ADSK generated an uneventful inside week but the green weekly close seen in spite of the weakness in the index market left some questions unanswered. Nonetheless, the stock did close in the lower half of the week's trading range, suggesting a higher probability of going below last week's low at 107.19 than above last week's high at 110.93 and if that happens, and a weekly close below 107.50 occurs next Friday, the bears will gain control. It is likely that the lack of strength by the bears has more to do with the fact that the recent all-time high at 115.25 has not yet been retested successfully on the intraweek chart, meaning that the chart is not yet totally fulfilled to the upside, leaving the bulls with some hope that they can renew the uptrend once the weakness in the index market ends. For this week though, the chart parameters are clearly defined with resistance at 111.00 and support at 104.77. A break of either will give additional ammunition to whatever side is broken. By the same token, the chart previously did suggest that a rally up to the 111.30-111.40 level could be seen, meaning that even if last week's high is broken it would not necessarily be a bull sign. On the other side of the coin, if 104.77 is broken it would suggest that a drop down to the $100 demilitarized zone would occur. Probabilities favor the bears either way.

AMTD generated another lower low and a red weekly close (the 4th in a row) and closed near the lows of the week, suggesting further downside below last week's low at 41.88 will be seen this week. The stock has now broken all nearby support levels, meaning that a drop down to the decent intraweek support from February at 40.93 is now a high probability. The chart does show a very minor intraweek support at 41.39 that is strengthened by the fact that the 200-day MA is currently at 41.40 but though it might be effective on an daily closing basis, a drop down to 40.93 is now a high probability. Consideration can be given to taking profits at that level but if 40.93 is broken convincingly, the probabilities would favor the stock dropping down to the $36-$37 level, given that there is a double top at 47.41/47.26 and the most recent major low is at 36.12. In addition, the previous all-time weekly closing high is at 38.50 and a break of 40.93 would suggest that level would be visited on a weekly closing basis. The key this week is 40.93. A break of that level by more than 20 points, would give the bears added ammunition for more. The stop loss can now be lowered to 45.64. Probabilities favor the bears.

ARNA generated an uneventful inside week but still closed in the red (the 4th week in a row), meaning that the bears still have the short-term edge but buying interest continues to be seen every time the stock nears the $20 level. The stock closed near the lows of the week and further downside below last week's low at 20.39 is expected to be seen. There is decent weekly close support between 19.80 and 19.90 that has a high probability of being seen this week. Nonetheless, the gap down at 19.44 should remain unclosed if the stock is to renew the uptrend. Minor but short-term pivotal resistance is now found at 21.49 that if broken would offer a minimum upside objective of 22.75, which is where a gap between 23.15 and 22.75 is presently found. Closure of the gap would be a positive. Probabilities favor the bears this week but like last week, it is likely that the trading range will be limited (perhaps something like 19.90 to 21.10). Overall, the chart remains leaning to the bullish side but it does seem that it will be at least another week before the bulls get "back on the saddle".

CLB made a new 70-month intraweek low and closed on the lows of the week, suggesting further downside below last week's low at 87.83 will be seen this week. Nonetheless, the stock did generate a positive reversal on the daily chart on Friday, having made the new low at 87.83 and then turning around to go above Thursday's high and close in the green and near the highs of the day, suggesting the first course of action for the week will be to the upside above Friday's high at 89.91.Resistance is found at the $90 demilitarized zone, which includes the 200 10-minute MA, currently at 90.05. That is a line that has not been broken or even seen for the past 10 trading days, meaning that if broken it does suggest that some buying interest has been found at this level. An intraweek rally above 90.57 (next intraday resistance above 89.91 and above the MA line) would suggest the bulls will see further upside and with no resistance above until 96.80 is reached, it could mean the lows of the down slide have been found. The stock closed on Friday in a pivotal area of weekly close support between 89.43 and 89.83 that goes back to December 2010 and to September 2011 that is likely indicative as a break below this area on a weekly closing basis would be a strong bearish sign of further downside to be seen. As such, the bulls need to generate a green weekly close next Friday or become powerless to generate any rallies thereafter without the help of fundamentals or oil rallying. If the bulls can generate an intraweek break above 90.57, it could mean that a rally of at least $12 will occur as that has been the norm during the past 8 years on spike down drops once a bottom is found. Probabilities still favor the bears this week but it is a pivotal week.

CLF generated an uneventful inside week but did close in the green and in the middle of the week's trading range, suggesting the short-term uptrend that has been in place since May remains unbroken and that the bulls remain with the edge. Minor but short-term pivotal resistance is found at 7.67 and then nothing until decent resistance is found at 8.00. Support is found at 7.08 and then short-term pivotal at 6.99. The bulls have the edge at this time as the stock got up to the 200-day MA, currently at 8.03, 4 weeks ago and though they have been unsuccessful in breaking above the line, it has been tested successfully on 3 occasions and yet the bears have not been able to make a negative statement thereafter, meaning that the probabilities have increased that the line will be broken the next time it is seen. The stock has been in a sideways trading range between 6.95 and 8.00 for the past 6 weeks and other than the weakness seen in the index market, there is no reason to believe that will change this week. By the same token, there is pivotal support at 6.95 that is broken would likely push the stock down to the next and weaker support at 6.45. The stock has been on a 9-week uptrend based on the weekly closing chart and support on that chart is presently at 7.10. As such, there has yet been no sell signal given in spite of the weakness seen. Probabilities slightly favor the bulls.

ENG generated an uneventful inside week but with a close in the red and in the lower half of the week's trading range, suggesting further downside below last week's low at 1.12 will be seen this week. Nonetheless, the stock did the same thing last week and yet the bears were unable to generate any additional downside, suggesting that the 1.12 level is now considered minor to decent support. The stock for the past 12 weeks has been mostly trading between 1.12 and 1.40 and has been immune to market direction, meaning that the probabilities favor more of the same, especially since the earnings report that came out on the 9th did not give any help to either the bulls or the bears. In the past 4 years since the slight uptrend on the weekly chart began, sideways action as has been seen during the past 12 weeks, has been resolved with spike up rallies on 3 or the 4 occasions they have been seen. Nonetheless, the short-term chart still suggests that a drop down to the 1.00 level where the 2-point uptrend line is found, could and perhaps will be seen, meaning that it doesn't seem the bulls are yet ready to generate a rally. A drop below 1.12 would suggest the recent low at 1.07 would be seen and if that occurs, the probability of a drop down to 1.00 would increase. To the upside, a rally above 1.46 would be a sign the worst is over. Probabilities slightly favor the bears this week.

FCEL generated an uneventful inside week that ended with a green close but in the lower half of the week's trading range, suggesting the bulls did not accomplish anything this past week and that the probabilities favor further downside below last week's low at 1.37. Nonetheless, the same thing occurred the previous week and no further downside was seen, meaning that the bears have not gotten the short-term edge back. Intraweek support is found at 1.25 and then pivotal at 1.18. It is important to note that the 100-day MA is currently at 1.31 and that it is a line the traders have been clearly pivoting on for the last year, suggesting that on a daily closing basis it is unlikely to be broken. As such, the probabilities do favor a positive reversal week and a new attempt at breaking the 200-day MA, which is currently at the previous intra-week high at 1.63. Possible trading range for the week could be something like 1.31 to 1.61.

GS generated a second red weekly close in row and closed near the lows of the week, suggesting further downside below last week's low at 220.55 will be seen this week. Nonetheless, the bears have not yet accomplished generating a sell signal, meaning that more is needed. The stock acted much like the indexes did, inasmuch as at the beginning of the week the bulls tried to negate the break seen the previous week, having rallied up to the previous resistance at 230.64 with a rally up to 230.61. Nonetheless, the bulls failed to break resistance and a drop below last week's low occurred and another red weekly close. The stock did get down to a minor but established intra-week support level between 220.43 and 220.93 that has been seen 4 times over the past 5 months and did bounce up to generate a positive reversal day on Friday, having closed in the green. Nonetheless, it does seem that the bulls have lost their edge as the green close was still in the lower half of the day's trading range, meaning that if the indexes don't head higher at the beginning of the week, the support level is likely to break. Short-term pivotal support is found at 218.00 that if broken would suggest a drop down to 213.18 will be seen. A rally above Friday's high at 224.01, would suggest the 200-day MA, currently at 228.50, will likely be seen again. Probabilities favor the bears.

MNK came close to generating a positive reversal week, given that the stock made a new all-time low at 35.04 but then rallied to close in the upper half of the week's trading range, suggesting further upside above last week's high at 37.22 will be seen this week. Nonetheless, the failure to close in the green above last week's close at 36.52 (closed at 36.39) suggests that the traders are still not sure that the 35.04 low will be "it" to the downside. Nonetheless, the stock generated 3 daily green closes in a row in spite of the fact that the indexes were seeing strong selling interest, suggesting that the first course of action for the week will be to explore the upside. There is minor resistance at last week's high at 37.22 and up to the general resistance at 37.30 but above that level there is no resistance until minor resistance is found at 39.00. Stronger resistance is found on a daily closing basis at the previous double bottom at 38.80/38.81 that has a high probability of being tested but presently a low probability of the break of that support being negated. As such, if the stock rallies back up to the $39 level, consideration should be given to liquidating the positions. On the other side of the coin though, three rating companies (BMO Capital, Raymond James, and Deutsche Bank) maintained their outperform ratings though they lowered their upside price targets to $65, $58, and $56 respectively, meaning that these companies fundamentally still see the stock with decent upside potential. As such, any daily close above 38.80 by more than 20 points should be considered a positive sign. At this time though, the probabilities continue to favor the bears.

NFX made a new 18-month low and closed near the lows of the week, suggesting further downside below last week's low at 24.91 will be seen this week. There is no intraweek support below until 23.56 is reached. Nonetheless, the stock is now approaching a support level between 22.71 and 23.52 that has stopped downtrends 4 times in the last 6 years and where chart buying interest is likely to be found. There have been 2 previous occasions during this period of time where further downside has been seen on a weekly closing basis, having closed at 20.04 on April 2013 and at 22.13 on February 2016. Nonetheless, unless the index market goes substantially lower and gives signs that a major top has been found, strong consideration should be given to covering short positions between 22.71 and 23.52. Probabilities favor the bears this week.

SLCA generated a positive reversal week, having made a new 15-month low and then turning around to close in the green and near the highs of the week, suggesting further upside above last week's high at 26.53 will be seen this week. This is the first reversal week seen since the downtrend began in February, suggesting that the low of the downtrend may have been seen, especially since it was at the same price (24.28) from which the reversal in December 2014 was seen and that ultimately took the stock up to 41.17 over the following 17 weeks. To the upside and on an intraweek basis, very minor resistance is found at 26.77, minor at 28.52 and again at 29.70. On the weekly chart, there is minor resistance at 27.27 and then nothing of consequence until 33.90/34.20 is reached. Probabilities favor the bulls.

RIG made a new all-time low this week, having broken the previous double bottom at 7.66/7.67 and dropping down to 7.20. The stock closed near the lows of the week and further downside below last week's low is likely to be seen this week. Nonetheless, the stock did generate a positive reversal day on Friday, having made the new all-time low and then closing in the green and near the highs of the day, suggesting the first course of action for the week will be to the upside above Friday's high at 7.60. On a daily closing basis, resistance will be found at the previous all-time low daily close at 7.79. Unless oil generates a rally above 50.43 this coming week, consideration should be given to liquidating all positions in the stock on such a rally, given that the chart reasons for purchasing the stock have totally evaporated (double bottom and inverted Head & Shoulders formation). Simply stated, the bulls do not have any chart strength unless oil generates a break above 50.43. A rally above 8.55 and a weekly close above 8.33 would be reasons for keeping the positions. Otherwise, this is now a stock that shows much higher probabilities of heading lower than higher.