ChartSmarter Monday Game Plan 3/30/15

Markets rose for the first time Friday with the Nasdaq leading the way with a .6% gain although that was a minor reward as the benchmark lost 135 handles or 2.7% for the week. If was benefited by the semiconductors 3.2% jump on merger rumors involving INTC and ALTR. ALTR roared higher by more than 28% and INTC which we spoke of in last Thursdays Game Plan bounced right off the round 30 figure and gained 6.4% meeting resistance however at a slumping 50 day SMA. Stick to new leaders in the group like an AVGO which bounced smartly off precise 50 day SMA support Thursday. Rarely do old leaders go on to flourish in new bull markets. Take for instance SNDK which cratered more than one quarter of its value this week (below is the chart from this Thursday’s Game Plan precisely how it was written). The S&P 500 rose .2% on the week but dropped 2.2% for the week. As we mentioned earlier today’s gains did little to soothe any damage done earlier in the week. Fridays leading sectors were among the defensive variety with healthcare and staples the top 2. Healthcare was aided in a big way by the rebounding biotech group as the IBB also found bids at its precise 50 day SMA. Weekly volume ballooned back to the levels of the 20% plus decline during a 7 week losing streak between the weeks ending 2/28-4/11/14. Let’s see what next week brings as holiday shortened weeks are historically bullish. Perhaps we see a bounce that I think will be able to be sold into.