ChartSmarter Wednesday Game Plan 9/6/17

As in life and with markets one can tend to look at either the positive or negative side of any situation. I think we can all agree that it is been painting an optimistic picture to anything that has come its way. North Korea for example, one can look at it as dire or come to the conclusion that this mess that has been kicked down the road for decades may soon be resolved. Perhaps today is the day that changed as the Nasdaq fell .9% and S&P 500 by .8% and volume picked up considerably from Fridays session, but they did finish off the lows with the Nasdaq declining nearly 1.6% at its worst. Looking at individual groups Tuesday it was energy and the utilities group that outperformed. The XLE is potentially looking at a 3 week winning streak which would be a first in 10 months just to give you an idea how bad this group has lagged. On the downside the banks were easily the hardest hit with the XLF down 2.1% and may be readying itself for a 200 day SMA touch for the first time in 14 months. Select consumer names have been acting soft and below is the chart of somewhat recent IPO ELF and how it lost a bear flag trigger today that happened to coincide with the very round 20 number. It is a member of the cosmetics space and it has a peer in ULTA which has been acting poorly as of late too, lower by 29% from its most recent 52 week highs (ELF resides 39% off its most recent 52 week highs). Or could it be that both their competitors EL just a much better managed company? I just follow the PRICE and EL sits just 1% off all time highs here and seems to ignore any delicate market noise, CLOSING up one penny Tuesday.