ARNA made a new 39-month weekly closing high on Friday and closed on the highs of the week, suggesting further upside above last week's high at 48.60 will be seen this week. The bulls got aboard the stock this week after the stock dropped down to 43.06 (which is a level that previously showed weekly close support between 2013 and 2015 with weekly closes at 43.70, 43.90, 43.10, 43.20 and 43.30 over that period of time) and no new selling came in. Evidently, the traders continue to lean on the buy side due to the positive fundamental outlook of the company and are buying all dips down to previous support levels of some importance. Nonetheless, the stock does show minor to decent weekly close resistance at 48.10, which is the 39-month high weekly close and a level that has not been seen or broken since March 2015. There is no weekly close resistance above 48.10 until 54.30 and given the fact that there has been no new positive fundamental announcements, the probabilities of breaking the 48.10 weekly close resistance area at this time continue to be low. The stock did close at 48.08 on Friday, meaning that this week is all about a red or green weekly close next Friday. On an intraweek basis, there is resistance at 49.10 and again at 49.70 and given that the stock generated a positive reversal week as well as a close near the highs of the week and further upside is expected to be seen, suggests that 48.60 will be broken and a rally to 49.10 or perhaps up to 49.70 will occur. Above 49.70 there is no intraweek resistance until 51.20 but that is a double top and unlikely to be broken until there is new positive news. To the downside, the 43.06 level has now become decent support that if broken would suggest a correction is happening. Drops down to the $40-$41 level can still be seen but the possibility of that occurring is now less than it was last week. Probabilities now favor the stock trading between $49 and $44 for this coming week.

AXP gapped down on Tuesday after the index market spiked down off of the Bond fear in Italy but the stock failed to recover after the indexes reversed back to the upside. The stock generated a failure signal, having closed below the previous all-time high weekly close at 101.08 and did close slightly in the lower half of the week's trading range, suggesting a slightly higher possibility of going below last week's low at 96.98 than above last week's high at 99.84. Then again and with no negative company news to support the gap between 99.84 and 100.47, probabilities would suggest the gap will be closed this week. The stock did close on Friday in an area of some weekly close support between 98.03 and 98.35, meaning that a red or green weekly close next Friday will have some short-term meaning as a close below 98.03 would generate a new but minor sell signal. On an intraweek basis, a drop below last week's low would suggest that a drop down to the 8-week spike low at 95.51 would be seen with a decent possibility of the stock getting down to the 200-day MA, currently at 95.00. To the upside, there is no resistance (other than the gap) until minor at 100.53 and then a bit stronger at 101.65. The failure signal given as well as the lack of a recovery rally (such as was seen in the indexes) suggests that the bears could be in short-term control.

CCJ generated another red weekly close and this time it was below the previous weekly close breakout at 10.56 (closed at 10.45). A failure signal by just 11 points is not convincing but it does mean that the bulls need to generate a green weekly close next week above 10.56 or face further chart selling pressure. The stock did close near the lows of the week, suggesting further downside below last week's low at 10.31 will be seen this week. Nonetheless, there is previous decent intraweek support at 10.31, meaning that a lower low than last week could have some short-term pivotal repercussions. Important intraweek support on the daily chart is found at 9.91, suggesting that if that support is broken, damage will be done to the chart. To the upside, minor resistance is found at 10.67 and then a bit stronger and short-term pivotal at 10.91. The probabilities slightly favor the bulls this week but mostly for a green weekly close next Friday.

CLF generated a positive reversal week, having gone below the previous week's low and then closing above the previous weeks high. The stock closed near the highs of the week, suggesting further upside above last week's high at 8.85 will be seen this week. Though the action this week was positive, the bulls failed once again to generate a breakout on the weekly closing chart, needing a close above 8.68 to accomplish that goal (closed at 8.67). Nonetheless, the bears were not able to get down to the downside objective at 7.97 this past week (low was 8.11) and having made a new 20-week high close (above the one 3 weeks ago at 8.61) does suggest the breakout will occur this week. A rally above 9.08 this week would likely generate strong new buying interest. Probabilities favor the bulls.

ENG extended its gains, having generated a new 8-month high weekly close. The stock closed on the highs of the week, suggesting further upside above last week's high at 1.30 will be seen this week. Nonetheless, it must be mentioned that the 1.29-1.31 level on a weekly closing basis has been pivotal on several occasions over the past 2 years and having closed on Friday at 1.30, it is clearly evident that a red or green close next Friday will be short-term indicative. The bulls have done everything correctly over the past week and a half and given the breakout and ensuing successful retest of the breakout with last week's low at 1.06, it is suggestive that the bulls will win the battle this week. Any convincing daily close above 1.30 is likely to bring a renewed short-covering rally that would likely push the stock higher and toward the 2.50 objective that I mentioned last week. Any daily close below 1.08 would throw a bucket of cold water on the rally. Probabilities favor the bulls.

FCEL continued to trade sideways but the bias now turned toward the bulls, given that the bears were unable to break the previous week's low at 1.83 (last week's low was 1.83) and the stock reversed to close on the highs of the week, suggesting further upside above last week's high at 1.94 will be seen this week. Short-term pivotal resistance is found at 1.99 that if broken would likely push the stock to the next resistance level at 2.11 and if that level is broken, it would give the bulls new and stronger chart ammunition for a rally to 2.49, which is an important longer term pivotal resistance. The 1.81-1.83 level has now become decent support that is unlikely to be broken. Probabilities favor the bulls.

MSFT made another new all-time intraweek and weekly closing high this past week and closed again on the highs of the week, suggesting further upside above last week's high at 100.86 will be seen this week. The rally this past week was strong and likely indicative of further upside, meaning that bears will need to do something by the end of the week to have any hope of the stock correcting from this level, as it has done often in the past after a new all-time high was made. Simply stated, a red weekly close next Friday is a must for the bears. Last week's low at 97.23 is pivotal support this week. If broken, the bears will get a slight edge. Unfortunately for the bears, the probabilities continue to favor the bulls.

RENN generated an uneventful inside week as well as a close in the middle of the week's trading range, meaning that the traders are waiting for something to occur to give them new direction. The new 4-week high made the previous week did get rid of some of the recent sell pressure but the inability of the bulls to follow through on that high this past week kept the traders scratching their heads. In looking at the fundamental picture of the company, I found the same scenario as the chart is showing, meaning a lack of commitment to either direction at this time. As such, the stock should be played through the charts. A break of support at 8.32 would be a strong signal to sell, while a break of the recent high at 9.20 would be short-term encouraging. Probabilities for this week are for more of the same as seen last week.

UGAZ made a new 4-month weekly closing high and closed on the highs of the week, suggesting further upside above last week's high at 69.07 will be seen this week. Intraweek resistance is found at the previous week's high at 70.00. A break above that level shows no intraweek resistance above until 81.44, which is further strengthened by the 200-day MA, currently at 80.36, which is a line that has not been broken to the upside since January 2017. As such, a rally up to that level would be reason to take profits. Support is now pivotal at 61.12, meaning that a stop loss at 61.02 should be in place. By the same token, any daily close below 63.61 would also be a valid reason to liquidate the long positions. Probabilities favor the bulls.