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

May 2024 Headlines

Archives


Friday 5/31/24. Pattern Trading Setups for the Weekend.

$ $ $

Here's a symbol list of 156 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, A, AKAM, ALL, AMZN, AEE, AEO, AME, APA, AIZ, AGO, AXS, BBY, BIIB, BRKR, BG, CDNS, COR, CDAY, CHKP, CINF, CLNE, CNX, CGNX, CTSH, CL, CMTL, ED, CAG, CONN, COP, CXW, CSGP, DECK, XRAY, FANG, ^DJI, EFX, EQT, FDS, FIS, FIVN, GME, IT, GD, GES, HE, HSII, IEX, IDXX, INFN, NSP, IBKR, TILE, INTU, KALU, KBH, KELYA, KEYS, KSS, KLIC, LZB, LANC, LLY, LMT, MHO, MCHX, MKTX, MDT, MRK, MRCY, MLKN, MCO, MLI, NFG, NOV, NTAP, NEU, NOC, NTNX, OMC, ASGN, OTEX, PANW, PCTY, PETS, QCOM, RNG, RCKY, RES, CRM, SCI, NOW, SMAR, SWN, SCS, TRGP, TDY, TFX, TXT, TKR, UGI, UNH, UNM, VLO, VEEV, WRB, WAT, WWD, WDAY, ZBRA, IYM, IAI, DDM, FDN, QTEC, FXL, FXI, BOTZ, IYZ, IGV, MXI, EWO, EWZ, ECH, EWH, EWJ, EWS, EZA, EWY, TUR, ROBO, XLB, UNG, USO, VAW. Click this link for details (pattern type, start and end dates).

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

$ $ $

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

Top

 

 Symbol  Chart Pattern  Bullish 
 Bearish 
Start End Industry
MMMPipe top      05/13/202405/20/2024Diversified Co.
ACIWPipe top      05/13/202405/20/2024IT Services
AMDDiamond top      05/17/202405/30/2024Semiconductor
AMGNDouble Top, Adam and Adam      05/03/202405/15/2024Biotechnology
ANIKPipe top      04/29/202405/06/2024Biotechnology
AONDouble Top, Adam and Eve      05/10/202405/20/2024Insurance (Diversified)
APADouble Top, Eve and Eve      05/10/202405/20/2024Petroleum (Producing)
BCPCDouble Top, Adam and Eve      05/07/202405/17/2024Chemical (Specialty)
BALLDouble Top, Adam and Eve      04/30/202405/15/2024Packaging and Container
BECNTriangle, symmetrical      05/09/202405/30/2024Retail Building Supply
BIIBPipe top      05/13/202405/20/2024Biotechnology
BAHUgly double bottom      04/18/202405/14/2024IT Services
BRDouble Top, Adam and Adam      05/16/202405/22/2024Information Services
BGDiamond top      04/04/202405/30/2024Food Processing
CHDTriple top      05/08/202405/23/2024Household Products
CTASDouble Top, Adam and Adam      05/13/202405/23/2024Industrial Services
CLDouble Top, Adam and Adam      05/13/202405/21/2024Household Products
EDDouble Top, Eve and Adam      05/10/202405/22/2024Electric Utility (East)
CRHPipe top      05/06/202405/13/2024Cement and Aggregates
DDSDiamond top      04/24/202405/30/2024Retail Store
DSGRDouble Top, Adam and Adam      05/20/202405/24/2024Metal Fabricating
EFXPipe top      05/13/202405/20/2024Information Services
FEDouble Top, Adam and Adam      05/15/202405/21/2024Electric Utility (East)
FLSDouble Top, Adam and Adam      05/16/202405/22/2024Machinery
GNWDouble Top, Eve and Adam      05/09/202405/17/2024Insurance (Life)
HSIIDouble Top, Adam and Adam      05/17/202405/24/2024Human Resources
HONDouble Top, Adam and Eve      05/13/202405/16/2024Aerospace/Defense
HUNTriple top      05/03/202405/22/2024Chemical (Specialty)
IDXXPipe top      05/13/202405/20/2024Drug
INTUPipe top      05/13/202405/20/2024Computer Software and Svcs
KFRCDouble Top, Adam and Adam      05/03/202405/16/2024Human Resources
KSSDead-cat bounce      05/30/202405/30/2024Retail Store
LZBUgly double bottom      05/01/202405/23/2024Furn/Home Furnishings
NTNXDead-cat bounce      05/30/202405/30/2024E-Commerce
ASGNDouble Top, Adam and Eve      04/24/202405/15/2024Human Resources
PANWDouble Top, Adam and Adam      05/20/202405/24/2024Computer Software and Svcs
RLDouble Bottom, Eve and Adam      04/18/202405/23/2024Apparel
ROSTHead-and-shoulders bottom      04/19/202405/23/2024Retail (Special Lines)
CRMDead-cat bounce      05/30/202405/30/2024E-Commerce
SMGTriple top      05/01/202405/15/2024Chemical (Basic)
SWNDiamond top      03/28/202405/30/2024Natural Gas (Diversified)
SRDouble Top, Adam and Adam      05/01/202405/21/2024Natural Gas (Distributor)
TFXPipe top      05/13/202405/20/2024Diversified Co.
XELDouble Top, Eve and Adam      05/13/202405/21/2024Electric Utility (West)

 

Top


Thursday 5/30/24. Intraday Market Direction: Nasdaq

The Nasdaq dropped by -0.6% or -99.3 points. Since 02/05/1971 the Nasdaq made 348 similar moves on a percentage basis. After those moves, the next day's...
     Average gain was 1.2% on 161 occasions.
     Average loss was -0.9% on 187 occasions.
Expect the Nasdaq to close lower 53.7% 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 76/162 or 46.9% 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.

I drew some lines because I like drawing lines, starting with A. It shows the index generally following an upward trend. It poked above the line on Thursday before dropping back down. The line shows resistance to an upward move.

Line B hugs the bottom but only for two touches. I wanted to see how close to the red and green circles it came.

The horizontal green lines highlight a rectangle. It could be a bottom or a top, but I prefer the bottom interpretation. I wanted to illustrate how the green circle might see price drop to near the level of the red circle.

I don't know how this will go, of course, but I suspect we'll see a rebound before it reaches the price of the red circle. If not, then I expect the red line to show support and stop the drop.

$ $ $

Here's a symbol list of 269 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: MMM, ABT, ANF, AXDX, ACN, ACIW, A, AKAM, ALK, ALKS, DOX, AEE, AEP, AFG, AMWD, AME, AMGN, AMN, ARCB, AWI, ARW, ASH, ATO, AVY, AVNT, AVA, BMI, BZH, BERY, BIG, BIIB, BKH, BOOT, BRKR, BG, CACI, CPB, CE, CX, CNC, CF, CI, CINF, CLF, CNO, CGNX, CTSH, CL, ED, CAG, CONN, COP, CXW, CSGP, CR, CRH, CMI, DHR, DVN, DFS, ^DJU, ^DJT, D, DTE, DUK, ECL, EIX, EMR, EOG, EFX, EL, EG, EVRG, EXPI, FARO, FIS, FE, FISV, FIVN, FTV, GPS, GIS, GPN, GFS, GMS, GPRO, GGG, GES, THG, HE, HAYN, HTLD, HELE, HSIC, HUN, IDA, IEX, IDXX, ITW, INFN, NSP, IIIN, IPG, INTU, IRM, JAZZ, JBLU, KBH, KMT, KEYS, KLIC, LHX, LH, LAMR, LMT, MHO, M, MAN, MKTX, MRTN, MAS, MDT, MRK, MGEE, MLKN, MS, NFG, NOV, NJR, NWL, NEU, NOC, NWPX, NOVT, OGE, ORI, OLN, OMC, PAYX, PYPL, PETS, PCG, PNW, POR, PPG, PPL, PFG, PG, PHM, KWR, RJF, RTX, REGN, RNG, RLI, ROK, RES, SAND, SAIC, SEIC, SRE, NOW, SHW, SMAR, LUV, SCS, TECH, TFX, TPX, TDC, TXT, TKR, TDG, TREX, UNH, V, VC, WRB, WAT, WU, XEL, ITA, IYM, IAI, IYK, IDU, DDM, FXL, FXI, BOTZ, ICF, IYH, IHF, IAT, MXI, ILF, IYF, ITB, EWA, EWO, EWK, EWZ, EWC, EEM, EWQ, EWM, EWW, EPP, EWS, EZA, EWL, THD, EWU, PPA, DBA, PBE, PEJ, PJP, PHO, ROBO, XLP, XLF, XLV, XHB, XLI, XLB, XAR, XLU, USO, 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.

$ $ $

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

Top

© 2024 ThePatternSite.com    Metric  Value  Diff  Close (within 10% of the high-low range for the day)? 
 Monthly S2  14,663.48    
 Monthly S1  15,792.03  1,128.55   
 Monthly Pivot  16,394.21  602.18   
 Weekly S2  16,547.09  152.88   
 Weekly S1  16,733.84  186.74   
 Daily S2  16,812.42  78.58   
 Weekly Pivot  16,865.11  52.69   
 Daily S1  16,866.50  1.39   Yes! The Daily S1 is close to the Weekly Pivot.
 Low  16,873.97  7.47   Yes! The Low is close to the Daily S1.
 Open  16,879.35  5.38   Yes! The Open is close to the Low.
 61.8% Down from Intraday High  16,918.14  38.79   
 Close  16,920.58  2.44   Yes! The Close is close to the 61.8% Down from Intraday High.
 Daily Pivot  16,928.05  7.47   Yes! The Daily Pivot is close to the Close.
 50% Down from Intraday High  16,931.79  3.73   Yes! The 50% Down from Intraday High is close to the Daily Pivot.
 38.2% Down from Intraday High  16,945.43  13.64   
 Daily R1  16,982.13  36.70   
 High  16,989.60  7.47   Yes! The High is close to the Daily R1.
 Daily R2  17,043.68  54.08   
 Weekly R1  17,051.86  8.18   Yes! The Weekly R1 is close to the Daily R2.
 Weekly R2  17,183.13  131.28   
 Monthly R1  17,522.76  339.63   
 Monthly R2  18,124.94  602.18   

Wednesday 5/29/24. 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.

About a week ago, the CPI turned bearish, which the vertical red line on the far right of the chart, shows.

The CPI turned down well before the bearish signal, which occurs when the computation is equal to or below 35. Equal to or above 65 and it's bullish. Between those two values is the neutral zone (shown as white vertical bars).

Picture of the chart pattern indicator

This chart shows the signals removed. I highlight with red lines where the CPI turned bearish even as the index continue higher, but only for a time. After that, it dropped following the indicator lower.

How serious is this? If you look back to the circled green area, it shows the CPI turning down. Above it, in the circle, we see the index rising for a time and then dropping, but not far.

So if history repeats itself, this decline won't last long either nor see the index drop far. My concern is that this could be the head of a head-and-shoulders top chart pattern. The left shoulder is the March peak with the right shoulder yet to appear. If the timing remains the same (about 2 months from left shoulder to head), then expect another shoulder in August.

$ $ $

I added lessons to ascending broadening wedges.

$ $ $

Here's a symbol list of 174 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: MMM, ABT, AXDX, ACN, AEIS, APD, ATSG, AA, ALKS, ALL, DOX, AME, AMGN, AMN, APH, APOG, ARCB, AWI, ARW, AVNT, BMI, BIG, BIIB, BOOT, BFH, BLDR, CBT, CACI, CPB, CX, CDAY, CINF, CLNE, CNX, CMCO, CMTL, COP, CXW, CSGP, CR, CRH, CROX, DECK, DFS, DSGR, ^DJT, EXP, EMR, WIRE, EZPW, FIS, FISV, FTV, GIS, GMS, GGG, HBI, HLIT, HAYN, HQY, HTLD, HL, HSII, HELE, DHI, IDA, IEX, IDXX, ITW, INFN, NSP, IBP, IIIN, TILE, INTU, IRM, JBLU, KBH, KLIC, LEN, MCHX, MLM, MAS, MTRN, MTRX, MRK, MLKN, MLI, NEU, NOC, NOVT, NTNX, NVDA, OGE, OLN, OMI, PKE, PNW, PFG, PG, PRU, PHM, RRC, R, CRM, SCHW, SAIC, NOW, SKX, SMAR, SWN, SXI, SUM, SRDX, TPR, TDOC, TPX, TXN, TXT, TOL, TDG, TREX, UNH, MDRX, VRTX, VC, WU, WPM, WDAY, ITA, IYK, DDM, FTEC, FXL, IYH, IHF, IAT, IXN, ILF, SLV, ITB, EEM, EWQ, EWW, EWS, EWP, EWL, EWT, EWU, PPA, DBA, PBE, PHO, XLP, XLV, XHB, 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.

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

Top


Tuesday 5/28/24. Slider Trading Quiz!

The Dow climbed by 0.0% or 4.33 points. Since 10/01/1928 the Dow made 1376 similar moves on a percentage basis. After those moves, the next day's...
     Average gain was 0.6% on 743 occasions.
     Average loss was -0.6% on 633 occasions.
Expect the Dow to close higher 54.0% of the time.
Weekly, since inception on 6/14/2011:
     The prediction of the Dow closing higher has been right 287/522 or 55.0% 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 rounding tops.

$ $ $

Here's a symbol list of 116 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: MMM, AXDX, A, AEE, AEP, AMWD, APH, ANIK, ARCB, ATO, ADP, AVNT, BBY, BIG, BMRN, BKH, BAH, BRC, CE, CENX, CDAY, CHKP, CI, CTAS, CNA, CGNX, CTSH, COP, CSGP, CRH, CROX, DECK, DVN, FANG, DOV, BOOM, EBAY, EVRG, EXC, EXPD, EZPW, FFIV, FE, FMC, FORM, FTV, IT, GFS, GGG, HAYN, HQY, HSII, HON, HWM, HUM, IEX, ITW, INFN, ISRG, JBLU, KBH, K, MANH, MTDR, MRK, MRCY, MLKN, NJR, NI, NOC, NWPX, OGE, OMC, OTEX, POR, PPL, PEG, PHM, KWR, RL, RCKY, CRM, SCHW, SRE, SKX, SR, SCS, TFX, TDC, SLCA, UNH, WDAY, XEL, IYM, IHE, IHF, IGV, MXI, ILF, EWH, EWJ, EWW, THD, PBE, GLD, XHB, 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.

$ $ $

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  36,644.10    
 Monthly S1  37,856.85  1,212.75   
 Weekly S2  38,331.98  475.14   
 Weekly S1  38,700.79  368.80   
 Daily S2  38,903.38  202.59   
 Monthly Pivot  38,967.13  63.75   
 Daily S1  38,986.48  19.36   Yes! The Daily S1 is close to the Monthly Pivot.
 Low  39,020.29  33.80   
 Close  39,069.59  49.30   
 Open  39,089.23  19.64   Yes! The Open is close to the Close.
 61.8% Down from Intraday High  39,096.70  7.47   Yes! The 61.8% Down from Intraday High is close to the Open.
 Daily Pivot  39,103.40  6.70   Yes! The Daily Pivot is close to the 61.8% Down from Intraday High.
 50% Down from Intraday High  39,120.30  16.90   Yes! The 50% Down from Intraday High is close to the Daily Pivot.
 38.2% Down from Intraday High  39,143.90  23.60   
 Daily R1  39,186.50  42.60   
 High  39,220.31  33.80   
 Daily R2  39,303.42  83.11   
 Weekly Pivot  39,389.09  85.68   
 Weekly R1  39,757.90  368.80   
 Monthly R1  40,179.87  421.97   
 Weekly R2  40,446.20  266.34   
 Monthly R2  41,290.14  843.94   

Holiday Supplement 4/27/24.

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

I released a stock market book titled, Invest for Two-Comma Wealth (#Ad). It's available from Amazon.com at the link. It makes a terrific graduation present to help them start their journey to wealth accumulation.

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.

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

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

Price $20, soft cover, print only, 300+ pages. This will not be available as an e-book.

$ $ $

Picture of 'Training Miles' book.

Need something entertaining to read this weekend? Buy a copy of Training "Miles"

This is available now in both paperback and e-book.

Miles is a crystal ball who wants to be a good orb. Not only is it his job to protect his sisters, but he believes he should be in charge.

Sister Sindy thinks otherwise.

When Miles leaves home to help an autistic girl, will his desire to protect the girl cost him his life? Will Sindy remain the family bully or will she help the girl, too?

Find out by reading this inspirational novel about the life of crystal balls that will delight you as often as it brings tears.

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

Top


Friday 5/24/24. Pattern Trading Setups for the Weekend.

$ $ $

Here's a symbol list of 228 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: MMM, AXDX, AES, ATSG, AKAM, ALK, ALB, ALGT, ALL, AEE, AMWD, ANIK, AON, ACGL, ARW, ASH, AGO, ATO, ADP, AVY, AVA, AXS, BAX, BIG, BMRN, BKH, BKNG, BSX, CACI, CE, CLS, CX, CENX, CDAY, CVX, CINF, CTAS, CLNE, CNA, CGNX, CTSH, ED, CONN, COP, CSGP, COST, COTY, CRH, CTS, DVN, DFS, ^DJT, DOV, EMN, EMR, EOG, EFX, EQT, FFIV, FAST, FLEX, FLS, FMC, FORM, FTNT, FNV, FCX, FRD, GPS, IT, GIS, GGG, GES, HTLD, HOLX, HON, IEX, ITW, IIIN, JBLU, KALU, KBH, KEYS, KLAC, KSS, LZB, LRCX, MHO, MGY, MCHX, MRTN, MAS, MTRX, MRCY, MSFT, MCO, MUR, ^IXIC, NOV, NTGR, NOC, NVDA, OXY, OGE, ON, OTEX, OMI, OXM, PKG, PTEN, PAYX, PYPL, PFE, PINC, PHM, RL, RRC, RTX, RLI, ROK, ROST, CRM, SAIC, NOW, SLGN, SMAR, SCCO, SXI, TDY, TFX, TDC, TER, TXN, TXT, TOL, TZOO, TG, TREX, UGI, UIS, UPS, VMI, VRSN, WSO, WU, WEX, WOLF, WWD, ITA, IYM, IYE, IEZ, IHE, FTEC, QTEC, FXL, FXI, IYH, IGV, IXC, MXI, IXN, ILF, SOXX, IGE, IEO, IYF, IHI, EWO, EWK, EWZ, ECH, EWH, EWW, EPP, EWD, EWL, EWT, THD, IBB, PPA, DBA, PBE, PHO, XLE, GLD, XHB, XLI, XLB, SMH, 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, author: Invest for Two-Comma Wealth and Training "Miles" (#Ad) New

Top

 

 Symbol  Chart Pattern  Bullish 
 Bearish 
Start End Industry
APDPennant      05/21/202405/23/2024Chemical (Diversified)
ALKTriangle, symmetrical      05/01/202405/22/2024Air Transport
ALBHead-and-shoulders top      05/07/202405/17/2024Chemical (Diversified)
ALLDouble Top, Adam and Adam      04/23/202405/02/2024Insurance (Prop/Casualty)
AEOTriple top      04/29/202405/10/2024Apparel
AFGDouble Bottom, Eve and Adam      04/17/202405/03/2024Insurance (Prop/Casualty)
ADSKDouble Bottom, Adam and Adam      04/18/202405/02/2024Computer Software and Svcs
BAUgly double bottom      04/25/202405/15/2024Aerospace/Defense
BKNGUgly double bottom      05/02/202405/17/2024Internet
BCOScallop, ascending      03/28/202405/08/2024Industrial Services
CPBRising wedge      04/01/202405/23/2024Food Processing
CORHead-and-shoulders top      03/04/202404/26/2024Biotechnology
CVXDouble Top, Adam and Adam      04/29/202405/13/2024Petroleum (Integrated)
CNXHead-and-shoulders bottom      04/25/202405/10/2024Natural Gas (Diversified)
CMCOBroadening top      02/15/202405/20/2024Machinery
EXPDouble Top, Eve and Eve      03/27/202405/15/2024Cement and Aggregates
EQTDouble Bottom, Adam and Adam      05/01/202405/10/2024Natural Gas (Diversified)
FNVDouble Top, Adam and Adam      05/10/202405/20/2024Metals and Mining (Div.)
GPSPipe top      05/06/202405/13/2024Apparel
GFSDouble Top, Adam and Adam      05/07/202405/22/2024Semiconductor
GESTriple top      04/30/202405/14/2024Apparel
IBPPipe top      04/29/202405/06/2024Retail Building Supply
RAMPBroadening top, right-angled and ascending      04/23/202405/22/2024Computer Software and Svcs
LOWDouble Top, Adam and Eve      05/03/202405/10/2024Retail Building Supply
MRCYTriple bottom      03/26/202405/08/2024Computers and Peripherals
MGEETriple top      05/09/202405/21/2024Electric Utility (Central)
NFGDouble Top, Adam and Adam      05/13/202405/21/2024Natural Gas (Diversified)
OXMTriple top      04/29/202405/13/2024Apparel
KWRBroadening bottom      04/22/202405/21/2024Chemical (Specialty)
CRMHead-and-shoulders bottom      04/19/202405/09/2024E-Commerce
SWNBroadening top      03/27/202405/03/2024Natural Gas (Diversified)
SCSDouble Bottom, Adam and Adam      03/21/202404/10/2024Furn/Home Furnishings
TRGPBroadening top      04/03/202405/21/2024Natural Gas (Diversified)
TSCOScallop, ascending      04/30/202405/20/2024Retail Building Supply
TRVDouble Top, Eve and Eve      05/10/202405/17/2024Insurance (Prop/Casualty)
VMCDouble Top, Adam and Eve      05/02/202405/10/2024Cement and Aggregates
IGVTriple top      03/01/202403/21/2024Computer Software and Svcs
VONGHead-and-shoulders top      03/08/202404/11/2024None

 

Top


Thursday 5/23/24. Ethereum (ETH-USD) Review

The Nasdaq dropped by -0.2% or -31.08 points. Since 02/05/1971 the Nasdaq made 553 similar moves on a percentage basis. After those moves, the next day's...
     Average gain was 0.7% on 290 occasions.
     Average loss was -0.8% on 263 occasions.
Expect the Nasdaq to close higher 52.4% of the time.
Weekly, since inception on 6/14/2011:
     The prediction of the Nasdaq closing higher has been right 277/492 or 56.3% of the time.
     The prediction of the Nasdaq closing lower has been right 76/162 or 46.9% 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 ETH-USD.

$ $ $

I show a picture of Ethereum on the daily scale.

At A, the currency makes a strong push higher, peaking at B, almost double what it was at A. Since then, the sideways to down movement has been sloppy but it followed the two red trendlines lower.

Recently, it formed a pattern that I call a roof. It might look like a head-and-shoulders top, but there are differences. In this case, the obvious one is that the pattern broke out upward (which would invalidate a head-and-shoulders top).

In the last few days, the currency has made a push to reach the price of point B. However, when it gets closer, it will likely hit overhead resistance setup by those who bought near B and now want to sell. That could stop the rise from going much higher.

$ $ $

I added lessons to descending broadening wedges.

$ $ $

Here's a symbol list of 119 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: MMM, ATSG, ALKS, ALL, AMED, AMWD, AON, APOG, ADM, AIZ, AVA, BA, BSX, BBW, CE, CVX, CLNE, COP, CXW, COTY, CRH, CTS, DECK, DVN, DOV, DRQ, EBAY, EOG, FFIV, FMC, FORM, FWRD, GPS, GIS, GILD, GES, HIG, HOV, JBHT, HURC, IPG, ISRG, IRM, KBH, LZB, LNC, LPLA, LXU, MRO, MRTN, MAS, MTDR, MGEE, MUR, NOV, OGE, ASGN, ON, OUT, PAYX, PYPL, PPG, PGR, PRU, QCOM, DGX, RNG, RHI, ROST, RES, NOW, SHOP, SXI, SRDX, TGT, TEVA, TXN, TXT, TRV, TZOO, UHAL, SLCA, UPS, VMI, WU, WSM, FXI, BOTZ, IYH, ILF, EWZ, EWQ, EWH, EWI, EWJ, EWM, EPP, EWY, EWL, THD, IBB, PXJ, PJP, XLV, XHB, 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.

$ $ $

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

Top

© 2024 ThePatternSite.com    Metric  Value  Diff  Close (within 10% of the high-low range for the day)? 
 Monthly S2  14,699.00    
 Monthly S1  15,750.27  1,051.27   
 Weekly S2  16,181.77  431.50   
 Monthly Pivot  16,274.05  92.28   
 Weekly S1  16,491.66  217.61   
 Weekly Pivot  16,644.74  153.09   
 Daily S2  16,646.45  1.71   Yes! The Daily S2 is close to the Weekly Pivot.
 Low  16,712.09  65.64   
 Daily S1  16,724.00  11.91   Yes! The Daily S1 is close to the Low.
 61.8% Down from Intraday High  16,766.79  42.79   
 50% Down from Intraday High  16,783.68  16.89   
 Daily Pivot  16,789.63  5.95   Yes! The Daily Pivot is close to the 50% Down from Intraday High.
 38.2% Down from Intraday High  16,800.58  10.94   Yes! The 38.2% Down from Intraday High is close to the Daily Pivot.
 Close  16,801.54  0.96   Yes! The Close is close to the 38.2% Down from Intraday High.
 Open  16,839.02  37.48   
 High  16,855.27  16.25   
 Daily R1  16,867.18  11.91   Yes! The Daily R1 is close to the High.
 Daily R2  16,932.81  65.64   
 Weekly R1  16,954.63  21.81   
 Weekly R2  17,107.71  153.09   
 Monthly R1  17,325.32  217.61   
 Monthly R2  17,849.10  523.78   

Wednesday 5/22/24. 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 CPI turned bullish in early May and kept leaning bullish until two days ago (if you ignore that signals can change for up to a week).

The current reading is neutral. It reminds me of a slow transition from bullish to neutral to bearish. You can see the reverse of that starting from April, where we see a single red bar (bearish) then white bars (neutral) and finally a green bar (bullish). So this could mean the markets are going to turn bearish (but no guarantee).

Picture of the chart pattern indicator

This chart clears the vertical bars so you can compare the indicator at the bottom of the chart with the index above it.

The CPI peaked about a week ago and has turned lower since. However, during that period, the S&P climbed. That's what's know as bearish divergence. In bearish divergence, the indicator turns bearish even as the index remains bullish. It suggests that the index will follow the indicator.

Divergence can last for months and it might fade away, too. It does suggest, however, that the markets are over-bought and ripe to retrace. Certainly the broader market is weakening. Whether or not that will continue is unknown.

$ $ $

Here's a symbol list of 105 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: MMM, ABT, AMZN, AMED, AIG, AMWD, AON, ATR, ASH, AXS, BMI, BCPC, BZH, BFH, CBT, CACI, CDAY, CVX, CSCO, CLNE, CONN, CXW, CRH, ^DJT, EXP, EBAY, FFIV, FICO, FMC, FWRD, GPS, GD, GIS, GFS, GS, GES, THG, HELE, JBHT, IEX, IDXX, INCY, PODD, JAZZ, JNJ, KALU, KBH, KMT, LDOS, LNC, RAMP, LPLA, MHO, MANH, MAS, MRK, MGEE, MUR, NJR, NEE, NOC, NOVT, NTNX, OGE, OUT, PCTY, POR, PFG, DGX, RL, RGA, RHI, RES, SAND, SCHW, SKYW, SMAR, SWX, SXI, TDOC, TZOO, UIS, VRTX, VC, WMB, IYC, IHE, IYH, IHI, EWK, EWZ, EWY, TUR, DBA, PJP, XLV, XLK, XLU, VHT. Click this link for details (pattern type, start and end dates).

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

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

Top


Tuesday 5/21/24. Slider Trading Quiz!

The Dow dropped by -0.5% or -196.82 points. Since 10/01/1928 the Dow made 801 similar moves on a percentage basis. After those moves, the next day's...
     Average gain was 0.7% on 408 occasions.
     Average loss was -0.8% on 393 occasions.
Expect the Dow to close higher 50.9% of the time.
Weekly, since inception on 6/14/2011:
     The prediction of the Dow closing higher has been right 286/521 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 rising wedges.

$ $ $

Here's a symbol list of 143 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: MMM, ABT, ANF, AXDX, A, AXP, AIG, ANIK, AR, ARW, ASH, AGO, BCPC, BKNG, BRKR, CDNS, CNC, CDAY, CF, CVX, CI, CINF, CLNE, CNA, CMTL, ED, CONN, COP, CSGP, DFS, BOOM, EIX, EG, FICO, FARO, FIS, GNW, GILD, GS, THG, HIG, HSII, HELE, HSIC, HWM, HUM, JBHT, IEX, IDXX, IBP, PODD, IPAR, TILE, KBH, KELYA, KSS, LZB, LH, LEN, LLY, RAMP, L, MHO, MAS, MTRN, MSFT, MLKN, MUR, NOV, NTAP, NJR, NKE, NI, OLN, OTEX, OR, OUT, OXM, PEN, PCG, PFG, PEG, RMBS, RRC, RGA, RLI, ROST, SAND, SLGN, STR, SKX, SMAR, SCCO, LUV, SWN, SPSC, SXI, SSYS, TER, RIG, TG, UNH, UNM, VECO, VRTX, WRB, WMB, WSC, WOLF, ZBRA, ITA, IAI, IDU, DDM, MXI, IHI, EWI, EWJ, EWM, EWP, TUR, DBA, PBE, PXJ, XRT, XLK, 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.

$ $ $

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  36,716.97    
 Monthly S1  38,261.87  1,544.90   
 Weekly S2  39,064.12  802.25   
 Monthly Pivot  39,156.46  92.34   
 Weekly S1  39,435.45  278.98   
 Daily S2  39,600.11  164.66   
 Daily S1  39,703.44  103.33   
 Weekly Pivot  39,743.25  39.80   
 Low  39,787.09  43.84   
 Close  39,806.77  19.68   Yes! The Close is close to the Low.
 Daily Pivot  39,890.42  83.65   
 61.8% Down from Intraday High  39,897.99  7.57   Yes! The 61.8% Down from Intraday High is close to the Daily Pivot.
 50% Down from Intraday High  39,932.25  34.26   
 38.2% Down from Intraday High  39,966.50  34.25   
 Open  39,989.76  23.26   Yes! The Open is close to the 38.2% Down from Intraday High.
 Daily R1  39,993.75  3.99   Yes! The Daily R1 is close to the Open.
 High  40,077.40  83.65   
 Weekly R1  40,114.57  37.18   
 Daily R2  40,180.73  66.16   
 Weekly R2  40,422.38  241.64   
 Monthly R1  40,701.36  278.98   
 Monthly R2  41,595.95  894.59   

Monday 5/20/24. Market Monday: The Week Ahead

My Prediction

Picture of the nasdaq on the daily scale.

The chart doesn't show much action so I looked back to find patterns to discuss. The chart is on the daily scale, of the Nasdaq composite.

In green is a scallop, but the official name is an inverted and ascending scallop. Those patterns have a straight run up (or nearly so) followed by a rounded turn at the top which retraces a portion of the prior up move.

Another inverted and ascending scallop appears in red. Both have upward breakouts (when price closes above the top of the pattern).

A third chart patterns appears in brown or orange, depending on how much you've had to drink. Smiley It's a complex head-and-shoulders top. This example has one left shoulder, two right ones, and a head in between. Often I ignore patterns with odd numbers of shoulders (they should be equidistant from the head in time, price, and number of peaks), so this one is weird. This one breaks out downward when it closes below a neckline that I didn't draw.

What does this mean for the index going forward? Nothing. However, a trend in motion tends to remain in motion, so look for the upward move of the last few weeks to continue.

Top

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 81.33 points.
Tuesday: Up 126.6 points.
Wednesday: Up 349.89 points.
Thursday: Down 38.62 points.
Friday: Up 134.21 points.

For the Week...

The Dow industrials were up 490.75 points or 1.2%.
The Nasdaq composite was up 345.1 points or 2.1%.
The S&P 500 index was up 80.61 points or 1.5%.

Year to Date...

Dow Industrials
     0.1% down from the high of 40,051.05 on 05/16/2024.
     7.8% up from the low of 37,122.95 on 01/18/2024.
Nasdaq
     0.7% down from the high of 16,797.83 on 05/16/2024.
     15.3% up from the low of 14,477.57 on 01/05/2024.
S&P 500
     0.4% down from the high of 5,325.49 on 05/16/2024.
     13.3% up from the low of 4,682.11 on 01/05/2024.

Options Expiration

No options expire this week.

Top

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  39,806  39,905  39,958  40,057  40,110 
Weekly  39,130  39,567  39,809  40,246  40,488 
Monthly  36,783  38,393  39,222  40,833  41,662 
S&P500 (^GSPC): Daily  5,276  5,289  5,297  5,311  5,319 
Weekly  5,166  5,234  5,280  5,349  5,394 
Monthly  4,822  5,063  5,194  5,435  5,566 
Nasdaq (^IXIC): Daily  16,563  16,624  16,675  16,737  16,788 
Weekly  16,143  16,415  16,606  16,878  17,069 
Monthly  14,660  15,673  16,236  17,248  17,811 

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

Top

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 104 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: MMM, ACN, ALKS, DOX, AFG, AMGN, ANIK, APA, ARW, ASH, BCPC, BKNG, BRKR, CLS, CX, CENX, CRL, CSCO, CNO, CMTL, CONN, CSGP, CSGS, DSGR, EOG, EXC, EXPI, FARO, FDX, FWRD, GME, GGG, THG, HL, HSIC, HOLX, JBHT, NSP, IBP, IIIN, IPAR, TILE, IPI, ISRG, JBLU, KBH, K, KELYA, KFRC, LH, LAMR, LNC, RAMP, MANH, MKTX, MTRN, MUR, NOC, OR, OXM, PDCO, PCG, PGR, RHI, RGLD, RES, SAND, SWX, UIS, WEX, WMB, WSC, WDAY, ZBRA, IYC, IXC, MXI, SLV, EWA, EWO, EWC, ECH, EWH, EWI, EWM, EWS, EZA, EWL, THD, TUR, EWU, GLD, XRT, 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.

This WeekLast Week
1. Semiconductor1. Retail (Special Lines)
2. Retail (Special Lines)2. Semiconductor
3. Apparel3. Apparel
4. Shoe4. Homebuilding
5. Homebuilding5. Cement and Aggregates
6. Retail Store6. Semiconductor Cap Equip.
7. Semiconductor Cap Equip.7. Building Materials
8. Cement and Aggregates8. Retail Store
9. Metals and Mining (Div.)9. Shoe
10. Building Materials10. Furn/Home Furnishings
Best Performing AboveWorst Performing Below
50. Computer Software and Svcs50. Chemical (Diversified)
51. Chemical (Diversified)51. Food Processing
52. Electric Utility (West)52. Computer Software and Svcs
53. Air Transport53. Electric Utility (West)
54. Toiletries/Cosmetics54. Toiletries/Cosmetics
55. Medical Services55. Trucking/Transp. Leasing
56. Insurance (Diversified)56. Human Resources
57. Human Resources57. Medical Services
58. Trucking/Transp. Leasing58. Insurance (Diversified)
59. Oilfield Svcs/Equipment59. Oilfield Svcs/Equipment
60. Short ETFs60. Short ETFs

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

Top


Friday 5/17/24. Pattern Trading Setups for the Weekend.

$ $ $

Here's a symbol list of 141 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: DDD, MMM, ABM, ACIW, ADTN, AMD, APD, ALGT, AEO, AXP, AFG, AMWD, ANIK, APOG, ARCB, ACGL, ARW, ASH, AGO, BSET, BAX, BKNG, BFH, BRKR, BBW, CACI, CNC, CI, CSCO, CNO, CGNX, CMTL, CONN, CSGP, CR, CROX, CSGS, CMI, DECK, DVN, DDS, DFS, EBAY, EQT, EXC, FLEX, FTNT, GME, GMS, GOOGL, GPRO, GES, HBI, THG, HQY, HSII, HELE, HP, HSIC, HUM, IBP, INTC, TILE, KBH, KEYS, LAMR, L, MGY, MAN, MCHX, MLM, MA, MTRN, MTRX, MGEE, MOS, MLI, MUR, MYGN, NWL, JWN, OMCL, PKG, PEN, PRFT, PCG, POR, PFG, PGR, DGX, RMBS, REGN, RGS, RNG, RCKY, ROG, SMG, SEE, SCI, STR, SWX, SWN, SXI, TGT, TPX, UNH, UNM, VFC, VMC, WLK, WMB, ZBRA, DDM, FXI, QQQ, IEV, ILF, EWA, EWJ, EPP, EWS, EWD, PHO, XLP, XLV, XLK, UNG, USO, 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, author: Invest for Two-Comma Wealth and Training "Miles" (#Ad) New

Top

 

 Symbol  Chart Pattern  Bullish 
 Bearish 
Start End Industry
AMDHead-and-shoulders bottom      04/19/202405/14/2024Semiconductor
AFLPipe bottom      04/08/202404/15/2024Insurance (Diversified)
APipe bottom      04/15/202404/22/2024Precision Instrument
AADouble Bottom, Adam and Adam      04/18/202405/01/2024Aerospace/Defense
BIOTriple bottom      04/18/202405/09/2024Medical Supplies
CFDouble Bottom, Adam and Adam      05/02/202405/08/2024Chemical (Basic)
CMTLDouble Bottom, Adam and Eve      04/23/202405/09/2024Telecom. Equipment
COSTDouble Bottom, Adam and Adam      04/03/202404/19/2024Retail Store
CROXThree Rising Valleys      04/17/202405/01/2024Shoe
DHRUgly double bottom      04/18/202405/02/2024Medical Services
FIVNDouble Top, Eve and Adam      04/24/202405/03/2024Computer Software and Svcs
FLEXRoof, inverted      04/04/202405/15/2024Electronics
GDDiamond bottom      04/15/202405/02/2024Aerospace/Defense
HEUgly double bottom      04/16/202404/26/2024Electric Utility (West)
HSICPipe bottom      04/29/202405/06/2024Medical Supplies
HOVDouble Bottom, Adam and Eve      03/18/202404/19/2024Homebuilding
HUBGDouble Bottom, Eve and Adam      04/18/202404/26/2024Trucking/Transp. Leasing
HUMDouble Bottom, Adam and Eve      04/02/202405/01/2024Medical Services
INCYPipe bottom      04/22/202404/29/2024Drug
INTCDouble Bottom, Eve and Eve      05/01/202405/08/2024Semiconductor
IPARDouble Bottom, Eve and Adam      05/01/202405/08/2024Toiletries/Cosmetics
IPGBig W      04/16/202405/02/2024Advertising
INTUTriangle, symmetrical      04/19/202405/14/2024Computer Software and Svcs
KSSUgly double bottom      04/18/202405/01/2024Retail Store
LRCXDouble Bottom, Eve and Adam      04/22/202405/02/2024Semiconductor Cap Equip.
MANUgly double bottom      04/16/202405/01/2024Human Resources
MRKTriangle, symmetrical      03/27/202405/16/2024Drug
NOCDouble Top, Adam and Adam      04/25/202405/01/2024Aerospace/Defense
NWPXPennant      05/09/202405/15/2024Building Materials
NUSDouble Bottom, Eve and Adam      04/15/202404/30/2024Toiletries/Cosmetics
NVDAPipe bottom      04/15/202404/22/2024Semiconductor
PAYXDouble Bottom, Adam and Adam      04/18/202405/02/2024IT Services
RMBSHead-and-shoulders bottom      04/19/202405/09/2024Semiconductor Cap Equip.
RHIHead-and-shoulders bottom      04/17/202405/08/2024Human Resources
SAIATriangle, symmetrical      05/02/202405/16/2024Trucking/Transp. Leasing
SXIBroadening bottom      04/10/202405/06/2024Diversified Co.
SUMTriple bottom      04/19/202405/02/2024Cement and Aggregates
TFXDouble Bottom, Eve and Adam      05/02/202405/08/2024Diversified Co.
TTDDouble Bottom, Eve and Adam      03/15/202404/22/2024Advertising
TMOUgly double bottom      04/18/202405/07/2024Precision Instrument
TREXDiamond bottom      04/18/202405/16/2024Building Materials
UNHUgly double bottom      04/12/202405/01/2024Medical Services
VMCDouble Bottom, Adam and Adam      04/19/202404/25/2024Cement and Aggregates
WATPipe bottom      04/15/202404/22/2024Precision Instrument
FDNDouble Bottom, Adam and Adam      04/19/202404/25/2024Internet
SOXXPipe bottom      04/15/202404/22/2024Semiconductor
IHIRoof, inverted      04/24/202405/10/2024Medical Supplies

 

Top


Thursday 5/16/24. Intraday Market Direction: Nasdaq

The Nasdaq climbed by 1.4% or 231.21 points. Since 02/05/1971 the Nasdaq made 126 similar moves on a percentage basis. After those moves, the next day's...
     Average gain was 0.8% on 73 occasions.
     Average loss was -1.0% on 53 occasions.
Expect the Nasdaq to close higher 57.9% of the time.
Weekly, since inception on 6/14/2011:
     The prediction of the Nasdaq closing higher has been right 277/491 or 56.4% of the time.
     The prediction of the Nasdaq closing lower has been right 76/162 or 46.9% 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 first glance, there wasn't a lot going on in this picture. However, after gluing on a few trendlines, a chart pattern emerges.

At A, an ascending triangle appears. Those have horizontal tops and up-sloping bottoms. They can break out in either direction, but is upward 63% of the time.

An upward breakout happened here. At B, the index gapped open higher, perhaps on favorable news about inflation. I think it looks good for additional rises, especially after going horizontal for a week.

$ $ $

I updated the 10-year forecast for the Dow industrials, Nasdaq composite, and S&P 500. click the link to see the pictures.

$ $ $

Here's a symbol list of 216 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: DDD, ADTN, AEIS, AES, A, ALB, ALGT, DOX, AMED, AEE, AEO, AME, AMGN, APH, ANIK, AMAT, ARCB, ANET, BALL, BSET, BECN, BZH, BERY, BBY, BIO, BIIB, BOOT, BMY, BRKR, BLDR, BG, CBT, CI, CONN, CROX, CCK, CMI, DECK, DVN, FANG, DDS, EXP, EBAY, EFX, EXC, EXPI, FICO, FIS, FE, FLS, FORM, FTNT, GME, GIS, GPN, GMS, GPRO, GES, THG, HELE, HP, HSIC, DHI, HOV, IDXX, IBP, ITGR, IPAR, TILE, INTU, IRM, JBLU, KBH, KMT, KEYS, KLAC, LEN, LLY, LMT, MHO, MGY, MAN, MKTX, MAS, MA, MTRN, MGEE, MU, MLI, MUR, MYGN, NBR, ^IXIC, NWL, NEE, NI, JWN, NOC, NOVT, NUS, OXY, OMCL, OR, PYPL, PEN, PCG, PPL, PEG, PHM, QCOM, REGN, RGS, ^GSPC, CRM, SBH, SLB, SCHW, SMG, SEIC, STR, SKX, SMAR, SWX, SWN, SR, SUM, SNPS, TRGP, TDY, TFX, TER, TXN, TKR, TOL, TZOO, TG, UHAL, UNH, VLO, VECO, MDRX, V, VMC, WLK, WMB, IAI, IHE, IDU, DDM, FTEC, QTEC, FXL, QQQ, ICF, IYH, IAT, IEV, IGV, MXI, IXN, SOXX, SLV, IEO, IYF, ITB, EWK, EEM, EWG, EIS, EWI, EWM, EWW, EZA, EWY, EWP, EWD, EWL, EWT, EWU, QLD, IBB, PBE, PHO, SSO, XLF, XLV, XHB, XLB, SPY, XLK, XLU, USO, SMH, VHT, 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 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

Top

© 2024 ThePatternSite.com    Metric  Value  Diff  Close (within 10% of the high-low range for the day)? 
 Monthly S2  14,901.44    
 Monthly S1  15,821.91  920.48   
 Monthly Pivot  16,143.26  321.34   
 Weekly S2  16,219.68  76.43   
 Weekly Pivot  16,459.21  239.53   
 Daily S2  16,473.09  13.88   Yes! The Daily S2 is close to the Weekly Pivot.
 Weekly S1  16,481.04  7.95   Yes! The Weekly S1 is close to the Daily S2.
 Low  16,544.09  63.05   
 Open  16,601.14  57.05   
 Daily S1  16,607.74  6.60   Yes! The Daily S1 is close to the Open.
 61.8% Down from Intraday High  16,622.65  14.91   Yes! The 61.8% Down from Intraday High is close to the Daily S1.
 50% Down from Intraday High  16,646.91  24.27   
 38.2% Down from Intraday High  16,671.18  24.27   
 Daily Pivot  16,678.74  7.56   Yes! The Daily Pivot is close to the 38.2% Down from Intraday High.
 Weekly R2  16,698.74  20.00   Yes! The Weekly R2 is close to the Daily Pivot.
 Weekly R1  16,720.57  21.82   
 Close  16,742.39  21.82   
 High  16,749.74  7.35   Yes! The High is close to the Close.
 Daily R1  16,813.39  63.65   
 Daily R2  16,884.39  71.00   
 Monthly R1  17,063.73  179.34   
 Monthly R2  17,385.08  321.34   

Wednesday 5/15/24. 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 bullish signal is still in place, just as it has been for a few weeks now. The vertical green bar (far right of the chart) shows this.

Based on this chart of the S&P, I expect overhead resistance to stop the upward advance. However, it could power through that resistance to post new highs. That's what the CPI is saying (new high coming).

Picture of the chart pattern indicator

Here's another view of the indicator. I mentioned this last week, that the indicator has been making lower highs even as the index makes new highs. That's bearish divergence.

I show that with the two green lines. Of course, the divergence has ended with the March peak...

The CPI has a max value of 100 and it's at 90.8 now. Last week, it was at 94, so we're seeing a softening of the upward push. To me, that signals a warning, but not a guarantee, of a coming retrace.

$ $ $

Here's a symbol list of 158 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: ABT, ANF, AMD, AFL, ALGT, ALL, DOX, AMED, ANIK, AR, ADM, ANET, AIZ, ATO, ADP, AVNT, BBY, BIG, BIO, BAH, BMY, BRKR, BG, CDNS, CLS, CENX, CDAY, CF, CTAS, CNA, CNX, CMCO, CMTL, CONN, CXW, CTS, DECK, DVN, ^DJT, D, DUK, EBAY, ELV, EVRG, FAST, FDX, FIVN, FMC, FWRD, GME, GPRO, HBI, THG, HSII, HSIC, HNI, JBHT, IDA, NSP, IBP, IIIN, PODD, TILE, IPG, JKHY, KMT, KLAC, LANC, LLY, LMT, MHO, MGY, MANH, MAN, MCHX, MA, MTRN, MRK, MGEE, MUR, ^IXIC, NWL, NOC, NVDA, OMCL, OMI, OXM, PKE, PDCO, PETS, POR, PG, PHM, PSTG, RRC, RTX, RHI, ^GSPC, SAIA, SAND, SLB, SEIC, STR, SCCO, SR, TPR, TFX, UPS, UNH, VLO, V, VMC, WMT, WU, WMB, XEL, FTEC, BOTZ, QQQ, IGV, IXN, SOXX, EWO, EWK, EWZ, ECH, EWQ, EIS, EWI, EWS, EZA, EWP, EWD, EWT, THD, QLD, PBE, PJP, GLD, XLK, 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.

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

Top


Tuesday 5/14/24. Slider Trading Quiz!

The Dow dropped by -0.2% or -81.33 points. Since 10/01/1928 the Dow made 1259 similar moves on a percentage basis. After those moves, the next day's...
     Average gain was 0.6% on 629 occasions.
     Average loss was -0.7% on 630 occasions.
Expect the Dow to close lower 50.0% of the time.
Weekly, since inception on 6/14/2011:
     The prediction of the Dow closing higher has been right 286/521 or 54.9% of the time.
     The prediction of the Dow closing lower has been right 54/114 or 47.4% of the time.

$ $ $

I show another slider trading quiz featuring horn tops.

$ $ $

Here's a symbol list of 182 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: ABT, ACN, ADTN, ALKS, ALL, AMED, AEO, AXP, AFG, AMWD, APA, APOG, ADM, AWI, ARW, ASH, AIZ, ATO, ADSK, BCPC, BAX, BA, BAH, BRC, BG, CDNS, COR, CDAY, CINF, CTAS, CSCO, CLF, CLX, CNA, CNO, CTSH, CMCO, CXW, COST, CMI, DVN, FANG, DFS, DSGR, ^DJI, EXP, WIRE, EVH, FICO, FAST, FIS, FE, FMC, GME, GPRO, GFF, HBI, THG, HLIT, HSY, HON, DHI, HWM, HUM, JBHT, HURC, INCY, NSP, IBP, IIIN, PODD, TILE, IPG, INTU, ISRG, IRM, JKHY, JBLU, KALU, KEYS, LZB, LH, LRCX, LANC, LDOS, MGY, MANH, MAS, MA, MTDR, MTRN, MDT, MLI, MYGN, NFG, NOV, JWN, NUS, OXY, ORI, OMC, ASGN, PKE, PEN, PETS, PLXS, PG, PGR, PRU, PEG, PHM, QTWO, RRC, RTX, RLI, ROK, ROP, RGLD, R, SAND, SCHW, SEE, SEIC, SMTC, SWN, SXI, TDY, TPX, TOL, TDG, TZOO, TG, UPS, MDRX, VRTX, V, VMC, WMT, WU, WLK, WSC, WWW, WWD, FDN, FXI, IYZ, IYF, ITB, EWK, EEM, EWG, EWH, EWM, EWW, EWL, TUR, PHO, XLF, XLV, XLB, XRT, 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 Training "Miles" (#Ad) New

Top

© 2024 ThePatternSite.com    Metric  Value  Diff  Close (within 10% of the high-low range for the day)? 
 Monthly S2  36,906.00    
 Monthly S1  38,168.75  1,262.76   
 Weekly S2  38,343.09  174.34   
 Monthly Pivot  38,874.32  531.23   
 Weekly S1  38,887.30  12.98   Yes! The Weekly S1 is close to the Monthly Pivot.
 Weekly Pivot  39,233.59  346.29   
 Daily S2  39,249.64  16.05   Yes! The Daily S2 is close to the Weekly Pivot.
 Daily S1  39,340.58  90.93   
 Low  39,403.05  62.47   
 Close  39,431.51  28.46   
 Daily Pivot  39,493.98  62.47   
 61.8% Down from Intraday High  39,496.39  2.40   Yes! The 61.8% Down from Intraday High is close to the Daily Pivot.
 50% Down from Intraday High  39,525.22  28.83   
 38.2% Down from Intraday High  39,554.05  28.83   
 Daily R1  39,584.92  30.87   
 Open  39,591.28  6.36   Yes! The Open is close to the Daily R1.
 High  39,647.39  56.11   
 Daily R2  39,738.32  90.93   
 Weekly R1  39,777.80  39.48   
 Weekly R2  40,124.09  346.29   
 Monthly R1  40,137.07  12.98   Yes! The Monthly R1 is close to the Weekly R2.
 Monthly R2  40,842.64  705.56   

Monday 5/13/24. Market Monday: The Week Ahead

My Prediction

Picture of the Dow industrials on the daily scale.

At AB is a chart pattern called a double top. It confirms as a valid chart pattern when the index closes below the horizontal green line.

At C, we see another chart pattern and another green line. The pattern is a weird looking triple bottom. The three valleys should bottom near the same price, but in this case, they don't.

A close above the nearby green line confirms the chart pattern as valid and signals an upward move, which sees price rise to D.

At D, we see the index getting near the price level of peaks A and B. That's important because it signals overhead resistance is coming. That could stop the upward move (and my guess is it will).

$ $ $

I released a new version of Patternz. It has a button on the Chart form where you can get more detail about a found chart pattern.

$ $ $

Picture of 'Training Miles' book.

I had one reader of my Training "Miles" book (pictured on the right) write, "It did not disappoint. I read the entire book in one sitting." -- DJB

$ $ $

Top

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 176.59 points.
Tuesday: Up 31.99 points.
Wednesday: Up 172.13 points.
Thursday: Up 331.37 points.
Friday: Up 125.08 points.

For the Week...

The Dow industrials were up 837.16 points or 2.2%.
The Nasdaq composite was up 184.54 points or 1.1%.
The S&P 500 index was up 94.89 points or 1.9%.

Year to Date...

Dow Industrials
     0.9% down from the high of 39,889.05 on 03/21/2024.
     6.4% up from the low of 37,122.95 on 01/18/2024.
Nasdaq
     1.2% down from the high of 16,538.86 on 03/21/2024.
     12.9% up from the low of 14,477.57 on 01/05/2024.
S&P 500
     0.8% down from the high of 5,264.85 on 03/28/2024.
     11.5% 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).

Top

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  39,326  39,419  39,500  39,593  39,673 
Weekly  38,370  38,942  39,261  39,832  40,151 
Monthly  36,933  38,223  38,901  40,191  40,870 
S&P500 (^GSPC): Daily  5,194  5,208  5,224  5,238  5,254 
Weekly  5,104  5,164  5,202  5,261  5,299 
Monthly  4,853  5,038  5,139  5,324  5,425 
Nasdaq (^IXIC): Daily  16,213  16,277  16,357  16,421  16,501 
Weekly  16,086  16,213  16,325  16,453  16,565 
Monthly  14,768  15,554  16,009  16,796  17,251 

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

Top

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 172 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: MMM, ABM, ADTN, AFL, AKAM, ALB, AMED, AXP, AFG, AR, APA, AMAT, ATR, ACGL, ANET, AIZ, ATO, ADSK, AVY, BCPC, BZH, BA, BOOT, BAH, BRC, BMY, BBW, CALM, CAL, CE, CRL, CHKP, CINF, CTAS, CLX, CNO, CNX, CONN, CRH, CMI, DVN, FANG, ^DJI, DRQ, DTE, EOG, EVH, FICO, FE, FLS, FRD, GME, GIS, GPN, GPRO, GFF, GES, HBI, HLIT, HIG, HE, HAYN, HQY, HELE, HSY, HOV, HWM, INCY, PODD, INTC, IPAR, IPI, JAZZ, KALU, KMT, KEYS, LH, MGY, MRO, MTDR, MRCY, MU, MOS, MUR, ^IXIC, NFG, NOV, NWL, NI, OXY, OLN, OMC, ON, PYPL, PETS, PPG, PEG, QTWO, KWR, DGX, RRC, RGA, RES, SAND, SIGI, STR, SWX, SWN, SCS, TPX, TTD, TDG, TZOO, UHAL, SLCA, UIS, VFC, VLO, V, VMC, WAT, WOLF, WWD, ITA, IYM, IHE, FXI, QQQ, IYH, IEV, MXI, ILF, IEO, IYF, EWO, EWK, EWC, EEM, EWG, EWH, EWI, EWM, EPP, EZA, EWY, EWP, EWD, EWL, EWT, TUR, EWU, PBE, PHO, XLF, XLV, XLB, USO, SMH, 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. Retail (Special Lines)1. Semiconductor
2. Semiconductor2. Retail (Special Lines)
3. Apparel3. Apparel
4. Homebuilding4. Homebuilding
5. Cement and Aggregates5. Semiconductor Cap Equip.
6. Semiconductor Cap Equip.6. Cement and Aggregates
7. Building Materials7. Shoe
8. Retail Store8. Building Materials
9. Shoe9. Retail Building Supply
10. Furn/Home Furnishings10. Furn/Home Furnishings
Best Performing AboveWorst Performing Below
50. Chemical (Diversified)50. Petroleum (Producing)
51. Food Processing51. Natural Gas (Diversified)
52. Computer Software and Svcs52. Chemical (Diversified)
53. Electric Utility (West)53. Trucking/Transp. Leasing
54. Toiletries/Cosmetics54. Electric Utility (West)
55. Trucking/Transp. Leasing55. Toiletries/Cosmetics
56. Human Resources56. Human Resources
57. Medical Services57. Insurance (Diversified)
58. Insurance (Diversified)58. Medical Services
59. Oilfield Svcs/Equipment59. Oilfield Svcs/Equipment
60. Short ETFs60. Short ETFs

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

Top


Friday 5/10/24. Pattern Trading Setups for the Weekend.

$ $ $

Here's a symbol list of 132 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: AXDX, ADTN, AFL, ATSG, AEE, AFG, AAPL, ATR, ARW, ADSK, BCPC, BSET, BBY, BKH, BCO, BRKR, BBW, BLDR, CACI, CALM, CPB, CE, CLS, COR, CRL, CHKP, CINF, CTAS, CNO, CGNX, CMTL, CONN, CXW, DUK, BOOM, WIRE, EPAM, EQT, EXC, FDS, FDX, FWRD, FRD, GME, GNW, GILD, HIG, HQY, HELE, HUBG, ITW, INCY, INFN, IPG, INTU, K, KMT, KFRC, LHX, LZB, LAMR, LEG, LMT, LOW, MGEE, NFG, NEE, NWPX, NOVT, NTNX, NVDA, OMCL, PKE, PTEN, POR, PG, DGX, RL, RRC, ROP, ROST, SAND, SMTC, SHOP, STR, SCCO, SWX, SWN, TRV, TZOO, UIS, UPS, UNH, UNM, VRTX, V, WRB, WU, WPM, WDAY, XEL, IYE, FXL, IHF, IEV, IXC, MXI, SLV, IGE, IHI, EWA, EWO, EWK, EWQ, EWG, EWI, EWD, EWL, PXJ, PJP, XLE, XLB, 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, author: Invest for Two-Comma Wealth and Training "Miles" (#Ad) New

Top

 

 Symbol  Chart Pattern  Bullish 
 Bearish 
Start End Industry
DDDBig W      04/18/202405/01/2024Electronics
AYIDouble Bottom, Adam and Adam      04/19/202405/02/2024Furn/Home Furnishings
ADBETriple bottom      04/22/202405/01/2024Computer Software and Svcs
AEISDouble Bottom, Adam and Adam      04/19/202405/02/2024Semiconductor
ALBPipe bottom      04/15/202404/22/2024Chemical (Diversified)
ALKSDiamond bottom      04/17/202405/09/2024Drug
AGODouble Bottom, Eve and Eve      04/18/202405/01/2024Insurance (Life)
BCPCPipe bottom      04/22/202404/29/2024Chemical (Specialty)
BLDRDead-cat bounce      05/07/202405/07/2024Retail Building Supply
CBTTriple bottom      04/19/202404/30/2024Chemical (Diversified)
CNCDouble Bottom, Adam and Adam      04/12/202405/01/2024Medical Services
CIENPipe bottom      04/15/202404/22/2024Telecom. Equipment
CGNXPipe bottom      04/15/202404/22/2024Precision Instrument
COTYDouble Top, Adam and Adam      04/23/202405/06/2024Toiletries/Cosmetics
DECKTriple bottom      04/10/202404/25/2024Shoe
EXPPipe bottom      04/15/202404/22/2024Cement and Aggregates
EMEPipe bottom      04/15/202404/22/2024Industrial Services
EPAMDead-cat bounce      05/09/202405/09/2024IT Services
EGDouble Bottom, Adam and Adam      04/17/202404/30/2024Insurance (Prop/Casualty)
FORMPipe bottom      04/15/202404/22/2024Semiconductor
FWRDDead-cat bounce      05/09/202405/09/2024Trucking/Transp. Leasing
GPSDouble Bottom, Adam and Adam      04/25/202405/01/2024Apparel
HSIITriple bottom      04/19/202405/08/2024Human Resources
HNIDouble Bottom, Eve and Eve      04/16/202404/29/2024Furn/Home Furnishings
HDHead-and-shoulders bottom      04/18/202405/01/2024Retail Building Supply
HONDouble Bottom, Eve and Adam      04/17/202404/26/2024Aerospace/Defense
HOVPipe bottom      04/15/202404/22/2024Homebuilding
IDXXDiamond bottom      04/19/202405/08/2024Drug
IBPPipe bottom      04/15/202404/22/2024Retail Building Supply
IIINDiamond bottom      04/16/202405/09/2024Building Materials
KMTTriple bottom      03/19/202405/01/2024Metal Fabricating
KEYSTriple bottom      04/22/202405/02/2024Precision Instrument
KLACPipe bottom      04/15/202404/22/2024Semiconductor Cap Equip.
KLICDouble Bottom, Adam and Adam      04/19/202405/01/2024Semiconductor Cap Equip.
LZBDouble Bottom, Eve and Adam      04/16/202405/01/2024Furn/Home Furnishings
LOWDouble Bottom, Adam and Adam      04/25/202405/01/2024Retail Building Supply
MASDouble Bottom, Adam and Eve      04/25/202405/01/2024Building Materials
MDTDouble Bottom, Adam and Adam      04/18/202404/25/2024Medical Supplies
MSPipe bottom      04/08/202404/15/2024Securities Brokerage
NFLXTriple bottom      04/22/202405/01/2024Internet
ORIDouble Bottom, Adam and Adam      04/17/202404/25/2024Insurance (Prop/Casualty)
OLNDouble Bottom, Adam and Eve      04/25/202405/02/2024Chemical (Basic)
OTEXDead-cat bounce      05/03/202405/03/2024E-Commerce
OMIDead-cat bounce      05/03/202405/03/2024Medical Supplies
PHMPipe bottom      04/15/202404/22/2024Homebuilding
PSTGTriple bottom      04/19/202405/02/2024Computers and Peripherals
QCOMPipe bottom      04/15/202404/22/2024Telecom. Equipment
RLTriangle, symmetrical      04/19/202405/09/2024Apparel
ROLPipe bottom      04/15/202404/22/2024Industrial Services
RPipe bottom      04/15/202404/22/2024Trucking/Transp. Leasing
SEICHead-and-shoulders bottom      04/19/202405/01/2024IT Services
SMTCFlag, high and tight      03/20/202405/09/2024Semiconductor Cap Equip.
SHWDouble Bottom, Adam and Eve      04/23/202405/01/2024Chemical (Basic)
SHOPDead-cat bounce      05/08/202405/08/2024E-Commerce
SNPSDouble Bottom, Eve and Adam      04/19/202405/02/2024Computer Software and Svcs
TERPipe bottom      04/15/202404/22/2024Semiconductor Cap Equip.
TTDPipe bottom      04/15/202404/22/2024Advertising
TOLPipe bottom      04/15/202404/22/2024Homebuilding
TWLOPipe bottom      04/15/202404/22/2024E-Commerce
VECOPipe bottom      04/15/202404/22/2024Precision Instrument
VRTXTriple bottom      04/18/202405/07/2024Biotechnology
VCDouble Bottom, Adam and Adam      04/18/202404/25/2024Electronics
WMTDouble Bottom, Adam and Adam      04/23/202405/02/2024Retail Store
WSCDouble Bottom, Adam and Eve      04/22/202405/01/2024Industrial Services
IGVDouble Bottom, Adam and Adam      04/19/202405/01/2024Computer Software and Svcs
ITBDiamond bottom      04/16/202405/02/2024Homebuilding

 

Top


Thursday 5/9/24. Bitcoin Explored

The Nasdaq dropped by -0.2% or -29.8 points. Since 02/05/1971 the Nasdaq made 552 similar moves on a percentage basis. After those moves, the next day's...
     Average gain was 0.7% on 289 occasions.
     Average loss was -0.8% on 263 occasions.
Expect the Nasdaq to close higher 52.4% of the time.
Weekly, since inception on 6/14/2011:
     The prediction of the Nasdaq closing higher has been right 276/490 or 56.3% of the time.
     The prediction of the Nasdaq closing lower has been right 76/162 or 46.9% 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 bitcon on the daily scale.

In cases like this, shown by the red line which follows price (not the inset), the security moves higher, retraces, and resumes the up move.

Now look at the inset (the boxed thing). This shows the pattern of what Elliott wavers call an simple ABC correction and those of us in the pattern world call a measured move up.

You can also call this (the currency's move, not the inset) a triple top (the three tallest peaks on the chart), but the downward move has been lackluster. So maybe we'll see the second leg of the measured move up pattern.

What does that mean? If the currency behaves as the pattern predicts, then look for a second straight-line run up. Based on how long the retrace has lasted, I'd expect the up move to begin soon.

$ $ $

Here's a symbol list of 132 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: ABM, AXDX, ADTN, AES, AKAM, AMED, AXP, AMWD, AMGN, APH, AON, ARW, AGO, ADSK, BMI, BCPC, BA, BR, CPB, CLS, CX, COR, CINF, CTAS, CLF, CL, CMCO, CMTL, GLW, COTY, XRAY, DDS, DOV, XOM, FFIV, FAST, GIS, GILD, GS, GPRO, GFF, GES, HQY, HSII, HNI, HUBG, ILMN, INCY, INFN, INTC, IBKR, TILE, INTU, KLAC, KSS, LZB, LRCX, LEG, LNC, LPLA, MHO, MCHX, MTRN, MRCY, MGEE, MCO, MYGN, NTAP, NEE, NOC, NUS, NTNX, OXY, OR, OUT, PYPL, PETS, PNW, PGR, PEG, RRC, RGA, RCKY, SBH, SAND, SAIC, SEIC, SMTC, SHOP, SKX, LUV, SWX, SWN, SXI, TFX, TER, TZOO, SLCA, UIS, UPS, VMI, WU, DDM, FXL, FXI, IAT, IYZ, MXI, EWK, EEM, EWQ, EWJ, EPP, EWS, EZA, EWY, EWP, EWL, EWU, PPA, XHB, XAR, UNG, USO, 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, 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  14,737.53    
 Weekly S2  15,374.63  637.11   
 Monthly S1  15,520.14  145.51   
 Weekly S1  15,838.70  318.55   
 Monthly Pivot  16,005.40  166.70   
 Weekly Pivot  16,021.70  16.31   
 Daily S2  16,174.58  152.88   
 Low  16,226.07  51.49   
 Open  16,226.07  0.00   Yes! The Open is close to the Low.
 Daily S1  16,238.67  12.60   
 61.8% Down from Intraday High  16,270.22  31.55   
 50% Down from Intraday High  16,283.86  13.64   
 Daily Pivot  16,290.16  6.30   Yes! The Daily Pivot is close to the 50% Down from Intraday High.
 38.2% Down from Intraday High  16,297.50  7.34   Yes! The 38.2% Down from Intraday High is close to the Daily Pivot.
 Close  16,302.76  5.26   Yes! The Close is close to the 38.2% Down from Intraday High.
 High  16,341.65  38.89   
 Daily R1  16,354.25  12.60   
 Daily R2  16,405.74  51.49   
 Weekly R1  16,485.77  80.03   
 Weekly R2  16,668.77  183.01   
 Monthly R1  16,788.01  119.24   
 Monthly R2  17,273.27  485.25   

Wednesday 5/8/24. 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.

As the chart shows, the most recent signal is bullish. That follows a string of neutral readings, which -- at one time -- I thought were an important bearish signal by themselves.

Maybe they say that the bullish transition is a reluctant one, that the bullish reading will struggle with overhead resistance soon.

Picture of the chart pattern indicator

Here's the same chart with signals removed. I show the overhead resistance that I expect will cause some trouble in the near future.

The CPI is at 94 with 100 being the ceiling for the indicator. There's still room to grow, in other words. Having written that, the current signal is the highest the indicator has been since December 2023.

I'd urge caution adding to positions now. If we pierce that horizontal red line, then there's hope for additional gains. Otherwise, I expect the upward move to hit that resistance and collapse.

$ $ $

Here's a symbol list of 156 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: AXDX, ACN, ADTN, AES, ATSG, AA, ALGT, ALL, AMZN, AFG, AIG, AMWD, ADM, ADSK, AVNT, AXS, BCPC, BIIB, BA, BRC, BLDR, BG, CBT, CAL, CE, CINF, CTAS, CNO, CTSH, CMTL, CROX, DHR, DDS, DSGR, ^DJU, EMN, EVRG, EXPI, XOM, FAST, FIS, GNW, GFS, GOOGL, GES, HE, HSII, HUBG, HUM, IEX, ILMN, INCY, INFN, PODD, IBKR, JAZZ, KEYS, KSS, LRCX, LEG, LPLA, MHO, MKTX, MRK, MGEE, MU, MCO, ^IXIC, NTGR, NEU, NEE, NOC, NWPX, NOVT, OMCL, PFE, PINC, PFG, PGR, PRU, PEG, RRC, RJF, RGA, ROL, CRM, SCHW, SEIC, NOW, SLGN, SKX, SO, SWX, SWN, TDY, TPX, TER, TDG, TZOO, TWLO, VLO, V, WMT, WSO, WMB, WSM, WOLF, IYM, IAI, IHE, IDU, QQQ, IYH, IHF, IAT, IEV, MXI, IYF, EWA, EWO, EWK, EWQ, EWG, EWI, EWM, EWP, EWD, EWL, EWU, PHO, XLP, XLF, XLV, XHB, XLB, XLU, UNG, USO, 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.

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

Top


Tuesday 5/7/24. Slider Trading Quiz!

The Dow climbed by 0.5% or 176.59 points. Since 10/01/1928 the Dow made 965 similar moves on a percentage basis. After those moves, the next day's...
     Average gain was 0.6% on 523 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 285/520 or 54.8% of the time.
     The prediction of the Dow closing lower has been right 54/114 or 47.4% of the time.

$ $ $

I show another slider trading quiz featuring Rising wedge 1.

$ $ $

Here's a symbol list of 176 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: AYI, ADBE, AES, A, AKAM, ALB, AEO, AXP, AFG, AR, ATR, BCPC, BERY, BMRN, BA, BMY, BBW, BLDR, BG, CACI, CX, CHKP, CIEN, CTAS, CLF, CNA, CNO, CGNX, CMCO, CSGP, CRH, CCRN, CW, DECK, DSGR, DOV, DTE, EXP, EBAY, EME, WIRE, EQT, EVRG, FAST, FLS, FMC, FORM, FTNT, FNV, FDP, GD, GNW, GGG, THG, HIG, HE, HAYN, HL, HELE, HOV, HUM, HUN, IBP, IBKR, JBLU, KALU, KMT, KLAC, LZB, LH, LEG, L, MTSI, MGY, MCHX, MRK, MU, ^IXIC, NTAP, NEE, NWPX, NUS, NVDA, OMC, ON, OR, PKG, PYPL, PRFT, PFE, PRU, PHM, KWR, QCOM, DGX, REGN, RGA, RCKY, ROL, R, ^GSPC, SAND, SAIC, SEE, SMTC, SKX, SWN, SR, SRDX, TECH, TFX, TER, TTD, TMO, TOL, TWLO, UHAL, VECO, WAT, WSO, WWW, ZBRA, IAI, BOTZ, QQQ, IHF, IEV, MXI, ILF, SOXX, IYF, EWA, EWO, EWK, EWC, EWG, EIS, EWJ, EPP, EZA, EWY, EWD, EWT, PPA, DBA, PXJ, SSO, XLF, XLI, SPY, XAR, UNG, USO, SMH, 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.

$ $ $

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  36,556.17    
 Weekly S2  37,452.46  896.29   
 Monthly S1  37,704.22  251.75   
 Weekly S1  38,152.37  448.15   
 Weekly Pivot  38,480.44  328.07   
 Daily S2  38,612.29  131.84   
 Low  38,689.38  77.09   
 Daily S1  38,732.28  42.90   
 Monthly Pivot  38,759.61  27.33   
 Open  38,762.43  2.82   Yes! The Open is close to the Monthly Pivot.
 61.8% Down from Intraday High  38,764.67  2.24   Yes! The 61.8% Down from Intraday High is close to the Open.
 50% Down from Intraday High  38,787.93  23.26   
 Daily Pivot  38,809.38  21.45   
 38.2% Down from Intraday High  38,811.18  1.80   Yes! The 38.2% Down from Intraday High is close to the Daily Pivot.
 Close  38,852.27  41.09   
 High  38,886.47  34.20   
 Daily R1  38,929.37  42.90   
 Daily R2  39,006.46  77.10   
 Weekly R1  39,180.35  173.88   
 Weekly R2  39,508.42  328.07   
 Monthly R1  39,907.66  399.24   
 Monthly R2  40,963.05  1,055.39   

Monday 5/6/24. Market Monday: The Week Ahead

My Prediction

Picture of the Dow transports on the daily scale.

This is a chart of the Dow transports on the daily scale.

Notice the three peaks. I have numbered them for your viewing convenience. Smiley

It confirms as a valid triple top when the index closes below the red line, which happens at 4.

After confirmation, it means price is going down. However, it doesn't say for how long or how far. Indeed, we can see the index rebounding in the last three days.

See point 5? That's what's called a pullback, because price pulls back to the breakout price. In this case, it continued higher for a bit (to peak at 5) before turning back down.

Because the pullback has completed and price is now moving higher, I expect the drop from the triple top is over, but I could be wrong.

Top

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 146.43 points.
Tuesday: Down 570.17 points.
Wednesday: Up 87.37 points.
Thursday: Up 322.37 points.
Friday: Up 450.02 points.

For the Week...

The Dow industrials were up 436.02 points or 1.1%.
The Nasdaq composite was up 228.43 points or 1.4%.
The S&P 500 index was up 27.83 points or 0.5%.

Year to Date...

Dow Industrials
     3.0% down from the high of 39,889.05 on 03/21/2024.
     4.2% up from the low of 37,122.95 on 01/18/2024.
Nasdaq
     2.3% down from the high of 16,538.86 on 03/21/2024.
     11.6% up from the low of 14,477.57 on 01/05/2024.
S&P 500
     2.6% down from the high of 5,264.85 on 03/28/2024.
     9.5% up from the low of 4,682.11 on 01/05/2024.

Options Expiration

No options expire this week.

Top

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  38,377  38,526  38,667  38,817  38,958 
Weekly  37,394  38,035  38,422  39,063  39,450 
Monthly  36,497  37,586  38,701  39,790  40,904 
S&P500 (^GSPC): Daily  5,085  5,106  5,123  5,144  5,161 
Weekly  4,965  5,046  5,093  5,174  5,221 
Monthly  4,805  4,966  5,115  5,277  5,425 
Nasdaq (^IXIC): Daily  16,007  16,082  16,143  16,218  16,279 
Weekly  15,326  15,741  15,973  16,388  16,620 
Monthly  14,689  15,423  15,957  16,690  17,224 

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

Top

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 203 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: ACIW, ADTN, AEIS, AES, A, ALB, AA, AMZN, AEO, AIG, AMGN, AMN, AAPL, AIZ, AVY, AVNT, AVA, AZTA, BAX, BMRN, BRKR, BBW, BLDR, CBT, CF, CHD, CIEN, CI, CNO, CGNX, CMCO, CAG, CSGP, CR, CROX, CSGS, CTS, XRAY, DSGR, ^DJT, ^DJI, EXP, EIX, EME, EVRG, EZPW, FDS, FICO, FLEX, FMC, FORM, FTNT, GD, GNW, GS, HBI, HLIT, HAYN, HQY, HSIC, HOV, IDXX, ILMN, INFN, IBP, PODD, IPI, ISRG, IRM, KBH, KMT, KLAC, KSS, LAMR, LEN, LLY, MTSI, MKTX, MTRN, MRK, MRCY, MGEE, MS, MOS, ^IXIC, NTGR, NEE, NVDA, OXY, ON, OTEX, OUT, OMI, PYPL, PINC, PHM, KWR, QCOM, RGA, RLI, ROL, ROST, RGLD, R, SAIA, SBH, SAND, SMG, SEE, SMTC, SCI, SWX, SRDX, TER, TTD, TMO, TOL, TREX, TWLO, UHAL, VECO, WAT, WERN, WLK, WWD, ZBRA, ITA, IYM, IAI, IYC, IYE, FDN, BOTZ, ICF, IAT, IYZ, IEV, ILF, SOXX, SLV, ITB, EWA, EWO, EWK, EWZ, ECH, EWG, EWJ, EWM, EPP, EZA, EWY, EWT, THD, EWU, IBB, DBA, PBE, PEJ, PXJ, PHO, ROBO, XLY, XLE, XLF, XLB, XAR, USO, SMH, 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 below industries were the best (rank 1) or worst performing of those I follow.

This WeekLast Week
1. Semiconductor1. Semiconductor
2. Retail (Special Lines)2. Homebuilding
3. Apparel3. Shoe
4. Homebuilding4. Semiconductor Cap Equip.
5. Semiconductor Cap Equip.5. Cement and Aggregates
6. Cement and Aggregates6. Retail (Special Lines)
7. Shoe7. Apparel
8. Building Materials8. Building Materials
9. Retail Building Supply9. Retail Building Supply
10. Furn/Home Furnishings10. Furn/Home Furnishings
Best Performing AboveWorst Performing Below
50. Petroleum (Producing)50. Electric Utility (Central)
51. Natural Gas (Diversified)51. Healthcare Information
52. Chemical (Diversified)52. Food Processing
53. Trucking/Transp. Leasing53. Human Resources
54. Electric Utility (West)54. Insurance (Diversified)
55. Toiletries/Cosmetics55. Electric Utility (West)
56. Human Resources56. Chemical (Diversified)
57. Insurance (Diversified)57. Medical Services
58. Medical Services58. Toiletries/Cosmetics
59. Oilfield Svcs/Equipment59. Oilfield Svcs/Equipment
60. Short ETFs60. Short ETFs

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

Top


Friday 5/3/24. Pattern Trading Setups for the Weekend.

$ $ $

Here's a symbol list of 164 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: DDD, ABT, ADTN, AEIS, AES, A, AKAM, ALK, ALB, ALGT, ALL, AEE, AEO, AFG, AIG, AME, AON, APA, ARW, AVNT, AZTA, BAX, BZH, BERY, BIIB, BMY, BRKR, BLDR, CDAY, CF, CIEN, CI, CSCO, CLX, CGNX, CSGP, CCK, CSGS, XRAY, EXP, EBAY, ECL, EIX, EME, EZPW, FARO, FIS, FIVN, FORM, GPS, GNW, GPN, HLIT, HE, HP, HSIC, HOV, HWM, HUM, JBHT, IDXX, ILMN, INCY, IBP, TILE, IPI, IRM, K, KEYS, KLAC, LH, LLY, LNC, LMT, MTSI, M, MKTX, MA, MTRN, MTRX, MRK, META, MGEE, MCO, MYGN, NTGR, NTAP, NEE, NKE, NVDA, OXY, OLN, OMC, ON, OUT, PTEN, PAYX, PEG, PHM, QCOM, RTX, REGN, RGA, ROL, ROP, R, SBH, SMTC, SCI, TDC, TER, TTD, TMO, TOL, TRV, TWLO, UPS, VFC, VMI, VECO, MDRX, VRSN, V, WAT, WERN, WU, WOLF, WWW, ZBRA, ITA, IEZ, IHE, FXI, BOTZ, SOXX, SLV, EWO, EWK, EWZ, EWH, EWJ, EWM, EZA, TUR, DBA, PJP, XLF, 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.

$ $ $

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

Top

 

 Symbol  Chart Pattern  Bullish 
 Bearish 
Start End Industry
MMMTriangle, symmetrical      04/04/202404/29/2024Diversified Co.
AESHead-and-shoulders complex bottom      02/13/202404/17/2024Electric Utility (East)
APDTriple bottom      04/16/202404/30/2024Chemical (Diversified)
AEOHead-and-shoulders top      03/21/202404/09/2024Apparel
AMNTriple bottom      04/15/202404/25/2024Human Resources
AXSDouble Bottom, Adam and Adam      04/17/202404/26/2024Insurance (Prop/Casualty)
BERYDouble Bottom, Eve and Adam      04/16/202404/24/2024Packaging and Container
BKNGTriangle, descending      03/15/202405/01/2024Internet
CALMHead-and-shoulders top      03/22/202404/17/2024Food Processing
CFDouble Top, Adam and Adam      04/18/202404/29/2024Chemical (Basic)
FANGDouble Top, Eve and Eve      04/12/202404/26/2024Petroleum (Producing)
^DJITriangle, symmetrical      04/17/202405/02/2024None
EBAYBroadening top, right-angled and descending      03/14/202405/02/2024Internet
EXPIUgly double bottom      03/19/202404/10/2024E-Commerce
EZPWDouble Top, Eve and Eve      04/01/202404/24/2024Financial Services
FLEXDouble Top, Adam and Adam      04/04/202404/30/2024Electronics
GMEDouble Bottom, Adam and Adam      04/16/202404/22/2024Retail (Special Lines)
DHIDiamond bottom      04/19/202405/02/2024Homebuilding
NSPDouble Top, Adam and Eve      03/28/202404/23/2024Human Resources
PODDDouble Bottom, Adam and Adam      04/19/202404/25/2024Medical Supplies
IPITriangle, symmetrical      03/07/202405/02/2024Chemical (Diversified)
JNJDouble Bottom, Eve and Adam      04/18/202404/30/2024Medical Supplies
KALUDouble Bottom, Adam and Adam      04/16/202404/25/2024Metals and Mining (Div.)
LEGDead-cat bounce      05/01/202405/01/2024Furn/Home Furnishings
LENDiamond bottom      04/16/202405/02/2024Homebuilding
LLYMulti-peaks      02/08/202405/02/2024Drug
RAMPPennant      04/24/202405/02/2024Computer Software and Svcs
LXUScallop, ascending      04/04/202404/30/2024Building Materials
MTDRHead-and-shoulders complex top      03/25/202404/24/2024Petroleum (Producing)
MGEEDouble Bottom, Eve and Eve      03/20/202404/16/2024Electric Utility (Central)
NTGRHead-and-shoulders top      03/01/202405/01/2024Telecom. Equipment
ONPipe bottom      04/15/202404/22/2024Semiconductor
ORDouble Top, Adam and Adam      04/01/202404/12/2024Metals and Mining (Div.)
OUTPipe bottom      04/15/202404/22/2024Advertising
PATKTriple bottom      04/18/202405/01/2024Retail Building Supply
PFEDouble Bottom, Adam and Adam      04/18/202404/26/2024Drug
PCGTriple bottom      02/13/202404/16/2024Electric Utility (West)
SAIADead-cat bounce      04/26/202404/26/2024Trucking/Transp. Leasing
SLBDouble Top, Eve and Adam      03/28/202404/08/2024Oilfield Svcs/Equipment
SMTCPipe bottom      04/15/202404/22/2024Semiconductor Cap Equip.
SRDXTriple bottom      04/22/202404/30/2024Medical Supplies
TECHDouble Bottom, Eve and Adam      04/18/202404/25/2024Biotechnology
TFXDouble Top, Adam and Adam      04/23/202405/02/2024Diversified Co.
TPXDouble Top, Eve and Eve      03/13/202403/28/2024Furn/Home Furnishings
TKRDouble Bottom, Eve and Adam      04/16/202404/25/2024Metal Fabricating
TGRectangle top      03/27/202405/02/2024Chemical (Specialty)
VMIDouble Bottom, Adam and Adam      03/05/202405/01/2024Metal Fabricating
VEEVDiamond bottom      04/18/202405/02/2024Healthcare Information
WOLFDead-cat bounce      05/02/202405/02/2024Semiconductor
ZBRAPipe bottom      04/15/202404/22/2024Computers and Peripherals
IHITriangle, descending      03/01/202404/11/2024Medical Supplies

 

Top


Thursday 5/2/24. Intraday Market Direction: Nasdaq

The Nasdaq dropped by -0.3% or -52.34 points. Since 02/05/1971 the Nasdaq made 544 similar moves on a percentage basis. After those moves, the next day's...
     Average gain was 0.9% on 294 occasions.
     Average loss was -1.0% on 250 occasions.
Expect the Nasdaq to close higher 54.0% of the time.
Weekly, since inception on 6/14/2011:
     The prediction of the Nasdaq closing higher has been right 275/489 or 56.2% of the time.
     The prediction of the Nasdaq closing lower has been right 76/162 or 46.9% 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.

A triple top appeared earlier in the week. It's hard to see the three peaks on this chart, but I've identified their location. After the pattern confirmed (meaning price closed below the lowest valley between the three peaks), the Nasdaq dropped substantially.

Today (Wednesday), at A, the index responded to the FED meeting. It climbed to A and then plummeted. That's about 300 points in about a half hour. I'd like to suggest that the strength of the decline suggests price will gap open lower on Thursday or just continue down, but there could be a snap-back rally. I don't know which way it'll go.

$ $ $

Here's a symbol list of 191 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: ANF, AEIS, AMD, AES, AFL, A, ALB, ALGT, DOX, AEE, AEO, AEP, AFG, AMWD, APA, AMAT, ARCB, ANET, AWI, ASH, ADP, AVNT, AVA, AZTA, BZH, BFH, BLDR, CALM, COR, CENX, CDAY, CF, CIEN, CNX, CGNX, GLW, CSGP, CROX, CTS, DVN, DRQ, DUK, EXP, ECL, EIX, EME, EQT, EL, EVH, EXC, FIS, FE, FLEX, FORM, FTNT, FWRD, GPN, GFS, HE, HP, HSIC, HON, HOV, HUM, IDXX, ILMN, INFN, IBP, IPI, JKHY, JNJ, KMT, KLAC, LRCX, LEG, MTSI, M, MANH, MA, MTDR, MTRN, MRCY, MGEE, MUR, MYGN, NTGR, NTAP, NEE, NKE, NOVT, NTNX, NVDA, OXY, ON, OUT, OMI, PCG, PNW, PLXS, PPG, PRU, PHM, PSTG, QCOM, RGA, RCKY, ROL, R, SLB, SMG, SRE, SMTC, SHOP, SO, SWN, SNPS, TECH, TDY, TER, TTD, TMO, TOL, TZOO, TWLO, UIS, UNM, VFC, VECO, MDRX, V, VC, WAT, WU, WLK, WOLF, WDAY, ZBRA, IYC, IYE, FTEC, QTEC, FXL, FXI, BOTZ, IYH, MXI, ILF, SOXX, EWO, EWK, EWG, EWI, EWJ, EZA, EWP, EWL, EWT, QLD, DBA, PBE, PXJ, XLY, XLE, XLF, GLD, XLB, XRT, 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, 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  14,505.10    
 Weekly S2  14,902.04  396.94   
 Monthly S1  15,055.29  153.25   
 Weekly S1  15,253.76  198.47   
 Daily S2  15,327.87  74.11   
 Daily S1  15,466.67  138.81   
 Low  15,557.64  90.97   
 Close  15,605.48  47.84   
 Weekly Pivot  15,617.38  11.90   Yes! The Weekly Pivot is close to the Close.
 Open  15,646.09  28.71   Yes! The Open is close to the Weekly Pivot.
 Daily Pivot  15,696.45  50.36   
 61.8% Down from Intraday High  15,698.44  1.99   Yes! The 61.8% Down from Intraday High is close to the Daily Pivot.
 50% Down from Intraday High  15,741.93  43.49   
 Monthly Pivot  15,772.97  31.04   Yes! The Monthly Pivot is close to the 50% Down from Intraday High.
 38.2% Down from Intraday High  15,785.42  12.45   Yes! The 38.2% Down from Intraday High is close to the Monthly Pivot.
 Daily R1  15,835.25  49.83   
 High  15,926.22  90.97   
 Weekly R1  15,969.10  42.88   
 Daily R2  16,065.03  95.93   
 Monthly R1  16,323.16  258.13   
 Weekly R2  16,332.72  9.56   Yes! The Weekly R2 is close to the Monthly R1.
 Monthly R2  17,040.84  708.12   

Wednesday 5/1/24. Market Forecast Update

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

$ $ $

Here's a symbol list of 202 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: MMM, ANF, ACIW, AEIS, AMD, AES, A, ALRM, ALB, ALGT, DOX, AEO, AEL, AMWD, AMAT, ARCB, ACGL, ADM, ANET, AVA, AZTA, BCPC, BZH, BKH, BRKR, BLDR, CALM, CX, CDAY, CF, CIEN, CI, CINF, CTAS, CGNX, GLW, CSGP, CROX, CCRN, CTS, CW, ^DJI, EXP, ECL, EIX, ELV, EME, WIRE, EQT, EZPW, FFIV, FARO, FIS, FORM, FTV, FWRD, FDP, GFS, GMS, GOOGL, GGG, HE, HQY, HL, HSIC, HON, HOV, HUM, HURC, IDXX, ITW, ILMN, IBP, IBKR, JKHY, JNJ, KELYA, KMT, KLAC, KLIC, LRCX, LDOS, LEN, LLY, LPLA, LXU, MTSI, MGY, MRO, MCHX, MRK, MLKN, MUR, ^IXIC, NOV, NFLX, NTAP, NJR, NOVT, NUS, NTNX, NVDA, OXY, OGE, ON, OUT, OMI, PINC, PHM, PSTG, QCOM, RMBS, RRC, RNG, RCKY, ROL, R, SIGI, SMTC, SHW, SKYW, SWN, SR, SSYS, SUM, SRDX, SNPS, TER, TTD, TMO, TKR, TOL, RIG, TZOO, TREX, TWLO, UNH, VECO, VMC, WAT, WMB, WOLF, WWW, WWD, WDAY, ZBRA, ITA, IYM, IYC, IHE, FTEC, FDN, QTEC, FXL, BOTZ, QQQ, IHF, IAT, IXN, SOXX, SLV, IGE, IEO, ITB, EWO, EWK, ECH, EWJ, EWW, EZA, EWT, QLD, DBA, SSO, ROBO, XLY, GLD, XHB, XLK, SMH, 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.

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

Top

 

Support this site! Clicking any of the books (below) takes you to Amazon.com If you buy ANYTHING while there, they pay for the referral.
Legal notice for paid links: "As an Amazon Associate I earn from qualifying purchases."

My Stock Market Books
My Novels

Copyright © 2005-2024 by Thomas N. Bulkowski. All rights reserved.
Disclaimer: You alone are responsible for your investment decisions. See Privacy/Disclaimer for more information.
Some pattern names are registered trademarks of their respective owners.
Home Advertise Contact Donate Privacy/Disclaimer