ChartSmarter Friday Game Plan 4/15/16

Markets put in a tight trading session Thursday as benchmarks bounced above and below the UNCH line. Heading into Friday the Nasdaq and S&P 500 are near their highs for the week and up 2 and 1.7% respectively. Financials were one of the best performers today as several names reported earnings this morning including BAC, WFC PNC and BLK. The group has been one of the weaker groups as the XLF is trading right at its 200 day SMA. All other major S&P sectors are trading above that long term secular line. BAC behaved the best Thursday as it rose 2.8% (higher by nearly 10% for the week thus far), and PNC and WFC both finishing lower by .5% on the day. BLK recorded a powerful reversal Thursday higher by 1.9% after taking out a cup with handle pivot point of 347.06 on Wednesday in the best daily volume in on month. CIB, a Colombian financial, took out a flag pattern just above the 34 handle and is higher 10 of the last 13 weeks and by 10.3% this week alone so far. Volume already is above average on a weekly basis with Friday still to come. Today it did record a spinning top candle which normally indicates at least a pause in trend if not a pullback which would be understandable given its run. Healthcare acted well once again today and a name we profiled in this Tuesdays Game Plan GWPH has been digesting its enormous gain on 3/14 very well. It is now above the round 80 number and look for a potentially powerful move if it can break and CLOSE above its bull flag pattern.