ChartSmarter Wednesday Game Plan 11/16/16

Markets continue their march on the road less traveled higher, and leaving many frustrated. Today technology came alive with the Nasdaq leading the charge with an advance of 1.1% and the S&P 500 tacked on .75%. The S&P 500 is now sporting a bull flag pattern that is approaching the round 2200 number which has proved very difficult to penetrate to the upside in recent months. A break above the flag formation does carry a measured move of 80 handles. The Nasdaq recaptured its 50 day SMA Tuesday and has carved out a good looking double bottom base with a breakout occurring with a move through 5312. The Dow which we do not discuss much matched its losing streak of 7 sessions ending between 10/27-11/4 today and notice the current 7 day winning streak has ben accompanied with better trade than the downswing. Sectors that were on the move were energy with the XLE posting a best 2.8% jump. A move above 72 for the ETF would be a breakout above a bullish ascending triangle and would have a measured move to 78. Speaking of ascending triangles one has been born on the XRT. If the retail ETF can muster a move above 46 it could be on its way to 55 and that would bust through a long base between the round 40-50 numbers with the 40 number having relevance dating back to the summer of 2013. Some retail stocks have been acting powerfully recently as that can be a good sign. Of course for every URBN you will have a DKS, but overall that good is outweighing the bad and below is the chart of WING and precisely how it appeared in Tuesdays Game Plan. WING is a somewhat recent casual dining IPO that is higher by more than 9% this week already and today busted through its 50 day SMA which has been a hindrance for the last 7 weeks. It is now approaching the round 30 number and monitor the name as it carves out the right side of a nice cup base.