Worst weekly decline for the markets since last October.  The SPX has pulled back to a support level of the mid-channel trend line and 50 day m.a.  But stronger support comes in at 2,300.  But you have to put the decline into perspective.  A 2.7% pull back in the SPX that has rallied 15% since January is not all that bad.  NDX is a little stronger.  But both charts are not really showing any decisive direction at the moment.  We will have to wait to see what develops.  The transportation index has had more of a correction than the SPX and NDX.  But it is an orderly pullback.  It is trading right on secondary support now.  If it breaks the 8,900 level we could see a move down to 8,400.  This would not be a positive occurrence for the bigger markets if you are Dow Theory proponent.  The Russell 2000 (IWM) continues to trade in a sideways consolidation channel.  There is no definitive pattern for it at the moment.  But if the larger indexes roll over, I would expect the IWM to head lower.  

The biotechs (LABU, BIB) were looking strong trading up to recent highs from last October, plunged last week.  It has bounced off of secondary support and 50 day m.a, but looks like a it is forming a bear flag here.  

One of the market leaders, the financials (FAS) appears to have rolled over and sold off sharply last week.  

One of the sectors that continues to be strong is the semiconductor sector (SMH).  On Friday it made a nominal new high and is in a strong up trending channel.  

Gold, after making a corrective move down seems to have found support around $1140 and is now forming a new up trending channel.  It is trading back up near recent highs though at around $1200.  The gold miner ETFs (GDX, NUGT, and JNUG) also appear to be forming a new up trending channel.  

Oil has broken down.  

CGIX: After building a base in the mid $2s the stock broke out last week and traded as high as $3.95.  If this stock can break through $4.00, I would look to go long with near resistance at $4.50 and then $5.50.  It probably has to consolidate some more, though, before breaking out again.

CNAT: After a huge break away gap in December the stock has been consolidating in the $4.00 range.  On Friday it did break through its declining tops line.  If it breaks through $5.25 then it should trade to $6.00.  Above that I would look for $7.00 and then $8.00.

MAGS:  An Israeli security stock.  Like a lot of stocks from this country, it is on the move.  It is in a strong up trending channel trading close to its recent highs.  I will look to go long over $7.70 with $9.00 as the first price target.  

MDCA:  Here is a stock that is up 9 out of the last 10 days in a falling broader market.  It has been trading in a sideways channel since it broke out mid February.  I would look to go long over $10.00.  Not that volatile, but my price target is $12.00.

RXDX: Strong looking chart.  Stock broke out of a reverse head and shoulders pattern last month.  It traded up to $9.90 before pulling back in an orderly fashion.  It has broken out of its wedge pattern to the up side.  I would look to go long over the recent high with $12.00 as the price target.

TDOC:  A stock I have been writing about since it broke $19.00.  It had a big move on Friday trading as high as $25.80 closing (now) on support of $25.45.  It looks to be just starting wave 3 of a 5 wave pattern which could take this stock significantly higher.  Ostensibly, the technology it has is a game changer, so strong fundamentals as well as technicals. I would look to go long over Friday's high with $29.00 and $35.00 as the targets.  Shorts 13.4 days to cover.

TRUE:  Stock has been in a long term up trending channel and is now trading near the lower edge of the channel.  It has been consolidating in here since early February.  It is trading right at resistance.  I would look to go long over $15.45 with $17.00 and $21.00 as targets.  Shorts, 18.5 days to cover.  So, on a break out we could see a nice short squeeze.  

UCTT: Junior semiconductor in a strong up trending channel that appears to be accelerating.  I would look to go long over $16.10 with $18.00 and $21.00 as my target.