ARNA generated another red weekly close, the 6th in a row, but on an intraweek basis the stock had an inside week (higher lows and lower highs than the previous week), suggesting that the selling interest is ebbing. Nonetheless, the stock did close near the lows of the week and further downside below last week's low at 35.44 is expected to be seen this week. On a weekly closing basis, the downside target is 34.95 as that was the low weekly close the 2nd week of January and from which an $8 rally occurred. On an intraweek basis and using the weekly chart, support is found at 33.65 and at 33.03, neither of which should be broken without some new negative news being released. The first key for the week will be whether the most recent low at 34.90 is broken at the beginning of the week or not. The stock should find buying interest at the low seen the 2nd week of January at 35.10. If that level is seen but the 34.90 level is not broken, the bulls will see it as a bear failure and will step up to buy. On the other side of the coin, if the low seen the last week at 34.90 is broken, then a drop below 34.00 will likely occur. There is quite a bit of history of support between 33.03 and 35.10 as that area has been decent support on 6 different occasions this year. With no change in the fundamental picture, it does suggest that a low to this correction will be found either this week or the next and that it will be somewhere between those 2 levels. For this coming week, the 35.10 level is the pivot point. A break of that level is likely to generate a drop down to 34.00. If not broken, a recovery is likely to start.

AXP generated an inside week in which no direction decision was made. Nonetheless and with the help of the index market, the stock did generate a green weekly close and near the highs of the week, suggesting further upside above last week's high at 103.31 will be seen this week. The stock remains in an area between 102.95 and 103.32 where resistance has been seen 4 different times since March and that other than the all-time high made July at 104.24 has not been broken. As such and like with the indexes, a new all-time high is likely going to require some positive fundamental news. Minor support is found at 101.58 and short-term pivotal at 100.84. With the stock at resistance, probabilities slightly favor the bears.

CALM has rallied 13.5% in the past 3 weeks and finds itself near a decent intraweek resistance at 50.40/50.45 that stopped the rally twice before over the past 9 months. The stock closed near the highs of the week and further upside above last week's high at 50.25 is expected to be seen this week. The 27-month high is at 52.30 and like with the index market, it is likely the bulls will need some new fundamental positive to break this level of resistance. The stock did get into the gap between 49.85 and 50.85 that was generated in June off of a negative earnings report with the 50.25 high this past week. As such, it is evident that the objective of the bulls is to close the gap as leaving it open at this time would be a strong bearish sign. Minor support is found between 49.30 and 49.36 and then nothing until the 45.70-46.25 level is reached, which is also where the 200-day MA is located. The probability continue to favor the bears given the negative earnings report from June and the lack of support levels built on the way up.

CCJ made a new 4-month intraweek and weekly closing low on Friday and closed near the lows of the week, suggesting further downside below last week's low at 10.21 is expected to be seen. The minor to decent intraweek support at 10.31 was broken, which in turn has put the bulls in a precarious situation which requires a positive reversal week this week or the mid-term bull-run may end. On a weekly closing basis, the breakout level that generated the run up to 12.16 is at 10.37, meaning that last week's close at 10.36 is going to be indicative this week based on a red or green weekly close next Friday. Evidently a green weekly close would suggest the breakout level was tested successfully and new buying would likely be seen. A red weekly close would suggest further exploration of support below is to come. The stock has now tested twice the 200-week MA, currently at 11.74, meaning that if the bulls can turn the stock around this week, a 3rd retest will occur and likely be successful. By the same token, a failure here would suggest the mid to lower 9's would be visited again. Probabilities slightly favor the bulls.

CLF made a new 4-week low and closed below a minor weekly close level of support at 9.93. Nonetheless, the bulls were able to rally the stock to close just very slightly below the midpoint of the week's trading range as well as slightly below the minor support level, meaning that there is a decent possibility (perhaps 45-55) the stock will turn around this week and resume the uptrend. The 10.00 level has become short-term pivotal resistance both from the high made on Thursday at 9.98 as well as from the 200 10-minute MA that is currently at 9.93. If the bulls are able to break those levels on Monday, the traders are likely to get back on the buy side. By the same token, a new low below last week's low at 9.42 would suggest further downside with the 8.68 level as the objective. Probabilities slightly favor the bears.

ENG generated an uneventful inside week and a close at the same level as the previous week, suggesting the negatives of the earnings reports are now factored into the price. The stock did close on the lows of the week and further downside below last week's low at 1.00 will be seen this week. If that occurs but the bears fail to break the recent low at .90, it will be seen as a successful retest of the low and some new buying interest is likely to be seen. The daily close support at 1.11 that got broken the previous week was tested successful on Tuesday with a close at 1.12, meaning that the bears remain with the edge. By the same token, any daily close above 1.12 would now be a sign that the buying interest has returned. Evidently, a new low below .90 would be a bear sign. Probabilities favor backing and filling at this time without any clear direction.

FSLR generated a red week and a close in the lower half of the week's trading range, suggesting further downside below last week's low at 49.97 is expected to be seen. Nonetheless, the bears were unable to break the 200-week MA, currently at 50.90, having rallied the stock to close at 51.00 on Friday, suggesting that the long-term uptrend remains in place. The stock seems to be in the process of building an inverted Head & Shoulders with the left shoulder at 50.23, the head at 48.00 and the right shoulder presently being built and probably at 49.97. The neckline would be at 55.35 that if broken would offer an objective of 62.70. It is evident this coming week is important as further downside would begin to erode the formation and a close below the 200-week MA next Friday would be a negative sign of consequence. On the other side of the coin, if the $50 demilitarized zone holds up (49.70 not get broken) and a green weekly close be seen next Friday, it would suggest the stock is ready to generate a recovery rally. Probabilities slightly favor the bulls.

IBM generated a positive reversal week, having made a new 7-week low but then turning around to close in the green and on the highs of the week, suggesting further upside above last week's high at 146.39 will be seen this week. By the same token, the bulls did not accomplish anything of note given that the stock has shown lower highs each week for the past 4 weeks, suggesting the recent short-term downtrend remains intact. Minor but likely short-term indicative resistance is found at 147.52 that if broken would suggest the 9-week high at 150.54 would be tested and perhaps broken. As such, consideration can be given to lowering the stop loss to 147.62. Support remains minor to decent between 139.13 and 140.00. The stock did gap up on Thursday between 144.00 and 144.37, which is a magnet given that there was no news to support the gap. Like with several of the other shorted stocks, the stock will likely depend on what the indexes do and with the probabilities favoring the bears in that regard, it is likely that after a rally up to around the 147.50 level that the stock will turn down thereafter.

MSFT generated a red weekly close, the first in the past 7 weeks, and closed in the lower half of the week's trading range, suggesting further downside below last week's low at at 106.69 will be seen this week. With the indexes having generated a rally and a green weekly close, the fact the stock did not is of note given that it has been on a strong uptrend and making new all-time highs consistently. Minor but likely short-term pivotal resistance is found at 109.75. Short-term pivotal support is found at 104.76 that if broken would suggest a drop down to 102.76 would occur. Chart suggests further downside will be seen this week but a break of the support at 104.76 is likely to be dependent on whether the indexes turn down or not. Probabilities slightly favor the bears this week.

TWNK bears were unable to generate follow through to the downside and an inside week occurred but with a green weekly close and near the highs of the week, suggesting further upside above last week's high at 12.53 will be seen this week. An intraweek rally up to a high of 13.00 could be seen but there is quite a bit of daily and weekly close resistance between 12.58 and 12.70 that at this time is unlikely to be broken. With such a negative earnings report as came out 2 weeks ago, liquidation of the positions should be considered on rallies up to 12.70 and 13.00. At this time, it is unlikely that the stock will trend in any direction, suggesting that a trading range between $11 and $13 is what is in store for the stock until the next earnings report.