Markets were never really able to get there head above the positive line Thursday and go into Friday with sizable losses. Once again the Nasdaq led the way lower falling .5%. For the week the Nasdaq is down by 3%. The tech heavy benchmark fell into negative territory Wednesday, and behind the S&P 500 on a YTD basis too. It fell further beneath its 50 day SMA, and a bounce back into that line at 4222 could be in the cards, where shorts can be taken. Energy was one of the best performing sectors today as the XLE rose .8%. With todays move the ETF is back above the 87.32 double bottom pivot point it took out on 2/24. That move was accompanied by solid volume, yet that was the last day it recorded an up day in better than average daily trade. It is back near the 88 handle which has proven to be formidable resistance dating back to last November and December. Big gainers in the group were PXD which we spoke of yesterday which spent the beginning of this week spooning its 200 day SMA, and recapturing its 50 day Thursday. CXO is up 7 of the last 8 weeks and goes into Friday looking like it could be 8 for 9. CXO is trading near a 122.91 cup base trigger. It was never taken out on a CLOSING basis, although it did trade above it intraday quite a few times recently, including today. “Drill” it into your head, price confirmation.
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