ChartSmarter Thursday Game Plan 11/12/15

Markets gave up gains form a decent afternoon rally that left them back to late morning session lows. The S&P 500 and the Nasdaq each gave .3%. The Nasdaq was up a respectable .5% at intraday highs. Both benchmarks are now lower 5 of the last 6 days as handles on each continue to form. Handles normally do not want to stretch to long and they are by no means getting long in the tooth, but a quick move above is what bulls would like to see. Headed into Thursday the 6 week winning streaks could be coming to an end with the Nasdaq lower by 1.5 and the S&P 500 by 1.2% thus far. I like to look at the action of the SDS, a levered bearish ETF on the S&P 500, and it is sporting a bear flag pattern at the moment, and is approaching the round 20 handle which was rough support between April and August. Will former support now become resistance? Markets have been hanging in there decently with all the worries including the Baltic Dry Index at all time lows, retail horrors, the percent of bullish advisors is beginning to perk up again. Add to it over the course of the 5 lower sessions in the last 6 with the S&P 500, none of those days were up or down more than 1%. A dull market? We know the old adage to never short a dull market. The retail onslaught continues to gather momentum with names like M whacked. It lost 14% after reporting earnings Wednesday. Others in the group at fresh 52 week lows are BOOT CHS DDS HIBB KSS PRTY. One thing consumers are spending on is beer. Below is the chart we posted of BUD in our Friday 10/23 Game Plan.