ARNA bulls were in control of the stock this week, having made a new 6-week high and broken above the decent intraweek resistance at 41.92. Nonetheless, at the end of the week they fell a bit short of making a bull statement, given that they got up to the 2-year high weekly close at 43.37 on Thursday and Friday and yet were unable to close above that level on the weekly close on Friday. The stock did close near the highs of the week and further upside above last week's high at 43.74 is expected to be seen this week. To the upside, there is minor intraweek resistance at 44.50 and decent at the 2-year high at 45.85. On a daily closing basis though, there is decent and likely pivotal resistance at 44.00. Evidently, this coming week is short-term pivotal given the resistance of consequence found here between 43.37 (weekly close) and 44.00 (daily close). A red close on Monday would strengthen the minor red close seen on Friday, which would make it a successful retest of the 44.00 daily close high. Short-term intraweek support is now found at 38.78 that if broken would suggest that a drop down to 36.80 would be seen. Probabilities favor the bulls but this is a short-term pivotal area of resistance.

AXP came within $.27 cents of closing the gap down at 95.24 but with the index rally the stock generated a positive reversal day on Friday as well as a close slightly in the upper half of the week's trading range, suggesting a slightly higher probability of going above last week's high at 100.37 than below last week's low at 95.51. The stock made a new all-time high 3 weeks ago at 102.96 and that high has not yet been tested on the weekly chart, suggesting that a rally above last week's high will end up being that required/needed retest. As such, the probabilities do favor the bulls this week. By the same token, the gap down at 95.24 remains open and it is unlikely to stay open for the longer term, meaning that at some point the recent correction is likely to resume. Minor intraweek resistance is found at 99.70, at 100.17 and decent at 101.65. Consideration can be given to taking profits on Monday and re-shorting the stock above 101.00. Probabilities favor the bulls this week.

CALM made a new 4-week low and closed near the lows of the week, suggesting further downside below last week's low at 45.60 will be seen this week. Nonetheless, the 44.13 to 45.60 area is considered decent intraweek support given that on 4 different occasions over a 53 week period of time (between May 2015 and May 2016) it held strongly and each time generated a rally of at least 13% from that level. On a weekly closing basis, the support is found between 46.00-46.60. With the stock likely heading below last week's low this week and the 200-week MA currently being at 44.01, as well as the established support found in this area, consideration should be given to covering the short positions this week on any drop below 45.00, unless the index market goes south in a decisive way. The stock did generate a positive reversal day on Friday, having made a new 5-week low and then closing in the green and in the middle of the day's trading range, leaving the door open for either Friday's high at 47.00 and Friday's low at 45.60 being broken on Monday. Probabilities do favor the bulls for Monday and above 47.00 there is no resistance until minor to decent resistance is found between 48.00 and 48.40. With the stock closing at 46.35 on Friday and the downside objective not likely to be more than 44.00 and resistance above being at 48.40, consideration can be given to taking profits at Friday's closing price as from this level the risk/reward ratio is no better than 1-1.

CCJ generated a new 13-month intraweek high and a new 14-month weekly closing high this past week and stock closed near the highs of the week, suggesting further upside above last week's high at 11.67 will be seen this week. The upside objective for the stock is the 200-week MA, currently at 12.33. That is a line that has delineated the downtrend for the past 7 years and has not been seen or touched since March 2014, meaning that it is highly unlikely that the bulls will be able to break that line at this time, at least not break the line for more than a week or two before a failure signal is given. On an intraweek basis, decent resistance is found at 13.36 and given the momentum the bulls presently enjoy, it is possible that on an intraweek basis the bulls will be able to take the stock to that level. Nonetheless, the chart does suggest that a drop back down to at least the 10.81 level (and probably the $10 demilitarized zone) will be seen if the bulls are unable to establish themselves above the 200-week MA. As such, consideration should be given to taking profits anywhere between 12.30 and 13.30 and looking to re-purchase the stock thereafter on drops down to at least 10.85. Probabilities favor the bulls this week.

CLF traded every day this past week (and for the past 11 days) around the 200-day MA, currently at 7.20, without generating a single close below the line, meaning that the bulls have now been able to make a strong statement of support. On Friday, the bulls were able to generate a positive reversal day as well as a close on the highs of the week, not only suggesting that further upside above last week's high at 7.70 will be seen this week but also establish convincingly that no further downside below the 200-day MA, is likely to be seen without a negative fundamental change. Pivotal resistance is found at 8.03. Above that level, further resistance is found at 8.17 and at 8.77 and longer term pivotal at 9.15. Bulls are likely to target a break of the resistance at 8.03 this week and if successful (now likely), the chart outlook will give the bulls a decided edge for the summer. Intraweek support is now decent as well as pivotal at 7.08. Probabilities favor the bulls this week.

ENG continues to trade in the 4+ month trading range between .73 and .99, without giving a clue as to what the future is to bring. The stock generated a new 4-week low at .78 but then closed in the upper half of the week's trading range, suggesting further upside above last week's high at .88 will be seen this week. If that occurs, it is possible that a new attempt at the highs of the trading range will occur. Nonetheless, the traders are likely to continue trading in this established trading range until the earnings report comes out on May 14th. Decent and pivotal resistance is found at .99 and the same can be said about support at .73 and .75. Probabilities favor another uneventful week.

FCEL generated a positive reversal week, having made a new 3-week low but then reversing to close in the green and on the highs of the week, suggesting further upside above last week's high at 1.96 will be seen this week. On this small selling occasion, the bears failed to get the stock down to the 200-day MA, currently at 1.78, as the low for the week was 1.81, suggesting that the bulls continue to increase their edge after 7 months of building and testing support over and over again. Minor resistance is found at 1.99 and then nothing but stronger at 2.10/2.11. Traders are likely to wait for the earnings report that comes out June 7th, meaning that for the next 4 weeks much of the same kind of sideways trading is likely to be seen. Nonetheless, the chances of something positive occurring before that have increased. Probabilities favor the bulls this week.

MSFT generated an inside week as well as a red weekly close, suggesting that the bulls have run out of ammunition given that the company reported better than expected earnings 2 weeks ago and made a new all-time intraweek high. The stock did close in the upper half of the week's trading range, suggesting that further upside above last week's high at 96.40 will be seen this week. If that occurs but the all-time high at 97.90 is not broken, it would likely become a successful and required/needed retest of that level that would then bring in new selling interest. Minor resistance is found at 96.07 and then minor to decent between 97.07 and 97.24. Pivotal support is now found at last week's low at 92.40. Probabilities favor the bulls this week but only for a rally above 96.40. Overall, the summer future of the stock will depend on what the index market does this week.

RENN announced this week that they were going to give a cash dividend but in the process the shares would be somewhat diluted on a 1-5 basis. The stock took a 20% tumble in price (14% on a weekly closing basis) based on the announcement. The stock closed in the lower half of the week's trading range and further downside below last week's low at 8.32 is expected to be seen this week. Nonetheless, the bears were not able to break the double bottom at 8.02/8.13 in spite of the negative reaction, suggesting that the worst of the tumble might be over and that the stock will not continue lower. If the bears can get the stock down to 8.01/8.13 then it is likely that a break would occur and that a drop down to the next support level at 7.58 would be seen. Resistance is now minor to decent at 9.75 that if broken would go a long way in negating the announcement. This is mostly a fundamental change that I personally cannot evaluate, meaning that the chart levels mentioned above are the only thing I can go by at this time. Evidently, whatever action is seen this week will be indicative.