ARNA generated a negative reversal week of consequence, having dropped from 48.45 to 39.70 (an 18.1% drop) in one week. On a positive note, it seems that it was mainly technically driven, given that there was no news to trigger the fall. The stock did have some psychological support at the $40 level and it did stop the fall but the bulls were not able to generate much buying interest at that level and since it closed near the lows of the week, further downside below last week's low at 39.70 is likely to be seen this week. Minor to decent intraweek support is found at 36.80 that could end up being the downside target. By the same token, the 200-day MA is currently at 40.60 and in the past 15 months that line has only been broken once and then only by $3 and only for 4 weeks, meaning that a drop below 36.80 is highly unlikely to happen and the stock might not get down that low given the recent positive fundamental news. Very minor resistance is found at 41.25 and stronger at 41.92 that if broken and a daily close above 41.70 occurs, would suggest the worst of the correction is over. Probabilities favor the bears this week but it could turn out to be a positive reversal week.

AXP generated a green inside week but a close near the lows of the week, suggesting further downside below last week's low at 106.72 will be seen this week. The stock rallied mainly off the DOW rally but the bulls did not accomplish breaking any resistance levels above, suggesting it was more of a pause week because of the indexes rather than any new buying interest. Nonetheless, the high for the week at 109.40 is now seen as a successful retest of the all-time high at 111.77 as well as a pivotal resistance level from which the bears can start new short positions. Downside objective remains the same as given last week at as low as 103.85 but the reality is that there is a minor but likely short-term indicative support at 104.55 that may be reached but likely not broken. I would venture an educated guess and say that the low for this week (and perhaps for this correction) will be between 105.55 and 105.89. Intraweek resistance is now found at 109.40 that if broken would suggest no further downside will be seen. I am likely to cover the shorts this week.

CCJ was the most accomplished held stock this past week. The stock made a new 21-month intraweek and weekly closing high and convincingly closed above the 200-week MA, currently at 11.47, suggesting this is a break of the well-established 7+-year downtrend. Immediate upside objective is likely to be somewhere between 13.36 and 13.59 and from which a small correction to test the breakout of the 200-week MA will likely occur. As such, consideration can be given to taking profits above 13.00 and buying the positions back around 11.50, all of this to happen over a period of 1-3 weeks. Nonetheless, the breakout above the MA line does suggest that a new uptrend is likely to occur with plenty of short-covering to be seen with a fundamental objective of at least $16 and as high as $20. Probabilities favor the bulls this week.

CLF generated a red weekly close, suggesting the selling interest is starting to ramp up. Nonetheless, the stock does have an upside objective of $13 (based on a weekly close) and the probabilities favor that objective being reached but now likely to be on a backing and filling scenario. The stock closed near the lows of the week and further downside below last week's low at 11.91 is likely to be seen. Nonetheless, the previous multi-year high daily close is at 11.92, suggesting that the stock will not close below that level at any time this coming week. By the same token, there is no intraweek support below until 11.25 is reached, meaning the stock could get down that low this week. Resistance is now found at 12.94 and at 13.10. Upside objective remains the $13 level on a weekly closing basis.

ENG continues to meander around the 1.00 level based on a weekly close. The stock for the past 8 weeks has closed at 1.02, at 1.01, at 1.04, at .99, at 1.03, at 1.00, at 1.02 and on Friday at .99. The stock did show a bit more weakness this week than the previous ones, likely due to the strong fall in the indexes but considering that the probabilities favor the indexes having a positive reversal week this week, the stock might get below the recent low at .98 but then close in the green next Friday. Resistance remains decent at 1.04 on both the daily and weekly closing chart. Intraweek resistance is at 1.12 and support at .98. Probabilities slightly favor the bears this week.

FSLR made a new 52-week intraweek and weekly closing low on Friday and closed near the lows of the week, suggesting further downside below last week's low at 46.23 will be seen this week. The stock did get below a relatively important but old intraweek low at 47.04, meaning that the bears continue to be in control. The bulls are now dependent on the 45.26 low that was made in September of last year and is the last low of any consequence before the $40 level is reached. As such, if that low is broken, the bears will be able to generate another new leg down. The bulls were able to get back up to close near the 47.00 level, which is considered "general" support ($3 below the $50 level). Nonetheless, they are now in a need-for-a-green-close next Friday or the sellers will gain yet another advantage. The probabilities do favor the bears, especially considering that the 45.28 support is considered at best a minor to perhaps decent support. The most recent weekly high at 50.71 is now minor to perhaps decent resistance, especially on a weekly closing basis as that is where the 200-week MA is currently at.

MT followed through on last week's negative reversal to generate another red weekly close and again near the lows of the week, suggesting further downside below last week's low at 29.35 will be seen this week. The bears remain in control but the chart picture might change this week depending on the action. Downside objective for this week is 28.24, which is where a previous intraweek low of consequence occurred in July but that is further strengthened this week with the 100-week MA, currently at 28.20. Given that the bulls in the index market are likely to generate a positive reversal this week, the same might be true with the stock and if that happens, consideration should be given to taking profits. By the same token, if the intraweek support at 27.83 is broken, the original downside target of 24.73 (200-week MA) will become highly viable to be reached. It does look like a likely pivotal week for the stock.

SLCA generated an inside week but with a green weekly close, which does increase the chances that the low of the downtrend may have been made the previous week with the 17.92 low. The green weekly close does make the previous week's close at 18.83 into the 3rd point on the 6-year uptrend that began in July 2012 at 11.07. The stock did close in the lower half of the week's trading range, suggesting further downside below last week's low at 18.79 will be seen this week. If that occurs but the recent low at 17.92 is not broken and the stock goes above next week's high the following week, the bottom of this downtrend will likely be set. Pivotal resistance is now found at 20.51. Probabilities favor the bears this week but only for a retest of the recent low.

TXN generated a new 5-month low as well as a new sell signal on both the daily and weekly closing charts. Downside objective is now 99.02 though some support starts to be found as high as 101.36. Strong support is found between 96.99 and 98.02 that is highly unlikely to be broken at this time, meaning that once the stock gets down to the support area between 99.01 and 101.36, consideration to taking profits should be given. Resistance will now be found between 104.57 and 105.90 and any weekly close above 105.36 would generate a failure signal. Probabilities strongly favor the bears this week but if desired downside objectives are reached, profit taking should be considered.