Pattern Trading Setups for the Weekend!…

Thursday 9/8/22. Intraday Market Direction: Nasdaq

Weekly, since inception on 6/14/2011:

     The prediction of the Nasdaq closing higher has been right 244/430 or 56.7% of the time.

     The prediction of the Nasdaq closing lower has been right 65/137 or 47.4% of the time.

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 the Nasdaq composite on the 5-minute scale.

The Nasdaq made an ascending scallop at A with turn C higher than the start of the pattern. However, the differences between the start and end are not as high as I like to see.
Plus, the drop after the pattern ends is deeper than usual.

Turn B, with C and D almost equal, is a rounded bottom or more likely a descending scallop.

What I think we’ll see is a retrace (drop) followed by a strong push higher. That’s a guess, of course. The intraday scale doesn’t behave as well as the daily or weekly scale. There’s more noise involved, obscuring
the real trend.

$ $ $

Here’s a symbol list of 146 chart and candlestick patterns (13 “investment grade” candle patterns) found in today’s securities using my version of Patternz:
DDD, ADTN, AJRD, ALK, ALB, DOX, AMED, AEP, AEL, AIG, AMN, APOG, ACGL, ATO, AVA, AXS, BMI, BSET, BBBY, BIG, BKH, BFH, CAL, CE, CF, CVX, CMTL, ED, CONN, COP, CLR, CRH, CW, DDS, ^DJU, DTE, EIX, RE, FE, FLS, FCX, GME, IT, GIS, GL, GPRO, GGG, EVRG, GES, THG, HL, HP, HSIC, HSY, HOV, IEX, ILMN, IBP, IPI, IVC, NVTA, JAZZ, JNJ, KSS, LHX, LZB, LEN, L, MCHX, MRTN, MGEE, MS, MOS, MYGN, NFG, NCR, NTGR, NWL, OXY, OGE, PKG, PATK, PTEN, PNW, SAIA, SLB, SEE, SIGI, SKX, LUV, SWN, SR, SXI, SUM, SRDX, TPR, TGT, TPX, TXT, TSCO, SLCA, VMC, WMB, WOLF, IAI, IYK, IYC, IYE, IEZ, IDU, BOTZ, IGE, IEO, IYF, IHI, EWA, EWK, EWZ, EIS, EWS, EWT, TUR, PPA, PEJ, PHO, IXC, XLY, XLE, UNG, USO, VIS, 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 Nasdaq composite, sorted by value. When several are near each other (small differences),
the area might act as support or resistance.

— Thomas Bulkowski

Wednesday 9/7/22. 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.

The chart pattern indicator (CPI) remains bearish because the tall red bar on the far right of the chart is the most recent signal. The thin blue line at the bottom of the chart remains flat and that’s unusual.

We can see that a similar event happened in June and perhaps at other locations on the chart. Look what happened after June, though. The index climb in a stair-step fashion.

Even though the indicator is bearish, I think the downward move is about over. We’ve retraced enough and it’s time to rise. So rise up ye’ prices!

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 (red and blue) are worse off this week compared to a week ago. However, the wider view shows the red line making higher lows (June and July). That’s bullish.

We might have a few more days of retracing before we start a new upward move. That’s my guess anyway.

$ $ $

Here’s a symbol list of 135 chart and candlestick patterns (13 “investment grade” candle patterns) found in today’s securities using my version of Patternz:
DDD, ADTN, AES, ATSG, ALKS, DOX, AEL, AMWD, APOG, ATR, ACGL, ASH, BMI, BSET, BBBY, BFH, BBW, CAL, CE, CLS, CF, CRL, CHS, CHD, CIEN, CSCO, CTSH, COP, CLR, GLW, CRH, CCRN, CSGS, DDS, DUK, EXP, EIX, FDX, GME, GIS, GGG, EVRG, HSC, HE, HQY, HL, HNI, ILMN, INCY, IPI, KBH, K, KBAL, LEG, MLKN, MOS, MYGN, NBR, NFG, NOV, NCR, NTGR, NWL, NEU, NEE, NXGN, NKE, OMC, OUT, OXM, PANW, PKE, PATK, PNW, POR, PINC, PEG, PHM, SEIC, SMTC, SKX, SUM, TFX, TEVA, TZOO, TG, SLCA, VLO, VRTX, WMB, WOLF, ITB, IEZ, FXI, BOTZ, IYZ, IYF, EWA, EWH, EIS, EWJ, EWS, EWY, TUR, PPA, PBE, PEJ, XLP, XLF, UNG. 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 9/6/22. Slider Trading Quiz!

Weekly, since inception on 6/14/2011:

     The prediction of the Dow closing higher has been right 250/449 or 55.7% of the time.

     The prediction of the Dow closing lower has been right 47/98 or 48.0% of the time.

$ $ $

I show another slider trading quiz featuring St. Paul Travelers: STA stock.

$ $ $

Here’s a symbol list of 218 chart and candlestick patterns (13 “investment grade” candle patterns) found in today’s securities using my version of Patternz:
DDD, MMM, AXDX, ACN, ACIW, AYI, ADTN, AES, AFL, AKAM, DOX, AXP, AFG, AMWD, APH, AON, APOG, AAPL, AMAT, ATR, ACGL, AWI, ASH, ADSK, BMI, BSET, BIO, BIIB, BA, BOOT, BAH, BBW, CE, CRL, CHKP, CHS, CIEN, CINF, CSCO, CLX, CNA, CTSH, CMCO, CONN, COP, GLW, COST, CROX, CMI, DHR, DECK, DDS, DFS, ^DJT, ^DJI, DUK, EMN, ELV, WIRE, RE, EXPD, FDS, FDX, FLS, FMC, FWRD, FDP, GME, GL, GOOGL, GGG, EVRG, GES, HBI, THG, HSC, HE, HQY, HNI, HON, JBHT, IEX, IDXX, ILMN, INFN, INTC, IPAR, TILE, IPG, ISRG, KELYA, KMT, KBAL, KMB, LAMR, LDOS, LLY, MANH, MAN, MAS, MA, MDC, MDT, META, MSFT, MLKN, MLI, MYGN, ^IXIC, NCR, NTGR, NTAP, NEE, NXGN, NKE, NVDA, ORI, OMCL, OMC, ASGN, OXM, PKG, PKE, PAYX, PYPL, PNW, POR, PPL, PG, PGR, PEG, RMBS, RJF, RGA, RLI, RHI, RCKY, RES, ^GSPC, SCHW, SAIC, SMG, SEIC, SIGI, SKX, SR, SXI, SNPS, TDOC, TFX, TEVA, TXN, TKR, RIG, SLCA, VFC, VLO, VRTX, V, WAT, WERN, WEX, WSM, WOLF, IYK, DDM, FTEC, FDN, FXI, QQQ, ICF, IYZ, SOXX, IYF, IHI, EWK, EWQ, EWG, EWH, EIS, EWI, EWP, EWL, EWU, QLD, PPA, PBE, PEJ, PHO, IEV, IXN, SSO, XLP, XLF, XLI, XRT, SPY, XLK, SMH, VIS, 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

Friday 9/2/22. Pattern Trading Setups for the Weekend.

$ $ $

Here’s a symbol list of 242 chart and candlestick patterns (13 “investment grade” candle patterns) found in today’s securities using my version of Patternz:
DDD, ABT, ADBE, AEIS, AMD, AES, AFL, APD, ATSG, ALK, ALB, AA, DOX, AEO, AXP, APOG, AMAT, ARCB, ACGL, ASH, AVNT, BMI, BCPC, BALL, BSET, BERY, BBY, BFH, CBT, CDNS, CALM, CE, CX, CNP, CENX, CRL, CHKP, CHS, CIEN, CSCO, CLF, CTSH, GLW, COTY, CRH, DDS, DRQ, EMN, EBAY, EIX, EL, EXC, FFIV, FLEX, FLS, FMC, FCX, FDP, GME, GE, GIS, GL, GGG, GES, HSC, HIG, HL, HSII, HSIC, HNI, HOV, INCY, NSP, IBP, ITGR, IPAR, IBKR, IPG, INTU, JBLU, KALU, KBH, KELYA, KFRC, KBAL, KLAC, KLIC, LZB, LEG, LLY, LNC, RAMP, MHO, MTSI, MANH, MAS, MDC, MSFT, MLKN, MOS, MLI, ^IXIC, NCR, NTGR, NWL, NVDA, ORI, OLN, OMCL, OMC, OUT, OXM, PKG, PFE, PPG, PRU, QCOM, RMBS, RCKY, ROST, SAIA, CRM, SMG, SMTC, NOW, SKX, SCCO, LUV, SR, SXI, SSYS, SUM, SNPS, TGT, TER, TEVA, TXT, TKR, TOL, TRV, SLCA, VMI, VEEV, WLK, WSM, WOLF, ITA, IYM, ITB, FTEC, FDN, QTEC, FXL, FXI, BOTZ, ICF, IAT, IGV, SOXX, SLV, IYF, IHI, EWA, EWO, EWK, EWZ, EWC, EEM, EWQ, EWG, EWH, EIS, EWI, EWJ, EWW, EPP, EZA, EWP, EWD, EWL, THD, EWU, PPA, PBE, PEJ, PJP, PHO, ROBO, IEV, IXN, ILF, MXI, XLF, GLD, XLV, XLB, XAR, XLK, XLU, USO, SMH, VAW. 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.

$ $ $

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

Thursday 9/1/22. 2022 Forecast Update

Weekly, since inception on 6/14/2011:

     The prediction of the Nasdaq closing higher has been right 244/430 or 56.7% of the time.

     The prediction of the Nasdaq closing lower has been right 64/136 or 47.1% of the time.

Here’s the updated 2022 forecast, presented in slider format.

Based on sector performance from Fidelity, the best performing sectors for year-to-date performance as of 30 August 2022 were…
(The numbering is how they ranked a month ago.)

1. Energy (+46%)

2. Utilities (4%)

3. Consumer staples (-5%)

4. Health care (-11%)

5. Industrials (-12%)

7. Financials (-15%)

6. Materials (-16%)

8. Real estate (-19%)

9. Information technology (-22%)

10. Consumer discretionary (-23%)

11. Communication services (-31%)

The folks at two firms polled by Fidelity weigh the sectors in this order, as of 8/1/22.

1. Information technology (IT)

2. Health care

3. Consumer discretionary

4. Financials

5. Communication services

6. Industrials

7. Consumer staples

8. Energy

9. Utilities

10. Real estate

11. Materials

Here’s how they rank the industries, but only the top 10 appear. One-year change, as of 8/31. The numbering is how they ranked a month ago.

1. Oil, gas and consumable fuels (+71%)

2. Construction and engineering (+36%)

3. Energy equipment and services (+30%)

5. Health care providers and services (+21%)

7. Food products (14%)

4. Automobiles (+13%)

6. Multi-utilities (+13%)

8. Beverages (+11%)

10. Electric utilities (9%)

9. Technology hardware, and storage (6%)

$ $ $

Here’s a symbol list of 137 chart and candlestick patterns (13 “investment grade” candle patterns) found in today’s securities using my version of Patternz:
ACIW, AFL, APD, ALK, ALKS, AYX, AEE, AIG, AMWD, AMN, APOG, ACGL, ATO, BMI, BBBY, BIG, BA, BOOT, CAL, CX, CF, CHS, CSCO, CLF, CLX, CGNX, CTSH, CAG, GLW, COST, COTY, CRH, CCK, CMI, DDS, DSGR, EMN, EIX, EL, FLS, FDP, GME, GPS, GGG, GFF, HLIT, HIG, HL, HNI, HOV, HURC, IIIN, IPAR, IVC, JBLU, KMT, KBAL, LHX, LEG, LLY, LNC, LOW, MHO, M, MCHX, MDC, MOS, NCR, NTGR, NEE, NXGN, ORI, OLN, OMCL, OUT, PKE, RL, SCHW, LUV, SWX, SCS, TPR, TEVA, TXT, TKR, TZOO, UNM, WERN, WU, WSM, WOLF, ITA, IYM, IYK, ITB, IDU, FXI, ICF, IAT, IYZ, SLV, IYF, EWA, EWC, ECH, EWH, EPP, EZA, EWT, EWU, PPA, PEJ, PHO, ROBO, MXI, XLP, XLF, GLD, XLV, XLI, XLB, VIS, VAW. 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 Nasdaq composite, sorted by value. When several are near each other (small differences),
the area might act as support or resistance.

— Thomas Bulkowski