ARNA continued lower this past week, the 5th week of red weekly closes in a row, and though some buying interest was found at the lows of the week (34.90), which generated a short-covering rally up to 39.35 (11.4%), the stock still closed in the lower half of the week's trading range, suggesting a higher probability of going below last week's low than above last week's high this week. The 200-day MA, currently at 38.35, was broken a week ago Friday and the bulls were unable to negate that break, given that 5 closes in a row below the line occurred last week. The weekly closing chart going back 4 years shows weekly close support at 36.50, at 34.95, at 34.20, at 33.88 and at 31.51, suggesting that the correction is not yet over as one of those levels is likely to be seen on a weekly closing basis. Evidently, a close below 31.51 would change the outlook for the stock and therefore not likely to occur, but all the other levels of support are not only viable but likely to have at least one of them reached. Last week's high at 39.35 is now decent resistance, especially considering that a break of that level would also likely mean negation of the 200-day MA break. Probabilities do favor the bears this week but buying interest is occurring below 35.00, meaning that some backing and filling is the most likely scenario. Chart does suggest that a drop down to the 34.00 level is likely to occur but that it could be the bottom of the correction.

AXP made a new all-time high 3 weeks ago at 104.24 and last week the stock got above the previous week's high at 103.11, meaning that if the stock goes below last week's low at 100.40 that a successful required/needed retest of the high will have occurred and a valid chart reason for a correction to start. The stock did close in the lower half of the week's trading range, suggesting further downside below last week's low at 100.40 will occur this week. Minor intraweek support is found at 99.97, at 99.27 and stronger at 98.67. The stock is showing a possible Head & Shoulders formation with the left shoulder at 103.07, the Head at 104.24, and the right shoulder at 103.32. The neckline is at 97.80 which also coincides with the 200-day MA, currently at that same price. If the neckline and MA are broken, the downside objective of the H&S formation is 92.20. Resistance is now found at 103.32 that if broken would suggest a new all-time high will be made. Probabilities favor the bears.

CCJ generated an uneventful but negative week, having gone above the previous week's high but seeing no follow through thereafter and then closing in the red and on the lows of the week, suggesting further downside below last week's low at 10.74 will be seen this week. Intraweek support is found at 10.45 and short-term pivotal at 10.31. If 10.31 gets broken, the chart suggests that a fall down to 9.00 will occur. The chart remains leaning to the bull side but it may be difficult for the bulls to generate a rally if the index market is heading lower. Important and short-term pivotal resistance is found at last week's high at 11.29. If broken, the bulls will gain an important edge. Probabilities slightly favor the bears this week.

CLF generated a negative reversal week, having gone above the previous week's high and then below last week's low and closing in the lower half of the week's trading range, suggesting further downside below last week's low at 9.94 will be seen this week. The bullish flag formation remains in place but did suffer some deterioration and if the stock does go below last week's low by more than a couple of points, the flag will be negated. General support is found at 9.70 (the bottom of the $10 demilitarized zone) that if broken would open the door for a drop down to the next intraweek support level at 8.28. On a daily closing basis though, support will be found at the previous 17-month daily closing high at 8.95. The stock did generate a green daily close on Friday and on the highs of the day, suggesting further upside above Friday's high at 10.42 will be seen on Monday. Nonetheless, the bulls have to get the stock above 11.00 in order for the short-term negative outlook to go away. Probabilities favor the bears this week but it could be a pivotal week if the stock gets below 9.70.

ENG reported earnings and they were worse than expected and the stock broke the supports that had been built since the previous earnings report 3 months ago. The gap that had been created on May 23rd between .95 and 1.02 was closed, suggesting that this report was more negative than the previous one was positive. Nonetheless and even though the stock closed near the lows of the week and further downside below .90 is likely to be seen this week, the stock did generate a positive reversal day on Friday, having made the low of the week that day and then closing on the highs of the day and in the green, suggesting that perhaps the worst is over. The previous daily closing high at .99 that had stood up for 7 months between November and May was not broken given that the stock closed on Friday at 1.01 and it is suggestive that the worst may be over. The $1.00 level has proven to be important support over the past 5 years, not only psychologically but from previous low weekly closes (3 of them). Intraweek support should be found at .88 and resistance on a daily closing basis found at 1.11. Probabilities favor the stock trading in that range this week. If there are any surprises they will likely be to the upside.

FCEL made a new 60-week intraweek and weekly closing low but some buying begun to be seen as the stock neared the 1.07 level, given that the bulls managed to rally to close in the upper half of the week's trading range, suggesting a higher probability of going above last week's highs at 1.25 than below last week's low at 1.07. Nonetheless, at these levels the interest in the stock is low on either side and the probabilities favor the stock getting into a trading range between 1.00 and 1.30 for the next few weeks. Probabilities favor a trading range scenario.

FSLR generated a negative reversal week, having gone above the previous week's high and then closing in the red and near the week's lows, suggesting further downside below last week's low at 52.42 will be seen this week. The chart suggests the stock is in a $5.50 trading range between 55.70 and 50.25 with the low side of the trading range likely to be the next seen. A rally above 55.70 will be a breakout and a drop below the $50 demilitarized zone will suggest new weakness is being seen. Probabilities favor the bears this week.

IBM generated an uneventful inside week but the stock had generated a small breakout the previous week above the 14-week weekly closing high at 146.35 and that breakout was negated this week with a close not only below that level but also below the most recent low weekly close at 145.15. The stock closed on the lows of the week, suggesting further downside below last week's low at 143.88 will be seen this week. Intraweek support is found at 142.33, minor to decent at the $140 demilitarized zone and longer term pivotal at 137.45. Resistance is found at 147.92, at 149.27 and at 150.54. Though there is support at 142.33, the chart suggests that a drop down to 140.00 will occur and if the indexes get into a strong correction and the stock breaks 137.45, a drop down to at least $132 is likely to be seen. The probabilities favor the bears this week.

MSFT made a new all-time weekly closing high on Friday but the bulls failed to break the previous intraweek high at 111.15 that was made 4 weeks ago. The stock closed "very slightly" in the upper half of the week's trading range, suggesting an equal chance of going above last week's high at 110.16 than below last week's low at 107.56. It likely will depend entirely on what the indexes are doing and given the probabilities favor the bears there, the same thing is likely to happen to the stock. The red daily close on Friday does suggest that Thursday's close at 109.60 was a successful retest of the all-time high daily close at 111.15 and does give the bears a small edge for this coming week. Minor support is found at 106.14 and pivotal at 104.76. Resistance is now found at 110.15, meaning that lowering the stop loss to 110.35 can be considered. It is interesting to note that the 200-day MA, currently at 93.54, has not been seen and much less broken since July 2016. The 100-day MA, currently at 99.00 has been seen but not broken on 5 occasions during the same period of time, suggesting that if a top to this rally has been found that a drop down to the 100-day MA is a highly viable outlook for the downside and if the indexes get into a strong correction, that the 200-day MA would then become the target. Probabilities very slightly favor the bears this week.

TWNK reported earnings and they were substantially worse than expected and the stock made a new 9-month intraweek low, erasing all the gains that had been made since November of last year. The stock closed just 6 points from the all-time low weekly close at 11.67 (closed at 11.73), meaning that if a green weekly close is seen last week that a double bottom will be generated. As it is, several companies lowered their ratings on the stock but all had a $12 objective or higher, meaning that the possibilities for further downside on a weekly closing basis are low. On an intraweek basis though, further downside is likely to be seen below last week's low at 11.40. The all-time intraweek low is 11.00 so there is a decent possibility that level will be targeted this week. If that level holds and a green weekly close occurs next Friday, a rally up to at least 12.59 and perhaps as high as 13.33 is likely to be seen (all based on weekly closes). Nonetheless and until the next earnings report, the probabilities favor the stock trading in a small trading range between $11 and $13, meaning that consideration should be given to liquidating positions on any rally above 13.00.

TXN generated a negative reversal week, a new 5-week low, a possible sell signal on the weekly closing chart (having closed $.16 cents below the previous low weekly close at 110.25) and a close on the lows of the week, suggesting further downside below last week's low at 109.35 will be seen this week. The bears have 2 obstacles yet to overcome with decent and likely pivotal intraweek support at 107.45 and the 200-day MA, currently at 106.85. Nonetheless, if those support levels are broken, there is open air below until the $100 level is reached. The stock made the all-time high at 120.75 in January and that high has now been tested successfully on 3 occasions with highs at 118.48, 116.49 and last week's high at 116.16. As such and of all the short positions put on recently, it is the most likely to head lower. The 200-day MA has not been broken to the downside since February 2016 but has been seen twice since then with lows made in July 2017 and in April 2018. It is highly likely that the stock will drop down to that level on this occasion due to the all-time high having been successfully tested on so many occasions. The 200-day MA is now an important indicator not only for the stock but probably as well to the index market. Probabilities favor the bears this week.