ARNA was able to dispel the fears that were stimulated when the stock dropped 17.4% in March, having recovered 95% of the loss the past 2 weeks. By the same token, this rally could end up being the same situation as with the index market, inasmuch as it could be a retest of the multi-year high at 51.63 before embarking on a downtrend that would not end until the earnings release occurs on May 27th. As it is, there seems to be some complaints that the Phase III results are taking too long to be released. On the other side of the coin though, Credit Suisse raised their target for the stock from $63 to $77 on Wednesday and that was the specific reason for the rally the last 3 days of the week that took the stock from Tuesday's close at 44.68 to Friday's close at 49.21. The bulls are facing resistance above in the form of an important high made on June 20th of last year when the stock made a high of 50.05 that was not broken until February 20th of this year and then ever stronger resistance between 51.20 and 51.63 that represents 3 important highs made the past 4 years. The stock closed near the highs of the week and further upside above 49.51 is expected to be seen this week. Based on the upgrade and the resistance levels above, including the resistance levels in the index market, the bulls are committed to making new highs this week or face disappointment that would likely generate a drop back down to fill the gap between 44.90 and 45.25 that was created on Wednesday after the upgrade occurred. Upgrades normally are not dependable reasons for gaps to remain unfilled. Evidently the 50.05 level (and up to 50.30, which is the top of the $50 demilitarized zone) is going to be pivotal this week. If the bulls can get the stock above that resistance, there is nothing until 51.20 is reached and getting up to that level based on the upgrade, would likely generate enough trader interest to make a new high and establish the ability of the bulls to "make it happen". Using the intraday charts, the 48.41 level seems to be short-term pivotal support, meaning that if broken the bears would get a short-term edge. The probabilities slightly favor the bulls but the key word is "slightly" as the resistance at this area is decent and the indexes are in the same boat.

AXP generated a green weekly close and the bulls were able to close slightly above the midpoint of the week's trading range, suggesting a slightly higher possibility of going above last week's high at 112.04 than below last week's low at 109.50. Nonetheless and compared to what the indexes did, the action in the stock has to be disappointing as the bulls failed to break any recent resistance levels or even intraday resistance levels given that the high for the week was made on Monday and subsequently everything after that was mostly down, suggesting that the stock was mostly pulled up by the indexes rather than leading the way. Friday's high was 111.21 and based on the intraday chart, a break of that resistance will bring about new buying interest, especially considering that the 200 10-minute MA is at 110.85 and all day Friday the stock straddled that line on both sides. On the opposite side, a break of Friday's low at 110.44 would likely establish the break of the line and give the bears some ammunition. Either way, the chart does not suggest that there is the same kind of strength in the stock than there is in the index market.

BABA made a new 4 week high and closed near the high of the week, suggesting further upside above last week's high at 185.56 will be seen this week. Nonetheless, the negative reversal week high seen the first week of March at 188.08 was not broken and remains as resistance, which if the indexes do as expected this week and do not make new highs above the expected ones and then work back down to close the gaps below, would likely mean the stock will do the same. Since February 22nd (6 weeks), the stock has been trading mostly in a $10 trading range between $175 and $185 with one excursion to the upside to 188.08 and one excursion to the downside to 171.57. There doesn't seem to be any reason for that pattern to change at this time (this week). Nonetheless, the stock did make a new 9-week weekly closing high and on the weekly chart there is no weekly close resistance until 191.19, meaning the bulls have a better chance of breaking out of the trading range than breaking down. There is resistance on the intraday chart at 185.56 that the bulls tried for break for 3 hours on Friday but couldn't. This does suggest that if the stock does go above 185.56 by more than 10 points on Monday that covering of the short positions should be considered. Minor intraday support is found at 183.02 that if broken would likely give the bears a very slight edge. Probabilities favor the bulls.

CCJ generated a 3rd red close week in a row and got down near the intraweek support at 11.46 with a low this past week at 11.48. The stock did close in the lower half of the week's trading range, suggesting further downside will be seen this week. Nonetheless, the bears were not able to make any kind of a statement as the bulls were able to keep the weekly close above 11.58 and also keep the daily closes above 11.50 for 3 days in a row when the stock got down to at least 11.52, suggesting that the bulls remain with the long term edge. The stock did generate a positive close on Friday and on the highs of the day, suggesting the first course of action for the week will be to the upside. Short-term pivotal resistance is found at 12.11 that if broken would suggest the worse is over. Pivotal support remains at 11.29. Probabilities favor the bulls slightly this week.

ENG bears were successful in generating another red weekly close, having closed $.02 cents lower than the previous week. Nonetheless, they were unable to make a new intraweek low as this past week's low at .48 was the same as the previous week. It is evident that the bears do not have enough ammunition to push much farther down but it is also evident the bulls do not have any ammunition at this time either. By the same token, the book value of the company is above the present level and it is difficult to see the bears having any ability to take the company lower fundamentally, which does suggest that at some point short covering will be seen. Pivotal daily close resistance is found at .57, meaning that a confirmed close above that level for 2 days in a row will generate a failure signal against the bears. Intraweek support from 10 years ago is found at .31 cents but with the action this past week, reaching that level seems a stretch. As such, I have to believe the stock will generate a turn around this week with the big question mark is whether the bulls can generate enough buying to cause a failure signal to be given.

FSLR generated a new 9-month intraweek and weekly closing high on Friday and the stock closed on the highs of the week, suggesting further upside above last week's high at 56.38 will be seen this week. The bulls have been attempting this same thing for the past 4 weeks and failing but on this occasion, the previous high weekly close at 54.53, from June of last year, has been broken and convincingly, suggesting that this is a breakout of note. In addition, the stock is now showing a breakaway/runaway formation (breakaway gap between 52.08 and 52.35 and runaway gap between 53.00 and 53.18) that is now confirmed by the new multi-month daily and weekly closing highs. Adding positions is now a good option, using a weekly close stop loss at 54.28. Nonetheless, it is unlikely that the stock will get back to that level given that on a daily closing basis, a failure signal will be given if the stock closes below the 55.22-55.66 area. As such, drops back down to that area should be considered as a desired entry point. Minimum upside objective is the $60 level but the chart is open for a rally up to the $70 level before any selling interest of consequence is seen again. Confirmation of all of this will be given if the gap from June 6th of last year between 56.88 and 57.62 is closed. The gap came after a negative earnings report and has kept the stock down for over 9 months. If closed, it would be a strong sign that the selling pressure is over and that a rally back to the $60-$70 level is now in "the works". Probabilities strongly favor the bulls this week.

IBM continued the recent uptrend, having made a new 6-month intraweek and weekly closing high this past week. The stock closed in the upper half of the week's trading range, suggesting further upside above last week's high at 144.22 will be seen this week. Nonetheless and like with the indexes, the stock generated a weekly gap between 141.22 and 141.51 and there was no news to support the gap, meaning the gap should be closed if the indexes do not continue higher and make new all-time highs. There is resistance at 145.45 (stop loss is at 145.65) that at this time and based on what the index market is likely to do this week, is not likely to get broken. It is likely that the stock will close the gap either this week or the next and do so before the 145.45 resistance is broken. Pivotal support is found at 138.40. Probabilities slightly favor the bears this week.

MCIG generated an inside week that did not clear up anything. The stock did close near the lows of the week and further downside below last week's low at .13 is expected to be seen this week. Nonetheless, the same was expected the week before and it did not happen. Unfortunately for both bulls and bears, the close on Friday was not clearly indicative of what is likely to happen, given that the stock maintains a bullish flag formation and that the stock stayed above the important and indicative low daily close seen on November 17th 2017 at .129. Evidently, any daily close below .129 will generate a new failure signal as well as a intraweek drop below .125 will generate dissolution of the bull flag formation. Pivotal short-term resistance (top of the flag) is found at .1445 that if broken would offer an objective of .18. Probabilities slightly favor the bears this week but until .125 is broken, it is a flip of a coin as to the short-term direction. It should be mentioned that the yearly Cannabis Conference starts on Monday, April 1 and runs through Wednesday April 3 and some news could come out of it that would affect the Marijuana stocks.