ChartSmarter Friday Game Plan 4/25/14

Markets resembled a roller coaster with a nice pop from the Nasdaq on the back of AAPL’s earnings. A strong open, followed a swift drop after Ukraine comments, but the benchmarks quickly righted themselves. The Nasdaq led the major indexes with a gain of .5%. For the week the tech rich index is trying to make it back to back weekly gains and is up 1.3% going into Friday after last weeks impressive 2.4% jump. More bifurcation in the biotechs after releases that came in today with BIIB and CELG lower, and ALXN higher. Within the semiconductor space there were also some divergences on the earnings front. QCOM dropped 3.5% but managed to find support at the 50 day SMA, at least for today. LRCX on the other hand sizzled up nearly 11.5%. The S&P 500 eked out a gain Friday and is also looking for consecutive up weeks, higher by .7% going into Friday. Some high profile names that reported today were UA, that just underwent a split which seems to becoming more popular these days with AAPL (not necessarily a good thing) fell more than 7% and its chart now resembles a bearish head and shoulders pattern, with the neckline aligning with the round 50 handle. One of the best looking energy charts reported today as well, and recorded a bearish outside losing 6%. It brought down some service names in the group like HAL CJES. Don’t you just love earnings week.