ChartSmarter Wednesday Game Plan 4/23/14

Markets ran higher for a sixth consecutive session Tuesday, as this day continues to be the strongest day of the year. The Nasdaq is really catching attention as it attempts to regather its former leadership status. Notice the benchmark has finished near the high for the intraday range each of the 6 days of this current streak, a bullish trait. It has now outperformed the S&P 500 the last 4 days, and with todays move the Nasdaq is very close to the UNCH mark for 2014 now down just .3%. The S&P 500 which still leads the Nasdaq now up 1.7% YTD has traded in a much narrower and tighter range than the Nasdaq. It feels like it is being magnetized to the round 1900 which it promptly reversed from on 4/4. Healthcare names led Tuesday, a group that was aided by big merger news. The XLV is trying to right itself from its recent plunge below its 50 day SMA earlier this month. Today it was stopped at its 50 day SMA, and the ETF can be bought initially with a buy stop above that line at 58.40, which can then be added to through a 59.59 double bottom pivot point. Perhaps some good news awaits investors mired in the homebuilding group. BMO upgraded HD today, a name I hear very little chatter about lately, which can be bullish, as investors could potentially flock back into the stock as it garners attention. The chart is a bit wide and loose, bearish traits, so look for others in the group.