ChartSmarter Monday Game Plan 2/27/17

Markets staged yet another decent reversal into the CLOSE Friday to finish higher after spending the first 5 1/2 hours of the session in the red. The Nasdaq is on a current 5 week winning streak and higher 7 of the last 8 with all CLOSING right at the top of the weekly range. Its Friday win streak now stands at 8, as every one in 2017 has finished up. The S&P 500 outperformed this week higher by .7%, compared to the Nasdaq gaining .1%, and the last 4 weeks it CLOSED within 3 handle of its high for the weekly range. Leadership continues to be a bit suspect with the utilities strongly outshining all other sectors with the XLU rising 1.5%. For the week it was a clear leader as it rose 4.1% registering its best weekly gain since the week ending 7/12/13. It stormed back above the very round 50 number for the first since since last September and is now sniffing out a good looking cup base trigger of 53.12 in an 8 month long base, and the longer the base the better the chances off success (it is now back above the 3 week tight trigger of 51.01 taken out with a big 3.7% weekly gain ending 7/1/16 and notice the 3 weeks before that all CLOSED within just 6 pennies of each other). The million dollar question is this new leadership for real and giving former robust groups to rest for the next leg up? Looking at the last one month group winners healthcare edges out the utilities with the XLV higher by 8.3% and the XLU higher by 6.6% (beating the financials which are a monthly basis have jumped 4.8%, and it is a bit unusual to see both of those sectors rounding out the top 3 and acting well in tandem). Getting back to healthcare there are a plethora of names that are coming to the forefront on a positive note. Below is the chart of ABMD and how it appeared in our Tuesday Game Plan this week. It successfully retested a 5 month long symmetrical triangle this week and looks ready to move higher.