Markets fluctuated between minor gains and losses Wednesday after Tuesdays 1.7% rout, not the best of stands for the benchmarks. The indexes certainly feel heavy as both the Nasdaq and S&P 500 fell by .2%, although they still remain very close to recent highs. For the week the Nasdaq has fallen by 1.6% slightly more than the S&P 500’s 1.5% decline. Concerning perhaps is the action in some of the leading stocks. For instance WHR has undercut its 50 day SMA this week in strong trade and that line was a pillar of support for some time (below is the chart where we were WRONG about in this Mondays Game Plan). On prior pullbacks to the line the stock would do so in timid volume but trade has really accelerated recently on the piercing. This name has its pulse on the strength of the housing market which has sent mixed signals both up and down as opposed to a genuine leading group which will make smooth, gradual advances. Best in breed casual diner, BWLD, which normally heats up this time of year with March Madness in full effect also lost its key 50 day SMA. These moves can be remedied with quick recaptures of that moving average, but with the markets overall weight most likely pulling it lower it could prove elusive.
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