ARNA generated a short-term sell signal on Friday, having closed below the most recent low weekly close at 36.27. The stock closed on the lows of the week and further downside below last week's low at 35.71 is expected to be seen this week. The sell signal does not necessarily mean that the stock is now in a downtrend but it does mean that at the very least the stock is trading sideways for the next few weeks until new fundamentals, either for the company or for the economy, come out. There is minor intraweek support at 34.90, minor to decent between 33.00 and 33.20, decent at 31.90 and again at 30.00. Below that level, there is no support until minor to perhaps decent but old (from 2010) support is found at 27.00. Based on the high probability of the indexes heading down to test the long-term 200-week MA's, it is possible the stock will be doing the same. That line is presently at 27.47. In looking at the chart of the stock (not considering the effect that the indexes might have), it does suggest that the stock will be heading down to the 33.00 - 33.50 level where it would turn around and head back up to the 41.92 level over the next 4-8 weeks or until new fundamental news comes out. If the 31.90 support level breaks, probabilities will increase strongly that a drop down to the 200-week MA will occur. Probabilities favor the bears this week.

CCJ bulls were unable to generate a breakout this past week due to the strong selling in the index market and in the end succumbed to the sell pressure by dropping 10% in value and closing below the 200-week MA, currently at 11.25, for the 2nd time in the last 2 months and the third time for the past 5 years. The stock closed on the lows of the week and further downside below last week's low at 10.67 is expected to be seen this week. The stock has been more of a stalwart than not during the collapse of the index market but it is now close to a level of weekly close support between 10.56 and 10.81 that the bulls will need to hold if the stock is to resume its upward journey over the short term. A weekly close below 10.56 would extend the period for a return to a possible uptrend by at least 2 months. Pivotal intraweek support is found at 10.19 that if broken would make the latter scenario likely. The 200-day MA is currently at 10.85 and if the bulls can get back above that line and close above the line 2 days in a row, the sell pressure will likely evaporate. Probabilities slightly favor the bears this week but this is one of those stocks that has more potential for the upside than the downside.

CLB has dropped 52% in value over the past 12 weeks and did close near the lows of the week, suggesting further downside below last week's low at 58.17 is likely to be seen this week. Over the past 7 weeks, the bears have been successful in not only generating a failure signal to the 7-year rally up to $221 but also given a failure signal to the initial rally seen in 2007 that took the stock up to 77.75 (74.16 on a weekly closing basis), meaning that the fundamental picture has changed negatively for the company. Decent and likely to hold up intraweek support is found at 51.04, suggesting that a bottom to this drop is now in view. Between August 2007 and September 2008, the stock traded between $51 and $77 and that is now likely the scenario that will be in place for the next few months if not longer. Intraweek support starts at 57.10 and the probabilities do not favor the stock dropping down to $51 at this time, suggesting that a drop down to $57 will be seen this week but rallies back up to around the $65 level will occur soon thereafter. This scenario does fit in with the likelihood of oil finding support around the $44 area and a rally back up to $51 occurring thereafter. Probabilities favor the bears at the beginning of the week but the bulls toward the latter part of the week.

CLF made a new 11-month low and did close near the lows of the week, suggesting further downside below last week's lows at 7.57 will be seen this week. Nonetheless, the bulls were able to rally on Friday sufficiently (in spite of the indexes closing on the lows) to close just 3 points below the weekly close support at 8.00, meaning that a break of that pivotal support may not have occurred. By the same token, the stock has shown an affinity to following the index market and given the indexes are due to continue lower, the probabilities favor that occurring with the stock as well. The 200-week MA, currently at 6.42, could be the target much like with the indexes. On an intraweek basis, there is quite a bit of decent support at 7.00 and if the stock does head lower (likely), that will be the immediate target. If that occurs, the 8.00-8.20 level will become resistance. Evidently, the 8.00 level is pivotal and resistance is presently found at 8.50 that if broken would suggest the bulls have prevailed at this area. Probabilities favor the bears.

CRON made a new 11-day low and did close on the lows of the week, suggesting further downside below last week's low at 10.00 will be seen this week. Intraweek support is found at 9.76, which is the low just prior to the report of the merger. Nonetheless, on the weekly chart, there is no support found until 9.26. The stock has not been all that sensitive to the index action but with everything going down it is difficult to find much buying interest at this time. Chart-wise, it does seem that a drop down to 9.26 will occur but that some buying interest will be found there. Short-term pivotal resistance is now found at 11.81 that if broken would suggest the worse is over. Probabilities favor the bears this week.

ENG made a new 5+-year intraweek low that effectively ended the slight uptrend that the stock had been following since that period of time. The stock closed near the lows of the week and further downside below last week's low at .65 is expected to be seen this week. On a possible positive note, in 2013 the stock broke out of a 9-month sideways trend by generating a weekly close above .66 and given that from my limited fundamental knowledge the company is in a better fundamental basis than it was at that time, it seems unlikely that weekly close support will be broken. The stock closed on Friday at .68, which suggests that a green close next Friday would be indicative and a lower close at or above .66 would be uneventful. Either way, the break of 5-year support does change the short-term outlook, meaning that it is now all about the fundamentals of the company as well as of the health of the index market. Pivotal resistance is now found at .78. A break above that level would negate this past week's break. Probabilities slightly favor the bears.

MCIG made a new 13-month intraweek low and closed near the lows of the week, suggesting further downside below last week's low at .1575 will be seen this week. The stock has not acted well during the past 4 months and not all blame can be placed in the fall of the index market. Much of the weakness is based on the fact that the company is not a well-established company and as such would receive more selling interest than other companies, such as CRON. Nonetheless, the stock is now close to the 200-week MA, currently at .15, and given the overall outlook for the Cannabis industry, it is unlikely that line will be broken at this time. Pivotal support is found at .125 that if broken would be a likely "death blow". Resistance is now found at .20 that if broken would suggest the worse is over. Probabilities favor the bears this week.

SLCA made a new 6+-year low and closed near the lows of the week, suggesting further downside below last week's low at 9.93 will be seen this week. The stock is now approaching the all-time weekly closing low at 9.74 as well as the all-time intraweek low at 9.02. Given that oil is likely to be turning around this week after some early-week weakness, the probabilities favor the same for the stock. Minor but possibly short-term pivotal resistance is found at 11.93 but in order for a stronger signal of a bottom having been found getting generated, the stock needs to close above 13.02. generated a red week and a close on the lows of the week, suggesting further downside below last week's low at 13.01 will be seen this week. The double bottom at 12.89/12.97 is now considered a triple bottom and likely to be broken, negating all the positives the bulls had built over the past 7 weeks. Nonetheless, there is support at 12.37 and if the bears are unable to break that level, a positive reversal week could occur, especially considering that oil seems likely to generate a rally this coming week. Resistance is now minor to decent at 15.22 and decent as well as pivotal at 15.72. It is evident that this coming week is pivotal for the stock given that below 12.37 there is no support until the $10 demilitarized zone is reached. In addition, the intraweek support at 12.37 is at 12.90 on a weekly closing basis, meaning that the probabilities actually favor a positive reversal this coming week.