ChartSmarter Monday Game Plan 4/6/15

Markets finished the holiday shortened week Thursday with minor gains with the S&P 500 higher by .4% and the Nasdaq by .1%. For the week the S&P 500 outperformed the Nasdaq as it rose .3% compared to a drop of .1% for the the Nasdaq. Year to date figures show the Nasdaq still well ahead with a gain of 3.2% in ’15 so far with the S&P 500 barely positive up .4% (the Dow is slightly negative YTD with a drop of .3%). The Nasdaq continues to hold its 50 day SMA, but we still feel that a major double top may have been put in with just 3 CLOSES above the big round 5000 figure. Of course forecasts are foolish and the indexes will try to confound the majority (Monday should be interesting with the jobs report that came out Friday with the markets closed for Good Friday). That being said new 52 week highs compared with new 52 week lows were bullish Thursday with tallies of 103-9 on the NYSE and 112/23 for the Nasdaq. Highs came mostly from the strong retail and medical sectors, another good sign. Below is a chart that appeared in our Tuesday 3/17 Game Plan regarding M. It traded intraday above its 68.40 cup base pivot point intraday, but did not CLOSE above. Look for a finish above to add to any existing position. Bearish views can be seen with the transport ETF, the IYT, losing its 200 day SMA Thursday. The energy group looks as if it may be getting ready for a leg up as a nice bottoming pattern can be seen on the XLE. It is still just below its 50 day SMA, but that line is slowly beginning to bullishly slope upward.