN, MOS, MUR, NBR, NI, JWN, NVDA, ORI, ORCL, PATK, PDCO, PETS, PNW, PPL, PFG, PRU, PSTG, KWR, RGA, RLI, RCKY, CRM, SBH, SCCO, SPSC, SCS, SUM, TRGP, TFX, TPX, TDC, TEVA, TREX, UNH, UNM, VC, WOLF, WWW, WDAY, IYC, IYE, IEZ, FXI, ICF, IYH, IEV, MXI, ILF, SLV, IEO, IYF, EWQ, EWH, EWI, EWY, EWP, EWL, EWU, DBA, PHO, XLY, XLE, XLF, GLD, XLV, XHB, XLB, XLU, 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 Nasdaq composite, sorted by value. When several are near each other (small differences), the area might act as support or resistance.

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

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© 2024 ThePatternSite.com    Metric  Value  Diff  Close (within 10% of the high-low range for the day)? 
 Monthly S2  15,904.58    
 Monthly S1  16,854.87  950.29   
 Monthly Pivot  17,395.83  540.96   
 Weekly S2  17,471.29  75.46   
 Weekly S1  17,638.22  166.94   
 Daily S2  17,642.11  3.89   Yes! The Daily S2 is close to the Weekly S1.
 Low  17,687.07  44.96   
 Open  17,697.27  10.20   Yes! The Open is close to the Low.
 Daily S1  17,723.64  26.37   
 61.8% Down from Intraday High  17,735.38  11.75   Yes! The 61.8% Down from Intraday High is close to the Daily S1.
 50% Down from Intraday High  17,750.31  14.93   
 38.2% Down from Intraday High  17,765.23  14.92   
 Daily Pivot  17,768.59  3.36   Yes! The Daily Pivot is close to the 38.2% Down from Intraday High.
 Weekly Pivot  17,787.51  18.91   
 Close  17,805.16  17.65   
 High  17,813.55  8.39   Yes! The High is close to the Close.
 Daily R1  17,850.12  36.57   
 Daily R2  17,895.07  44.96   
 Weekly R1  17,954.44  59.37   
 Weekly R2  18,103.73  149.28   
 Monthly R1  18,346.12  242.39   
 Monthly R2  18,887.08  540.96   

Wednesday 6/26/24. A Look at the Chart Pattern Indicator (CPI)

Picture of the chart pattern indicator

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 chart shows indecision, I think (Smiley that's a joke). The CPI has been cycling between neutral and bearish for about a month now. During that time, the index has climbed.

The latest reading is bearish but a strong up move could make the signal disappear (which can happen for 7 days).

Picture of the chart pattern indicator

Here's another view of the CPI. Bearish is a reading of 35 or below, with the current reading of 23.5.

Circled in green is where the indicator has remained low for an extended time. As you can see from the rest of the chart, it has not been that low for that long.

I'm not sure what it all means. I'd like to warn of a retrace coming but the index continues to climb. Go figure. (That's called bearish divergence).

$ $ $

Here's a symbol list of 169 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: DDD, ANF, AXDX, ACIW, ADTN, APD, ALK, AA, AEP, AIG, AMWD, AMGN, APOG, ASH, AIZ, AVNT, AXS, BBY, BRC, BCO, BR, BG, COR, CENX, CI, CLX, CNA, CNO, CRH, CW, D, DOV, DRQ, ELV, EME, EFX, FISV, FMC, GME, GNW, GMS, GPRO, HLIT, HL, HSII, HSIC, HNI, HD, HON, HOV, HURC, IDA, NSP, IBKR, TILE, IPG, IPI, JNJ, KBH, KMT, LZB, LEG, LNC, L, MLM, MAS, MTRX, MLKN, MOS, MUR, MYGN, NBR, ^IXIC, NEU, JWN, NOC, NVDA, ORI, OTEX, OR, PATK, PDCO, PCTY, PPG, PINC, PFG, PGR, PRU, PEG, PSTG, QCOM, RL, RTX, RGS, RGA, RLI, RCKY, RGLD, SAIC, SMG, SEIC, SLGN, SKX, SCCO, SWX, SPSC, SCS, TPR, TFX, TPX, TDC, TEVA, TSCO, RIG, TREX, UGI, UIS, UPS, UNH, UNM, V, VC, WERN, WU, WMB, WSM, WOLF, WWW, WDAY, IYM, IYK, IDU, FXI, ICF, IYH, IHF, MXI, ILF, SLV, EWH, EIS, EWJ, EWW, PHO, XLY, XLV, XHB, XLB, XLK, VHT, 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.

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

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Tuesday 6/25/24. Slider Trading Quiz!

The Dow climbed by 0.7% or 260.88 points. Since 10/01/1928 the Dow made 710 similar moves on a percentage basis. After those moves, the next day's...
     Average gain was 0.6% on 388 occasions.
     Average loss was -0.7% on 322 occasions.
Expect the Dow to close higher 54.6% of the time.
Weekly, since inception on 6/14/2011:
     The prediction of the Dow closing higher has been right 288/525 or 54.9% of the time.
     The prediction of the Dow closing lower has been right 54/116 or 46.6% of the time.

$ $ $

I show another slider trading quiz featuring Three rising valleys.

$ $ $

Here's a symbol list of 115 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: DDD, ANF, ADTN, AFL, AMZN, AMAT, ACGL, ATO, AVY, BMI, BERY, BIO, BA, BKNG, BRKR, BBW, CALM, CAL, CRL, CI, CINF, CGNX, CTSH, CMTL, CRH, CROX, D, EMN, EXC, EZPW, FARO, FLS, GFS, HBI, HIG, HE, HD, HURC, ILMN, INFN, NSP, IIIN, ITGR, INTC, IPI, KBH, KELYA, MCHX, MTRX, MCO, MYGN, NJR, NEE, NI, NOC, NUS, ORI, OTEX, OR, OMI, PKG, PYPL, PNW, PPG, PFG, PRU, QCOM, RTX, RGLD, RES, SO, SCS, TGT, TFX, TXN, TSCO, TZOO, TG, SLCA, WERN, WLK, WWW, ITA, IYC, IYE, FXI, BOTZ, ICF, IYH, IGE, IEO, EWA, ECH, EIS, THD, IBB, DBA, PBE, PXJ, PHO, ROBO, XLY, XLP, XLE, XRT, USO, 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, author: Invest for Two-Comma Wealth and the novel (fiction) Training "Miles" (#Ad)

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© 2024 ThePatternSite.com    Metric  Value  Diff  Close (within 10% of the high-low range for the day)? 
 Monthly S2  37,086.75    
 Weekly S2  38,208.21  1,121.46   
 Monthly S1  38,248.98  40.77   
 Weekly S1  38,809.71  560.73   
 Daily S2  39,002.24  192.52   
 Weekly Pivot  39,033.45  31.21   Yes! The Weekly Pivot is close to the Daily S2.
 Monthly Pivot  39,163.19  129.75   
 Low  39,184.49  21.30   Yes! The Low is close to the Monthly Pivot.
 Open  39,184.49  0.00   Yes! The Open is close to the Low.
 Daily S1  39,206.72  22.23   Yes! The Daily S1 is close to the Open.
 61.8% Down from Intraday High  39,332.23  125.50   
 50% Down from Intraday High  39,377.86  45.63   
 Daily Pivot  39,388.98  11.12   Yes! The Daily Pivot is close to the 50% Down from Intraday High.
 Close  39,411.21  22.23   Yes! The Close is close to the Daily Pivot.
 38.2% Down from Intraday High  39,423.50  12.29   Yes! The 38.2% Down from Intraday High is close to the Close.
 High  39,571.23  147.73   
 Daily R1  39,593.46  22.23   Yes! The Daily R1 is close to the High.
 Weekly R1  39,634.95  41.48   
 Daily R2  39,775.71  140.77   
 Weekly R2  39,858.68  82.96   
 Monthly R1  40,325.42  466.75   
 Monthly R2  41,239.63  914.21   

Monday 6/24/24. Market Monday: The Week Ahead

My Prediction

Picture of the Dow transports on the daily scale.

This is a busy pic of the Dow transports on the daily scale.

Starting from the left, we see a confirmed double bottom at EE. The index didn't climb far enough after the upward breakout before it reversed at a head-and-shoulders top.

I show that with S for the shoulders and H for the head. The index tumbled substantially after this pattern, bottoming at a triple bottom, shown here as BBB. Recovery led the index higher but not as high as the measure rule suggested. (Measure rule: the height of the pattern added to the top of it gives an upward breakout target).

The index made a twin-peak pattern that I call an Adam & Adam double top, shown here as AA. The pattern confirmed at B when the index closed below the lowest valley between the two peaks.

The index bottomed at C and pulled back to D. According to my book, Encyclopedia of Chart Patterns, 3rd Edition, price resumes dropping 54% of the time. So a resumption of the downtrend is the way to bet.

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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 188.94 points.
Tuesday: Up 56.76 points.
Thursday: Up 299.9 points.
Friday: Up 15.57 points.
Saturday: Holiday or other weird event!

For the Week...

The Dow industrials were up 561.17 points or 1.5%.
The Nasdaq composite was up 0.48 points or 0.0%.
The S&P 500 index was up 33.02 points or 0.6%.

Year to Date...

Dow Industrials
     2.3% down from the high of 40,077.40 on 05/20/2024.
     5.5% up from the low of 37,122.95 on 01/18/2024.
Nasdaq
     1.4% down from the high of 17,936.79 on 06/20/2024.
     22.2% up from the low of 14,477.57 on 01/05/2024.
S&P 500
     0.7% down from the high of 5,505.53 on 06/20/2024.
     16.7% 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  38,961  39,056  39,156  39,251  39,352 
Weekly  38,121  38,636  38,946  39,461  39,772 
Monthly  37,000  38,075  39,076  40,152  41,153 
S&P500 (^GSPC): Daily  5,439  5,452  5,465  5,478  5,491 
Weekly  5,378  5,422  5,464  5,507  5,549 
Monthly  5,073  5,269  5,387  5,583  5,701 
Nasdaq (^IXIC): Daily  17,532  17,611  17,699  17,778  17,866 
Weekly  17,433  17,561  17,749  17,877  18,065 
Monthly  15,866  16,778  17,357  18,269  18,848 

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 150 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: DDD, ANF, ADTN, AEIS, AES, AA, AEE, AFG, AR, APOG, ADM, AGO, BECN, BMRN, BA, BMY, BRKR, CDNS, CAL, CPB, CLS, CNP, CI, CSCO, CLNE, CNA, CNO, CGNX, CMTL, COST, CCRN, D, EG, EVRG, EXC, EZPW, FDS, FLEX, FLS, GILD, GPN, GS, GES, HLIT, HSII, HOLX, HOV, ILMN, PODD, IPAR, INTU, JNJ, KELYA, KLAC, KSS, LHX, LRCX, LLY, RAMP, LPLA, MAN, MCHX, MKTX, MDT, MRK, MGEE, MU, MYGN, ^IXIC, NUS, NVDA, OXY, OTEX, PKG, PANW, PTEN, PYPL, PETS, PCG, PNW, PLXS, PPG, PPL, PRU, PEG, PSTG, RLI, ROP, ^GSPC, SAND, SLB, SWX, SWN, SR, SNPS, TRGP, TECH, TPX, TDC, TXN, TSCO, RIG, SLCA, UIS, VLO, VECO, VC, WPM, WMB, WSC, WOLF, WWD, IYC, IDU, FTEC, QQQ, IXN, SOXX, IHI, EWH, EIS, EWJ, EZA, THD, TUR, QLD, IBB, DBA, PBE, PJP, SSO, ROBO, SPY, XAR, XLK, XLU, USO, SMH, VHT, 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.

This WeekLast Week
1. Shoe1. Shoe
2. Semiconductor Cap Equip.2. Semiconductor Cap Equip.
3. Retail (Special Lines)3. Apparel
4. Telecom. Equipment4. Retail (Special Lines)
5. Apparel5. Telecom. Equipment
6. Semiconductor6. Semiconductor
7. Drug7. Retail Store
8. Industrial Services8. Drug
9. Retail Store9. Industrial Services
10. Long ETFs10. Long ETFs
Best Performing AboveWorst Performing Below
50. Chemical (Basic)50. Diversified Co.
51. Electric Utility (West)51. Medical Supplies
52. Air Transport52. Electric Utility (West)
53. Information Services53. Chemical (Diversified)
54. Medical Supplies54. Trucking/Transp. Leasing
55. Chemical (Diversified)55. Information Services
56. Trucking/Transp. Leasing56. Air Transport
57. Oilfield Svcs/Equipment57. Human Resources
58. Short ETFs58. Short ETFs
59. Human Resources59. Oilfield Svcs/Equipment
60. Toiletries/Cosmetics60. Toiletries/Cosmetics

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

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Friday 6/21/24. Pattern Trading Setups for the Weekend.

$ $ $

Here's a symbol list of 138 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: DDD, ABT, ANF, ACN, ACIW, AMD, ATSG, ALB, APH, APOG, AGO, AVA, BAX, BECN, BERY, BA, CDNS, CAL, CLS, CNO, CGNX, CTSH, COST, CRH, CROX, CCRN, CMI, DVN, ^DJT, WIRE, EPAM, EXPI, EZPW, FLEX, FORM, FCX, GMS, GS, GPRO, GES, HIG, HQY, HOLX, HOV, HWM, ILMN, INFN, ITGR, JKHY, JAZZ, KELYA, KLAC, LRCX, LEG, LLY, MTSI, MCHX, MKTX, MTRN, MDT, MU, MCO, MOS, MYGN, ^IXIC, NFG, NFLX, NEU, NOC, NUS, NVDA, OMCL, ASGN, ON, OTEX, PKG, PDCO, PCTY, PYPL, PSTG, ^GSPC, SBH, SKYW, SCS, SSYS, SNPS, TPX, TMO, TSCO, RIG, VFC, VECO, WMT, WMB, WOLF, WWD, FTEC, QTEC, FXL, FXI, BOTZ, QQQ, IHF, IYZ, MXI, IXN, SOXX, ITB, EWO, ECH, EIS, EWI, EZA, EWT, EWU, QLD, DBA, PEJ, PJP, SSO, GLD, SPY, XLK, 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, author: Invest for Two-Comma Wealth and the novel (fiction) Training "Miles" (#Ad)

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 Symbol  Chart Pattern  Bullish 
 Bearish 
Start End Industry
ACNDouble Bottom, Eve and Eve      05/31/202406/14/2024IT Services
ACIWBroadening bottom      05/29/202406/20/2024IT Services
ADBEPipe bottom      05/28/202406/03/2024Computer Software and Svcs
ARHead-and-shoulders top      05/20/202406/12/2024Natural Gas (Diversified)
ARWDouble Top, Eve and Eve      05/23/202406/12/2024Electronics
BCPCTriangle, symmetrical      06/05/202406/20/2024Chemical (Specialty)
BSETPipe top      05/28/202406/03/2024Furn/Home Furnishings
BAPipe top      06/03/202406/10/2024Aerospace/Defense
BBWBroadening top      03/18/202404/30/2024Retail (Special Lines)
CACITriple bottom      05/30/202406/10/2024IT Services
CALMDouble Top, Adam and Eve      05/22/202406/03/2024Food Processing
CLSPipe bottom      06/03/202406/10/2024Electronics
CNXDouble Top, Adam and Adam      06/03/202406/12/2024Natural Gas (Diversified)
CTSHDouble Bottom, Adam and Adam      05/30/202406/17/2024IT Services
CMTLFlag, high and tight      04/23/202406/18/2024Telecom. Equipment
CONNHead-and-shoulders top      05/09/202406/03/2024Retail (Special Lines)
CTSTriple top      05/22/202406/05/2024Electronics
DECKPipe top      05/28/202406/03/2024Shoe
^DJTDouble Top, Adam and Adam      06/03/202406/12/2024None
^DJIDouble Top, Adam and Adam      06/07/202406/12/2024None
DTEHead-and-shoulders top      05/10/202406/03/2024Electric Utility (Central)
EIXDouble Top, Eve and Eve      05/21/202406/03/2024Electric Utility (West)
FICODouble Bottom, Eve and Eve      05/31/202406/11/2024IT Services
ITPipe bottom      05/28/202406/03/2024IT Services
GILDDouble Bottom, Adam and Eve      05/31/202406/18/2024Biotechnology
GLPipe top      05/06/202405/13/2024Insurance (Life)
GGGHead-and-shoulders complex bottom      05/29/202406/14/2024Machinery
HURCBroadening top, right-angled and descending      05/06/202406/03/2024Machinery
JAZZDouble Bottom, Adam and Eve      05/02/202405/29/2024Biotechnology
LHTriple bottom      05/31/202406/13/2024Medical Services
MHOPipe top      05/13/202405/20/2024Homebuilding
MTSIPipe bottom      04/15/202404/22/2024Semiconductor
MKTXDiamond bottom      05/31/202406/20/2024Securities Brokerage
MDTPipe top      05/13/202405/20/2024Medical Supplies
MCOUgly double bottom      05/02/202405/31/2024Information Services
NFLXDiamond top      05/21/202406/11/2024Internet
NWLDouble Top, Adam and Adam      06/03/202406/12/2024Household Products
OXYDouble Bottom, Eve and Eve      06/04/202406/14/2024Petroleum (Producing)
ONDouble Top, Adam and Adam      05/22/202406/12/2024Semiconductor
PYPLHead-and-shoulders top      03/27/202406/07/2024Financial Services
DGXHead-and-shoulders top      04/29/202406/06/2024Medical Services
RRCHead-and-shoulders top      04/25/202406/12/2024Petroleum (Producing)
RJFDouble Top, Adam and Eve      04/24/202405/15/2024Securities Brokerage
SRETriangle, symmetrical      05/21/202406/17/2024Electric Utility (West)
SWNDouble Top, Eve and Adam      05/16/202406/03/2024Natural Gas (Diversified)
TFXDouble Top, Eve and Eve      05/15/202406/06/2024Diversified Co.
TSCOPipe bottom      06/03/202406/10/2024Retail Building Supply
VTriangle, symmetrical      05/03/202406/20/2024Financial Services
WWWHorn top      05/13/202405/28/2024Shoe
IGVPipe bottom      05/28/202406/03/2024Computer Software and Svcs

 

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Thursday 6/20/24. Ethereum (ETH-USD) Review

The Nasdaq climbed by 0.0% or 5.21 points. Since 02/05/1971 the Nasdaq made 714 similar moves on a percentage basis. After those moves, the next day's...
     Average gain was 0.8% on 406 occasions.
     Average loss was -0.9% on 308 occasions.
Expect the Nasdaq to close higher 56.9% of the time.
Weekly, since inception on 6/14/2011:
     The prediction of the Nasdaq closing higher has been right 278/495 or 56.2% of the time.
     The prediction of the Nasdaq closing lower has been right 77/163 or 47.2% of the time.

Picture of the ethereum.

$ $ $

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

A head-and-shoulders bottom chart pattern happened in April-May and the resulting rise was nice to see.

After that, the currency peaked and has retraced to A. 'A' shows a potential double bottom chart pattern. It becomes valid when the currency closes above the peak between the two valleys. If that happens, then expect the currency to rise even farther, say, to 3800 (or higher).

$ $ $

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: DDD, ABT, ANF, ABM, ALKS, DOX, ACGL, AWI, ARW, AVY, AVNT, AZTA, BMI, BALL, BA, BRC, BFH, BCO, CAL, CE, CLS, CNP, CVX, CTAS, CLF, CNX, CGNX, CTSH, CMCO, CMTL, ED, CXW, CCRN, CMI, CW, D, EBAY, ECL, EIX, ELV, EZPW, FICO, FARO, FE, FLS, GIS, GILD, GPN, GFS, GGG, GES, HBI, HLIT, HIG, HOLX, HD, HOV, JBHT, ILMN, ITGR, JAZZ, LNC, LPLA, LXU, MTSI, M, MGY, MDT, MU, MCO, NFLX, NEE, NOVT, NUS, ASGN, OTEX, PDCO, PYPL, PNW, QCOM, RJF, SAIA, SAIC, SEIC, SIGI, TPX, TTD, TJX, TSCO, TDG, TG, TREX, UPS, VLO, WU, WMB, ITA, IDU, FTEC, QQQ, IHF, IAT, MXI, SLV, EWK, EWQ, EZA, EWL, EWT, QLD, PPA, ROBO, XLI, XAR, XLK, XLU, UNG, VIS, 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 following table shows where Fibonacci retrace values of the day's high-low range are plus pivot points, calculated on the Nasdaq composite, sorted by value. When several are near each other (small differences), the area might act as support or resistance.

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

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© 2024 ThePatternSite.com    Metric  Value  Diff  Close (within 10% of the high-low range for the day)? 
 Monthly S2  15,850.90    
 Monthly S1  16,856.57  1,005.66   
 Weekly S2  16,869.33  12.76   
 Monthly Pivot  17,299.18  429.85   
 Weekly S1  17,365.78  66.60   
 Weekly Pivot  17,553.79  188.01   
 Daily S2  17,756.24  202.45   
 Low  17,796.88  40.64   
 Daily S1  17,809.23  12.35   
 61.8% Down from Intraday High  17,832.65  23.42   
 50% Down from Intraday High  17,843.70  11.05   
 Daily Pivot  17,849.88  6.18   Yes! The Daily Pivot is close to the 50% Down from Intraday High.
 38.2% Down from Intraday High  17,854.75  4.87   Yes! The 38.2% Down from Intraday High is close to the Daily Pivot.
 Open  17,856.76  2.01   Yes! The Open is close to the 38.2% Down from Intraday High.
 Close  17,862.23  5.47   Yes! The Close is close to the Open.
 High  17,890.52  28.29   
 Daily R1  17,902.87  12.35   
 Daily R2  17,943.52  40.64   
 Weekly R1  18,050.24  106.72   
 Weekly R2  18,238.25  188.01   
 Monthly R1  18,304.85  66.60   
 Monthly R2  18,747.46  442.62   

Wednesday 6/19/2024. Holiday Supplement.

Picture of 'Training Miles' book.

I uploaded new versions of the book (paperback and e-book) with proofreading and formatting errors corrected. The new version should appear at Amazon.com by this Saturday, June 22. I also shoved the e-book in Kindle Select or whatever they call it, so some of you can download it for free. Otherwise, the cost is $3.99 for the e-book and $9.99 for the print version.

Here's what I wrote about Training "Miles" (#ad) on Amazon:

It’s hard growing up male, especially with twenty-four sisters!

Miles is a crystal ball, the runt of the litter. He wants to be good and protect others from harm.

Sister Sindy has other ideas. She’s the family bully.

When Miles leaves the family to help an autistic girl, will Sindy help too, or will she cost him his life?

Find out by reading this heartwarming—and fast paced—novel about the life of crystal balls that will delight you as often as it will brings tears.

This book is suitable for young adults—and older—who believe in possibilities.

One reader wrote, "It did not disappoint. I read the entire book in one sitting." -- DJB

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

Invest for Two-Comma Wealth (#ad) is available too, from Amazon.com at the link.

I self-published this book (instead of using a traditional publisher), which is why the book is available in print form for $20 instead of $60.

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. 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.

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, print only, 300+ pages. This will not be available as an e-book.

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Tuesday 6/18/24. Slider Trading Quiz!

The Dow climbed by 0.5% or 188.94 points. Since 10/01/1928 the Dow made 966 similar moves on a percentage basis. After those moves, the next day's...
     Average gain was 0.6% on 524 occasions.
     Average loss was -0.6% on 442 occasions.
Expect the Dow to close higher 54.2% of the time.
Weekly, since inception on 6/14/2011:
     The prediction of the Dow closing higher has been right 287/524 or 54.8% of the time.
     The prediction of the Dow closing lower has been right 54/116 or 46.6% of the time.

$ $ $

I show another slider trading quiz featuring inverted and descending scallops.

$ $ $

Here's a symbol list of 125 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: DDD, ADBE, AES, AMZN, AEP, AXP, ANIK, AR, AON, AGO, ADSK, AVY, AVNT, BSET, BBY, BFH, CENX, CINF, CTAS, CNO, CNX, CGNX, CTSH, GLW, CRH, CROX, CCRN, CSGS, D, DTE, EBAY, EIX, EVH, EZPW, FE, FLEX, FCX, IT, GNW, GMS, GES, THG, HIG, HE, HQY, HOLX, HUN, IDA, IDXX, INCY, INFN, IIIN, INTU, JKHY, K, LEG, LLY, L, LOW, MTSI, MANH, MAN, MTRN, MDT, MGEE, MS, NFLX, NTAP, NWL, NEE, NKE, NUS, ORI, OLN, ASGN, ON, ORCL, OMI, PFE, PCG, PPL, PGR, RNG, RCKY, ROG, SBH, NOW, SLGN, SWN, TTD, TSCO, V, WSO, WWW, WWD, XEL, IAI, IYC, IDU, QTEC, IGV, ECH, EWJ, EWM, EWT, THD, PEJ, ROBO, XLY, XLU, UNG, 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, author: Invest for Two-Comma Wealth and the novel (fiction) Training "Miles" (#Ad)

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© 2024 ThePatternSite.com    Metric  Value  Diff  Close (within 10% of the high-low range for the day)? 
 Monthly S2  36,875.71    
 Monthly S1  37,826.91  951.19   
 Weekly S2  37,920.33  93.42   
 Daily S2  38,275.38  355.05   
 Weekly S1  38,349.21  73.84   
 Low  38,431.95  82.73   
 Daily S1  38,526.74  94.79   
 Open  38,565.18  38.44   Yes! The Open is close to the Daily S1.
 61.8% Down from Intraday High  38,587.78  22.60   Yes! The 61.8% Down from Intraday High is close to the Open.
 50% Down from Intraday High  38,635.91  48.13   
 Daily Pivot  38,683.31  47.39   
 38.2% Down from Intraday High  38,684.05  0.74   Yes! The 38.2% Down from Intraday High is close to the Daily Pivot.
 Weekly Pivot  38,734.74  50.69   
 Close  38,778.10  43.36   
 High  38,839.88  61.78   
 Daily R1  38,934.67  94.79   
 Monthly Pivot  38,952.15  17.48   Yes! The Monthly Pivot is close to the Daily R1.
 Daily R2  39,091.24  139.09   
 Weekly R1  39,163.63  72.39   
 Weekly R2  39,549.15  385.52   
 Monthly R1  39,903.35  354.20   
 Monthly R2  41,028.59  1,125.25   

Monday 6/17/24. Market Monday: The Week Ahead

My Prediction

Picture of the Dowutilities on the daily scale.

I show the Dow utilities on the daily scale, but there's not a lot going on.

Earlier in the year we see a head-and-shoulders bottom chart pattern, marked as LS (left shoulder), head, and RS (right shoulder). It confirms as a valid chart pattern when price closes above the green neckline in March.

After that, price takes its time before it starts a strong uptrend in April, peaking in May.

Now, the index is resting on support, which I show as a horizontal red line. I don't know if this support will hold or not (meaning if the index will bounce higher or just plunge through). I don't have a lot of confidence that it'll bounce. I expect a drop.

If it does plunge through, then look for it to find support at the violet circle, at B.

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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 69.05 points.
Tuesday: Down 120.62 points.
Wednesday: Down 35.21 points.
Thursday: Down 65.11 points.
Friday: Down 57.94 points.

For the Week...

The Dow industrials were down 209.83 points or 0.5%.
The Nasdaq composite was up 555.75 points or 3.2%.
The S&P 500 index was up 84.61 points or 1.6%.

Year to Date...

Dow Industrials
     3.7% down from the high of 40,077.40 on 05/20/2024.
     3.9% up from the low of 37,122.95 on 01/18/2024.
Nasdaq
     0.3% down from the high of 17,741.80 on 06/13/2024.
     22.2% up from the low of 14,477.57 on 01/05/2024.
S&P 500
     0.3% down from the high of 5,447.25 on 06/12/2024.
     16.0% up from the low of 4,682.11 on 01/05/2024.

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).

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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  38,207  38,398  38,497  38,688  38,786 
Weekly  37,857  38,223  38,672  39,038  39,486 
Monthly  36,813  37,701  38,889  39,777  40,966 
S&P500 (^GSPC): Daily  5,394  5,413  5,423  5,441  5,451 
Weekly  5,282  5,357  5,402  5,477  5,522 
Monthly  5,101  5,266  5,357  5,522  5,612 
Nasdaq (^IXIC): Daily  17,555  17,622  17,658  17,725  17,760 
Weekly  16,812  17,250  17,496  17,935  18,180 
Monthly  15,793  16,741  17,241  18,189  18,690 

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 180 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: DDD, ADBE, AES, ATSG, ALRM, AA, AEE, AEP, ANIK, AR, ATR, AVNT, AVA, BSET, BIG, CPB, COR, CENX, CDAY, CHD, CIEN, CI, CTAS, CNA, CNO, CTSH, CMCO, ED, COST, CTS, DSGR, D, DRQ, DUK, BOOM, EIX, EPAM, EQT, EVH, EXPI, EZPW, FAST, FCX, FDP, IT, GNW, GILD, GFS, GL, GS, GOOGL, GPRO, GGG, GES, THG, HAYN, HELE, HP, HNI, HOLX, HWM, HURC, IDA, ITW, INFN, IPAR, IPI, ISRG, JBLU, K, KMT, LZB, LANC, LEG, LNC, RAMP, LXU, MCHX, MTRN, MGEE, MS, NFLX, NTGR, NWL, NEE, NWPX, ORCL, PATK, PETS, PFE, POR, PPL, PEG, PSTG, RJF, RLI, ROL, RES, R, SAIA, SBH, SEIC, NOW, SLGN, SWN, SR, SXI, TPR, TGT, RIG, TZOO, UHAL, VRTX, WU, WWW, ITA, IAI, FTEC, FXI, BOTZ, QQQ, IEV, IGV, MXI, IXN, IYF, EWO, EWK, ECH, EWQ, EWG, EWH, EIS, EWI, EWM, EPP, EWS, EZA, EWP, EWD, EWU, QLD, PPA, PEJ, PXJ, PJP, ROBO, GLD, XLB, XRT, XAR, XLK, UNG, 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.

This WeekLast Week
1. Shoe1. Semiconductor
2. Semiconductor Cap Equip.2. Shoe
3. Apparel3. Apparel
4. Retail (Special Lines)4. Semiconductor Cap Equip.
5. Telecom. Equipment5. Retail (Special Lines)
6. Semiconductor6. Telecom. Equipment
7. Retail Store7. Retail Store
8. Drug8. Metals and Mining (Div.)
9. Industrial Services9. Computers and Peripherals
10. Long ETFs10. Industrial Services
Best Performing AboveWorst Performing Below
50. Diversified Co.50. Information Services
51. Medical Supplies51. Medical Services
52. Electric Utility (West)52. Trucking/Transp. Leasing
53. Chemical (Diversified)53. Insurance (Diversified)
54. Trucking/Transp. Leasing54. Electric Utility (West)
55. Information Services55. Computer Software and Svcs
56. Air Transport56. Air Transport
57. Human Resources57. Oilfield Svcs/Equipment
58. Short ETFs58. Human Resources
59. Oilfield Svcs/Equipment59. Toiletries/Cosmetics
60. Toiletries/Cosmetics60. Short ETFs

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

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Friday 6/14/24. Pattern Trading Setups for the Weekend.

$ $ $

Here's a symbol list of 133 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: DDD, ABT, AXDX, ADBE, AES, ATSG, AMZN, AEE, AMGN, ANIK, AR, ANET, ASH, AVA, BALL, BSET, BIG, BMY, BG, CDAY, CVX, CIEN, CNA, CL, ED, COST, CROX, CCK, DHR, DDS, DSGR, D, EIX, EPAM, EQT, EVH, EXPI, XOM, EZPW, FISV, FCX, FDP, IT, GIS, GNW, GILD, GL, GPRO, GFF, GES, HE, HP, HSIC, IDA, ITW, INFN, NSP, INTC, IPI, JKHY, JAZZ, JBLU, K, KMB, LEG, RAMP, LXU, MRO, MLM, MAS, MTDR, MRK, MRCY, MSFT, MS, MUR, NBR, NFG, NFLX, NTGR, NTAP, NJR, NEE, NVDA, OXY, OTEX, ORCL, OMI, PANW, PFE, QTWO, RRC, RJF, RGS, RES, SAIA, NOW, SMAR, SCCO, SWN, SPSC, SSYS, TGT, VLO, WERN, WU, WWW, FDN, QTEC, FXI, BOTZ, IHF, IGV, SLV, IHI, TUR, PPA, PEJ, XLU, UNG. 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, author: Invest for Two-Comma Wealth and Training "Miles" (#Ad) New

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 Symbol  Chart Pattern  Bullish 
 Bearish 
Start End Industry
AXPHead-and-shoulders top      04/24/202406/03/2024Financial Services
AFGDouble Top, Adam and Adam      05/31/202406/07/2024Insurance (Prop/Casualty)
ARCBDouble Bottom, Adam and Adam      05/29/202406/06/2024Trucking/Transp. Leasing
ADMDiamond top      05/17/202406/11/2024Food Processing
ANETDouble Bottom, Adam and Eve      05/23/202406/03/2024E-Commerce
AVNTBroadening bottom      05/29/202406/13/2024Chemical (Specialty)
AZTAHead-and-shoulders bottom      04/18/202405/24/2024Semiconductor Cap Equip.
BRCDouble Top, Eve and Eve      05/23/202405/31/2024Chemical (Diversified)
BFHDiamond top      05/03/202406/06/2024Information Services
CENXDouble Top, Adam and Eve      05/21/202405/31/2024Metals and Mining (Div.)
CHKPDouble Bottom, Adam and Adam      05/14/202405/31/2024E-Commerce
CAGDouble Top, Eve and Eve      04/05/202404/25/2024Food Processing
CXWDead-cat bounce      06/11/202406/11/2024Industrial Services
CCKDouble Top, Adam and Eve      04/30/202405/21/2024Packaging and Container
DDouble Top, Eve and Eve      05/21/202406/03/2024Electric Utility (East)
EXPFalling wedge      05/21/202406/11/2024Cement and Aggregates
EFXDouble Bottom, Eve and Eve      05/31/202406/11/2024Information Services
FAROBroadening bottom      04/23/202405/09/2024Precision Instrument
FDXRectangle bottom      05/29/202406/13/2024Air Transport
FORMDouble Bottom, Adam and Adam      06/04/202406/10/2024Semiconductor
FWRDFlag, high and tight      05/21/202406/11/2024Trucking/Transp. Leasing
GDHead-and-shoulders top      05/21/202406/06/2024Aerospace/Defense
GEDouble Top, Eve and Eve      05/07/202405/24/2024Diversified Co.
HAYNTriangle, symmetrical      05/15/202406/10/2024Building Materials
HNIDouble Top, Adam and Adam      05/15/202406/03/2024Furn/Home Furnishings
HDDouble Bottom, Eve and Eve      05/29/202406/07/2024Retail Building Supply
TILEPipe top      05/28/202406/03/2024Furn/Home Furnishings
IPGHead-and-shoulders top      04/24/202406/03/2024Advertising
LEGPipe bottom      05/20/202405/28/2024Furn/Home Furnishings
MCHXTriangle, ascending      03/15/202406/05/2024Advertising
MLIHead-and-shoulders complex top      04/24/202406/03/2024Metal Fabricating
NEEPipe top      05/28/202406/03/2024Electric Utility (East)
OMCTriple top      03/28/202405/15/2024Advertising
ORCLPipe bottom      05/28/202406/03/2024Computer Software and Svcs
OUTFalling wedge      05/01/202406/11/2024Advertising
OXMHorn bottom      04/01/202404/15/2024Apparel
PDCODiamond bottom      04/23/202405/16/2024Medical Supplies
PETSBroadening top, right-angled and ascending      05/28/202406/13/2024Medical Services
PFEDouble Top, Adam and Eve      05/22/202406/04/2024Drug
PRUDouble Top, Eve and Eve      05/17/202406/03/2024Insurance (Life)
RLITriple top      05/07/202405/17/2024Insurance (Prop/Casualty)
SMTCDead-cat bounce      06/07/202406/07/2024Semiconductor Cap Equip.
SWXHead-and-shoulders top      05/10/202406/03/2024Natural Gas (Distributor)
TTDBroadening top      05/20/202406/13/2024Advertising
TKRDouble Top, Adam and Eve      04/30/202405/15/2024Metal Fabricating
TDGTriple top      05/28/202406/06/2024Aerospace/Defense
UNMDouble Top, Eve and Adam      04/02/202406/03/2024Insurance (Diversified)
WERNBroadening top, right-angled and ascending      05/21/202406/12/2024Trucking/Transp. Leasing
WMBRising wedge      05/24/202406/13/2024Natural Gas (Distributor)

 

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Thursday 6/13/24. Intraday Market Direction: Nasdaq

The Nasdaq climbed by 1.5% or 264.89 points. Since 02/05/1971 the Nasdaq made 127 similar moves on a percentage basis. After those moves, the next day's...
     Average gain was 1.1% on 75 occasions.
     Average loss was -1.2% on 52 occasions.
Expect the Nasdaq to close higher 59.1% of the time.
Weekly, since inception on 6/14/2011:
     The prediction of the Nasdaq closing higher has been right 277/494 or 56.1% of the time.
     The prediction of the Nasdaq closing lower has been right 77/163 or 47.2% 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 Nasdaq composite on the 5 minute scale.

$ $ $

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

At A, a long rectangle top appears. The word on the street says that inflation is slowing. That pushed higher the Nasdaq on the open (Today, Wednesday).

However, I expect the index to drift back lower to the A region. That's based on a measured move up chart pattern.

When the pattern completes, the stock will return to A (the corrective phase) 57% of the time, according to my research and reported in my book, Encyclopedia of Chart Patterns, 3rd Edition (#ad).

$ $ $

Here's a symbol list of 243 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: DDD, ABM, ADBE, ADTN, AES, ALB, ALKS, ALL, AMZN, AMED, AEE, AEP, AME, APH, ANIK, AR, AON, APOG, AMAT, ARCB, ASH, AGO, AVA, AZTA, BSET, BECN, BBY, BIO, BKH, BA, BRC, BFH, BCO, BMY, CDNS, CX, CVX, CI, CTAS, CSCO, CLNE, CLX, CNO, ED, CAG, COP, COST, CRH, CROX, CCK, CSGS, ^DJU, ^DJT, D, DRQ, DUK, EMN, ECL, ELV, EQT, EVH, EXC, XOM, EZPW, FARO, FDX, FIS, FMC, FTNT, FDP, IT, GIS, GNW, GILD, GS, GGG, HBI, HE, HQY, HP, HSIC, HOLX, HD, DHI, HUN, IDA, IDXX, ILMN, INFN, ITGR, INTC, IPAR, TILE, ISRG, KBH, K, KMB, KLAC, LRCX, LANC, LEN, LNC, MTSI, M, MAN, MRO, MA, MTDR, MRK, MGEE, MU, MSFT, MCO, MOS, ^IXIC, NFG, NJR, NEE, NKE, NI, NUS, OXY, OMC, ON, ORCL, OXM, PYPL, PFE, PCG, PFG, PG, PEG, QTWO, QCOM, RRC, RJF, RGA, RCKY, R, ^GSPC, SAIA, SBH, SAIC, NOW, SLGN, SMAR, SO, SWX, SWN, SR, SXI, SSYS, TDC, TOL, TZOO, UIS, UPS, UNM, VLO, VMI, VECO, VEEV, V, WRB, WERN, WU, WOLF, WDAY, IYK, IYC, IYE, IEZ, IHE, IDU, FTEC, QTEC, FXL, QQQ, ICF, IYZ, IGV, MXI, IXN, ILF, SOXX, IGE, IEO, IYF, EWC, ECH, EWY, EWT, QLD, IBB, PBE, PJP, SSO, XLP, XLE, XRT, SPY, XLK, XLU, UNG, SMH, VHT, 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 following table shows where Fibonacci retrace values of the day's high-low range are plus pivot points, calculated on the Nasdaq composite, sorted by value. When several are near each other (small differences), the area might act as support or resistance.

-- Thomas Bulkowski, author: Invest for Two-Comma Wealth and Training "Miles" (#Ad) New

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© 2024 ThePatternSite.com    Metric  Value  Diff  Close (within 10% of the high-low range for the day)? 
 Monthly S2  15,803.45    
 Weekly S2  16,574.23  770.79   
 Monthly S1  16,705.94  131.71   
 Monthly Pivot  16,970.84  264.89   
 Weekly S1  17,091.34  120.50   
 Weekly Pivot  17,163.53  72.20   
 Daily S2  17,373.41  209.87   
 Low  17,490.64  117.23   
 Daily S1  17,490.92  0.28   Yes! The Daily S1 is close to the Low.
 Open  17,502.15  11.23   Yes! The Open is close to the Daily S1.
 61.8% Down from Intraday High  17,580.31  78.16   
 50% Down from Intraday High  17,608.02  27.70   
 Daily Pivot  17,608.16  0.14   Yes! The Daily Pivot is close to the 50% Down from Intraday High.
 Close  17,608.44  0.28   Yes! The Close is close to the Daily Pivot.
 38.2% Down from Intraday High  17,635.71  27.28   
 Weekly R1  17,680.64  44.92   
 High  17,725.39  44.75   
 Daily R1  17,725.67  0.28   Yes! The Daily R1 is close to the High.
 Weekly R2  17,752.83  27.16   
 Daily R2  17,842.91  90.07   
 Monthly R1  17,873.33  30.43   
 Monthly R2  18,138.23  264.89   

Wednesday 6/12/24. A Look at the Chart Pattern Indicator (CPI)

Picture of the chart pattern indicator

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

The chart on the far right shows a series of bearish-neutral bands, as if the indicator can't make up its mind which way to go.

Even as the CPI shouts a warning, the index continues rising (albeit with a small dip between). I can't recall seeing this many red-white bands so close together.

Picture of the chart pattern indicator

The current CPI reading is 9.2, which is bearish. Last week, it was 7.1, so it's less bearish this week than last.

I like to look back to see if a similar setup occurred. It hasn't done much good with the CPI chart, but I do it anyway.

At B, the indicator takes a dive that's similar to what happened at C. After spending several days (a week or two, really) near 0, the indicator shot up to A. And the index followed, beginning a move upward to the April high. Will that happen again? Probably not but it bears watching.

$ $ $

I added trading lessons to head-and-shoulder bottoms (both simple and complex patterns).

$ $ $

Here's a symbol list of 173 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: DDD, ABT, ABM, ADBE, AMD, AES, ALRM, AA, ALGT, APH, ANIK, ANET, ASH, AGO, AZTA, BSET, BKH, BOOT, BFH, CBT, CENX, CLNE, CLF, CNO, CXW, CSGP, CROX, CCRN, CCK, DFS, BOOM, EIX, EL, EVH, XOM, FARO, FISV, FCX, FDP, GME, GPS, IT, GD, GL, GPRO, THG, HSIC, IDA, IEX, ITW, TILE, IPG, IRM, JAZZ, KSS, LZB, LEG, LMT, MAS, MTRN, MRK, MGEE, MSFT, MS, MOS, MLI, MUR, NEE, JWN, NWPX, OMC, ASGN, OTEX, ORCL, PDCO, PAYX, PYPL, PETS, PFE, PNW, PFG, PEG, DGX, RLI, RHI, R, SAIA, SBH, NOW, STR, SCCO, SSYS, TPX, TER, TXN, TXT, TDG, TG, TREX, UNM, MDRX, WU, WOLF, WWW, ITA, IYM, IAI, IYK, QTEC, FXI, IAT, IYZ, IEV, IGV, MXI, ILF, SLV, IGE, IYF, EWA, EWO, EWK, EWZ, EWC, ECH, EEM, EWQ, EWG, EWH, EWI, EWJ, EWM, EPP, EWS, EZA, EWP, EWD, EWL, THD, TUR, EWU, PPA, DBA, ROBO, XLB, XRT, UNG, 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.

-- Thomas Bulkowski, author: Invest for Two-Comma Wealth and Training "Miles" (#Ad) New

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Tuesday 6/11/24. Slider Trading Quiz!

The Dow climbed by 0.2% or 69.05 points. Since 10/01/1928 the Dow made 1384 similar moves on a percentage basis. After those moves, the next day's...
     Average gain was 0.6% on 754 occasions.
     Average loss was -0.5% on 630 occasions.
Expect the Dow to close higher 54.5% of the time.
Weekly, since inception on 6/14/2011:
     The prediction of the Dow closing higher has been right 287/523 or 54.9% of the time.
     The prediction of the Dow closing lower has been right 54/116 or 46.6% of the time.

$ $ $

I show another slider trading quiz featuring inverted and ascending scallop.

$ $ $

Here's a symbol list of 179 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: ANF, ACIW, ADTN, AES, ALKS, ALGT, AMZN, AEO, APH, AAPL, AMAT, ATR, ARCB, AWI, ARW, AVNT, AVA, BMI, BCPC, BSET, BMRN, BKH, BRC, CE, CLS, CENX, CI, CLF, CNO, CGNX, CTSH, CONN, CXW, COTY, CRH, CCK, CTS, ^DJI, D, EIX, ELV, EL, EVRG, EZPW, FARO, FDX, FLEX, FMC, FORM, FWRD, FDP, GD, GPRO, HLIT, HTLD, HL, HELE, HSIC, HNI, HUN, IDA, IDXX, INTC, IPAR, IPG, ISRG, K, KMT, KFRC, KLAC, KSS, LZB, LRCX, LEG, RAMP, LMT, MRTN, MTRN, MTRX, MRK, MGEE, MSFT, MLKN, MS, MOS, MLI, MYGN, NWPX, NTNX, NVDA, OMC, OXM, PKE, PDCO, PETS, PFE, PNW, POR, PINC, RL, RLI, ROST, R, SAIA, SBH, SCHW, SMG, SIGI, NOW, STR, SKX, LUV, SXI, SUM, TPX, TDC, TER, TXN, TKR, TG, TREX, SLCA, UIS, UNM, VECO, VEEV, WSO, WWW, IYC, IEZ, DDM, FDN, QTEC, QQQ, IYZ, IEV, MXI, ILF, SOXX, SLV, EWK, EWZ, EWQ, EWG, EIS, EWI, EWP, THD, TUR, IBB, PXJ, XLB, XRT, XLU, SMH, VAW, 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 Dow industrials, sorted by value. When several are near each other (small differences), the area might act as support or resistance.

-- Thomas Bulkowski, author: Invest for Two-Comma Wealth and Training "Miles" (#Ad) New

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© 2024 ThePatternSite.com    Metric  Value  Diff  Close (within 10% of the high-low range for the day)? 
 Monthly S2  36,905.69    
 Weekly S2  37,882.15  976.46   
 Monthly S1  37,886.87  4.71   Yes! The Monthly S1 is close to the Weekly S2.
 Weekly S1  38,375.10  488.23   
 Daily S2  38,591.38  216.28   
 Low  38,665.45  74.07   
 Daily S1  38,729.71  64.26   
 Weekly Pivot  38,740.16  10.46   Yes! The Weekly Pivot is close to the Daily S1.
 61.8% Down from Intraday High  38,746.59  6.43   Yes! The 61.8% Down from Intraday High is close to the Weekly Pivot.
 50% Down from Intraday High  38,771.66  25.07   
 Open  38,784.90  13.24   Yes! The Open is close to the 50% Down from Intraday High.
 38.2% Down from Intraday High  38,796.72  11.82   Yes! The 38.2% Down from Intraday High is close to the Open.
 Daily Pivot  38,803.79  7.07   Yes! The Daily Pivot is close to the 38.2% Down from Intraday High.
 Close  38,868.04  64.25   
 High  38,877.86  9.82   Yes! The High is close to the Close.
 Daily R1  38,942.12  64.26   
 Monthly Pivot  38,982.13  40.02   
 Daily R2  39,016.19  34.06   
 Weekly R1  39,233.11  216.91   
 Weekly R2  39,598.17  365.07   
 Monthly R1  39,963.30  365.13   
 Monthly R2  41,058.57  1,095.27   

Tuesday 6/11/24. Slider Trading Quiz!

The Dow climbed by 0.2% or 69.05 points. Since 10/01/1928 the Dow made 1384 similar moves on a percentage basis. After those moves, the next day's...
     Average gain was 0.6% on 754 occasions.
     Average loss was -0.5% on 630 occasions.
Expect the Dow to close higher 54.5% of the time.
Weekly, since inception on 6/14/2011:
     The prediction of the Dow closing higher has been right 287/523 or 54.9% of the time.
     The prediction of the Dow closing lower has been right 54/116 or 46.6% of the time.

$ $ $

I show another slider trading quiz featuring inverted and ascending scallop.

$ $ $

Here's a symbol list of 179 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: ANF, ACIW, ADTN, AES, ALKS, ALGT, AMZN, AEO, APH, AAPL, AMAT, ATR, ARCB, AWI, ARW, AVNT, AVA, BMI, BCPC, BSET, BMRN, BKH, BRC, CE, CLS, CENX, CI, CLF, CNO, CGNX, CTSH, CONN, CXW, COTY, CRH, CCK, CTS, ^DJI, D, EIX, ELV, EL, EVRG, EZPW, FARO, FDX, FLEX, FMC, FORM, FWRD, FDP, GD, GPRO, HLIT, HTLD, HL, HELE, HSIC, HNI, HUN, IDA, IDXX, INTC, IPAR, IPG, ISRG, K, KMT, KFRC, KLAC, KSS, LZB, LRCX, LEG, RAMP, LMT, MRTN, MTRN, MTRX, MRK, MGEE, MSFT, MLKN, MS, MOS, MLI, MYGN, NWPX, NTNX, NVDA, OMC, OXM, PKE, PDCO, PETS, PFE, PNW, POR, PINC, RL, RLI, ROST, R, SAIA, SBH, SCHW, SMG, SIGI, NOW, STR, SKX, LUV, SXI, SUM, TPX, TDC, TER, TXN, TKR, TG, TREX, SLCA, UIS, UNM, VECO, VEEV, WSO, WWW, IYC, IEZ, DDM, FDN, QTEC, QQQ, IYZ, IEV, MXI, ILF, SOXX, SLV, EWK, EWZ, EWQ, EWG, EIS, EWI, EWP, THD, TUR, IBB, PXJ, XLB, XRT, XLU, SMH, VAW, 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 Dow industrials, sorted by value. When several are near each other (small differences), the area might act as support or resistance.

-- Thomas Bulkowski, author: Invest for Two-Comma Wealth and Training "Miles" (#Ad) New

Top

© 2024 ThePatternSite.com    Metric  Value  Diff  Close (within 10% of the high-low range for the day)? 
 Monthly S2  36,905.69    
 Weekly S2  37,882.15  976.46   
 Monthly S1  37,886.87  4.71   Yes! The Monthly S1 is close to the Weekly S2.
 Weekly S1  38,375.10  488.23   
 Daily S2  38,591.38  216.28   
 Low  38,665.45  74.07   
 Daily S1  38,729.71  64.26   
 Weekly Pivot  38,740.16  10.46   Yes! The Weekly Pivot is close to the Daily S1.
 61.8% Down from Intraday High  38,746.59  6.43   Yes! The 61.8% Down from Intraday High is close to the Weekly Pivot.
 50% Down from Intraday High  38,771.66  25.07   
 Open  38,784.90  13.24   Yes! The Open is close to the 50% Down from Intraday High.
 38.2% Down from Intraday High  38,796.72  11.82   Yes! The 38.2% Down from Intraday High is close to the Open.
 Daily Pivot  38,803.79  7.07   Yes! The Daily Pivot is close to the 38.2% Down from Intraday High.
 Close  38,868.04  64.25   
 High  38,877.86  9.82   Yes! The High is close to the Close.
 Daily R1  38,942.12  64.26   
 Monthly Pivot  38,982.13  40.02   
 Daily R2  39,016.19  34.06   
 Weekly R1  39,233.11  216.91   
 Weekly R2  39,598.17  365.07   
 Monthly R1  39,963.30  365.13   
 Monthly R2  41,058.57  1,095.27   

Monday 6/10/24. Market Monday: The Week Ahead

My Prediction

Picture of the S and P on the daily scale.

I don't have much to say about this pic of the S&P 500 index.

I drew some trendlines, making a "best fit" (meaning they cut through some prices). The resulting two lines form a rising wedge. Those breakout downward 60% of the time, according to my tests.

The target for the extent of the drop, is the bottom of the pattern. In this case, that's the April valley, at about 4,950.

Because price is hovering near the top of the pattern, expect an upward breakout, but remember that the top red trendline shows resistance. It's already repelled an advance and it could do it again. The CPI suggests the markets will turn down.

That's it. Have a good weekend. June 19 is a market holiday...

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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: Down 115.29 points.
Tuesday: Up 140.26 points.
Wednesday: Up 96.04 points.
Thursday: Up 78.84 points.
Friday: Down 87.18 points.

For the Week...

The Dow industrials were up 112.67 points or 0.3%.
The Nasdaq composite was up 398.11 points or 2.4%.
The S&P 500 index was up 69.48 points or 1.3%.

Year to Date...

Dow Industrials
     3.2% down from the high of 40,077.40 on 05/20/2024.
     4.5% up from the low of 37,122.95 on 01/18/2024.
Nasdaq
     0.6% down from the high of 17,235.73 on 06/06/2024.
     18.3% up from the low of 14,477.57 on 01/05/2024.
S&P 500
     0.5% down from the high of 5,375.08 on 06/07/2024.
     14.2% 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  38,532  38,665  38,885  39,019  39,239 
Weekly  37,859  38,329  38,717  39,187  39,575 
Monthly  36,883  37,841  38,959  39,917  41,036 
S&P500 (^GSPC): Daily  5,307  5,327  5,351  5,371  5,395 
Weekly  5,178  5,263  5,319  5,403  5,460 
Monthly  5,001  5,174  5,274  5,448  5,548 
Nasdaq (^IXIC): Daily  17,012  17,072  17,151  17,212  17,290 
Weekly  16,416  16,774  17,005  17,364  17,594 
Monthly  15,645  16,389  16,812  17,556  17,980 

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 127 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: AXDX, AES, AA, ALGT, AMWD, APH, ANIK, ATR, ADP, AVA, BZH, BIG, BKH, BOOT, BSX, CLS, CENX, CHD, CIEN, CI, CLF, CMCO, ED, CONN, CCRN, DECK, DVN, DFS, ^DJU, D, DTE, EMN, ELV, EL, EVRG, FICO, FIS, FLS, FCX, GME, GD, GOOGL, GGG, HSII, HELE, HNI, DHI, IDA, INCY, INFN, TILE, JKHY, JAZZ, KBH, KSS, LZB, LEG, LMT, MCHX, MAS, MDT, MRK, MRCY, META, MSFT, MCO, MS, MLI, NFLX, NWPX, OUT, OXM, PYPL, PEN, PHM, RL, RNG, RHI, RCKY, RES, SAIA, SAND, SLB, SEIC, SMTC, SKX, SWX, SWN, SCS, SSYS, TGT, TPX, TXN, TKR, TDG, MDRX, WMT, WERN, WWW, IYK, IEZ, SLV, EWW, EWS, EZA, THD, TUR, XHB, 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.

This WeekLast Week
1. Semiconductor1. Semiconductor
2. Shoe2. Shoe
3. Apparel3. Apparel
4. Semiconductor Cap Equip.4. Retail (Special Lines)
5. Retail (Special Lines)5. Semiconductor Cap Equip.
6. Telecom. Equipment6. Telecom. Equipment
7. Retail Store7. Homebuilding
8. Metals and Mining (Div.)8. Retail Store
9. Computers and Peripherals9. Furn/Home Furnishings
10. Industrial Services10. Metals and Mining (Div.)
Best Performing AboveWorst Performing Below
50. Information Services50. Medical Supplies
51. Medical Services51. Information Services
52. Trucking/Transp. Leasing52. Air Transport
53. Insurance (Diversified)53. Medical Services
54. Electric Utility (West)54. Insurance (Diversified)
55. Computer Software and Svcs55. Toiletries/Cosmetics
56. Air Transport56. Trucking/Transp. Leasing
57. Oilfield Svcs/Equipment57. Computer Software and Svcs
58. Human Resources58. Oilfield Svcs/Equipment
59. Toiletries/Cosmetics59. Human Resources
60. Short ETFs60. Short ETFs

-- Thomas Bulkowski, author: Invest for Two-Comma Wealth and Training "Miles" (#Ad) New

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Friday 6/7/24. Pattern Trading Setups for the Weekend.

$ $ $

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: ADTN, ALK, ALGT, AIG, APH, ANIK, ATR, ARCB, AVA, BZH, BIG, BKH, BSX, BR, BBW, CLS, CVX, CLX, ED, CONN, CTS, CW, DECK, DSGR, ECL, EMR, FLS, FRD, GME, GPN, HSIC, HOLX, HON, HURC, KBH, KELYA, KSS, LHX, LEG, MTSI, MCHX, MKTX, MCO, NBR, OGE, ORI, OMI, OXM, PDCO, PYPL, PG, DGX, RL, RCKY, SAIA, SAND, SKYW, SWN, TPX, TEVA, TXN, TXT, TKR, TDG, UGI, MDRX, WRB, WMT, WWW, IYK, IYC, IYZ, IYF, IHI, EWA, EWO, ECH, EEM, EIS, EWM, EWW, EWY, EWL, PEJ, XLY, XLP, XAR. 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, author: Invest for Two-Comma Wealth and Training "Miles" (#Ad) New

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 Symbol  Chart Pattern  Bullish 
 Bearish 
Start End Industry
ALRMDouble Top, Eve and Adam      05/07/202405/16/2024Computer Software and Svcs
ALGTPipe bottom      05/20/202405/28/2024Air Transport
AIGDouble Top, Eve and Eve      05/07/202405/17/2024Insurance (Prop/Casualty)
ARBroadening top, right-angled and ascending      05/06/202406/06/2024Natural Gas (Diversified)
AAPLUgly double bottom      04/19/202405/23/2024Computers and Peripherals
AWITriangle, descending      05/01/202406/06/2024Building Materials
AVADouble Top, Adam and Eve      05/01/202405/13/2024Electric Utility (West)
AXSBroadening wedge, ascending      05/13/202406/05/2024Insurance (Prop/Casualty)
BSETUgly double bottom      04/18/202405/16/2024Furn/Home Furnishings
BIGDead-cat bounce      06/06/202406/06/2024Retail Store
CBTTriple top      05/07/202405/21/2024Chemical (Diversified)
CALHead-and-shoulders top      04/29/202405/28/2024Shoe
CEDouble Top, Eve and Adam      03/28/202405/09/2024Chemical (Basic)
CIENScallop, ascending and inverted      04/22/202406/04/2024Telecom. Equipment
CRDouble Top, Eve and Eve      05/15/202406/03/2024Diversified Co.
CSGSDouble Top, Eve and Eve      05/15/202405/30/2024IT Services
CWDouble Top, Eve and Adam      05/21/202406/03/2024Machinery
EMNTriangle, symmetrical      04/04/202406/06/2024Chemical (Diversified)
GISDouble Top, Eve and Eve      04/25/202405/21/2024Food Processing
GMSDouble Top, Eve and Adam      05/07/202405/15/2024Cement and Aggregates
HQYDouble Bottom, Adam and Adam      05/15/202405/29/2024Healthcare Information
HUMUgly double bottom      05/01/202405/29/2024Medical Services
INCYDouble Bottom, Eve and Eve      05/16/202405/29/2024Drug
KALUHead-and-shoulders top      05/06/202405/31/2024Metals and Mining (Div.)
MBroadening top      05/03/202406/05/2024Retail Store
MTRXUgly double bottom      05/09/202405/28/2024Oilfield Svcs/Equipment
MUBroadening top      05/15/202406/06/2024Semiconductor
ONDiamond top      05/15/202406/06/2024Semiconductor
PKGRoof, inverted      05/17/202406/06/2024Packaging and Container
PEGDiamond top      05/15/202406/06/2024Electric Utility (East)
RGAHead-and-shoulders complex top      05/10/202405/31/2024Insurance (Life)
SAIAPipe bottom      05/20/202405/28/2024Trucking/Transp. Leasing
SBHUgly double bottom      05/09/202405/21/2024Toiletries/Cosmetics
NOWPipe top      05/13/202405/20/2024IT Services
SLGNTriangle, symmetrical      03/06/202406/06/2024Packaging and Container
SCSDouble Top, Adam and Eve      05/16/202406/03/2024Furn/Home Furnishings
TPRUgly double bottom      05/09/202405/29/2024Apparel
TXTHead-and-shoulders top      05/10/202406/03/2024Diversified Co.
UGIDouble Bottom, Adam and Adam      05/02/202405/24/2024Natural Gas (Distributor)
WLKTriple top      05/20/202406/03/2024Chemical (Basic)
WPMHead-and-shoulders top      05/10/202405/28/2024Metals and Mining (Div.)
ITBDiamond bottom      05/24/202406/06/2024Homebuilding
IHITriangle, symmetrical      04/09/202406/06/2024Medical Supplies

 

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Thursday 6/6/24. Bitcoin (BTC-USD) Review

The Nasdaq climbed by 2.0% or 330.85 points. Since 02/05/1971 the Nasdaq made 61 similar moves on a percentage basis. After those moves, the next day's...
     Average gain was 1.2% on 35 occasions.
     Average loss was -0.9% on 26 occasions.
Expect the Nasdaq to close higher 57.4% of the time.
Weekly, since inception on 6/14/2011:
     The prediction of the Nasdaq closing higher has been right 277/493 or 56.2% of the time.
     The prediction of the Nasdaq closing lower has been right 77/163 or 47.2% 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 btc-usd.

$ $ $

I show a picture of bitcoin (btc-usd) on the daily scale.

Circled in green is a nice looking triple top. This is a typical image of a triple top, with the middle peak often (but not always) below the other two. It confirms as a valid triple top when the currency closed below the lowest valley between the three peaks. It looks like that happened in early May.

In this example, the drop after confirmation didn't amount to much.

Recently, we see another nice looking pattern: a head-and-shoulders bottom. The two shoulders should bottom at about the same price and be similar distances from the head, which they are.

At A, the pattern confirms as valid and the currency rises, just as it's supposed to.

However, look for overhead resistance setup by the triple top to impede an upward move. It might not, but that's the way to bet.

$ $ $

I added trading lessons to Big Ws

$ $ $

Here's a symbol list of 109 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: ACN, ADTN, ALK, ALGT, ALL, AMED, AEE, AIG, AMN, APH, ADM, ASH, AGO, BCPC, BZH, BR, CLS, CDAY, CF, CRL, CVX, CIEN, CINF, CSCO, CLF, DECK, XRAY, EMN, EVH, FLS, FMC, HNI, DHI, HWM, HUN, ILMN, IIIN, IRM, JNJ, KALU, KBH, KELYA, KSS, LHX, LEG, MGY, MAN, MCHX, MKTX, MAS, MTDR, MTRN, META, MSFT, MUR, NBR, ^IXIC, NOV, NVDA, OGE, ORI, OMCL, ORCL, PEN, PETS, PINC, DGX, RMBS, RLI, RHI, ROL, R, SAIA, NOW, SHW, SMAR, SO, SSYS, TGT, TXN, TXT, TTD, TRV, WRB, WWW, IYC, IEZ, BOTZ, IEV, SOXX, EWA, EWK, ECH, EIS, EZA, PBE, PEJ, 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.

$ $ $

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

-- Thomas Bulkowski, author: Invest for Two-Comma Wealth and Training "Miles" (#Ad) New

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© 2024 ThePatternSite.com    Metric  Value  Diff  Close (within 10% of the high-low range for the day)? 
 Monthly S2  15,117.71    
 Monthly S1  16,152.81  1,035.09   
 Weekly S2  16,301.58  148.77   
 Monthly Pivot  16,592.73  291.15   
 Weekly S1  16,744.74  152.01   
 Daily S2  16,878.10  133.36   
 Weekly Pivot  16,888.70  10.60   Yes! The Weekly Pivot is close to the Daily S2.
 Low  16,955.56  66.86   
 Open  16,974.48  18.92   Yes! The Open is close to the Low.
 Daily S1  17,033.00  58.52   
 61.8% Down from Intraday High  17,044.32  11.32   Yes! The 61.8% Down from Intraday High is close to the Daily S1.
 50% Down from Intraday High  17,071.74  27.42   
 38.2% Down from Intraday High  17,099.16  27.42   
 Daily Pivot  17,110.46  11.30   Yes! The Daily Pivot is close to the 38.2% Down from Intraday High.
 Close  17,187.90  77.44   
 High  17,187.92  0.02   Yes! The High is close to the Close.
 Daily R1  17,265.36  77.44   
 Weekly R1  17,331.86  66.50   
 Daily R2  17,342.82  10.96   Yes! The Daily R2 is close to the Weekly R1.
 Weekly R2  17,475.82  133.00   
 Monthly R1  17,627.83  152.01   
 Monthly R2  18,067.75  439.93   

Wednesday 6/5/24. A Look at the Chart Pattern Indicator (CPI)

Picture of the chart pattern indicator

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 bearish, as shown by the vertical red bar on the far right of the chart. The only other place where we see a bearish-neutral-bearish switch is at the far left of the chart (August/September).

That three signal combination warned of market weakness (ending just before November). The markets were rattled for over a month. Will that happen this time?

Probably not. Why? See next chart.

Picture of the chart pattern indicator

Here's the same chart except I erased the vertical bars. Last week, the CPI registered 7.1 and this week, it's 20.

The CPI is still bearish, but the market is not as weak as it was seven days ago. Another consideration is that it's not October. September and October are weak months, however, the summer isn't known as a strong period either...

I am still concerned with the index forming a head-and-shoulders top, with the index dropping now to form a right armpit (the valley between the head and right shoulder). What we can say for sure, is that the market direction is unsettled.

$ $ $

Here's a symbol list of 173 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: DDD, ADTN, AMD, ATSG, ALRM, ALKS, ALGT, ALL, AEE, AEP, AIG, APH, AR, APOG, ARCB, ARW, ASH, AVNT, BZH, BKH, BFH, BR, BBW, BLDR, CBT, CE, COR, CENX, CVX, CTAS, CSCO, CLNE, CLF, CAG, CR, CRH, CSGS, CMI, XRAY, DVN, DSGR, ^DJI, DRQ, DTE, EMN, EFX, EG, EXPI, XOM, FLS, FMC, FRD, GGG, HE, HTLD, HNI, HOLX, HON, HWM, HUN, HURC, IIIN, ITGR, KBH, K, KMT, KSS, KLIC, LEG, LEN, LXU, MGY, MTDR, MTRN, MTRX, MLKN, MS, MLI, MUR, NBR, NOV, NTGR, NKE, NI, NWPX, OXY, ORI, OLN, OTEX, PATK, PTEN, PNW, PPL, PGR, PHM, KWR, RL, RRC, RGS, RLI, ROL, RGLD, RES, R, SAIA, SRE, SLGN, SCCO, SR, SXI, SCS, TGT, TXN, TKR, TOL, RIG, VRTX, WU, WLK, WWW, WWD, XEL, ITA, IYM, IAI, IYC, IEZ, ICF, IHF, IAT, MXI, SLV, IEO, EWK, EWL, TUR, PXJ, PJP, XHB, XLI, XLB, USO, VAW. Click this link for details (pattern type, start and end dates).

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

-- Thomas Bulkowski, author: Invest for Two-Comma Wealth and Training "Miles" (#Ad) New

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Tuesday 6/4/24. Slider Trading Quiz!

The Dow dropped by -0.3% or -115.29 points. Since 10/01/1928 the Dow made 1095 similar moves on a percentage basis. After those moves, the next day's...
     Average gain was 0.6% on 518 occasions.
     Average loss was -0.6% on 577 occasions.
Expect the Dow to close lower 52.7% of the time.
Weekly, since inception on 6/14/2011:
     The prediction of the Dow closing higher has been right 287/523 or 54.9% of the time.
     The prediction of the Dow closing lower has been right 54/115 or 47.0% of the time.

$ $ $

I show another slider trading quiz featuring descending scallops.

$ $ $

Here's a symbol list of 201 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: MMM, AXDX, ACIW, AYI, AMD, AES, AXP, AMWD, AME, APH, ANIK, AR, APA, ARCB, ASH, AVNT, BSET, BBY, BIIB, BOOT, BFH, BLDR, BG, CBT, CE, CX, CIEN, CLNE, CGNX, CXW, COTY, CR, CRH, CCRN, CSGS, CMI, DDS, DSGR, DOV, DRQ, DTE, DUK, EMN, EME, EMR, EPAM, EFX, EG, EXPI, EZPW, FARO, FLS, FMC, FTNT, FTV, GME, GE, GL, GMS, GGG, HBI, HE, HAYN, HD, HUN, IDXX, INFN, IIIN, INTU, IRM, KALU, KBH, KMT, KFRC, KMB, KLAC, KLIC, LAMR, LEN, LXU, MHO, M, MGY, MANH, MTDR, MTRX, MDT, MRK, MLI, NBR, NOV, NTGR, NWL, NI, NWPX, ORI, OLN, OTEX, OUT, PATK, PTEN, PEN, PETS, PHM, KWR, RL, RRC, RJF, RNG, RLI, RHI, ROST, RES, R, SAIA, SBH, SLB, SAIC, NOW, SHW, STR, SKYW, SMAR, LUV, SWN, SXI, SCS, TPR, TRGP, TECH, TDOC, TDY, TFX, TKR, TOL, RIG, TREX, TWLO, UGI, VEEV, V, VMC, WU, WLK, WPM, WSM, WWD, IAI, IYC, IYE, IEZ, IHE, IDU, FXI, ICF, IAT, IYZ, IXC, MXI, ILF, IGE, IEO, EWO, EIS, EWJ, EWW, EWD, EWL, PBE, PXJ, PJP, XHB, XLI, XRT, 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 following table shows where Fibonacci retrace values of the day's high-low range are plus pivot points, calculated on the Dow industrials, sorted by value. When several are near each other (small differences), the area might act as support or resistance.

-- Thomas Bulkowski, author: Invest for Two-Comma Wealth and Training "Miles" (#Ad) New

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© 2024 ThePatternSite.com    Metric  Value  Diff  Close (within 10% of the high-low range for the day)? 
 Monthly S2  36,512.80    
 Weekly S2  37,505.63  992.83   
 Monthly S1  37,541.91  36.29   Yes! The Monthly S1 is close to the Weekly S2.
 Daily S2  38,029.56  487.65   
 Weekly S1  38,038.33  8.77   Yes! The Weekly S1 is close to the Daily S2.
 Low  38,247.22  208.89   
 Daily S1  38,300.30  53.08   
 61.8% Down from Intraday High  38,433.79  133.49   
 50% Down from Intraday High  38,491.41  57.63   
 Daily Pivot  38,517.95  26.54   Yes! The Daily Pivot is close to the 50% Down from Intraday High.
 Weekly Pivot  38,533.66  15.71   Yes! The Weekly Pivot is close to the Daily Pivot.
 38.2% Down from Intraday High  38,549.05  15.39   Yes! The 38.2% Down from Intraday High is close to the Weekly Pivot.
 Close  38,571.03  21.98   Yes! The Close is close to the 38.2% Down from Intraday High.
 Open  38,709.99  138.96   
 High  38,735.61  25.62   Yes! The High is close to the Open.
 Daily R1  38,788.69  53.08   
 Monthly Pivot  38,809.66  20.97   Yes! The Monthly Pivot is close to the Daily R1.
 Daily R2  39,006.34  196.69   
 Weekly R1  39,066.36  60.02   
 Weekly R2  39,561.69  495.33   
 Monthly R1  39,838.77  277.08   
 Monthly R2  41,106.52  1,267.74   

Monday 6/3/24. 2024 Forecast Update

Forecast Update

Here's the updated 2024 market forecast, presented in slider format.

$ $ $

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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.

Tuesday: Down 216.73 points.
Wednesday: Down 411.32 points.
Thursday: Down 330.06 points.
Friday: Up 574.84 points.
Saturday: Holiday or other weird event!

For the Week...

The Dow industrials were down 383.27 points or 1.0%.
The Nasdaq composite was down 185.77 points or 1.1%.
The S&P 500 index was down 27.21 points or 0.5%.

Year to Date...

Dow Industrials
     3.5% down from the high of 40,077.40 on 05/20/2024.
     4.2% up from the low of 37,122.95 on 01/18/2024.
Nasdaq
     1.7% down from the high of 17,032.66 on 05/28/2024.
     15.6% up from the low of 14,477.57 on 01/05/2024.
S&P 500
     1.2% down from the high of 5,341.88 on 05/23/2024.
     12.7% 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  37,872  38,279  38,499  38,906  39,127 
Weekly  37,544  38,115  38,572  39,143  39,600 
Monthly  36,551  37,619  38,848  39,916  41,145 
S&P500 (^GSPC): Daily  5,161  5,219  5,250  5,308  5,338 
Weekly  5,137  5,207  5,262  5,332  5,386 
Monthly  4,879  5,078  5,210  5,409  5,541 
Nasdaq (^IXIC): Daily  16,313  16,524  16,657  16,868  17,000 
Weekly  16,151  16,443  16,738  17,030  17,325 
Monthly  14,967  15,851  16,442  17,326  17,917 

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

Here's a symbol list of 140 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: DDD, MMM, AXDX, ACN, ACIW, ADBE, ALB, ALL, AMZN, DOX, AMED, ANIK, AZTA, BIIB, BBW, BG, CAL, CPB, CNC, CDAY, CHKP, CVX, CINF, CTAS, CLNE, CONN, CRH, CTS, DRQ, DTE, DUK, BOOM, EMN, EBAY, ECL, EME, EFX, EZPW, FDS, FICO, FIVN, FLEX, FORM, FTNT, GPS, GES, HIG, HE, HQY, HSII, HUM, HUN, IDXX, ITW, INFN, IBKR, INTU, KALU, KBH, KMB, KLAC, KLIC, MHO, MLM, MDT, MSFT, MS, NI, JWN, NTNX, OXY, OMC, OUT, PANW, PKE, PTEN, PCTY, PETS, PGR, RMBS, RNG, ROK, RES, SBH, NOW, SMAR, SWN, SSYS, SUM, TFX, TDC, UPS, UNH, VEEV, V, WRB, WMT, WU, WEX, WPM, IYM, IAI, FTEC, FDN, QTEC, FXL, FXI, ICF, IYZ, MXI, IXN, ILF, ECH, EEM, EWJ, EZA, EWY, EWL, EWT, PBE, PJP, XLY, XLP, XLB, XLK, UNG, 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.

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

This WeekLast Week
1. Semiconductor1. Semiconductor
2. Shoe2. Retail (Special Lines)
3. Apparel3. Apparel
4. Retail (Special Lines)4. Shoe
5. Semiconductor Cap Equip.5. Homebuilding
6. Telecom. Equipment6. Retail Store
7. Homebuilding7. Semiconductor Cap Equip.
8. Retail Store8. Cement and Aggregates
9. Furn/Home Furnishings9. Metals and Mining (Div.)
10. Metals and Mining (Div.)10. Building Materials
Best Performing AboveWorst Performing Below
50. Medical Supplies50. Computer Software and Svcs
51. Information Services51. Chemical (Diversified)
52. Air Transport52. Electric Utility (West)
53. Medical Services53. Air Transport
54. Insurance (Diversified)54. Toiletries/Cosmetics
55. Toiletries/Cosmetics55. Medical Services
56. Trucking/Transp. Leasing56. Insurance (Diversified)
57. Computer Software and Svcs57. Human Resources
58. Oilfield Svcs/Equipment58. Trucking/Transp. Leasing
59. Human Resources59. Oilfield Svcs/Equipment
60. Short ETFs60. Short ETFs

-- Thomas Bulkowski, author: Invest for Two-Comma Wealth and Training "Miles" (#Ad) New

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