ARNA generated a third non-eventful week, having had an inside week (below the previous week's high and above the previous week's low). The company reports earnings on Monday after the close and it is evident the traders are waiting for that report to make decisions on direction. For the time being and likely for Monday only, minor resistance and support are found at 24.45 and at 23.00. Slightly stronger and possibly short-term pivotal resistance and support are found at 24.70 and at 22.15. Overall though, important weekly close resistance and support are found at 24.60 and at 21.60. Probabilities remain favorable to the bulls.

AXP generated a new 18-month intra-week and weekly closing high on Friday and closed near the highs of the week, suggesting further upside above last week's high at 86.33 is expected to be seen this week. The stock came within 2 points of hitting the stop loss at 86.35 and the probabilities are very high that it will be hit this week. With no intra-week resistance above until 90.68 is reached and no potentially negative catalysts on the horizon, if the stop loss is hit, liquidation of the short positions should be done. Minor but likely very short-term pivotal support is found at 84.97 that if broken would be a reason to keep the short positions awaiting further development. As it stands right now, the short positions will likely be covered this week.

CLB made a new 9-day high and closed near the highs of the week, suggesting further upside above last week's high at 102.92 is likely to be seen this week. The probabilities suggest the stock will test the gap between 103.62 and 104.70 and depending on what happens there, further decisions will be made. Nonetheless, the probabilities favor the bulls closing the gap as the negatives from the earnings report have now been assuaged or perhaps even invalidated by the bottoming action seen the past 2 weeks and given that on the weekly chart there is no prior resistance built over the past 52 months, the triple top resistance between 109.63 and 109.82 beckons to be broken. On the daily chart, there is some prior but minor resistance at 104.46, at 106.38 and at 106.99 but the weekly chart takes precedence, meaning that the only resistance likely to play a factor this week is the gap area. Some of the decision will likely be based on what oil does and that chart, though indecisive at this point, does lean slightly to the bull side. Probabilities slightly favor the bulls.

CLF did not follow through to the downside after the previous week's negative reversal and close near the lows of the week, suggesting that it was a 1-week anomaly, especially given that the bears were unable to break the support at 7.00. The stock closed in the upper half of the week's trading range and further upside above last week's high at 7.75 is expected to be seen this week. An additional positive note is that the previous week's low at 6.95 was tested successfully on the daily chart with Wednesday's low at 7.19, followed by 2 green daily closes. The 200-day MA, currently at 7.95, beckons strongly and with this being the 3rd time that line will be seen over the past 14 trading days, the probabilities favor a break of the line and a rally up to the next intra-week resistance level at 8.45. If the resistance at 8.45 is broken, the 200-week MA, currently at 9.15, will beckon strongly. Support is now pivotal at 6.95. Probabilities favor the bulls.

DFS did not follow through to the downside after last week's negative reversal off of the worse than expected earnings report and close near the lows of the week, having generated an inside week but a green weekly close and in the upper half of the week's trading range, suggesting further upside above last week's high at 61.48 will be seen this week. In addition and on another positive note, the green weekly close makes last week's close at 60.26 into another successful retest of the $60 level that has been pivotal for the past 3+ years. Nonetheless, the bulls still have a lot to do starting with closing the gap between 63.04 and 62.09 that was generated by the negative earnings report. The bulls are likely start the week on the defensive since the stock gapped up on Friday between 60.84 and 60.93 and that gap is likely to be closed on Monday. Intra-week support is found between 60.42 and 60.56 that is likely to be seen but most hold up for the bulls to have a chance to take the stock higher to test the upside gap area by the end of the week. Intra-week resistance is found at 61.62 that has a decent chance of holding up this week, meaning the stock could have a small trading range week trading between minor support and resistance levels (60.42 and 61.62). Overall, the bulls still have a small edge but the probabilities favor some backing and filling with no clear direction for the next couple of weeks.

ENG continues to show flashes of buying interest that over the past 6 weeks have caused up spikes to be made. Nonetheless, when push comes to shove at the end of the week for the weekly close, the bulls fail to generate the kind of buy signal that is needed to stimulate new buying interest. For the last 3 weeks the stock has closed a few points below the 1.29-1.31 level of weekly close resistance that is seen as a pivotal point (closes have been at 1.28, at 1.27, and at 1.28), meaning that for now the bears maintain the edge. The stock did close in the lower half of the week's trading range, suggesting further downside below last week's low at 1.23 will be seen this week, meaning that for one more week there will likely be no breakout. The traders are probably waiting for the earnings report that comes out a week from Thursday (Aug 17) to decide direction. Probabilities favor another non-eventful week this week.

FCEL generated for the 11th week in a row another green weekly close, which is something that has not happened in the last 10 years (8 weeks in a row was the previous record). In addition, the stock closed on the highs of the week, suggesting further upside above last week's high at 1.61 will be seen this week. Nonetheless, the stock is now only 4 points from a pivotal weekly close resistance at 1.65, only 18 points from the 3 month high at 1.79, seen the previous week, and only 14 points from the 200-day MA that is currently at 1.75, meaning that the bulls are likely to need a positive catalyst to continue to string of green weekly closes. With the earnings report not due out for another 5 weeks, the probabilities now favor the bears for a red weekly close next Friday. As it is, it normally takes at least 3 attempts to break an important MA line (such as the 200-day is) before a true break occurs and if that line is seen this week, it will only be the second attempt. Nonetheless, minor to perhaps decent and short-term pivotal support has now been built at 1.51 that is also unlikely to be broken, meaning that the stock is likely to trade over the next few weeks between 1.51 and 1.75 without any break of consequence occurring.

GS generated a new 19-week weekly closing high and closed on the high of the week, suggesting further upside above last week's high at 229.79 will likely be seen this week. The stock spiked up Friday after the bears realized that their effort to generate new selling interest after keeping the stock below the 200-day MA, currently at 225.75, for 9 out of the past 11 days had failed. As such, the spike up rally on Friday was likely short-covering. The bulls have not yet accomplished anything of consequence (other than negating the recent weakness) as the stock is still in a bear inverted flag formation and there is still daily close resistance at 230.40 and at 231.22 and intra-week resistance at 230.64 and at 232.89. Nonetheless, the bears will be on the defensive this week with the bulls using whatever positives can be accomplished in the index market. By the same token, a daily close above 230.40 is likely to give the bulls enough ammunition to negate the bearish inverted flag formation, meaning that the traders will key on that level this week. Probabilities slightly favor the bulls this week.

MNK generated a strong down week once the bulls realized (with Monday's negative daily close below the neckline) that the bullish Head & Shoulders formation had been negated. The stock dropped 12% in the following 4 days to close out the week near the lows of the week, suggesting further downside below last week's low at 40.54 will be seen this week. Nonetheless and on a small positive note though, the bears were unable to break convincingly the minor but likely indicative weekly close support at 41.05 (closed on Friday at 41.02), meaning that the down week was mostly liquidation of previously bought positions due to the H&S formation and not of a change of fundamentals. In fact, there was no news about the company this past week and yet a gap was created on Wednesday between 43.41 and 43.27 that is not likely to stay unclosed, meaning that the drop could be a 1-week anomaly. The company reports earnings on Tuesday before the opening and if the report is not worse than expected, it is likely that the weakness seen this week will be erased and that recovery will be seen. By the same token, the negation of the bullish H&S formation does suggest that the stock may be in a sideways trading range between $40/$41 and $47 for the next few weeks. Important intra-week support is found at the double bottom at 38.80/38.81. If that level is broken, there is no support below. The earnings report is likely to clear up the chart picture substantially. Probabilities slightly favor the bulls this week.

RIG made a new 13-week high and in the process generated a second buy signal on the daily closing chart as well as negating the break of a previous 10-month daily closing low, having closed above the previous high daily close at 8.89 and above the previous low daily close at 8.84. The stock closed in the upper half of the week's trading range, suggesting further upside above last week's high at 9.60 will be seen this week. To the upside, there is no intra-week resistance on any of the charts until 10.42 is reached. To the downside, support will now be minor to decent between 8.38 and 8.42. Nonetheless, on a daily closing basis, support is now likely decent at 8.84/8.89. Probabilities favor the bulls.

X generated a positive reversal week, having made a new 3-week low and then closing in the green and near the highs of the week, suggesting further upside above last week's high at 23.75 will be seen this week. The positive reversal was of note given that the previous week the stock dropped 17% in value (from high to low) after a positive earnings report, suggesting that the previous week's weakness was mostly profit taking and stop loss selling rather than new selling interest. Nonetheless, there are still questions that need to be answered, starting with the gap between 24.50 and 24.72 that also represents a prior intraweek resistance at 24.50 and a potential runaway gap that had not been created previously. As such, the probabilities favor the stock getting up this week to 24.50 but what happens then is the big question. Another positive note is that the bears were unable to push the stock down to the support at 20.67 (last week's low was 22.38), likely meaning that the bears are not presently in control. Probabilities favor the bulls this week.