Markets enjoyed a strong Thursday with indexes going on near highs as the tug of war between the bulls and bears is a good one. It was the Nasdaq once agin that led the way with a gain of 1.5% and the S&P 500 put up a respectable 1% advance. For the week headed into Friday the Nasdaq is enjoyed a healthy advantage up 2.4% compared to the S&P 500 rising .9%. A higher close Friday for the Nasdaq would record a bullish engulfing week just below all time highs, but those candles normally work best near bottoms rather than tops. That being said it is hard to ignore the price action, as many most likely are still anticipating the pullback and we know bull markets rarely afford that convenience. The technology sector was easily the best performer Thursday higher by 1.7%, followed by energy up 1.2% and healthcare rounded out the top three with a gain of 1% and below is the chart of OPHT which was in our Game Plan last night. Today it rose more than 6% and for the week has jumped 10%. The XLV is looking to put an end to a current 5 week losing streak and thus far this week has risen 1.3%. Volume has backed up the move as trade through Thursday is higher than any of the prior 5 weeks already. On Monday like many instruments did it recorded a bullish engulfing candle and Wednesday registered a bullish harami cross candle. All of the major S&P sectors gained ground Thursday to show the power and diversity of todays move.

This article requires a Chartsmarter membership. Please click here to join.