As of 07/28/2021   Indus: 34,931 -127.59 -0.4%     Trans: 14,360 -86.76 -0.6%     Utils: 916 -5.15 -0.6%     Nasdaq: 14,763 +102.00 +0.7%     S&P 500: 4,401 -0.82 0.0%	YTD  +14.1%    +14.8%    +5.9%    +14.5%    +17.2%	Targets    Overview: 07/14/2021     35,500 or 33,600 by 08/01/2021   15,400 or 14,200 by 08/01/2021   950 or 875 by 08/15/2021   15,200 or 14,100 by 08/01/2021   4,425 or 4,250 by 08/01/2021
CPI (updated daily): on 7/20/21

As of 07/28/2021   Indus: 34,931 -127.59 -0.4%     Trans: 14,360 -86.76 -0.6%     Utils: 916 -5.15 -0.6%     Nasdaq: 14,763 +102.00 +0.7%     S&P 500: 4,401 -0.82 0.0%	YTD  +14.1%    +14.8%    +5.9%    +14.5%    +17.2%
Targets    Overview: 07/14/2021     35,500 or 33,600 by 08/01/2021   15,400 or 14,200 by 08/01/2021   950 or 875 by 08/15/2021   15,200 or 14,100 by 08/01/2021   4,425 or 4,250 by 08/01/2021
CPI (updated daily): on 7/20/21

Thursday 7/29/21. Intraday Market Direction: Nasdaq

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

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

Let's go through this chart by the letters, starting at A.

This is what I call a multi-peak pattern. Price forms several peaks while price moves sideways. This one isn't ideal because it has one or two peaks above the others.

Bottoms BC combine to form an Adam & Eve double bottom. Adam (B) has a narrow bottom while Eve (C) is much wider. This confirms as a valid chart pattern when the index closes above the highest peak between the two bottoms. It leads to a nice rise, to A.

D begins the flagpole of a flag pattern except the flag portion (circled) is too long. Flags should be less than 3 weeks long and this one looks to push the limits of that. The thinking with the flag is that price will resume climbing above the flag in an amount similar to the height of the flagpole, but it's measured from the bottom of the flag. Sound complicated? See the measure rule at the link for an explanation. Hint: it rarely works (46% of the time) as expected.

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Here's a symbol list of 129 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: AXDX, ACN, AJRD, ATSG, AKAM, AA, ALL, DOX, AEO, AXP, AFG, AIG, APOG, AAPL, ATR, ARCB, ACGL, AXS, BLL, BIG, BIO, BA, BKNG, BLDR, CAL, CLS, CIEN, CINF, CLF, CNO, CL, CLR, CR, CROX, CCRN, DHR, WIRE, EQT, EXPD, FDX, FE, FISV, FLEX, FWRD, GME, IT, GS, GOOGL, EVRG, GFF, GES, HBI, HIG, HNI, HD, HON, HOV, JBHT, IDXX, INFN, NSP, ITGR, IPG, IVC, JAZZ, JNJ, KFRC, LLY, L, MHO, MANH, MRTN, MA, MRK, MSFT, MLHR, MCO, NWL, NKE, NVDA, OUT, OMI, PDCO, PRFT, PFE, PPG, PG, DGX, RMBS, RGS, SAIC, TPR, TPX, TDC, TEVA, TJX, TOL, TRV, UPS, VFC, VMC, WRB, WAT, WSO, WU, ZBRA, ITA, ITB, DDM, EWK, EWZ, ECH, EWQ, PPA, PBE, ILF, MXI, XLI. Clink this link for details (pattern type, start and end dates).

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

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

-- Thomas Bulkowski

Wednesday 7/28/21. A Look At Indicators

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

A thunder storm is approaching so I'll make this brief.

The indicator is still bullish but the thin blue indicator line near chart bottom is heading lower. That was pulled down today by the market's drop. Still, it shows underlying market weakness, I think. Perhaps it's better to describe the market condition as nervous.

The red line is the percentage of stocks at least 20% below their 1-year high (plotted upside down). The blue line is the average percentage drop of stocks below their 1-year high (plotted upside down).

Both lines show a modest recovery from a week ago, continuing an uptrend from the lows mid month. I think the recovery will continue into August, but we have to pierce earnings season, which is happening now.

After that, we'll be heading into September and that's usually a weak time. In sum, it's a time for caution. I still expect the markets to drop in September and October, but might show strength before then, in August.

$ $ $

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: DDD, AXDX, AEIS, APD, ATSG, AA, ALKS, ALL, AYX, DOX, AIG, AMN, APOG, AAPL, ADSK, AXS, BIO, BKH, BRKS, CACI, CAL, CLS, CNC, ED, CSOD, CREE, CROX, CCRN, DUK, EQT, EXC, FFIV, FAST, FDX, FIS, FISV, FWRD, GME, GE, GPN, GS, GOOGL, GPRO, GGG, HE, HAYN, HD, HON, HOV, IDA, INCY, INOV, NSP, ITGR, IPI, JCOM, JBLU, KLIC, LHX, LH, RAMP, LMT, MANH, MDT, MU, MSFT, MLHR, CNR, NJR, NVDA, OTEX, OUT, PANW, POR, PINC, PEG, PHM, DGX, SAIC, SRE, SHW, SO, SWX, STMP, TDOC, TDC, TOL, UPS, VFC, VMI, VEEV, VRSN, WDAY, ITA, FXI, IGV, SLV, EWZ, EEM, EWH, EPP, EWT, DBA, PBE, PJP, IXN, MXI, XLP, XLV. Clink this link for details (pattern type, start and end dates).

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

-- Thomas Bulkowski

Tuesday 7/27/21. Slider Trading Quiz!

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I show another slider trading quiz featuring Boeing: BA.

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Here's a symbol list of 91 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: MMM, AXDX, APD, AEO, AMGN, BZH, EPAY, BLDR, BG, CHS, CIEN, CINF, CLR, CR, DOV, DUK, EXP, EPAM, EXPD, FLEX, FCX, GS, EVRG, HON, INOV, IBP, IIIN, KLIC, LEG, MLM, MDCA, MS, MLI, MUR, MYGN, NEU, JWN, OGE, OTEX, PKE, PTEN, PPL, PINC, SLGN, LUV, SUM, TDC, VMI, VEEV, VMC, WDAY, IYM, IAI, IYK, IYC, IYE, IEO, IEZ, FXI, IYH, IYZ, IGE, IYF, EWA, EWO, EWK, EEM, EWH, EWI, EWW, EWS, EZA, EWD, EWT, DBA, PXJ, IEV, IXC, MXI, XLP, GLD, XRT, MGK. Clink 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

 

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