ChartSmarter Friday Game Plan 5/12/17

Markets scored decent rebounds off the lows Thursday, but still finished in the red. The Nasdaq which took the worst of it early on recovered from a .9% loss to end the day lower by .2%. The Russell had the toughest loss off by .7%, but like the Dow recorded a bullish hammer of their 50 day SMAs. Heading into Friday there is some slight bifurcation with the Nasdaq higher by .3%, looking for a 4 week winning streak, and the S&P 500 is down by .2%. Drilling down into sector performance there were just 3 of the major S&P groups that were positive on the day and it was by mere pennies with staples, healthcare and utilities. Financials were the laggard with the XLF falling by .6%. Delving even further into groups the retailers were crushed today following my statement yesterday that discretionary looked good! Names such as FINL JWN KSS DSW FRAN BKE and GES all fell by at least 5%. Former best of breed consumer play SIG is now 44% off recent 52 week highs at the very round par number from 11/20. Others like FOSL and UA former leaders as well have declined 67 and 55% from recent highs. Interesting that some are holding up very well like LVMH and COH. Technology overall has still been acting very well and below is the chart of recent IPO FIVN from the software sector. It is another name that responded nicely after taking out the very round 20 number last week and below is how we looked at it in Thursdays Game Plan this week. We wrote a post about the specific number recently.