– James F. Taulman, former Editor-in-Chief of the first independently licensed website to offer stock reports and services based on the CAN SLIM® investment system.

8:00 AM – MORNING MARKET UPDATE & WATCH LIST

The market pulled back for a second straight week as disappointing consumer-confidence, a Presidential impeachment inquiry, and reports that the U.S. is considering delisting Chinese companies from U.S. markets all weighed on investors minds.


QUOTE OF THE DAY:

“Let him that would move the world first move himself.”
– Socrates


Tuesday’s severely negative session put a bruise on the current rally.  All the major indices closed that day considerably lower with an increase in volume. Additionally, the Nasdaq broke and closed below its important 50-day moving average.

The Dow Jones closed down three days this past week with considerable declines each day totaling a net -115 point (or –.43%) loss on the week. The index remained under its shorter-term 10-day moving average at 26,980.

The blue chips fell to new recent lows, on Tuesday and closed -.53% while volume increase, albeit modestly, during the broad-based sell-off. They ended the week just under 27,000 at 26,820.

The positive is that the index remains fairly-well above its more significant 50-day moving (26,578)

Chart services courtesy of stockcharts.com. Annotations by James Taulman.

The previous week it was the Dow which took the brunt of that week’s losses. This past week, it was the Nasdaq’s turn as it lost -2.19%. or 178 points.

The tech-laden index gave up -119 of those points (-1.5%) during Tuesday’s session with an +11% increase in volume, and closed below its 50-day line.

The composite was up only 1 session this past week and closed under the psychological 8000.

The concern for the composite at this point is that it has no significant support until the previous August lows and the coinciding 200-day moving average, currently at 7695 and more than -3% below Friday’s close.

Chart services courtesy of stockcharts.com. Annotations by James Taulman.

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BREAKOUT UPDATE: 

This past week, we had 1 high-ranked stock break out from our morning watch lists.

This stock is no longer in a buyable range.

For those who bought this breakout, SUPPORT LEVELS AND CHARTS have been updated below.

#1 Brookfield Renewable Partners (NYSE – BEP)

Brookfield Renewable Partners L.P. is a publicly-traded limited partnership that owns and operates renewable power assets, with corporate headquarters in Toronto, Canada. It is 61% owned by Brookfield Asset Management.

SYM LAST ADDED TO WATCH LIST BREAK
OUT
PRICE

BREAK
OUT
DATE
BEP $39.70 9/19 $38.04 9/23

Chart services courtesy of stockcharts.com. Annotations by James Taulman.

MAX BUY PRICE 1st SUPPORT 2nd SUPPORT MAX STOP LOSS GUIDE %
GAIN/
LOSS
$39.94 $38.00 50 DMA $35.00 +4.36%

NOTE: This stock was on my Technical SetUps WatchList. You can now start receiving my Technical SetUps WatchList each market morning through the BuyingBreakOuts website for only $9 a month here.

Questions? – Click here.

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BuyingBreakOuts.com

“Morning High-Ranked Stock Watch List & Intra-Day BreakOut Alerts”
Start Receiving Our Free BreakOut Alerts

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WATCHLIST UPDATE:

Now matter the status of the market, we should always have a current watch list ready.

There are now 12 stocks that we will be watching for a traditional break out to new highs.

Current Personal Portfolio Members can access all watch lists with updated trading criteria including – TRIGGER PRICE, TRIGGER VOLUME, and MAX BUY PRICE for every stock here.

Questions? – Click here.

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About the Founder: James F. Taulman – James served as Editor-in-Chief of the first independently licensed website that offered stock reports and services based on the CAN SLIM® investment system. He has developed a knack for being able to quickly and accurately analyze high-ranked stocks based on this winning investment strategy. Over the years, Mr. Taulman has enjoyed assisting individuals from professional money managers to private investors with their needs in relation to implementing this investment approach on a daily basis in the current marketplace. Each Sunday you could hear him deliver his weekly market report as part of the “Your Money Matters” radio program on ABC and CBS radio networks.

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Disclaimer: James Taulman is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The independent contractors and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company’s website, or in its publications, are made as of the date stated and are subject to change without notice. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable or that they will not result in losses. Past results of any individual trader or trading system published by Company are not indicative of future returns by that trader or system and are not indicative of future returns which be realized by you. In addition, the indicators, strategies, columns, articles and all other features of Company’s products (collectively, the “Information”) are provided for informational and educational purposes only and should not be construed as investment advice.