Complete Monday Game Plan

Markets finished another volatile week Friday with solid gains after a bullish reversal that began Thursday afternoon. Volume was inconspicuously absent however. For the week the S&P 500 rallied .8%, beating the Nasdaq’s .4% advance. Weekly charts showed volume increased due to the pick up in trade during the Monday through Wednesday sessions. The S&P 500 in case you were living under a rock this week, and had not heard ad nauseum rebounded in an almost to good to be true technical fashion. The benchmark precisely bounced off its 50 day SMA, and the round, psychological 1600 number. The Nasdaq remains in a coiled range between its round 3400-3500 number. Breakouts are slowly coming back to he fray, but not as rapidly as we would like. A look at the New Highs list, shows numbers coming in at a decent pace, but far less robust that they were accustomed to. On the NYSE Friday brought 87 new highs, were as not to long ago we were accustomed to that number being in the 200-300 range. Sectors making the largest amount of highs emanated from sectors that were not among best performing. They came from retail and software. Not surprisingly markets are sending ambiguous signals, as many leaders mirroring the S&P 500, found stout 50 day SMA support. They included HD DIS HTZ HOT. Strangely enough, for the volatile nature in which the tape has been under, on the weekly charts the Nasdaq for the last 3 weeks closed all within 13 handles from each other, and the S&P 19. This week I am expecting the benchmarks to send a more concise gesture.