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Baker Hughes Breaks Key Line on Intraday P&F Chart

Baker Hughes (BHI) perked up over the last few weeks by establishing support in the lows 50s and triggering three bullish P&F signals. First, notice that the stock forged a Triple Top Breakout at 53.7. Second, BHI triggered a bullish Catapult with a move above 54. Third, the stock broke above the Bearish Resistance Line (red trend line).

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Peabody Breaks P&F Support as Coal Loses Favor



Coal stocks were hit with selling pressure after the TVA announced the closing of eight coal-fired power plants. The 60-minute P&F chart shows BTU breaking Quadruple Bottom support and sporting a downside price objective of 18.65. Note that chartists can change the period settings and price fields underneath the chart. You can read all about P&F charts in our ChartSchool.

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Bearish Resistance Line Holds on Alcoa P&F Chart

StockCharts gives users the power to chart intraday P&F charts with trend lines. In this example, the 60-minute P&F Chart shows Alcoa (AA) breaking the Bullish Support Line in June (red 6) and moving to new lows. The July bounce carried the stock to the Bearish Resistance Line, but there was no breakout as AA turned back to affirm resistance.

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S&P 500 Breaks Bullish Support Line On P&F Chart

With a move below 1570, the S&P 500 broke the blue Bullish Support Line and a new Bearish Resistance Line has been drawn (red). Looking at price action, there is a lot of support in the 1535-1540 area and this is the next target. Notice the three O-Columns that mark lows here in March and April.

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Randgold Forges a Double Top Breakout on P&F Chart

Gold stocks remain down in the dumps and in long-term downtrends, but signs of short-term strength are emerging. Randgold (GOLD) formed a higher low in May and the current X-Column broke above the prior X-Column to forge a P&F breakout. This breakout, however, is still below the Bearish Resistance Line that extends down from October.

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Nasdaq 100 Breaks Out on 15 minute P&F Chart

The Nasdaq 100 ($NDX) swings have been quite wild this month, but the 15 minute P&F chart captured these pretty well. In particular, the Triple Top Breakout and Triple Bottom Breakdown identified the early April upswing, the mid April downswing and the upswing over the past week. There was, however, a bad signal just before today’s breakout. The black arrows point to these signals.

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Quest Diagnostics Consolidates on Intraday P&F Chart

DGX moved sharply lower in January and February, but found support in late February and started a consolidation. The resolution of this consolidation will provide the next directional blue. A upside breakout would be bullish, while a downside break bearish.

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Gold Sports a Small Breakout on the P&F Chart

Spot Gold ($GOLD) forged a Double Top Breakout with a surge this month, but remains well short of a bigger breakout that could have medium-term consequences. Notice that February X-Columns marking resistance at 1615. A break above these would forge a Triple Top Breakout and be medium-term bullish for bullion.

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Nasdaq 100 Sets Support with Four Bounces on P&F Chart

Point & Figure charts are great for identifying support and resistance levels. The chart below shows the Nasdaq 100 ($NDX) bouncing off the 2790 level four times in the past week as a consolidation takes shape. The bulls have a clear edge as long as this level holds. Note that this P&F chart is based on 15 minute prices.

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March Madness Comes Early as the S&P 500 Breaks Out on P&F Chart

60-minute P&F charts provide a nice medium-term perspective on broad market movements. This S&P 500 chart is based on 5-points per box and a 3-box reversal. Notice that it extends back to June and shows three big price swings. After the January surge, $SPX consolidated in February and broke out in March. The light blue line is the short-term bullish support line marking support around 1500.

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This is What Risk-On Looks Like

The markets are clearly in the mood to embrace risk. The S&P 500 and Spot Light Crude ($WTIC) are up over 10% since mid November, and the Euro Index ($XEU) is up over 6%. In contrast, the 30-Year US Treasury ($USB) and the US Dollar Index ($USD) are down. Spot Gold ($GOLD) is the odd asset because it is down along with the Dollar.

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Point & Figure Triple Top Breakouts Outpace Triple Bottom Breakdowns

The P&F pattern table on the predefined scans page is a good place to gauge the long-term trend for the stock market. As with a Bullish Percent Index, chartists simply need to pick a pattern and then compare the number of stocks on bullish P&F signals with the number on bearish P&F signals. There are currently 87 Nasdaq stocks with bullish Triple Top Breakouts and only 22 with bearish Triple Bottom Breakdowns. User can click on these numbers to see a list of the stocks.

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IBM Forges Quadruple Bottom Breakdown on P&F Chart

IBM has been underperforming the broader market for several months and continued this trend with a break below support. On the P&F chart, notice how the stock formed three O-Columns with equal lows in January. The current O-Columnm which is red, broke below these lows to forge the quadruple bottom breakdown and target a move to the 190 area. Note: this is a 60-minute P&F chart with 20 cent boxes.

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KB Home Forges Quadruple Top Breakout on P&F Chart

Intraday P&F charts are good for capturing short-term and medium-term price movements. The chart below is a 60-minute P&F chart for KB Home (KBH). Notice how the stock broke the Bearish Resistance Line and forged a breakout at 15 this week.

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QQQ hits Support on 50 Cent P&F Chart

Even though the 50-cent P&F chart for QQQ sport a double bottom breakdown, the overall trend is up because QQQ remains above the Bullish Support Line (blue). Also notice that the ETF is hitting support from broken resistance at 65. The moment-of-truth is here for QQQ.

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S&P 500 Holds Bullish Support Line on P&F Chart

The S&P 500 declined sharply in October, but caught a bid on November 1st and held above the Bullish Support Line. This line has held since October 2011 and represents a one year uptrend. A move below this trend line would signal a reversal.

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Oversold XLU Triggers Triple Bottom Breakdown on P&F Chart

The Utilities SPDR (XLU) is by far the weakest of the nine sector SPDRs right now. The P&F chart below uses daily price data and each box is valued at .30%. The ETF broke the Bullish Support Line in August, consolidated and then broke below the prior two O-Columns with this week. You can read more on PnF charts in our ChartSchool.

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Dow Challenges Spring Highs on 30pt Point & Figure Chart

The P&F chart below shows the Dow Industrials using 30 points per box and a three box reversal method. With the August dip and September surge, the Dow is challenging the prior highs and tracing out a large inverse head-and-shoulders pattern. A break above these highs opens the door to even higher prices.

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Tim Horton’s Hits the P&F Triple Bottom Breakdown Scan

Even though Tim Horton’s remains in an uptrend since 2009 and above the Bullish Support Line, it recently broke triple bottom support and triggered a bearish signal on the Point & Figure chart. This breakdown points to further weakness with a price objective (PO) around 45. You can find more signals on our predefined scans page.

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S&P 500 Bounces off Bullish Support Line on P&F Chart

With a big surge above 1350 today, the S&P 500 reversed its falling O-Column and started a rising X-Column on the P&F chart. This reversal creates support from the prior two O-Columns and the rising Bullish Support Line (blue). A move below 1320 would break these supports and turn this chart bearish.

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Alcoa Traces out Descending Triangle on Point & Figure Chart

Alcoa (AA) is part of the Basic Materials SPDR (XLB) and in a clear downtrend. On the P&F chart (3 x .25), the stock broke to new lows in 2011 and then formed a descending triangle the last nine months. The red A marks October 2011 and the red 6 marks June 2012. Even though the stock recovered from a support break this month, the trend remains down and further weakness is expected.

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Dow Remains above Long Term Bullish Support Line on P&F Chart

Despite a sharp decline in May-June, the Dow Industrials remains above the Bullish Support Line extending up from the October low. The red “A” marks the October column. This line sets support right at 12000. A break would reverse the current uptrend and require a red Bearish Resistance Line to be drawn from the May high.

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Dow Bounces off Bullish Support Line on P&F Chart

The Dow Industrials remains in a long-term uptrend as it bounced off the bullish support line extending up from October 2011. This line and the April low combine to mark a key support zone in the 12850-12900 area. It would take a P&F print below the last O-Column would reverse this uptrend.

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Triple Top Breakdown for the Energy SPDR $XLE

On the Point & Figure chart below, the Energy SPDR (XLE) forged a Triple Bottom Breakdown when the most recent O-Column moved below the equal lows of the prior two O-Columns. This breakdown is bearish with a downside projection around 67.50, which coincides with the Bullish Support Line extending up from the October low (red A).

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Nasdaq Forms Huge Double Bottom on P&F Chart

The Point & Figure chart below shows the Nasdaq forming two lows in the 1200 area and then breaking above its intermittent high this year. It looks like a massive Double Bottom with an upside price target around 5000. Each box equals 100 points to insure a long-term chart going back to 2000, which was the last time the Naz saw 5000.

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