ChartSmarter Monday Game Plan 5/12/14

Markets ended the week in fine fashion as the major averages went out on their highs for the session after spending the majority of the mornings hours underwater. For the day the Nasdaq led the indexes with a .5% advance, but more importantly on a weekly basis it failed to keep up. It lost 1.3% and is now lower 2.5% YTD. Seems even my cat can identify the head and shoulders pattern, and is it to obvious? Time will tell as the round 4000 handle aligns almost precisely with the 200 day SMA. New 52 week highs versus 52 week lows for the Nasdaq were very soft with 15 new highs and 108 new lows, exactly the opposite of what would transpire in a healthy bull market. The S&P 500 fell fractionally for the week declined .1% and maintaining a positive YTD gain, higher by 1.6%. Energy lagged for a second consecutive session as that may be a recurring theme, or is this beacon of strength just in need of a rest to regain some stamina? BCEI slumped more than 8% slicing its 200 day SMA after an earnings report. DRQ lost 7% after it released numbers, but it did record a nice reversal off the round par figure. Another sector that has continued to hold near the top of the rankings are the transports. While many stocks even in leading groups are having a rough go of it during earnings, many names in this group have shined. Thursday EXPD was up 4.5% after reporting. On 4/30 CHRW gained 5.2% and on 4/25 SAIA rose 4%. JBHT gained 3.9% after its release on 4/14. Is this group indicating its ready to “drive” the benchmarks higher?