ChartSmarter Monday Game Plan 5/18/15

Markets barely budged Friday but thanks to Thursdays gains kept weekly gains intact. The Nasdaq outperformed the S&P 500 for the first time in 3 weeks rising .9%. Looking at YTD figures the Nasdaq is higher by 6.6% and the S&P 500 by 3.1%. The Dow which we rarely look at is a mere 17 points from taking out a 18289 cup base trigger, but we mention it because “perception could be everything”. The S&P 500 did manage to CLOSE at highs on the weekly range for a fourth consecutive week and above the 2120 for a second consecutive session. This type of action is considered bullish, especially at all time highs, but bears could label this as stalling. The jury is still out on this ascending triangle formation for the S&P 500 and next week should bring some clear resolution. Indexes did shrug off negative retail sales data Wednesday, weak PPI numbers Thursday and data on consumer confidence and industrial output were soft as well. This has to be a feather in the bulls cap as indexes remain resolute in the face of soft statistics. The coming weak will continue to give us a read on the health of the US consumer via more earnings reports from names in the retail group. Numbers will be released from URBN, DKS, WMT, HD, GPS and WSM just to name a few. Stocks in the sector that have already reported still show softness perhaps from the recent crude advance, but that may be a lame excuse as that may not have come into play in the most recent quarter just yet. Justifications prior included a cold winter, port closings, etc. They may need to start getting more clever about their rationalizations. Below is a name in the group which came public recently that we examined in this Tuesdays Game Plan, PRTY. Anyone who would like a full copy of Mondays Game Plan email me at chartsmarterblog@gmail.com.