StockCharts Blogs - Don't Ignore This Chart!

Amex Airline Index Forges Quadruple Top Breakout on P&F Chart

The Amex Airline Index ($XAL) lagged the market throughout 2011, but may be poised to lead with a breakout in 2012. The P&F chart below is a classic three box reversal chart with each box representing 50 cents. Notice that the current X-Column broke above the last three to forge a Quadruple Top Breakout with an upside price objective at 47.50. You can read more on P&F patterns and price objectives in our ChartSchool.


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A Triple Bottom Breakdown for QQQ on 30min PnF Chart

The Nasdaq 100 ETF (QQQ) broke below the prior two O-Columns to forge a triple bottom breakdown on the 30min PnF chart. This bearish signal suggests that the ETF is going lower with a downside price objective around 52.90. This can be see at the top of the chart. You can read more on PnF signals in our ChartSchool articles.

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ADI Hits Support on Point & Figure Chart

After plunging along with the market early this week, Analog Devices (ADI is trading at support from the early November lows. On this P&F chart, each box represents a quarter percent price change (.25%) and price data is based on the close every 30 minutes. Yes, this is an intraday P&F chart. Support, which is easy to identify on P&F charts, is holding for now and the Double Top breakout remains in play. A break below support would forge a Triple Bottom Breakdown and target lower prices. You can read more on P&F patterns in our ChartSchool.


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Broadcom Triggers Triple Top Breakout on P&F Chart

Broadcom (BRCM) triggered a Triple Top Breakout with a move above the September highs on the P&F chart. The stock shows two resistance levels with two X-Columns peaking in the 37 box. The break above the 38 box also broke the Bearish Resistance Line. More P&F signals can be found near the bottom of the predefined scans page.


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Russell 2000 ETF Forges Quadruple Top Breakout

On the P&F chart, the Russell 2000 ETF affirmed support around 77 with a sharp reversal the last two weeks. This reversal was strong enough to forge a Quadruple Top Breakout as the current X-Column broke above the equal highs of the prior three X-Columns.

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Bullish P&F Scan Results Still Outpacing Bearish Results

There are 17 P&F related scans on the pre-defined scans page. Of the major patterns shown below, the first four patterns are bullish and the second four are bearish. Currently, there are over 250 stocks with bullish Triple Top Alerts and over 550 stocks with bullish Ascending Triple Top alerts. Conversely, there are less than 100 stocks with Triple Bottom alerts and less than 150 stocks with Descending Triple Bottom alerts. The bulls still have an edge in P&F land.


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A Double Top Point & Figure Breakout for H&R Block

A 25-cent daily Point & Figure chart for HR Block ($HRB) captures price action all the way back to July 2009. These X's and O's show the stock moving lower throughout 2010 and firming towards yearend. 2011 has been better with a double top breakout last week and a trendline break this week already.


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A High-Pole Warning hits P&F Chart for the S&P 500

The S&P 500 surged above 1296 and then quickly fell below 1278 to forge a high-pole warning on the P&F chart. Despite this warning, the index remains above a clear support level marked by three reaction lows at 1263. Notice how the three columns of O’s bounced off this level in January. Read all about our PnF alerts here.


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Marking Support with the 5min P&F Chart for SPX

Even though this is very short-term oriented, the 5 minute P&F chart for the S&P 500 shows a clear support level around 1270. The ETF bounced off this area at least five times today. A break below would argue for some sort of short-term pullback. Keep in mind that this chart only covers six trading days.



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Regional Bank SPDR breaks Resistance with Strong Move

Point & Figure charts provide clear support and resistance levels. The P&F chart below shows the Regional Bank SPDR (KRE) breaking above resistance that extends back to June (red 6 on the chart). The 2010 high around 30 marks the next target for this breakout.

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