ChartSmarter Monday Game Plan 4/3/17

Markets fell into the red Friday with a mid late session selloff, with the exception of the Russell 2000 which eked out a gain of .25%. The Nasdaq was essentially UNCH and the S&P 500 fell .23%, but for the week it week it was productive with the Nasdaq rising 1.4% and recording the bullish engulfing candle. What the weekly timeframe fails to show is the shooting star Friday that occurred in coordination with the bearish engulfing candle from 3/21 almost precisely (to be exact the possible double top regarding 3/31 and 3/21 was one quarter of one handle!). I personally would put more emphasis on the longer weekly interval, but it is something to monitor. The S&P 500 added .8% for the week and both of the aforementioned indexes found smart support at their rising 50 day SMAs. Peering into individual sectors for the week it was just the utilities and staples that lost value with the XLU and XLP dropping 1.1 and .2% respectively, and the XLP is now on a 5 week losing streak which is its first since a 6 week losing streak the weeks ending between 10/12-11/16/12. In comparison however the current streak has lost just a combined 1.3% and the former move was a descent of 5.8%. Leading the way this week was the embattled energy space with the XLE with a gain of 1.95% but it was unable to CLOSE above its 200 day SMA Friday, and it has been unable to do so for more than three consecutive days this month. Bulls would like to see a decisive and lasting move through the secular line. Some high profile retail names have been hit following earnings the last couple weeks with NKE falling 7% on 3/21 and LULU by 23.4% on 3/30. Some stocks are acting well and below is the turnaround play COH and how it was presented in our Tuesday Game Plan this week. The former best of breed name is acting like its former self higher 11 of the last 14 and recorded its best weekly gain of 2017 this week gaining nearly 6% in firm trade.