ChartSmarter Friday Game Plan 3/27/15

Markets fell for a fourth consecutive session Thursday with the “leading” Nasdaq showing more constructive action than its chief rival the S&P 500. It did find support at a previous ascending triangle breakout and did manage to CLOSE above its 50 day SMA (below is the chart exactly how it appeared in our Thursday 3/5 Game Plan). The S&P 500 lost its 50 day SMA today and both benchmarks did something Thursday which they did not do all week, CLOSE off the lows. Perhaps a bounce is warranted for Friday. The S&P 500 continues to hover near its double bottom breakout trigger at 2065 taken out on 2/10. Volume was soft that session however. Going into Friday the Nasdaq is lower by 3.2% for the week, completely erasing last weeks gain of almost precisely the same amount. The bulls have been softened this week, and todays action can hardly be viewed as productive. Energy was the leading sector and that has been the worst performing group this year. You would like to see more growth oriented groups leading the way. A couple of tech firms may get the tech group its mojo back with some solid moves by two names reacting to earnings Thursday. ACN hit an all time high jumping nearly 7% and RHT hit decade plus highs adding 10%.