Markets fell Thursday with tech a bit weak with the Nasdaq falling .5% and the S&P 500 by .2%. The Nasdaq has been acting very well as of late outperforming the S&P 500 the last 7 weeks and notice it has not recorded a 3 session losing streak since mid June. Very little damage has been done to the charts as the taut action continues and heading into Friday the Nasdaq is slightly outdoing the S&P 500 with a gain of .2% compared to the .1% advance for the S&P 500. Bears can make the argument that markets failed to act powerfully as crude rose handsomely, and treasury yields also moved north. Oil jumped on low inventories and higher yields both signal a strong economy. Could it be that good news is not what the indexes are looking for? Price action is all that guides us and the bulls are still firmly in control. Groups that led Thursday were energy and utilities and energy has been the best behaved group everyday this week now, with the XLE jumping 1.9% (the utilities rose .3% and healthcare fractionally as the only other 2 to rise out of the 9 major S&P sectors). The XLK, representing technology, had its worst day since 6/27 falling .8%, showing you just how strong it has been. On the weekly chart it still looks healthy as the last 5 weeks have all CLOSED within just .30 of each other. At some point soon this taut congestion has to break one way or the other. Transports continue to shrug off lackluster benchmarks and below is the chart of CSX, and how it was profiled in Thursdays Game Plan, which looks ready to run.

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