ChartSmarter Thursday Game Plan 7/16/15

Markets gave up mild intraday gains Wednesday with both the Nasdaq and S&P 500 losing .1%. The Nasdaq had been up as much as .4% in the late morning hours. Both benchmarks remain above their 50 day SMAs and the S&P 500 found support there today after a slightly unorthodox, bullish three white soldiers pattern (Tuesdays open did not cut into Mondays long white candle). Even with the timid losses today only 2 of the major 10 S&P sectors finished in the black. They were utilities and financials, the latter moving on continued good earnings and Yellens comments above the economy being ready for an interest rate hike, which when it comes will be the first in 9 long years. BAC rose more than 3% on one of the strongest volume days of 2015 after reporting earnings following nice reactions by JPM and WFC yesterday. All 3 of those aforementioned names have gained ground 5 consecutive sessions. Conflicting signs of how ready the economy is for an interest rate hike come from names like IP. Looking on its weekly chart one can see this name has declined 8 straight weeks and 15 of the last 20. It sliced through the round 50 number to the downside on 6/22, a number that IP found resistance at several times between a 14 month period between the weeks ending 7/26/13-9/26/14. For value players it does offer a juicy 3.4% dividend yield. INTC reported after the close and as of this writing was up 5% and above a triple bottom at the round 30 handle which held last October, this March and early July. It bearishly cut below that 30 handle and lets see how it holds up Thursday.