ChartSmarter Friday Game Plan 6/6/14

Markets rose strong Thursday and were pleasantly accompanied with volume today. The Nasdaq continues to look like it has regained its mojo from 2013, as the recent pause was a good time to catch its breath. It rose 1% today and is up 7 of the last 11 sessions. More important to a technician is the way the index or stock CLOSES. A finish near the highs for the session is a bullish trait and that has occurred in 10 of the last 11 days. For the week it is up 1.2% going into Friday, likely insuring a 4th consecutive weekly advance. The S&P 500 concluded Thursday up .6% and is higher by .85% for the week. Its YTD return advantage is diminishing however. The S&P 500 is ahead by 5% in 2014, but the Nasdaq is playing a fine game of catch up now up 2.8% for the year. Banks seem to be joining the fray and that can be some foreshadowing of a pick up in economic activity down the road, but we just care how the charts look. The XLF is on a 6 day winning streak and trading right at a 22.75 cup base pivot point. JPM still has work left to do on its chart, but the move today was impressive. Last week it reclaimed its 200 day SMA and Thursday saw a nice pop back above the 50 day. WFC resolved its issues with the pesky round 50 number resistance. That figure was taken out and it seems comfortable with life above as it looks to make it four winning weeks in a row tomorrow. WFC trades at all time highs and sports a 2.7% dividend yield.