AXP extended and confirmed the previous week's new all-time intraweek and weekly closing high, having made another new all-time intraweek and weekly closing high this past week. Nonetheless and not being a Tech stock, the stock did close in the lower half of the week's trading range, suggesting further downside below last week's low at 105.30 will be seen. It is probable that like with the SPX, the stock will be testing its previous all-time high daily and weekly close at 103.85. There is no intraweek support below until 100.84 is reached so on an intraweek basis the stock could go below 103.84. Nonetheless, the fact remains that the stock is into a new all-time high and even though a bit of weakness could be seen this week, the probabilities still favor the bulls. As such, consideration should be given to covering the shorts around the previous all-time high daily and weekly close. Resistance is found at the now all-time intraweek high at 107.43. Evidently, a break above that level would suggest further upside will be seen. Probabilities slightly favor the bears this week but only for a retest of the previous high.

CCJ did generate a green weekly close and a rally above the previous week's high, suggesting that the worst of the correction may be over. Nonetheless, the stock closed near the lows of the week and further downside below last week's low at 10.30 is expected to be seen this week. If that occurs but the recent low at 10.13 is not broken, if the stock then goes above whatever high is made this week the following week, a successful retest of that low will have occurred and the bulls will likely get back on board. The 200-day MA is currently at 10.20 and there is intraweek support at 10.21, suggesting that is the objective for this week. Purchases can be considered using a 9.90 stop loss. Resistance is found at last week's high at 10.69 that if broken would generate a buy signal on the intraweek chart. Probabilities slightly favor the bears this week but only for a retest of the lows on an intraweek basis. Stock should close green next Friday.

CLF generated a positive reversal week, having gone below the previous week's low and above the previous week's high and then closing in the green, generating a successful retest of the recent low at 9.42 on the daily chart and suggesting that a successful retest of the recent low will have also occurred on the weekly chart if the bulls can take the stock above last week's high at 10.42 this week. It should also be mentioned that the stock dropped 7.8% on Thursday and down to 9.53, having broken the support at 9.59 and coming within 11 points of the low and no follow through to that drop was seen on Friday. It does suggest the drop was all technical in nature and given that the bulls were able to prevent a new sell signal from being given does suggest the bulls may now be back in control. Intraweek support is now found at 9.53 and at 9.42 and resistance is at 10.42, at 10.90, at 11.14 and at 11.44. A break of the resistance at 10.42 will likely be a sign that the uptrend is resuming. Probabilities favor the bulls this week.

ENG bulls may have accomplished all they needed to accomplish this past week, given that the stock went below the previous week's low and ended up generating a new 4-week weekly closing high and closing in the upper half of the week's closing range, suggesting further upside above last week's high at 1.08 will be seen this week. If the bulls can take the stock above last week's high, a successful retest of the .90 low seen after the earnings report will have occurred, suggesting no further downside will be seen. One additional positive occurred this past week, given that the drop down to.98, followed by 3 positive days in a row, means that the 200-day MA, currently at .97, has been tested positively. As such, the traders are now likely to start exploring the upside. Daily and weekly close resistance is found at 1.11/1.12 that if broken would generate a failure signal against the bears. An intraweek rally above 1.12 would also suggest the gap seen right after the earnings report between 1.24 and 1.20 will be tested and if closed would give the edge back to the bulls. Probabilities favor the bulls this week.

FSLR generated an uneventful inside week but did close near the lows of the week, suggesting further downside below last week's low at 51.65 will be seen this week. The stock has now spent 12 weeks trading in a narrow trading range between 48.00 and 55.75 and is either building a strong base from which to generate a decent rally or has been building a strong inverted flag formation from which to generate a strong move down. The former is the most probable given that the bears have not been able to break the 200-week MA, currently at 50.75, though having the edge during all this time. I did give a buy mention last week if the stock were to drop down to the $50 level and that buy mention remains for this week. By the same token, the probabilities of the stock dropping all the way down to the $50 level have diminished, meaning that consideration can be given to buying around the $51 level now. Probabilities slightly favor the bulls for a green close at the end of the week, though some weakness is likely to be seen at the beginning of the week.

IBM generated a new 4-week high this past week but then closed in the lower half of the week's trading range, suggesting a higher probability of going below last week's low at 145.25 than above last week's high at 147.93. If that does occur, last week's high will become the needed/required retest of the recent high at 150.54 and that should give the bears new ammunition to test the supports below at 142.00 or even down to the ones at 140.00. The chart continues to suggest the stock is in a $140-$148 trading range that it has been for the past 4+ months with the exception of a rally to 150.54 and a drop down to 137.45. Probabilities favor the bears this week.

MSFT generated a new all-time intraweek and weekly closing high and did close on the highs of the week, suggesting further upside above last week's high at 112.78 will be seen this week. The stock, being part of the Tech runaway rally in the NASDAQ, could go substantially higher and consideration should be given to cutting losses. The stop loss at 111.35 was triggered last week and the stock is only $1 higher, meaning the loss is still manageable. With no clear outlook for any weakness to be seen this week unless the economic reports at the end of the week disappoint (unlikely), the best course of action is likely to cut losses and run. There is a decent possibility that the breakout at 111.15 may be tested but the charts do not give any suggestion yet that it may or will happen. Probabilities favor the bulls.

MT generated a negative reversal week, having gone above the previous week's high but then closing in the red and in the lower half of the week's trading range, suggesting further downside below last week's low at 29.80 will be seen this week. Nonetheless and with the indexes either going higher or backing and filling in a trading range, the probabilities only slightly favor the bears for a drop down to the next level of support at 28.91 or perhaps even down to 28.24. Overall though, the bears remain with the edge and there is more of a probability of the stock heading lower toward the mention's objective at 24.95 than higher toward the decent resistance at 32.93. Last week's high at 31.36 is short-term pivotal resistance, meaning that a cautionary stop loss can be lowered to 31.46 if desired. Probabilities favor the bears this week for a drop down to at least the 29.30 level.

TXN generated a negative reversal week, having made a new 3-week high and then closing in the red and near the lows of the week, suggesting further downside below last week's low at 111.86 will be seen this week. If that occurs (likely), the stock will show 4 successful retests of the all-time high at 120.75, with every retest showing lower highs than the previous one. Minor to perhaps decent support is found at 110.00 and then nothing until pivotal support between 107.00 and 107.45 that includes the 200-day MA, currently at 107.95. The probabilities do favor the bears this week but only for a drop down to the $110 level. Pivotal resistance is found at 116.07, meaning that the stop loss can now be lowered to 116.35.