As of 05/07/2024   Indus: 38,884 +31.99 +0.1%     Trans: 15,434 +53.46 +0.3%     Utils: 930 +11.51 +1.3%     Nasdaq: 16,333 -16.69 -0.1%     S&P 500: 5,188 +6.96 +0.1%	YTD  +3.2%   -2.9%    +5.5%    +8.8%    +8.8%	Targets    Overview: 04/29/2024     39,325 or 37,000 by 05/15/2024   15,820 or 14,600 by 05/15/2024   925 or 865 by 05/15/2024   16,700 or 15,200 by 05/15/2024   5,250 or 4,850 by 05/15/2024
Chart Pattern Indicator: on 5/1/24

As of 05/07/2024   Indus: 38,884 +31.99 +0.1%     Trans: 15,434 +53.46 +0.3%     Utils: 930 +11.51 +1.3%     Nasdaq: 16,333 -16.69 -0.1%     S&P 500: 5,188 +6.96 +0.1%	YTD  +3.2%   -2.9%    +5.5%    +8.8%    +8.8%
Targets    Overview: 04/29/2024     39,325 or 37,000 by 05/15/2024   15,820 or 14,600 by 05/15/2024   925 or 865 by 05/15/2024   16,700 or 15,200 by 05/15/2024   5,250 or 4,850 by 05/15/2024
Chart Pattern Indicator: on 5/1/24

Recent Headlines Wednesday 5/8/24. A Look at the Chart Pattern Indicator (CPI) Tuesday 5/7/24. Slider Trading Quiz! Rising Wedge (1 of 2) Monday 5/6/24. Market Monday: The Week Ahead Friday 5/3/24. Pattern Trading Setups for the Weekend. Thursday 5/2/24. Intraday Market Direction: Nasdaq

Older Headlines Wednesday 5/1/24. Market Forecast Update Tuesday 4/30/24. Slider Trading Quiz!Head-and-Shoulders, Complex Tops 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 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)

Archives May Archive April Archive March Archive February Archive All Archives

Wednesday 5/8/24. A Look at the Chart Pattern Indicator (CPI)

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.

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)

Tuesday 5/7/24. Slider Trading Quiz!

$ $ $

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)

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

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

My Prediction

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

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

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.

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 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.

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

 

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