ChartSmarter Wednesday Game Plan 4/19/17

Markets fell but the bulls are putting in a good stand here as they are continuing to swim just below their 50 day SMAs, refusing to lose distance from the important line. Indexes did CLOSE off session lows but in the red with the Nasdaq dropping .1% and the S&P 500 by .3% and the Russell 2000 was able to eke out a fractional gain. The Dow having the worst of the big three as the price weighted benchmark was hurt by its highest priced component GS which fell nearly 5% and the stock is now 16% off most recent 52 week highs and below the long weekly cup base breakout trigger of 218.87 originally taken out the week ending 12/2/16 in a 17 month long formation that began the week ending 6/26/15. Since the beginning of March it has advanced just 10 session and it looks like it may want to test its still upward sloping 200 day SMA just above the round 200 number currently. Tuesday damage was given courtesy of energy, healthcare and financials which all fell in the 1% neighborhood and it is the XLF which has the look of a bearish head and shoulders pattern and a break below 23 can lead to a measured move of 2.5 handles which would be a test of its 200 day SMA. Suspect leadership was witnessed by the staples and utilities and other concerning factors among best of breed names acting soft, we already discussed GS, but now retail leader PLCE is below its 50 day SMA for the first time in 6 weeks. It now stands 13% off its most recent 52 week highs and has lost its cup base breakout trigger of 111.30 taken out on 3/8. Some names that have ignored the recent downdraft well, and should be given credit fir it, are CMG. The stock has rounded out a nice deep bottom and is looking for its fifth consecutive weekly advance, which would be a first since the summer of 2015. Below is how the chart was precisely presented in our Thursday 4/13 Game Plan.