Markets rang in a new week Monday with solid gains as the benchmarks were on the move higher basically from the word go. The Nasdaq snapped a 7 session losing streak gaining .9% and the S&P 500 was not far behind with advance of .8%. The Nasdaq is hoping to avoid its first 3 week losing streak since the weeks ending 1/1-16 which fell 11%. They are not very common with the one prior to that occurring the weeks ending between 6/26/15-7/10/15 and with both instances the following week was constructive (week ending 7/17/15 jumped 4.2% to hit an all time highs and the week ending 1/22 rose by 2.3%). Sectors that led the way Monday were both consumer related, discretionary and non discretionary both rose more than 1%. Interesting that today the markets were strong as oil was struggled, almost the opposite from last week where benchmarks were soft as crude acted firm. Energy and materials were the only 2 major S&P sectors to decline Monday. It was refreshing to see tech outperform, although we need to see that with a bit more regularity, and software play ANSS and the chart below from our 4/22 Game Plan demonstrates our affinity fro the round numbers. The important 90 figure was taken out on a CLOSING basis by a dime on 4/1, but since reclaiming it on 4/15 it has held rock solid. Five of the last 10 sessions traded underneath 90 on an intraday basis, however all CLOSED above. Now look to add to or initiate above a cup base pivot point of 95.10.
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