ARNA bulls accomplished more than expected, given that the minor to decent resistance at 41.92 was broken convincingly. The stock did close on the highs of the week and further upside above last week's high at 42.40 is expected to be seen. The next upside intraweek target is 44.50 but on a weekly closing basis there is decent resistance at 43.37 that is likely to be in play this coming week on Friday. Intraweek support should now be found at 38.78 but on a daily closing basis it is found at 39.70, which is where the 200-day MA is currently located. A confirmed close below the MA line would now be seen as a negative, given that the stock has now closed above the line the past 8 days in a row. Probabilities favor the bulls this week.

AXP extended its rally having made another new all-time intraweek and weekly closing high this past week. The stock closed on the highs of the week and further upside above last week's high at 110.01 is expected to be seen. The stock has now generated 6 green weekly closes in a row and closed on a new all-time high 4 weeks in a row, suggesting that a red week and a retest of the breakout at $103 is now likely start soon. There is no support close by as the stock has moved straight up. The closest support is found at 104.55 and it is pivotal support. There is an open gap between 106.35 and 106.47 that should be closed at some point. Nonetheless, the bulls remain in control for now and further upside is likely to be seen this week.

CCJ generated another red weekly close but the bulls were able to close the stock within the cone of support at 9.68 (closed at 9.67), meaning that the bears were unable to make any statement. By the same token, the bulls have to generate a green weekly close next Friday or the bears will gain control. On an intraweek basis, the previous week's low at 9.39 held up given that the stock got down to 9.42 on Monday and 9.39 on Tuesday, suggesting there is evident buying interest at that level. The stock did close near the highs of the week and further upside above last week's high at 9.81 is expected to be seen. Resistance is found at the $10 demilitarized zone that if broken on a daily closing basis will be a positive, given that the 200-day MA is currently at 10.22. Pivotal support is found at 9.39. The probabilities favor the bulls this week but only for a rally back up to the MA line.

CLF made a new 19-month intraweek and weekly closing high and closed near the highs of the week, suggesting further upside above last week's high at 11.66 will be seen this week. There is minor intraweek resistance above at 11.77 and then decent at 12.37, which is the 4-year high. Nonetheless, the bulls have now been able to establish themselves above the 200-week MA, suggesting that a retest of the major 14-year low at 13.03 is likely the objective of this recent uptrend. Having closed above the previous 19 month daily closing high at 10.88, that level is now considered support on a daily closing basis. On an intraweek basis, support should be found at 10.47. The stock closed just 2 points above the previous weekly closing high at 11.49, meaning that a green close next Friday is a must as a red close would generate a double top. Probabilities favor the bulls.

ENG continues to meander around the 1.00 level based on a weekly close. The stock for the past 5 weeks has closed at 1.02, at 1.01, at 1.04, at .99 and on Friday at 1.03, suggesting neither the bulls nor the bears have the edge at this time. During this time frame, the stock has remained above the 200-day MA, currently at .98, meaning that the bulls maintain a slight edge. Intraweek resistance is at 1.12 and support at .98. Probabilities slightly favor the bulls this week.

FSLR generated a new 11-month intraweek and weekly closing low and did close in the lower half of the week's trading range, suggesting further downside below last week's low at 47.59 will be seen this week. Downside objective remains the important intraweek support from February 2014 at 47.04. From that support a rally up to 74.45 occurred and that is certainly in realm of possibility at this time. Minor but likely short-term pivotal resistance at 48.95. Pivotal resistance on a weekly closing basis is at 50.70. Probabilities slightly favor the bears this week but only for a drop down to the $47 level. A green weekly close should occur next Friday. I will be adding shares near the $47 demilitarized zone.

IBM generated a new 5-month intraweek and weekly closing high and did close near the highs of the week, suggesting further upside above last week's high at 149.30 will be seen this week. The stock shows no resistance above until the July 19th high at 150.54 is reached. That resistance is considered decent given that the 200-day MA, currently at 150.42, is also located there. By the same token, the weekly chart does not show any intraweek resistance until 153.15 is reached, if and when the 150.54 resistance is broken. There is no recently established intraweek support below until 145.25 is reached, meaning that the bulls are committed to the upside this week without any weakness seen. Evidently the 150.54 level is a big key this week. Probabilities favor the bulls.

MT generated a positive reversal week, having gone below the previous week's low and then closing above the previous weeks high. The stock closed on the highs of the week and further upside above last week's high at 29.63 is expected to be seen. In addition and if the stock goes above last week's high, it will make last week's low at 27.97 into a successful retest of the recent low at 27.83 that would take away the edge the bears had until this past week. A rally above the recent high at 31.36 would change the chart and give the bulls the edge, meaning that a stop loss at 31.45 can now be placed. Support is now pivotal at 27.83. Probabilities favor the bulls this week.

TXN confirmed the sell signal that was given the week before on the weekly closing chart, with another red weekly close. Nonetheless, the bulls were able to generate a rally from the week's low at 102.25, having rallied 3% from the lows. By the same token, the stock did close slightly below the midpoint of the week's trading range, suggesting a slightly higher possibility of going below last week's low at 102.25 than above last week's high at 109.48. It is likely that the rally in the index market helped the bulls this past week and probably will help them again this week but the trend remains down, suggesting the correction is not over. Downside objective remains the $100-$101.50 level. On a daily closing basis, resistance remains decent at the 200-day MA, currently at 108.40. Probabilities slightly favor the bulls at the beginning of the week but the bears toward the latter part of the week.