ChartSmarter Friday Game Plan 9/25/15

Markets showed some positive qualities Thursday as the benchmarks rallied to finish well off session lows. The Nasdaq was down 1.7% at 11am and fought back to finish lower by .4%. The tech rich index has been lower 2 of the last 3 sessions but Tuesday and Thursday did record decent reversals. For the week however it is lower by 1.9% going into Friday and again today it bobbed and weaved between gains and losses for 2015. The S&P 500 lost .2% today and is lower by 1.3% for the week heading into Friday. Healthcare and housing among the 2 groups at the current moment trying to keep the market afloat are seeing more signs of shakiness. Thursday that came courtesy of AYI a former stalwart in the group. The stock recorded its third consecutive big loss and has now declined more than 9% for the week and weekly volume is already above normal with one session left to go. One can make the case that a bearish 3 black crows pattern was completed today although todays open did not penetrate into Wednesday real body. However patterns are very rarely perfect. One thing the bulls can lay there hat on is it did find support right at its 200 day SMA which was comforting back in last December as well. Defensive sectors like utilities and food offer some solace today. Below is that chart from our Game Plan yesterday CAG. Cash and defensive may be the way to play this present market climate for awhile.