ChartSmarter Friday Game Plan 1/24/14

Markets fell Thursday in big volume putting concern on the minds of bulls. The Nasdaq “outperformed” all the major benchmarks with a .6% loss, compared to the S&P 500’s .9% loss and the Dow’s 1.1% downdraft. The Nasdaq recovered half of its losses by the end of the session, displaying its leadership status. The tech rich index is still up .5% for the week and did find some bids at the round 4200 handle once again. The S&P 500 for the week is down .5% and is probably gearing itself up for a 50 day SMA test near 1812. The financials took the hardest blow Thursday with the group falling 1.3%. The XLF is looking at a potential second consecutive weekly loss. The ETF did find support at its 50 day SMA today though. JPM the largest component lost its 50 day SMA today and could be headed for a move to its 200 day SMA just below 54 and a line the stock tested in September, October and November of last year. Among stock reporting today UNP rose nicely after reporting earnings before the bell. It gained more than 3% on double average daily trade. That followed NSC’s big 5% jump yesterday after reporting. After the bell MSFT reported a good number which may give the Nasdaq a boost. It is up better than 3.5% as of this writing and back above its 50 day SMA and just below a potential 37.72 double bottom trigger. Software has been acting well. Comb the group for potential longs.