As of 04/26/2024   Indus: 38,240 +153.86 +0.4%     Trans: 15,171 -126.01 -0.8%     Utils: 884 -10.33 -1.2%     Nasdaq: 15,928 +316.14 +2.0%     S&P 500: 5,100 +51.54 +1.0%	YTD  +1.5%   -4.6%    +0.3%    +6.1%    +6.9%	Targets    Overview: 04/12/2024     39,800 or 37,150 by 05/01/2024   16,200 or 15,000 by 05/01/2024   885 or 850 by 05/01/2024   16,700 or 15,800 by 05/01/2024   5,250 or 5,025 by 05/01/2024
Chart Pattern Indicator: on 4/1/24

As of 04/26/2024   Indus: 38,240 +153.86 +0.4%     Trans: 15,171 -126.01 -0.8%     Utils: 884 -10.33 -1.2%     Nasdaq: 15,928 +316.14 +2.0%     S&P 500: 5,100 +51.54 +1.0%	YTD  +1.5%   -4.6%    +0.3%    +6.1%    +6.9%
Targets    Overview: 04/12/2024     39,800 or 37,150 by 05/01/2024   16,200 or 15,000 by 05/01/2024   885 or 850 by 05/01/2024   16,700 or 15,800 by 05/01/2024   5,250 or 5,025 by 05/01/2024
Chart Pattern Indicator: on 4/1/24

Recent Headlines Monday 4/29/24. Market Monday: The Week Ahead Friday 4/26/24. Pattern Trading Setups for the Weekend. Thursday 4/25/24. Cryptocurrency: Ethereum (ETH-USD) Wednesday 4/24/24. A Look at the Chart Pattern Indicator (CPI) Tuesday 4/23/24. Slider Trading Quiz! Head-and-Shoulders, Complex Bottoms

Older Headlines Monday 4/22/24. Market Monday: The Week Ahead Friday 4/19/24. Pattern Trading Setups for the Weekend. Thursday 4/18/24. Intraday Market Direction: Nasdaq Wednesday 4/17/24. A Look at the Chart Pattern Indicator (CPI) Tuesday 4/16/24. Slider Trading Quiz! Eve & Eve Double Top Monday 4/15/24. Market Monday: The Week Ahead Saturday Supplement 4/12/24. Invest for Two-Comma Wealth Available Now. Friday 4/12/24. Pattern Trading Setups for the Weekend. Thursday 4/11/24. Bitcoin Review Wednesday 4/10/24. A Look At Indicators Tuesday 4/9/24. Slider Trading Quiz! Descending Broadening Wedges Monday 4/8/24. Market Monday: The Week Ahead

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Monday 4/29/24. 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 daily scale.

Outlined in red is a chart pattern called an ascending broadening wedge. That has two trendlines (red lines in this example) trending upward but widening (diverging).

Stocks showing ascending broadening wedges breakout downward 52% of the time. I'm surprised it's not higher. Because the index is near the top trendline, we'll see if it breaks out upward first (by closing above the top red line).

A Brief Look Back

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

For the Week...

Year to Date...

Options Expiration

No options expire this week.

Swing Traders: Pivot Points

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

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

Here are the formulas:

Earnings, Chart Patterns & Industries

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

Here's a symbol list of 130 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: ACN, AEIS, AFL, ALGT, ALL, AEO, AEP, AON, AMAT, ATR, ARCB, AXS, BSET, BECN, BZH, BMRN, BFH, BCO, BBW, CHKP, CVX, CSCO, CLF, ED, CSGP, COST, COTY, CR, CCRN, CCK, DVN, DFS, DSGR, DTE, BOOM, EIX, EFX, EL, FIS, FE, FIVN, GIS, GMS, HOV, HURC, IDXX, NSP, IBP, ISRG, JNJ, KBH, KLAC, KLIC, LHX, LZB, LEN, M, MCHX, MS, MLI, NFG, NTGR, NEU, NEE, OGE, ORI, OXM, PKE, PRFT, PCG, PHM, KWR, DGX, ROST, RES, SAIA, SAND, SIGI, SMTC, SCI, SKX, SMAR, SO, SCCO, SWN, SPSC, SXI, SUM, TFX, TER, TXN, TTD, TOL, TWLO, VMC, WWW, IDU, FXI, BOTZ, ITB, IHI, EEM, EWQ, EWH, EWM, EPP, EZA, EWY, TUR, GLD, XHB, XAR, XLU. Click this link for details (pattern type, start and end dates).

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

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

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

Friday 4/26/24. Pattern Trading Setups for the Weekend.

$ $ $

Here's a symbol list of 113 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: ACN, AFL, ALGT, AEE, AEP, AEL, AME, AMGN, APA, ADM, BCPC, BECN, BIG, BKNG, BFH, BMY, BRKR, BG, CACI, CNP, CENX, CNA, CL, COTY, DECK, DFS, ELV, EME, EL, EVH, EXC, FE, FORM, GIS, GILD, HQY, HP, HON, HUM, JBHT, HURC, IDXX, JBLU, JNJ, LLY, LMT, M, MLM, MAS, MRK, META, MGEE, MS, MYGN, NTAP, NWL, NEU, NOC, NWPX, NUS, OGE, ASGN, OXM, PRFT, PFE, PCG, PLXS, DGX, RMBS, RGA, ROST, R, CRM, SCCO, LUV, SWN, SRDX, TRGP, TFX, TDC, TER, TXT, TDG, TZOO, TG, VMI, VEEV, WU, WWW, WDAY, IYM, IHE, SOXX, ITB, EWK, EWH, EWS, EZA, EWL, PXJ, XLB, XLU, USO. Click this link for details (pattern type, start and end dates).

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

$ $ $

You can find setups based on a Fibonacci retrace by clicking on the link.

The following patterns were found manually, not using Patternz. Mr. Bulkowski has excluded any securities he owns from appearing in the list. However, he may add any of the securities listed to his portfolio at any time, just as you can.

In the table below, the red and green colors are based on the historical breakout direction for the associated chart pattern. If a high and tight flag appears, the start and end dates highlight the flagpole only and not the flag.

For details about the chart patterns, click here.

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

Thursday 4/25/24. Cryptocurrency: Ethereum (ETH-USD)

Since I post this the night before, check how the futures are trading before market open. Large moves can affect the opening direction.

$ $ $

I show a picture of Ethereum on the daily scale.

Let's go through it by the letters.

At A, we see a strong uptrend, what I call a straight-line run up. There are few pauses along the way in a breath-taking rise.

At B, we see a messy retrace. Price can't decide on a direction so it falls and retraces. Rinse. Repeat.

At C, we see a potential double bottom. It hasn't confirmed as a valid double bottom because the currency hasn't closed above line D, which is the highest peak between the two bottoms. If the double bottom confirms, then look for the currency to rise. Until then, there's a substantial risk that it'll tumble (like 44% or something like that).

$ $ $

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: ANF, AFL, AMZN, AEE, AEO, AEL, AME, AMN, APH, ANIK, APA, ATO, BSET, BSX, BRC, BMY, CACI, CDNS, CPB, CNP, CHD, CINF, CLF, CMTL, COTY, CR, CCK, DECK, XRAY, DFS, ECL, EL, EG, EVH, FAST, FE, GME, GIS, HQY, HP, HUM, JBHT, HURC, IDA, NSP, JBLU, K, LDOS, LLY, LPLA, MANH, MCHX, MAS, MGEE, MS, NWPX, NUS, NVDA, OGE, OLN, OMC, ASGN, ON, OXM, PDCO, PCG, PG, PEG, PSTG, RL, RGA, RCKY, RGLD, SCCO, TDY, TXT, UGI, UNM, VEEV, WRB, WSO, WU, WWW, WDAY, ZBRA, ITA, IHE, FXI, EWK, EWH, EWM, PHO, XLB. Click this link for details (pattern type, start and end dates).

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

$ $ $

The following table shows where Fibonacci retrace values of the day's high-low range are plus pivot points, calculated on the 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 (Ad)

 

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