AMZN followed through to the previous week's negative reversal with a lower low and another red weekly close. Nonetheless, the stock did rally at the end of the week to close in the upper half of the week's trading range, suggesting further upside above last week's high at 1175.20 will be seen this week. If that does occur, it would set the chart up for either continuation of the uptrend or the required/needed retest of the all-time high at 1213.41 before a correction of more consequence would occur. The latter is likely the most probable but it would require the indexes to not resume their uptrend (especially the NAZ). To the upside and on intraweek basis, there is minor resistance at 1179.65 and then nothing until the all-time high is reached. The resistance at 1179.65 is not strong enough to be depended upon but with $34 between that resistance and the all-time high, it is also not highly likely to generate enough buying interest to go up to the all-time high if broken. Pivotal support is now found at last week's low at 1124.74 that if broken would also mean that the 200 60-minute MA would be broken as well and that is a line that has not been broken for 6 weeks. There is some minor intraday support at 1136.08 that if broken might be pivotal as that is where the MA is currently at. Probabilities slightly favor the bulls this week, at least at the beginning of the week.

ARNA generated an indicative week given that the 200-week MA was in play and the bulls and the bears were likely to battle over it. The bulls ended up winning the battle as Friday's close above last week's close at 30.75 and above last week's high at 31.75 confirms the break of the 200-week MA, currently at 30.60, and the strength the bulls presently have. The next level of intraweek resistance is at 34.70. Nonetheless, that area also has a previous low weekly close at 34.20 that is quite important given that it was a 31-month low weekly close (between May 2012 and December 2014) and a level that generated a rally back up to 62.80 before it got broken to the downside in August 2015 and that signaled the downtrend that lasted 2+ years and that only got broken last week to the upside. Simply stated, a close above that level on a weekly closing basis would suggest the stock is now on a midterm uptrend (not only a short-term one) and that a rally up to the $50 level would then ensue. Nonetheless, the 34.20 level on a weekly closing basis is pivotal and offers a different kind of resistance than the 200-week MA. The 200-week MA is a long-term trend indicator and all the fundamental positives that have occurred the last few months strongly suggested the line would be broken sooner or later. The 34.20 level is a level that differentiates whether the stock is now on a mid-term uptrend or now is a sideways trend (like between $30 and $35). The action seen today is confirmation that the long-term downtrend is over. Now the traders will turn their attention to the resistance levels above and be watchful for any action or news that could derail this breakout (none expected). Pivotal support is now found at 29.54 but the intraday chart shows some short-term pivotal support at 31.06. Probabilities favor the bulls.

BHTG generated a positive reversal week, having made a new 18-week low at 4.50 and then closing in the green (for a second week in a row) and near the highs of the week, suggesting further upside above last week's high at 5.19 will be seen this week. More importantly, the stock tested successfully the 200-day MA, currently at 4.48, suggesting that all of the downside agenda has now been fulfilled and that the uptrend will resume. It should also be mentioned that there is now a double bottom at 4.55/4.50 that should not be broken without a negative catalyst. Pivotal resistance is now found at the previous week's high at 5.48 that if broken would open the door for a rally up to the $6 demilitarized zone. Nonetheless, and looking at the weekly chart, above 5.48 there is only minor resistance at 6.30 and then nothing until minor to decent resistance at 7.65. As such, if a bottom to this recent short-term downtrend has been found, it is strongly possible that a substantial rally will occur over the next few weeks. Probabilities favor the bulls.

CAT made a new all-time intraweek and weekly closing high and closed near the highs of the week, suggesting further upside above last week's high at 145.19 will be seen this week. Nonetheless and just like with the index market, the high was made on Monday and it was followed by weakness on the next 3 days before a recovery rally occurred. As such, the same situation as commented on above on the DOW is likely to apply to the stock. By the same token, the stock seems to be outperforming the market at this time and strong consideration should be given to covering the short positions as there is little on the charts that suggest that a top may be found soon. If for no other reason than the $150 level should now become a psychological magnet. Short-term pivotal support is now found at 139.19 that if broken this week would be a good reason to hold on to the short positions. It is unlikely that will happen. A rally above last week's high at 145.17 would not be a concrete reason to consider covering the short positions.

CLF issued $675 million in debt to prefund the expected investment in the Port of Toledo hot briquette iron plant. The move caused the debt rating to go from stable to negative and brought about a drop to the important and pivotal daily closing support at 6.00. Nonetheless, the day after the news came out the stock started to recover and by Friday the stock had gotten back up to within 20% of the high made right after the news came out, suggesting that the buying interest remains strong at the $6 level. The stock closed on the highs of the day on Friday, suggesting further upside above Friday's high at 6.41 will be seen on Monday. The news caused a gap to occur between 6.73 and 6.50 to occur and if the gap is closed it will negate the negative news. To the upside and on an intraweek basis, there is minor resistance at 6.66 and then nothing until 6.95. Further and pivotal resistance is found at 7.08 that also includes the 200-day MA, currently at 7.19 but coming down fast. Short term pivotal support is found at 5.97. Probabilities are 50-50 at this point.

ENG generated a positive reversal week, having gone below the previous week's low and then closing in the green and near the highs of the day, suggesting further upside above last week's high at .85 will be seen this week. If the stock does go above last week's high this week, it will make last week's low at .75 into a successful retest of the 4+-year low at .73, seen 3 weeks ago. The stock now show a potential double bottom at .81 on the weekly closing chart, much like what was seen 22 months ago at .77 and .81 and from which a rally to 1.42 occurred thereafter over a period of 8 weeks. A daily or weekly close above .89 would confirm the double bottom and likely bring in new buying interest. Pivotal support is now found at .73/.75. Probabilities slightly favor the bulls.

FCEL made a new 3-week high last week and generated the largest intraweek rally week seen in the past 12-days and the second largest seen in the past 53 weeks. The stock closed near the highs of the week and further upside above last week's high at 2.10 is expected to be seen this week. Minor intraweek resistance is found at 2.26, a bit stronger at 2.30 and mid-term pivotal at 2.49. Minor intraweek support is found at 1.92 and slightly stronger at 1.85 and then nothing until 1.64. With the positive news that came out 2 weeks ago, the successful retest of the 200-day MA on November 15th and the 3 weeks of backing and filling seen since, the chart suggests the stock is now poised to resume its mid-term uptrend with the only question being whether it does it immediately or a bit more backing and filling between 2.00 and 2.30 will occur first. Probabilities favor the bulls.

GS got up to within 25 points of the all-time high at 255.15 but then fell back to close still in the green but with small gains above the previous week's close, meaning that the bulls did not accomplish making any kind of statement. The stock closed slightly in the upper half of the week's trading range, suggesting a slightly higher probability of going above last week's high at 254.90 than below last week's low at 244.40, but the stock finds itself mimicking the indexes but with less reasons to rally than the indexes themselves, due to the recent weakness and support levels that were broken. Resistance is found at last week's high and at the all-time high. Pivotal support is found at 244.40 that if broken would suggest a drop down to $235 would be seen. The possibility of a double top is strong and therefore the bulls are the ones that have to prove an ability to generate further buying interest.

MNK continued to trade sideways as it has done for the past 4 weeks, with neither the bulls nor the bears accomplishing anything this past week. The stock did close near the highs of the week, suggesting a higher probability of going above last week's high at 22.50 than below last week's low at 20.93 but unless the recent high at 23.00 or the recent low at 20.25 get broken, the chart picture will continue to be "on hold". The chart remains tilted to the bearish side due to the inverted flag formation with the flagpole being the drop from 31.70 to 19.00 and the flag being the trading range back up to 23.00 that has been seen the last few weeks. A break below 19.00 would offer an $11 downside objective. By the same token, the 3 out of the past 4 weeks green weekly closes suggest that there is more buying interest at $20 than selling interest. A intraweek break above 23.00 or a daily close above 22.45 would suggest a rally to the gap area up at 26.91 would likely be seen. The short-term chart is tilted in favor of the bulls, meaning the probabilities favor the upside this week.

SLCA generated the 4th red weekly close in a row as well as making a new 4-week intraweek low but in spite of the stock having dropped/corrected 15% in value on an intraweek basis, the bulls have only accomplished a 6% drop based on the weekly close, suggesting that the weakness seen is likely only temporary. The underlying factor that has been offering selling pressure to the stock is the 200-day MA, currently at 35.25 and the 200-week MA, currently at 36.05. Both of these lines are indicative of trend and so far the bulls have not had enough fundamental reasons to break the lines convincingly. By the same token, the fact they continue to "hang around the lines", suggests the traders believe the probability of breaking them is stronger than the probability of the stock continuing in a downtrend. The stock closed slightly in the upper half of the week's trading range, suggesting a higher probability of going above last week's high at 35.00 than below last week's low at 31.14, which in turn also suggests that last week's low is now an important and likely pivotal support. Pivotal resistance is now found at the most recent high at 35.00, which does include the 200-day MA. A break of that level and a close above 35.25 would be a strong sign that the bulls are back in control. Probabilities favor the bulls but slightly.