Markets ended Friday with modest losses, and both the Nasdaq and S&P 500 lost ground for the second consecutive week. Volume in those down weeks has perked up raising some antennas. However we must remember that the S&p 500 is only 2.3% off its 52 week high (which is also almost 5 year highs), and the Nasdaq just 2.5% off its, which is more than decade old highs. Pullbacks to the 10 week MA for those indexes, would be a welcome test, in soft volume however. Breakouts were muted this week as averages slant slightly lower. Energy was the sector that climbed the leader board most this past week, but breakouts in the sector have been scarce. It was nice to see domestic drillers CXO CLR WLL finish in the black Friday. I certainly consider myself an optimist and am on the lookout for green shoots frequently. FXI seems to be consolidating that big 4.5% gain the second week of September smartly the last couple of weeks. It seems to be rounding out its bottom as well. Some power companies can be viewed as economic forecasters if you will, and one HNP, although illiquid, is sporting a nice chart. KEP in the region is as well. Could big agriculture machine manufacturers DE AGCO be trying to tell us of some impending strength? As charts go, I am also constantly looking for ones in the process of building their right sides constructively are CERN LOW CBD TFM. Put them on your watchlists. Some recent IPOs that must be monitored as they can be the next big winners include BLMN SUSP. Wait for proper buy points to develop.
Stocks that can be bought as they take out the following specific triggers in firm trade are cup with handles are ASNA 22.28, SWK 78.57, ZION 21.77, IVZ 26.35, JPM 42.19, BSC 15.10, BEN 128.30, ARUN 22.51, CELG 78.73, RY 58.54, DHR 56.21, YNDX 25.33, AKAM 39.77, STJ 43.41. 3 week tight patterns are PSX 48.32, MTB 96.08, HLSS 16.54. Flat bases are VZ 46.51, GPS 36.70, XXIA 16.50. Cup base is CVS 48.79, and double bottom with handle is CI 48.02.
Stocks that can be bought as they retest prior triggers include AME ROP TMO. AMR took out a 34.61 double bottom trigger on 9/6. That day it hit an all time high, and has now closed above and defended the 35 handle 17 days in a row. DHR in the group is acting well. ROP took out a 108.99 flat base trigger 9/21. DOV ETN are both acting well within the group. TMO took out a 57.84 cup with handle trigger on 9/6. PKI is acting well within the group.
Stocks that can be bought as they retake their 10 week MAs and their buy stop spots are FRAN 31.75, PETM 69.40, FAST 43.50, INTU 59, NOC 67.25. GNC retook its 10 week MA Friday.
Stocks that can be bought as they retake their 40 week MAs and their buy stop spots are CRZO 26, CXO 96.75, WLL 48.25, AIZ 38.25, PBR 24.25, ABV 38.80, LVS 48.20.
Stocks that can be bought at 10 week support are TOL 32.20, TAP 44, AON 51.20, OII 54.25, USB 33.95. Stocks that found 10 week support Friday were CDNS ERJ TS AMT BK MSCC TGT MCD TYC BIIB MAT FLS MMC TFM.
Stocks that can be bought at 40 week support are TRN 29.20, ACM 20, ETN 45.75, SRE 62.50, WAT 82.30. Stocks that found 40 week support Friday were PRU HES BMY PH SNDK XRAY NBL M HTZ VMW DOV NUAN NE.
Stocks that can be shorted as they lose 10 week support and their sell stop spots are WMT 73.10, SWI 54.60, MTH 37. Stocks that lost 10 week support Friday were KSU LPX DDS.
Stocks that can be shorted as they lose 40 week support and their sell stop spots are BRCM 34, CA 25.40, FIS 31. BP MCK both lost 40 week support Friday.
Stocks that can be shorted at 10 week resistance are ASH 72.50, CNI 90.15, WOR 22.20, JWN 56, ESV 56. Stocks that met 10 week resistance Friday were PM UA AIG STX CTXS SKX ORCL XLNX.
Stocks that can be shorted at 40 week resistance are FTI 47.10, BBBY 64.85. MUR met 40 week resistance Friday.
The author owns JACK XXIA EWW TWTC.