As of 10/04/2024   Indus: 42,353 +341.16 +0.8%     Trans: 15,814 +68.72 +0.4%     Utils: 1,051 -6.68 -0.6%     Nasdaq: 18,138 +219.37 +1.2%     S&P 500: 5,751 +51.13 +0.9%	YTD  +12.4%   -0.5%    +19.3%    +20.8%    +20.6%	Targets    Overview: 09/30/2024     43,500 or 41,600 by 10/15/2024   16,800 or 15,700 by 10/15/2024   1,125 or 1,025 by 10/15/2024   19,000 or 17,600 by 10/15/2024   5,900 or 5,600 by 10/15/2024
Chart Pattern Indicator: on 10/4/24

As of 10/04/2024   Indus: 42,353 +341.16 +0.8%     Trans: 15,814 +68.72 +0.4%     Utils: 1,051 -6.68 -0.6%     Nasdaq: 18,138 +219.37 +1.2%     S&P 500: 5,751 +51.13 +0.9%	YTD  +12.4%   -0.5%    +19.3%    +20.8%    +20.6%
Targets    Overview: 09/30/2024     43,500 or 41,600 by 10/15/2024   16,800 or 15,700 by 10/15/2024   1,125 or 1,025 by 10/15/2024   19,000 or 17,600 by 10/15/2024   5,900 or 5,600 by 10/15/2024
Chart Pattern Indicator: on 10/4/24

Monday 10/7/24. Market Monday: The Week Ahead

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

My Prediction

I show the Dow utilities on the weekly scale so I'll have something to write about.

The ABCD pattern is called a measured move up. AB is the first leg, CD is the second leg, and BC is the corrective phase.

The theory behind the pattern is that CD will approximate the length and duration of AB. That's rarely true, but let's see how it works in this case.

AB is 139 points tall (957-818). Add that to the bottom, C (897), gives a target of 1036. The index hit a high of 1070 at D. In this case, the measure rule worked. I didn't calculate the date differences, so I don't know how close it came to the duration. However, they both appear to be about 3 months long.

What I like most about the MMU is not the prediction of how far CD will rise, but what happens after the pattern ends. You'll often see a retrace from D back to somewhere in BC (corrective phase).

A Brief Look Back

The following is a brief review of how the markets performed over time. The numbers refer to the close-to-close move in the Dow industrials.

For the Week...

Year to Date...

Options Expiration

No options expire this week.

Swing Traders: Pivot Points

The following is based on an SFO article in December 2004 by John Seekinger, titled, "Take a two-dimensional approach." He offers these tips.

• Seekinger doesn't look at the range of S2 to R2 as support and resistance levels. Rather, he considers them oversold (S) and overbought (R) areas.
• S2 to R2 range of values across daily, weekly, and monthly periods: If two values are close together then they lend more significance to the area.
• If the market trends on day 1, the odds rise tremendously that the market will be range bound between daily S1 and daily R1 the next day.
• In a quiet market when traders are waiting for an important earnings announcement or economic report, look for daily R1 and S1 levels to hold and for the market to return to the daily pivot.
• A move outside of daily R1 or S1 usually does not mean a breakout.
• The odds suggest that the entire week's price action will remain between weekly R2 and S2.
• Avoid going long when the market moves above weekly R2 (it's overbought) and avoid going short when price moves below weekly S2 (oversold).
• Consider going short at weekly R1 or long at weekly S1 with a profit objective of the weekly pivot.
• Consider going long at weekly S2 or short at weekly R2 with a profit objective of weekly S1 or R1, respectively.

Here are the formulas:

Earnings, Chart Patterns & Industries

Earnings season will be starting in about 9 days.

Here's a symbol list of 166 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: ANF, AXDX, ACIW, AYI, ALB, ALKS, DOX, AEP, AXP, AME, AMN, ANIK, APA, APOG, ARCB, ACGL, AWI, AGO, ATO, AVNT, AXS, BCPC, BZH, BIO, BOOT, BBW, BLDR, BG, CAL, CLS, CX, CHD, CINF, CNA, CL, ED, CCRN, DECK, DVN, FANG, ^DJU, DUK, BOOM, EMN, EBAY, EIX, EQT, EG, EXPI, FDX, FLEX, FNV, GAP, GE, GNW, GS, HBI, THG, HIG, HTLD, HSII, DHI, HOV, HUBG, JBHT, IDA, IDXX, NSP, PODD, IBKR, JBLU, KBH, KFRC, KMB, LZB, LH, LEN, L, LPLA, LXU, MHO, MTSI, M, MGY, MAS, MTDR, MS, NOV, NFLX, NUS, NTNX, OGE, OMCL, OR, OXM, PATK, PTEN, PETS, PCG, POR, PPL, KWR, RJF, RGA, RNG, RLI, RCKY, ROST, CRM, SBH, SIGI, SCI, NOW, SMAR, LUV, SPSC, TDC, TOL, RIG, TRV, UNM, VC, WAT, WERN, WMB, WSM, WWW, WDAY, XEL, IEZ, FDN, FXL, FXI, ICF, IYH, MXI, IGE, ITB, IHI, EWA, EWC, EWM, EWW, EWL, PBE, PXJ, ROBO, XLP, XLF, XLV, XHB. Click this link for details (pattern type, start and end dates).

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

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

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

Friday 10/4/24. Pattern Trading Setups for the Weekend.

Here's a symbol list of 148 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: ACN, AEIS, ALRM, ALKS, ALL, AMZN, AEE, AEP, AMN, AON, APA, ARCB, AIZ, AVNT, BBY, BIO, BA, BMY, CAL, CPB, CX, CNC, CHD, CNA, CL, ED, CAG, COTY, CRH, CCRN, XRAY, ^DJU, EMN, EIX, EVH, EXPI, EZPW, FDS, FDX, FNV, IT, GE, HIG, HTLD, HELE, HP, HON, HWM, HUBG, JBHT, IDXX, INFN, NSP, IIIN, PODD, IBKR, IPG, JAZZ, KALU, KBH, KMT, KFRC, LZB, LEG, L, M, MGY, MKTX, MRTN, MTRN, META, MU, MUR, NOV, NUS, NTNX, NVDA, OGE, OR, OXM, PATK, PDCO, PCG, POR, PPL, PEG, KWR, DGX, RLI, SBH, SEE, SRE, SCI, NOW, LUV, SPSC, SCS, TOL, TDG, TRV, TREX, VC, WWW, XEL, IYK, IYC, IEZ, IYH, IHF, IEV, MXI, SLV, IGE, EWO, EWK, EWZ, ECH, EWQ, EWG, EWI, EWM, EWS, EWD, EWL, THD, TUR, EWU, PJP, XLP, XLV, XLB, XAR, 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 the novel (fiction), Foresight (#Ad)

Thursday 10/3/24. Intraday Market Direction: Nasdaq

$ $ $

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

The index followed the channel, shown here in green lines, until Friday. During trading on Friday, the index pierced the lower boundary of the channel.

The index took a big plunge on Tuesday before finding bottom at valleys AB. That pattern (AB) is a confirmed double bottom when the index closed above the highest peak between bottoms A and B.

However, the index climbed less than 100 points (a bit less than predicted) before forming a weird looking symmetrical triangle. I say weird because the bottom trendline curves (see red curved line on chart).

I took a glance at the CPI and it showed the markets were still neutral but it had a reading slightly above 35 (35 is bearish). So my guess is the index will drop.

$ $ $

Here's a symbol list of 100 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: MMM, AXDX, APD, ALB, ALKS, AME, AMN, AR, APA, ACGL, ADM, ANET, ARW, AGO, BMI, BSET, BIO, BFH, BMY, CPB, CX, CNC, CDAY, CI, CLNE, CLF, CL, DHR, XRAY, DDS, ELV, EME, EVH, EXC, EZPW, GME, GL, GPRO, THG, HLIT, HUM, NSP, PODD, IBKR, IRM, KALU, KBH, KFRC, LEG, LDOS, L, MGY, MRTN, MTDR, MTRN, MUR, NWL, NKE, NUS, NTNX, PDCO, PCTY, PYPL, PETS, PCG, RHI, SBH, SAIC, SEIC, SCI, NOW, SKYW, SXI, SSYS, TECH, TZOO, TG, WERN, WMB, FXI, IYH, IHF, EWK, EWQ, EWH, EWM, EWP, TUR, PBE, XLP, XLV. 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), Foresight (#Ad)

Wednesday 10/2/24. 2024 Forecast Update

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

$ $ $

Here's a symbol list of 159 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: AXDX, AYI, AMD, AES, ALKS, AEE, AXP, AME, AMN, ANIK, AON, APA, AMAT, ACGL, ADM, AWI, ATO, BCPC, BAX, BIO, BIIB, BMRN, BKNG, BMY, BG, CPB, CX, CNC, CLNE, ED, COP, CTS, DHR, XRAY, DFS, ^DJU, DTE, EBAY, ECL, EPAM, EFX, EG, EVH, XOM, FICO, FARO, FDX, FIVN, FTV, GME, GD, GFS, HLIT, HTLD, HP, HON, HUN, IDA, NSP, PODD, IBKR, JAZZ, KBH, KLAC, RAMP, MGY, MANH, MRO, MTDR, MRCY, MU, MCO, MOS, MUR, NFLX, NWL, NEU, NUS, NTNX, NVDA, OMI, PAYX, PYPL, PETS, PPL, PINC, QTWO, RMBS, RHI, RCKY, ROG, ROP, RES, SLB, SIGI, SRE, NOW, SXI, SSYS, TECH, TEVA, TTD, TOL, TDG, RIG, TG, UHAL, UNH, VLO, VECO, WU, WPM, WSC, XEL, IYM, IAI, IEZ, FDN, QTEC, FXL, BOTZ, IEV, IGV, IXN, IEO, IHI, EWK, EWZ, EWQ, EWI, EWY, EWD, EWL, EWT, TUR, EWU, DBA, PXJ, PJP, USO, SMH, VHT, 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.

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

Tuesday 10/1/24. Slider Trading Quiz!

$ $ $

I show another slider trading quiz featuring Xcel Energy: XEL stock.

$ $ $

Here's a symbol list of 98 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: ACIW, AYI, AEIS, AEE, AFG, AON, AAPL, ADM, AIZ, ATO, ADSK, AXS, BAX, BBY, BIO, BMRN, BRC, BFH, BR, BBW, CPB, CIEN, CSCO, CNO, CMCO, CMTL, CCK, CW, DTE, DUK, EME, FORM, GIS, GPRO, GFF, HE, HSII, HNI, HON, HWM, IBKR, JBLU, KLIC, LZB, RAMP, MAS, MLI, NFLX, NEU, NOC, NOVT, NTNX, ASGN, PEN, PFE, PPL, PINC, PRU, QTWO, REGN, ^GSPC, SBH, SIGI, SLGN, SCS, SSYS, TDOC, TER, TEVA, TTD, VC, WRB, WSC, XEL, ZBRA, IHE, IGV, IYF, EWO, EWZ, ECH, EWH, EWJ, EWP, EWD, IBB, PEJ, PJP, SSO, XLI, SPY, 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 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), Foresight (#Ad)