As of 07/26/2024   Indus: 40,589 +654.27 +1.6%     Trans: 15,920 +260.00 +1.7%     Utils: 971 +10.05 +1.0%     Nasdaq: 17,358 +176.16 +1.0%     S&P 500: 5,459 +59.88 +1.1%	YTD  +7.7%    +0.1%    +10.2%    +15.6%    +14.5%	Targets    Overview: 07/12/2024     41,500 or 40,000 by 08/01/2024   16,500 or 15,600 by 08/01/2024   1,000 or 910 by 08/01/2024   19,200 or 17,800 by 08/01/2024   5,750 or 5,500 by 08/01/2024
Chart Pattern Indicator: on 7/26/24

As of 07/26/2024   Indus: 40,589 +654.27 +1.6%     Trans: 15,920 +260.00 +1.7%     Utils: 971 +10.05 +1.0%     Nasdaq: 17,358 +176.16 +1.0%     S&P 500: 5,459 +59.88 +1.1%	YTD  +7.7%    +0.1%    +10.2%    +15.6%    +14.5%
Targets    Overview: 07/12/2024     41,500 or 40,000 by 08/01/2024   16,500 or 15,600 by 08/01/2024   1,000 or 910 by 08/01/2024   19,200 or 17,800 by 08/01/2024   5,750 or 5,500 by 08/01/2024
Chart Pattern Indicator: on 7/26/24

Recent Headlines Monday 7/29/24. Market Monday: The Week Ahead Friday 7/26/24. Pattern Trading Setups for the Weekend. Thursday 7/25/24. Ethereum (ETH-USD) Wednesday 7/24/24. A Look at the Chart Pattern Indicator (CPI) Tuesday 7/23/24. Slider Trading Quiz! Extended V-bottoms

Older Headlines Monday 7/22/24. Market Monday: The Week Ahead Friday 7/19/24. Pattern Trading Setups for the Weekend. Thursday 7/18/24. Intraday Market Direction: Nasdaq Wednesday 7/17/24. A Look at the Chart Pattern Indicator (CPI) Tuesday 7/16/24. Slider Trading Quiz! V-Bottoms Monday 7/15/24. Market Monday: The Week Ahead Friday 7/12/24. Pattern Trading Setups for the Weekend. Thursday 7/11/24. Bitcoin (BTC-USD) Wednesday 7/10/24. A Look at the Chart Pattern Indicator (CPI) Tuesday 7/9/24. Slider Trading Quiz! Symmetrical Triangle, Part 2 Monday 7/8/24. Market Monday: The Week Ahead

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Monday 7/29/24. 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 the Dow transports on the daily scale.

At AB, a potential double bottom appears. Price has to close above the highest peak between the two bottoms (D) before it confirms as a valid chart pattern. Without confirmation, it's just squiggles on the price chart.

In this case, it's not a double bottom because the index drops below B at C.

I drew a line of overhead resistance in green connecting price peaks. Will price pierce this line of resistance? I don't have an answer to that. Elliott wavers may claim that it's wave 5 of an uptrend, so there's a risk of reversal.

We'll have to see how this all plays out.

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 100 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: DDD, AFL, ALRM, ALB, ALKS, AMWD, ANIK, AON, APOG, AVA, BMI, BMRN, BKH, BAH, BMY, CPB, CX, CNC, CINF, CLNE, CL, CMTL, CONN, COP, CROX, EMN, EPAM, EVRG, FICO, FIS, FISV, FMC, FTNT, FRD, GNW, GMS, GFF, THG, HIG, HSII, HOLX, ITW, INCY, IBP, IIIN, ITGR, INTC, TILE, JBLU, JNJ, KALU, KLIC, LEG, LDOS, LLY, LPLA, MTSI, MTDR, META, MOS, MYGN, NOV, NWL, JWN, NWPX, ORI, OLN, PKE, PGR, PHM, RL, RMBS, RTX, RGA, ROL, ROST, SAIA, SKYW, TRGP, TER, UPS, VEEV, VC, WRB, WPM, ZBRA, IYM, IYE, IEZ, BOTZ, IYH, IXC, IEO, ECH, PHO, XLV, UNG. 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), Training "Miles" (#Ad)

Friday 7/26/24. Pattern Trading Setups for the Weekend.

$ $ $

Here's a symbol list of 167 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: DDD, ACN, AMD, AES, ALK, ALKS, ALGT, AMWD, APH, AON, AMAT, ACGL, ASH, ATO, AVA, AXS, AZTA, BMI, BSET, BBY, BMRN, BKH, BKNG, BSX, BRKR, CBT, CX, CNP, CHD, CLNE, CCK, DOV, DUK, EMN, EBAY, ECL, EIX, EME, EVRG, FIS, FISV, FTV, GPS, GNW, GILD, GFS, GL, GS, GOOGL, GPRO, GES, HBI, THG, HE, HAYN, HOLX, INCY, INTC, IBKR, TILE, INTU, KELYA, KMB, KLIC, LRCX, LLY, LXU, MTSI, MANH, MCHX, MTDR, META, MSFT, MYGN, ^IXIC, NOV, NFLX, JWN, NOC, NWPX, NVDA, ASGN, OR, PKE, PATK, PTEN, PYPL, QCOM, RTX, RHI, ROP, ROST, ^GSPC, SAND, SEE, SRE, SMTC, NOW, SO, SRDX, TER, TSCO, TZOO, UNM, VMI, VECO, VEEV, MDRX, WMT, WLK, WPM, WDAY, XEL, ZBRA, IYK, IYC, FTEC, FDN, QTEC, FXL, FXI, BOTZ, QQQ, IHF, IAT, IXN, ILF, SOXX, SLV, EWK, ECH, EWH, EIS, EWI, EWJ, EWM, EWW, EWP, EWT, TUR, QLD, PJP, SSO, ROBO, XLY, GLD, SPY, XLK, XLU, UNG, 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.

$ $ $

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) Training "Miles" (#Ad)

Thursday 7/25/24. Ethereum (ETH-USD) Review

I show a picture of the cryptocurrency Ethereum (ETH-USD) on the daily scale.

At A, we see what looks like a horn bottom (but it looks as if there is more than one price bar between the two spikes) or a narrow double bottom. Regardless of what you call it, the currency made a quick rise to C.

Because B and C are at nearly the same price, you might conclude that this is a chart pattern called a double top. Actually, it's not. The currency has to close below the lowest valley between the two peaks (below A) before it becomes valid.

Also, the drop from D to B makes the pattern look more like a bottom than a top.

So what's next for ETH? My guess, and it's only a guess, is that the currency will drop a bit more before finding support and rising. I drew a horizontal green line where I think the currency might reverse.

$ $ $

Here's a symbol list of 152 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: AES, ALKS, AEE, AFG, AMWD, APH, AMAT, ATR, ASH, AVY, AVA, AXS, BMI, BSET, BERY, BBY, BKH, BKNG, BOOT, BCO, BMY, BR, CACI, CX, CINF, CTAS, CLF, CONN, DFS, ^DJI, DOV, BOOM, ECL, FDX, FE, FISV, FLEX, FTV, FNV, FCX, GNW, GFS, GL, THG, HTLD, HL, HON, IEX, ITGR, INTC, KALU, KLIC, LHX, LRCX, LDOS, L, LOW, MANH, MAN, MKTX, MRTN, MA, MGEE, MYGN, NOV, JWN, NWPX, NUS, ORI, OMC, ASGN, OR, PKE, PTEN, PEN, PNW, KWR, RGA, ROST, SCHW, NOW, SHOP, SMAR, SRDX, TPR, TGT, TDY, TER, TSCO, TDG, SLCA, UNM, MDRX, V, WPM, XEL, ZBRA, IYM, IHE, DDM, FDN, QTEC, BOTZ, MXI, IXN, ILF, SOXX, SLV, IHI, EWA, EWZ, ECH, EEM, EWQ, EWH, EIS, EWJ, EPP, EWS, EZA, EWP, EWD, EWT, THD, PEJ, PXJ, PJP, ROBO, GLD, XLB, SMH, 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 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) Training "Miles" (#Ad)