As of 05/13/2024   Indus: 39,432 -81.33 -0.2%     Trans: 15,629 +31.37 +0.2%     Utils: 941 -1.34 -0.1%     Nasdaq: 16,388 +47.37 +0.3%     S&P 500: 5,221 -1.26 0.0%	YTD  +4.6%   -1.7%    +6.7%    +9.2%    +9.5%	Targets    Overview: 05/13/2024     39,950 or 38,500 by 06/01/2024   16,050 or 15,300 by 06/01/2024   960 or 900 by 06/01/2024   17,250 or 15,850 by 06/01/2024   5,500 or 5,100 by 06/01/2024
Chart Pattern Indicator: on 5/1/24

As of 05/13/2024   Indus: 39,432 -81.33 -0.2%     Trans: 15,629 +31.37 +0.2%     Utils: 941 -1.34 -0.1%     Nasdaq: 16,388 +47.37 +0.3%     S&P 500: 5,221 -1.26 0.0%	YTD  +4.6%   -1.7%    +6.7%    +9.2%    +9.5%
Targets    Overview: 05/13/2024     39,950 or 38,500 by 06/01/2024   16,050 or 15,300 by 06/01/2024   960 or 900 by 06/01/2024   17,250 or 15,850 by 06/01/2024   5,500 or 5,100 by 06/01/2024
Chart Pattern Indicator: on 5/1/24

Recent Headlines Tuesday 5/14/24. Slider Trading Quiz! Horn Tops Monday 5/13/24. Market Monday: The Week Ahead Friday 5/10/24. Pattern Trading Setups for the Weekend. Thursday 5/9/24. Bitcoin Explored Wednesday 5/8/24. A Look at the Chart Pattern Indicator (CPI)

Older Headlines 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 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

Archives May Archive April Archive March Archive February Archive All Archives

Tuesday 5/14/24. Slider Trading Quiz!

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I show another slider trading quiz featuring horn tops.

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Here's a symbol list of 182 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: ABT, ACN, ADTN, ALKS, ALL, AMED, AEO, AXP, AFG, AMWD, APA, APOG, ADM, AWI, ARW, ASH, AIZ, ATO, ADSK, BCPC, BAX, BA, BAH, BRC, BG, CDNS, COR, CDAY, CINF, CTAS, CSCO, CLF, CLX, CNA, CNO, CTSH, CMCO, CXW, COST, CMI, DVN, FANG, DFS, DSGR, ^DJI, EXP, WIRE, EVH, FICO, FAST, FIS, FE, FMC, GME, GPRO, GFF, HBI, THG, HLIT, HSY, HON, DHI, HWM, HUM, JBHT, HURC, INCY, NSP, IBP, IIIN, PODD, TILE, IPG, INTU, ISRG, IRM, JKHY, JBLU, KALU, KEYS, LZB, LH, LRCX, LANC, LDOS, MGY, MANH, MAS, MA, MTDR, MTRN, MDT, MLI, MYGN, NFG, NOV, JWN, NUS, OXY, ORI, OMC, ASGN, PKE, PEN, PETS, PLXS, PG, PGR, PRU, PEG, PHM, QTWO, RRC, RTX, RLI, ROK, ROP, RGLD, R, SAND, SCHW, SEE, SEIC, SMTC, SWN, SXI, TDY, TPX, TOL, TDG, TZOO, TG, UPS, MDRX, VRTX, V, VMC, WMT, WU, WLK, WSC, WWW, WWD, FDN, FXI, IYZ, IYF, ITB, EWK, EEM, EWG, EWH, EWM, EWW, EWL, TUR, PHO, XLF, XLV, XLB, XRT, 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.

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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 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 5/13/24. Market Monday: The Week Ahead

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

My Prediction

At AB is a chart pattern called a double top. It confirms as a valid chart pattern when the index closes below the horizontal green line.

At C, we see another chart pattern and another green line. The pattern is a weird looking triple bottom. The three valleys should bottom near the same price, but in this case, they don't.

A close above the nearby green line confirms the chart pattern as valid and signals an upward move, which sees price rise to D.

At D, we see the index getting near the price level of peaks A and B. That's important because it signals overhead resistance is coming. That could stop the upward move (and my guess is it will).

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I released a new version of Patternz. It has a button on the Chart form where you can get more detail about a found chart pattern.

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I had one reader of my Training "Miles" book (pictured on the right) write, "It did not disappoint. I read the entire book in one sitting." -- DJB

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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

Many options expire this week, so traders will be looking to close out their positions, and that suggests increased volatility (large daily price swings).

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 172 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: MMM, ABM, ADTN, AFL, AKAM, ALB, AMED, AXP, AFG, AR, APA, AMAT, ATR, ACGL, ANET, AIZ, ATO, ADSK, AVY, BCPC, BZH, BA, BOOT, BAH, BRC, BMY, BBW, CALM, CAL, CE, CRL, CHKP, CINF, CTAS, CLX, CNO, CNX, CONN, CRH, CMI, DVN, FANG, ^DJI, DRQ, DTE, EOG, EVH, FICO, FE, FLS, FRD, GME, GIS, GPN, GPRO, GFF, GES, HBI, HLIT, HIG, HE, HAYN, HQY, HELE, HSY, HOV, HWM, INCY, PODD, INTC, IPAR, IPI, JAZZ, KALU, KMT, KEYS, LH, MGY, MRO, MTDR, MRCY, MU, MOS, MUR, ^IXIC, NFG, NOV, NWL, NI, OXY, OLN, OMC, ON, PYPL, PETS, PPG, PEG, QTWO, KWR, DGX, RRC, RGA, RES, SAND, SIGI, STR, SWX, SWN, SCS, TPX, TTD, TDG, TZOO, UHAL, SLCA, UIS, VFC, VLO, V, VMC, WAT, WOLF, WWD, ITA, IYM, IHE, FXI, QQQ, IYH, IEV, MXI, ILF, IEO, IYF, EWO, EWK, EWC, EEM, EWG, EWH, EWI, EWM, EPP, EZA, EWY, EWP, EWD, EWL, EWT, TUR, EWU, PBE, PHO, XLF, XLV, XLB, USO, SMH, 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 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 5/10/24. Pattern Trading Setups for the Weekend.

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Here's a symbol list of 132 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: AXDX, ADTN, AFL, ATSG, AEE, AFG, AAPL, ATR, ARW, ADSK, BCPC, BSET, BBY, BKH, BCO, BRKR, BBW, BLDR, CACI, CALM, CPB, CE, CLS, COR, CRL, CHKP, CINF, CTAS, CNO, CGNX, CMTL, CONN, CXW, DUK, BOOM, WIRE, EPAM, EQT, EXC, FDS, FDX, FWRD, FRD, GME, GNW, GILD, HIG, HQY, HELE, HUBG, ITW, INCY, INFN, IPG, INTU, K, KMT, KFRC, LHX, LZB, LAMR, LEG, LMT, LOW, MGEE, NFG, NEE, NWPX, NOVT, NTNX, NVDA, OMCL, PKE, PTEN, POR, PG, DGX, RL, RRC, ROP, ROST, SAND, SMTC, SHOP, STR, SCCO, SWX, SWN, TRV, TZOO, UIS, UPS, UNH, UNM, VRTX, V, WRB, WU, WPM, WDAY, XEL, IYE, FXL, IHF, IEV, IXC, MXI, SLV, IGE, IHI, EWA, EWO, EWK, EWQ, EWG, EWI, EWD, EWL, PXJ, PJP, XLE, XLB, VIS, 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.

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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)

 

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My Stock Market Books Invest for Two-Comma Wealth   Chart Patterns: After the Buy Encyclopedia of Chart Pattern, 3rd Edition Fundamental Analysis and Position Trading Getting Started in Chart Patterns, 2nd Edition Swing and Day Trading Trading Basics

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