More than 470 stocks are on point and figure buy signals, a reminder that there is underlying strength in the equity markets, despite the weakness in the market market indices.
Point and Figure Scan
This scan finds a common point and figure patterns; ie: the “double top” breakout. 471 stocks are on this scan, while some 1000 stocks are found elsewhere, across all exchanges. The triple top breakout, ascending triple top breakout, bullish catapult, bullish reversal are less common, while the more common “low pole” pattern scan found nearly 700 stocks. 327 from the NYSE and 268 from the Nasdaq and the rest from the IWM and AMEX. Is your favorite stock is on a buy signal. Click the links above.
Here is an example from the double top breakout scan. The column of “X” are green showing a buy signal, as it breaks the downtrend (redline). Each subsequent level, 37, 38, 39, 40 must be filled before an “X” will register. ARQT traded through 35.00 to “fill the box” and trigger a double top breakout in the process.
SPY Point and Figure
Spy shows a base forming. 248, 252, 256, and 260 ultimately needs to fill before a buy signal “double top breakout” can trigger. So this ETF is range bound for now, as you know.
Finally, a break below 232.00 would be a sell signal.
Futures are higher this morning. Make sure you check out the previous posts regarding OPEX. We really won’t know until the close what institutions are planning in the weeks ahead, so stay tuned for the weekend video where we’ll cover their positioning into April.
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*** Stocks highlighted are for information purposes only and should not be considered as advice to purchase or to sell mentioned securities.
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