As of 12/07/2022   Indus: 33,598 +1.58 +0.0%     Trans: 13,768 -130.21 -0.9%     Utils: 973 -6.18 -0.6%     Nasdaq: 10,959 -56.34 -0.5%     S&P 500: 3,934 -7.34 -0.2%	YTD -7.5%   -16.4%   -0.8%   -30.0%   -17.5%	Targets    Overview: 12/01/2022     35,500 or 32,800 by 12/15/2022   13,400 or 14,500 by 12/15/2022   1,000 or 925 by 12/15/2022   12,000 or 10,600 by 12/15/2022   4,250 or 3,850 by 12/15/2022
CPI (updated daily): on 12/5/22

As of 12/07/2022   Indus: 33,598 +1.58 +0.0%     Trans: 13,768 -130.21 -0.9%     Utils: 973 -6.18 -0.6%     Nasdaq: 10,959 -56.34 -0.5%     S&P 500: 3,934 -7.34 -0.2%	YTD -7.5%   -16.4%   -0.8%   -30.0%   -17.5%
Targets    Overview: 12/01/2022     35,500 or 32,800 by 12/15/2022   13,400 or 14,500 by 12/15/2022   1,000 or 925 by 12/15/2022   12,000 or 10,600 by 12/15/2022   4,250 or 3,850 by 12/15/2022
CPI (updated daily): on 12/5/22

Thursday 12/8/22. Intraday Market Direction: Nasdaq

Since I post this the night before, check how the futures are trading before market open. Large moves can affect the opening direction.

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

The index is resting on a blue line of support, which I show in the chart. As strong as that support appears, this is the intraday scale, so it's not as robust as one might think (when compared to the daily or weekly scales).

Outlined in red is a symmetrical triangle. According to my book, Encyclopedia of Chart Patterns, 3rd edition (#ad), a symmetrical triangle breaks out upward 60% of the time. That's on the daily scale and that's for a bull market. One can argue that it's an intraday scale in a bear market.

Regardless, the index is going to breakout of the triangle either upward or downward. I doubt if it'll shoot out the apex in a straight line but who knows?

The market might be in a holding pattern, waiting to see what the FED does next week about interest rates. My guess is they'll vote another 3/4% hike, the market will drop on the news, and post a nice recovery the next day. If that scenario plays out, I'll likely be in there buying securities. The recovery over the next few years is going to be tasty.

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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: ANF, ADBE, ADTN, ATSG, ALK, DOX, AEP, AEL, APA, ASH, AZTA, BERY, BKNG, BRC, BBW, BLDR, BG, CPB, CF, CIEN, ED, CONN, CCRN, CSGS, DDS, DSGR, DRQ, EPAM, EQT, EZPW, FLS, GPS, HBI, HP, HD, HUBG, IDA, INTC, IVC, KBH, KSS, LZB, LH, LANC, RAMP, MANH, MRO, MCHX, MTRN, MGEE, MLKN, MOS, MUR, NOV, NTGR, JWN, OMCL, OTEX, OUT, PKE, PTEN, PYPL, PG, RJF, RGS, RCKY, ROG, SEE, SWN, SR, SXI, SSYS, TDOC, TXN, TOL, RIG, VRSN, V, IYE, ITB, IGE, EWZ, EIS, EWS, EWT, QLD, IXC, IXN, ILF. 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.

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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 Nasdaq composite, sorted by value. When several are near each other (small differences), the area might act as support or resistance.

-- Thomas Bulkowski

Wednesday 12/7/22. 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.

A bearish signal appeared yesterday but it was probably because today's (Tuesday's) drop pulled down yesterday's results. That can happen up to a week (meaning signals can appear or disappear).

It looks like the bearish divergence with the index has taken hold and we'll see the indices drop, perhaps lasting until the FED meeting next week.

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 are worse this week compared to a week ago. They bounced off overhead resistance and now appear headed lower.

Both charts are bearish, too, so I'm looking for the indices to retrace some of their gains. We could see a third bottom form, but I don't see us getting that low. If it does form a 3rd bottom, expect it to take about 1.5 months to get there.

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Here's a symbol list of 131 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: ANF, AXDX, ADBE, ATSG, AKAM, DOX, AMGN, APA, AMAT, ATR, AWI, ASH, ADSK, AZTA, BMI, BERY, BIG, BKNG, BOOT, BRC, BFH, CF, CIEN, CLNE, CLX, ED, CR, CSGS, DVN, DRQ, EPAM, EQT, FLS, FORM, FTNT, FRD, GPS, GE, GES, HBI, HAYN, HP, HD, HUBG, IBP, IBKR, IPG, IVC, NVTA, JNJ, K, KMT, KFRC, KLAC, KSS, LZB, LH, LEN, RAMP, LMT, MHO, MANH, MRO, MAS, MRK, MOS, MLI, NOV, NTGR, JWN, NOC, ASGN, OTEX, PKE, PTEN, PYPL, PHM, RES, SLB, SEE, SMTC, SO, SWX, SR, SSYS, TECH, TXN, TKR, RIG, TREX, SLCA, UPS, VFC, V, WSO, WMB, WWW, IYE, IEZ, FXI, IAT, IGE, IHI, EWO, EWH, EIS, EWI, EWM, EWY, EWP, TUR, PXJ, IXC, 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 12/6/22. Slider Trading Quiz!

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I show another slider trading quiz featuring Teradyne: TER 2 stock.

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Here's a symbol list of 99 chart and candlestick patterns (13 "investment grade" candle patterns) found in today's securities using my version of Patternz: ANF, AXDX, AMD, AKAM, AA, AEP, AEL, ABC, ANIK, APA, BCPC, BECN, BERY, BRC, CX, CENX, CF, CLNE, CMTL, ED, COP, CW, XRAY, DVN, DRQ, BOOM, XOM, FDS, FISV, FORM, GES, HAYN, HP, HD, HUBG, INTC, IPG, JAZZ, JBLU, KALU, LH, RAMP, MRO, MCHX, MRTN, MOS, MLI, NBR, NFG, NOV, JWN, OUT, PTEN, PYPL, DGX, ROG, RES, SLB, SAIC, SEIC, SWN, SCS, TEVA, RIG, TZOO, SLCA, VEEV, VMC, WSO, WMB, WWW, IYE, IEZ, IHE, FXI, IAT, IGE, EWO, EIS, EWI, EPP, EWS, EWP, TUR, PBE, PXJ, PJP, XLE, UNG, VIS. 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.

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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

 

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