ARNA reported earnings on Friday and they disappointed. The stock made a new 7-month intraweek low at 43.09 but the bulls were able to hold the stock above the pivotal support at 42.48 and rally enough to close near the high of the day (closed at 47.40), suggesting further upside above Friday's high at 47.87 will be seen on Monday. On a weekly closing basis, the pivotal weekly close support at 45.70 remained unbroken and the stock also closed in the upper half of the week's trading range, suggesting further upside above last week's high at 50.28 will be seen this week. If all of that occurs, this low at 43.09 will be seen as a major spike low in addition to the inability of the bears to break the important support at 42.48, meaning that new buying interest is likely to occur. Resistance of consequence (on a daily closing basis) remains at the 200-day MA, currently at 51.55 and on a weekly closing basis at 50.93. Given that the earnings report is now over and whatever negatives it brought were exposed on Friday, it does suggest that decisions on the short-term future of the stock will be made over the next 3 weeks (if not this coming week). Probabilities favor a rally this week to the 200-day MA and then a close on Friday around 50.93 with then a 1-3 week drop back to build new support (likely around the $47 level). Subsequently, an attempt to re-start the previous rally is likely to be seen with a $60-$62 objective to be reached by the end of the year. Probabilities favor the bulls this week.

AU generated a red weekly close and a close near the low of the week suggesting further downside below last week's low at 18.87 will be seen this week. Nonetheless, no support levels of consequence were broken, meaning that it was just "one more week of trading for the day and short-term traders". The stock did gap down on Monday between 20.79 and 20.20 and there was no news specific to the company to support such a gap, meaning that it will be a magnet to the upside unless gold continues lower. The 18.27 level on both a daily and weekly closing basis is pivotal support. On the opposite side, the recent double high daily close at 22.14/22.08 is now decent resistance. Probabilities now favor the stock trading between those 2 levels until such a time that fundamental changes occur. For this coming week, I see a trading range between 18.55 and 20.20 being the most probable. If there are any surprises, it is more likely to be to the upside than the downside.

COF made a new 14-month intraweek high at 99.62 but failed to confirm the new high when it closed below the previous 14-month high weekly close at 98.08. The stock closed slightly in the lower half of the week's trading range, suggesting a slightly higher probability of going below last week's low at 95.36 than above last week's high. If that is seen and a red close occurs next Friday, last week's high will be seen as a spike high as well as a successful retest of the decent weekly close resistance at 98.08, which in turn would keep the longer term downtrend intact. The earnings report that came out on the 24th of last month was less than expected on revenue, suggesting that fundamentally there is no reason for the stock to break the longer term downtrend unless the indexes can continue to move substantially higher (unlikely). The stock has moved straight up for the past 5 weeks and that means there is no support of consequence nearby where the bulls could buy with confidence. Closest support area is found between 90.75 and 92.39, meaning that is selling does begin to be seen, the stock could drop 5% in value in a blink of an eye. The 200-day MA is currently at 88.15 and that is a clear target if a correction does begin. Stronger support is not found until the $85-$86 level is reached so on an intraweek basis, that could be the downside target if a correction begins. Evidently, last week's high at 99.62 and the psychological resistance at the $100 level is now decent and pivotal resistance that if broken would suggest the all-time high at 106.50 would be tested. Probabilities favor the bears this week.

CRON generated a positive reversal week, having made a new 3-week low but then closing green and on the high of the week, suggesting further upside above last week's high at 8.60 will be seen this week. In addition and if the stock does go above last week's high, it will make last week's low at 7.86 into the required/needed successful retest of the 52-week low at 7.40. It also needs to be mentioned that Cantor Fitzgerald stated last week that the bottom to the Canadian Cannabis chart woes has been found and they expect the industry to start recovering. Short-term pivotal resistance is found at 9.37 and longer term pivotal resistance is found at 10.56. Support is now likely found at last week's low at 7.86 but definitely found at 7.40. Chart does suggest that there is a decent probability of a bottom having been built and tested and that should bring in new speculative buying at these low prices. Probabilities favor the bulls this week.

DD generated a new 7-week high last week but in spite of the recent strength due to the now positive outlook for agriculture stocks based on the China trade deal, the bulls were unable to break the 22-month downtrend, having gotten to within $.05 of the previous downtrend high at 73.54 with a high this past week at 73.49. In addition, the stock got back up to the 200-day MA, currently at 72.58, and was unable to break the 14-month downtrend line on a daily closing basis. The stock did close in the lower half of the week's trading range, suggesting a higher likelihood of going below last week's low at 69.51 than above last week's high. Minor to perhaps decent intraweek support is found at 69.13 but if broken, there is no support found until 66.54. The stock made a new 45-month low 6 weeks ago but based on the new trade agreement with China, it is now unlikely that low will be broken. By the same token, there has been no retest of that low yet and that is a chart requirement that needs to be fulfilled before the bulls can get more aggressive and attempt to break the downtrend. As such, the probabilities favor the stock heading back down to the 65.53 or even the 64.47 level before new buying interest of consequence appears. Evidently, if the bulls are able to get above last week's high as well as above the decent resistance at 73.54, that scenario would change. Nonetheless, it is highly unlikely that any additional positive to the trade deal will occur and if the bulls were unable to make new highs with the present news, they need to build support below before attempting it again, Probabilities favor the bears.

DIS reported much better than expected earnings this past week and generated a spike high rally that broke the downtrend that had been in place prior to this. In addition, the company on Tuesday will be launching a new streaming service that is likely to be successful, giving the bulls new reasons to buy. The stock closed near the high of the week and further upside above last week's high at 140.25 is expected to be seen this week. By the same token, the stock did back off from the high of the day on Friday (just after the report) to close in the lower half of the day's trading range, suggesting the first course of business for the week will be to the downside to test the gap created between 133.70 and 136.74. There is decent intraweek support between 134.58 and 135.30 that is likely to be seen but not broken, meaning that cutting losses in that area is the "thing to do". Given that the stock received good news and the new streaming service will be announced on Tuesday likely means that Monday will be the day to cover the shorts and it also means that there will be a very short time frame to do so. If by any chance the stock gaps down below 136.74 and breaks below 134.58, consideration can be given to keeping the shorts. Otherwise, there should be no question about covering the short positions on Monday if the desired exit area is reached. Probabilities favor the bulls.

ENG reported a new $20 million dollar contract that caused a strong short-covering rally to occur in which a new 30-month intraweek high was made. Nonetheless, the new high was only by 1 point above the previous and decent resistance at 1.47 and given that it is a decent to possible strong resistance area, it did bring in selling interest as this stock has been a favorite of the bears for the past 10 years. The weekly close did not confirm the breakout as the stock still closed below the 16-month high weekly close at 1.19 that also includes the 200-week MA, currently at 1.16. In fact, it even closed below the most recent high weekly close at 1.06, suggesting the news was not a game changer. On a positive note, the stock did generate a positive reversal week, having made a new 21-week week low at .78 and then closing green. The stock did close slightly in the lower half of the week's trading range, suggesting a slightly higher possibility of going below last week's low than above last week's high. By the same token and with the positive fundamental news, it is highly unlikely that last week's low will be broken, meaning an inside week (likely) or further upside above last week's high will be seen. This type of action has been seen once before and on that occasion the end result was a spike rally thereafter to the trend line established for the past 10 years that now connects at 1.88. The company this year has now reported 2 mega deals (one with the Pentagon) and given that the company has no debt, the probabilities favor another spike rally (the 5th over the past 10 years) occurring again. Short term pivotal daily close resistance is found at 1.10 and more pivotal at 1.23. Pivotal daily close support is now found at .85. Probabilities favor the bulls.

FNV generated a red weekly close that makes the previous week's close at 96.45 into a successful retest of the all-time high weekly close at 97.66. Nonetheless and in spite of the weakness in Gold, the bulls were able to keep the stock above the most recent buy signal given on the weekly closing chart when 94.83 was broken (closed on Friday at 95.61) that keeps the bulls with the "edge". Evidently with the stock having close ties with Gold, what gold does this week will impact the stock but gold is at a minor support level at $1460 and the chances are 50-50 that level will hold up and if it does, the stock will continue higher. On a daily closing basis, resistance is found at 96.97 and support at 94.01. Whichever those two get broken would suggest further movement in that direction. If the stock does generate a daily close below 94.01, it would suggest profits be taken because it would likely mean a drop down to at least the $90 level would occur with the possibility of more. Probabilities continue to favor the bulls but slightly.

MDT generated a red weekly close in spite of the green weekly closes seen in the index market. The red weekly close also suggests that the previous week's close at 108.57 is now a required/needed retest of the all-time high weekly close at 111.18 and does suggest that further corrective action will now be seen. Pivotal weekly close support is found at 105.44 and on a daily closing basis at 104.49. If either of those get broken this week, a drop down to the $100 level will then be likely. The bulls have now been trying to keep the uptrend intact for the past 8 weeks and failing to do so, suggesting the bears are now going to get their opportunity. Pivotal intraweek resistance is now found at 110.20 and the same on the opposite side at 104.28. Probabilities favor the bears.

SRUTF made a new all-time low at .1651 (below .189) and also closed at a new all-time low weekly close at .1925. The stock closed in the lower half of the week's trading range, suggesting further downside below .1651 will be seen this week. Nonetheless and on a possible positive note, the stock generated 2 green daily closes in a row at the end of the week and that has not happened since October 14th and then before September 3rd, suggesting that "some" buying interest is being seen. With Cantor Fitzgerald believing that the bottom has been made in Canadian Cannabis stocks and this being a Canadian company, if the stock does not go below last week's low and does generate a couple of additional green closes and manages to get a confirmed close above .2066, a decent short covering rally would likely to occur given that the shorts have feasted on this stock for the past 9 weeks and there is a high short interest that would need to cover if the stock has found a bottom. Pivotal resistance is found at .2629 that if broken would confirm the bottom is set. Probabilities based on the chart still favor the bulls but the fundamental picture seems to be changing toward some form of at least a short-covering rally.