ChartSmarter Wednesday Game Plan 4/20/16

Markets displayed bifurcation Tuesday with tech lagging although it did slice its early afternoon lows by more than half. The Nasdaq finished off by .4% while the S&P 500 gained .3%. Three members of the FANG group certainly contributed to the Nasdaq softness and the semis have been concerning as well. Best in breed player AVGO lost 3.1% and is now looking to be headed for a retest of a 147.96 double bottom with handle trigger breakout originally taken out on 3/11. One can make the case that a bull flag breakout on 4/13 has now failed after being halted near the round 160 handle that same session. Peer IPHI fell nearly 6% Tuesday and it had formed a good looking flag pattern. INTC news after the bell with the CFO leaving is rarely a good sign and is unlikely to help the group. Breaks in the opposite direction of which they normally should could be powerful so be careful if you are long that name. Financials were the third best acting group Tuesday and of course the group is very diverse and below is the chart of V and how it appeared in our Wednesday 3/30 Game Plan. It is now comfortably above the bullish ascending triangle pattern trigger and is now trading right at the cup base pivot point of 81.11 that was taken out on Monday. GS acted well taken out the round 160 number after a somewhat soft start. Oil certainly helped the divergence and energy and materials were the two top performing sectors today. Talking about the round numbers some oil stocks bounced right off them with the volatility surrounding the Doha news Monday. Some examples included MTDR off the 20 figure, DVN from the 30 number and APA off the very round 50 handle.