ChartSmarter Monday Game Plan 4/14/14

Markets were happy to put this week behind it Friday as the major averages sustained heavy losses. The Nasdaq finished just under the very round, psychological 4000 number and fell 3.1% for the week. It was its 3rd straight weekly loss, and 4 of the last 5. The tech index is now 8.5% off its most recent 52 week high and YTD is lower 4.2%. The S&P 500 dropped 2.65% for the week and surrendered its 50 day SMA. For 2014 the S&P 500 is lower by 1.8% handily “outperforming” the Nasdaq and is 4.25% off its most recent all time high which occurred just beneath the round 1900 figure. It was not difficult to find sectors that were soft this week, instead it is prudent to see what groups have been holding up best and treading water to give you some clues which names may be the first to advance, when the market regains its stamina. No telling how long that may be, but not to have a watch list ready would be irresponsible and foolish. Transports for example have held up decently amid brutal overall selling. CHRW that we spoke of on 3/31 that was holding the round 50 figure well ROSE almost 5% this week after last weeks impressive 3% gain. SAIA gained ground Friday on a soft tape finding nice support at its 50 day SMA. It found support today also near the 35 level that was problematic to get through 4 times dating back to last July and as recently as this January.