As of 09/06/2024   Indus: 40,345 -410.34 -1.0%     Trans: 15,427 -190.44 -1.2%     Utils: 1,029 -7.87 -0.8%     Nasdaq: 16,691 -436.83 -2.6%     S&P 500: 5,408 -94.99 -1.7%	YTD  +7.0%   -3.0%    +16.7%    +11.2%    +13.4%	Targets    Overview: 08/14/2024     42,000 or 39,500 by 09/15/2024   16,200 or 15,300 by 09/15/2024   1,100 or 1,000 by 09/15/2024   18,400 or 16,650 by 09/15/2024   5,750 or 5,375 by 09/15/2024
Chart Pattern Indicator: on 9/3/24

As of 09/06/2024   Indus: 40,345 -410.34 -1.0%     Trans: 15,427 -190.44 -1.2%     Utils: 1,029 -7.87 -0.8%     Nasdaq: 16,691 -436.83 -2.6%     S&P 500: 5,408 -94.99 -1.7%	YTD  +7.0%   -3.0%    +16.7%    +11.2%    +13.4%
Targets    Overview: 08/14/2024     42,000 or 39,500 by 09/15/2024   16,200 or 15,300 by 09/15/2024   1,100 or 1,000 by 09/15/2024   18,400 or 16,650 by 09/15/2024   5,750 or 5,375 by 09/15/2024
Chart Pattern Indicator: on 9/3/24

Recent Headlines Monday 9/9/24. Market Monday: The Week Ahead Friday 9/6/24. Pattern Trading Setups for the Weekend. Thursday 9/5/24. Intraday Market Direction: Nasdaq Wednesday 9/4/24. 2024 Forecast Update Tuesday 9/3/24. Slider Trading Quiz! Yahoo (YHOO) Edition 2

Older Headlines Friday 8/30/24. Pattern Trading Setups for the Weekend. Thursday 8/29/24. Ethereum (ETH-USD) Wednesday 8/28/24. A Look at the Chart Pattern Indicator (CPI) Tuesday 8/27/24. Slider Trading Quiz! Yellow Roadway: YELL (actual trade) Monday 8/26/24. Market Monday: The Week Ahead Friday 8/23/24. Pattern Trading Setups for the Weekend. Thursday 8/22/24. Intraday Market Direction: Nasdaq Wednesday 8/21/24. A Look at the Chart Pattern Indicator (CPI) Tuesday 8/20/24. Slider Trading Quiz! Yellow Roadway 2: YELL Monday 8/19/24. Market Monday: The Week Ahead Friday 8/16/24. Pattern Trading Setups for the Weekend.

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Monday 9/9/24. 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 a chart of the Dow transports on the daily scale.

I've highlighted twin peak patterns (double tops). The first is at A. It confirms as a valid chart pattern when it closes below the red line.

After confirmation, the index makes a swift drop. In fact, all three double tops decline after confirmation, and the drop is steep.

Pattern B is tall. After dropping so far to confirm the pattern, there's not much left of a desire to push the index much lower. Maybe it's more accurate that the bulls gather and stop the decline.

At C, I highlight the most recent twin peak. It's height is small compared to the others (a bit smaller than A). Maybe that suggests we won't have much of a drop.

Indeed, based on support at the circle, I think the index will reverse at the green line. In other words, concerns about the economy won't hold the index down much longer.

$ $ $

I added new stock, ETF, and cryptocurrency tests to the outside days article.

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 over.

Here's a symbol list of 220 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: ABM, ACIW, AEIS, AES, AFL, ATSG, AKAM, ALB, AA, AEO, AEP, AIG, AMWD, AME, APH, AAPL, ADM, ANET, AWI, AVA, BCPC, BERY, BIO, BKH, BKNG, BAH, BCO, BR, BRKR, BG, CACI, CDNS, CAL, CPB, CE, CX, CHD, CLF, CNA, CGNX, CAG, GLW, COTY, CCRN, CCK, CTS, XRAY, DFS, ^DJI, DTE, EXP, EIX, EOG, EL, EXC, EXPD, XOM, FDS, FICO, FIVN, FORM, FTNT, GAP, GNW, GPN, GL, GOOGL, GES, HE, HTLD, HL, HSIC, HSY, HOV, HUN, HURC, ILMN, IIIN, INTC, IPI, INTU, JKHY, KELYA, KMT, KLAC, LHX, LRCX, RAMP, LMT, LOW, MANH, MLM, MA, MTRN, META, MSFT, MLKN, MS, MOS, ^IXIC, NTGR, NEE, NWPX, NOVT, NTNX, NVDA, ORI, OTEX, ORCL, OR, PANW, PKE, PATK, PCTY, PRFT, PETS, PLXS, POR, PINC, QTWO, KWR, RJF, RTX, RGA, ROK, ROST, CRM, SBH, SLB, SCHW, SMG, SMTC, SCI, NOW, SHOP, STR, LUV, SWX, SWN, SNPS, TRGP, TDOC, TPX, TTD, TRV, TWLO, UHAL, UGI, VECO, VC, VMC, WAT, WERN, WPM, WMB, WWW, WDAY, ITA, IYM, IYK, IYC, DDM, FTEC, FDN, QTEC, FXL, BOTZ, IYH, IGV, IXC, MXI, ILF, SOXX, SLV, IGE, EWO, EWK, EWZ, ECH, EEM, EWQ, EWJ, EWW, EZA, EWY, EWL, EWT, THD, IBB, DBA, PBE, PHO, XLY, XLV, XLB, XAR, USO, SMH, MGK, VONG. Click this link for details (pattern type, start and end dates).

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

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 9/6/24. Pattern Trading Setups for the Weekend.

I added new stock, ETF, and cryptocurrency tests to the inside days article.

$ $ $

Here's a symbol list of 193 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: ACIW, AEIS, AFL, ALRM, ALB, AA, ALKS, AMED, AEE, AEO, AFG, AIG, AMGN, AMN, AR, ADM, ANET, AWI, ASH, AGO, ATO, AVA, BECN, BERY, BIG, BIO, BKH, BAH, BFH, BR, BG, CAL, CE, CNC, CF, CHD, CLNE, CLF, CNA, CCRN, CW, XRAY, DFS, ^DJI, DTE, EXP, EIX, EL, EG, EXC, EXPD, XOM, EZPW, FDS, FICO, FAST, FMC, FTNT, FTV, FWRD, GIS, GNW, GPN, GL, GMS, GES, HE, HTLD, HL, HELE, HD, HOV, HUBG, HURC, INCY, INFN, IBP, IIIN, IPI, JKHY, KELYA, KMT, KFRC, LHX, LH, LEG, RAMP, LMT, L, LOW, LXU, MGY, MRO, MKTX, MLM, MA, MTRN, MRCY, MLKN, MS, MOS, NTGR, NEU, NEE, NWPX, NTNX, ORI, ASGN, ORCL, PATK, PRFT, PETS, POR, PINC, PRU, RJF, RTX, RGA, RNG, RES, ^GSPC, SLB, SCHW, SMG, SIGI, SRE, SLGN, STR, SWN, TDOC, TKR, TOL, TREX, UGI, UPS, UNH, VMI, VECO, V, VMC, WRB, WAT, WERN, WU, WEX, WSM, WWW, ITA, IYK, IYE, IDU, DDM, QTEC, FXI, BOTZ, ICF, IEV, IXC, MXI, IGE, ITB, EWK, ECH, EWQ, EWP, EWD, EWL, THD, IBB, PBE, PHO, GLD, XAR, 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 the novel (fiction), Foresight (#Ad)

Thursday 9/5/24. Intraday Market Direction: Nasdaq

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

Not much has happened this week. We see a down-sloping channel, outlined in red, at A.

It would be obvious that down-sloping <anything> would break out upward most often. Here's an example where that's not true. Indeed, we see the index crashing through the bottom of the channel in the last two days.

If I had to guess, I'd say the index will climb some to rejoin the channel before continuing down, following a slope similar to that shown in A.

$ $ $

Here's a symbol list of 157 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: AXDX, AEIS, AA, AEE, APH, AR, APA, ATR, ANET, AGO, ATO, AVA, BALL, BKH, BFH, BMY, BG, CAL, CX, CENX, CIEN, CLF, CGNX, CTSH, CMCO, ED, COP, CCRN, CCK, XRAY, DVN, FANG, DDS, DFS, EXP, EOG, FAST, FIVN, FORM, FTNT, FTV, FDP, GFS, GES, HLIT, HE, HQY, HTLD, HL, HSIC, DHI, HOV, HUN, HURC, INCY, IIIN, JAZZ, KMT, KSS, LH, LRCX, LAMR, LEG, LEN, M, MGY, MRO, MLM, MA, MTDR, MTRN, MSFT, MLKN, MOS, MUR, MYGN, NBR, NOV, NWPX, NTNX, OXY, ORCL, OR, PKE, PATK, PTEN, PETS, PINC, PRU, PHM, KWR, RRC, RHI, ROP, SAIA, SLB, SCHW, SIGI, SRE, NOW, SMAR, SWN, TGT, TDOC, TPX, TMO, TKR, UIS, VMI, VECO, VEEV, VMC, WAT, IYM, IYE, IEZ, QTEC, BOTZ, IXC, SOXX, IGE, IEO, EWK, ECH, EEM, EWI, EWP, EWD, EWL, THD, DBA, PXJ, PHO, XLE, 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.

$ $ $

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)