ChartSmarter Thursday Game Plan 5/15/14

Markets fell Wednesday with the Nasdaq leading the way lower with a loss of .7%. Volume was lower on the tech benchmark, but looking at its daily chart one can see the last up day in above average trade came one month ago on 4/15. That session it reversed higher after finding good 200 day SMA support and finishing nearly 90 handles off its intraday low. Distribution days since the beginning of March on the daily number 12. The S&P 500 took a little bruising today as well ending down .5%. The late selling the markets displayed today are hallmark bearish characteristics. The utility group held up the best among sectors not instilling much confidence to the bullish thesis. Put into context however the major averages are still clinging to small weekly gains, thanks to Monday. As far as stock that have reported earnings recently and the bears can point there finger at to say things are not so rosy are names critical to a strong economy. VMC is now down 7 of the last 8 days after a poor report on 5/6. It has been below its 50 day SMA now for 6 weeks. MTW sank more than 10% after its release on 5/2 and down a quick 17% from recent multi year highs. JEC is also nearing bear market territory down 19% from recent 52 week highs. Its last earnings report on 4/29 was not well received at all, undercutting its 200 day SMA and falling 8.25%. Notice that very wide and loose overall trade, unlike the VMC MTW, prior to the release demonstrating very weak technicals.