This Week’s Sunday Stock Report – 11/18/18

– 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.

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1 BreakOut This Past Week | 4 Stocks on Our WatchList for the Week

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The market volatility which started in early October has continued now into mid-November as the major averages experienced wide daily point swings again this past week.

At the start of the week, markets immediately started lower with a gap down on Monday morning. The Nasdaq lost -123 points that day, and that was with a close off of the session lows.

Tuesday’s and Wednesday’s action did not show any signs of strength or much stability with basically a negative reversal as the major averages were higher intra-day then closed with a loss.

We did have a nice up day on Thursday, before some more whipsaw-like action on Friday as the Dow Jones swung to a firm gain Friday afternoon after President Donald Trump made upbeat remarks about the prospects of favorable developments between the U.S. and China on trade.

Chart courtesy of stockcharts.com

READ  MORE FROM  IBD: Trump Expects China Trade Deal To Avert More Tariffs; Dow Jones Jumps

In the end, the Dow and the Nasdaq each fell -2.2% on a weekly basis, while the S&P 500 dropped -1.6%.

The issues facing investors continued to be – slowing growth in tech companies that have provided market leadership for so long, U.S.-China trade relations, rising interest rates, and Brexit.

The Nasdaq remains well below its 200-day moving average.

Chart courtesy of stockcharts.com

The S&P 500 still needs to break above resistance of the previous highs.

Chart courtesy of stockcharts.com.

After some brutal selling in October, the last quarter of the year is already stacking up to be the worst since September 2015.

No matter the condition of the current market you should always maintain a watch list of high-ranked stocks which are building bullish technical bases to potentially buy off of.

This weekend I ran my routine stock screens, yet did not add any new stocks to our watch list.

We now have a total of stocks which we will be watching for a potential breakout. (see below)

YOU CAN REQUEST A COMPLIMENTARY COPY OF THIS WEEK’S COMPLETE SUNDAY STOCK REPORT AND WATCH LIST HERE