ChartSmarter Monday Game Plan3/6/17

Markets eked out gains Friday to end the week, shrugging off very modest intraday losses to go out on highs. Both the Nasdaq and S&P 500 recorded their sixth consecutive weekly gains. The Nasdaq also recorded its 9th consecutive Friday advance, higher every one in 2017 thus far. On the monthly chart the Nasdaq is now higher 7 of the last 8 and recently recorded its first monthly bullish MACD crossover since the beginning of 2013. The indexes continue to climb the wall of worry, and today put the weak Thursday session behind it very quickly. Additionally Friday finished strongly ignoring one of the reasons given for the huge Wednesday gain was the fact that Trump reached across the aisle. Well today the bickering began once again and the benchmarks still rose. The financials, healthcare and technology were the best performers Friday and it was utilities and staples that lagged (it seems like the two latter are either at the top or bottom of the sector rankings). For the week it was the financials that led the way with the XLF higher by 2.2% and energy awoke being the runner up with the XLE adding 1.4%. The utilities and staples were the worst actors this week lower by .1 and .2% respectively. With the financials shining below we look at a non traditional name TransUnion which hit an all time high this week showing excellent relative strength jumping almost 5%. Healthcare’s fortune is ongoing as the XLV is the best performer on a monthly basis advancing 6.1% and is now just beneath a 76.10 cup base trigger. The more volatile IBB took out the very round 300 number which also doubled as a buy point in a bullish ascending triangle pattern. The weeks ending 8/5 and 9/23/16 were unable to CLOSE above the round figure and the breakout now has a measured move to the 360 level.