ChartSmarter Tuesday Game Plan 7/8/14

Markets began the week on Monday in a slightly soft way. The Nasdaq which has been the better performer as of late took the brunt of the selling. It fell double, .8%, what the S&P 500 did. The benchmarks weak relative strength was surprising given the day AAPL enjoyed as it bucked the trend up a bit more than 2%. Remember it is the largest component in the index, making up 6.5%. AAPL has carved out a nice cup base whose trigger that happens to align right near the very round par figure. The pivot point it is inching up upon is 100.93, just above the the high made way back in the week ending 9/21/12. We know the longer the base, the greater the potential for success. Since the week ending 2/7 volume trends have been excellent with 4 weeks of accumulation versus zero of distribution. The most impressive easily has been the week of 4/25 when AAPL jumped 9%, and for good measure the stock advanced 3.6% the week following. Materials, industrials and energy were among the softest of sectors today. Interesting ahead of AA’s earnings after the close tomorrow, which traditionally kicks off the season. SCCO and FCX performed well Monday ignoring the weak tape with SCCO taking out a 32.83 cup base pivot point today rising 1.6%. SCCO rose above the big consecutive weekly gains in February of 7 and 8% the weeks ending 2/7 and 2/14. Last weeks 10% advance was nothing to sneeze at either.