Markets ended the weak on a sour note with indexes never reaching positive ground although the Nasdaq did make a valiant effort, but was thwarted mid afternoon. Both the Nasdaq and S&P 500 fell for the week by .4 and .9% respectively. For 2015 thus far the Nasdaq is higher by 7% and the S&P 500 by 2.4%. On Wednesday the Nasdaq attempted to put the bearish engulfing candle from 4/27 behind it, but was unable to do so. The S&P 500 was lower 3 of 4 sessions this weeks and its breakout above its ascending triangle at the 2120 level is looking more and more like a failure. The benchmark is in jeopardy of losing its 50 day SMA which aligns roughly with the round 2100 figure. GDP came in revised at a negative number, consumer confidence, and Chicago Purchasers Index slumped today. Perhaps bad news will finally be perceived as bad news as markets reacted that way. What a novel concept. The transports continue to be a confounding group. Unless you were under a rock you should be aware or the rails travails. The airlines rose Friday, of course from severe lows as crude, as crude oil jumped almost 5%. Names such as AAL, DAL, UAL, JBLU and ALK rose between 1-2%. The freight truckers were jackknifed today, pun intended, as stocks CNW, ODFL, ARCB and YRCW all declined between 3-5%. Perhaps the markets will not overlook the softness in this very important group going forward. CMG offered further indigestion to shareholders as it is on a 6 week losing streak, although not as ugly as the one between the weeks ending 3/28-5/2/14 which saw CMG slump almost 20%. Below is the chart how it appeared in our Game Plan in on 3/5.

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