ChartSmarter Wednesday Game Plan 11/11/15

Markets finished off session lows Tuesday as the Nasdaq fought back from an early morning decline of .85% to fall .2%. The S&P 500 eked out a fractional .2% advance after being lower by 4% intraday. Both benchmarks recorded bullish hammer candles Tuesday. AAPL was a big drag on the Nasdaq as it declined more than 3% and fell back below its 200 day SMA after a few sessions barely above. The software group seems to be bifurcated with the cyber names having issues and below is the chart of CYBR which we profiled in our Wednesday 10/28 Game Plan. Tuesday it slumped 9.6% taking out a descending triangle pattern, but did manage to find support near the round 40 number, at least temporarily. We have highlighted our concerns over leader PANW which we think will make its way to the round 130 number in the near future. The name is now below its 200 day SMA once again and its 50 day SMA has been sloping lower since the beginning of August. Other names in the group look better. Smaller, under followed names like CALD or PCTY may benefit if a stronger dollar weighs on the big multinationals. CALD is battling with the round 20 number at all time highs. It jumped almost 15% last week on the second best weekly volume of 2015. PCTY blasted higher by almost 30% last week achieving all time highs and taking out a cup base trigger of 38.69 in the process.