AU made a new 7-year intraweek and weekly closing high and closed near the high of the week, suggesting further upside above last week's high at 29.31 will be seen this week. There is no resistance above until the $35 level is reached. Support will now be found at the previous high daily close at 27.75. On an intraweek basis, support is found at 27.89. Probabilities favor the bulls.

AXP Generated a new 5-week low and closed on the low of the week, suggesting further downside below last week's low at 92.45 will be seen this week. There is an open gap on the weekly chart at 91.43 that is expected to be closed this week. On the daily chart, the stock is still showing a breakaway/runaway gap formation with the runaway gap between 89.95 and last week's low at 92.45 that if closed, would suggest the breakaway gap down between 83.39 and 85.92 will be targeted. The probabilities of the weekly gap at 91.43 being closed are high but the probabilities decline substantially regarding the breakaway/runaway gap formation being closed, at least not until the company reports earnings on July 24th. As such, if the stock does get down to 91.43 this week but not down to 89.95, consideration should be given to taking profits and looking to re-short on a rally. By the same token, if the stock gets down to 89.95, holding the shorts for further downside would be the recommended thing to do. Resistance will now be minor to perhaps decent at the $100 demilitarized zone. Probabilities favor the bears this week.

CAT generated an inside week with no rally above the previous week's high as was expected to happen. The stock closed near the low of the week, suggesting further downside below last week's low at 120.80 will be seen this week. More importantly, the stock closed below the 200-week MA, currently at 125.60, which keeps the stock on an overall bearish trend. In addition, the stock has now closed below the 200-day MA, currently at 128.74 for the past 8 days, also meaning the bears at this time have the edge. There is recent but pivotal intraweek support at 118.01 that if broken would strongly suggest a drop down to 111.75-112.06 (114.06 on a weekly closing basis) which is an area that has been strongly pivotal for the past 2 years. A drop down to that area seems likely to occur but thereafter it will depend on the index market and its own earnings report that is due out on July 28th. It is important to note that like with many stocks, there is a breakaway/runaway gap formation between 107.99 and 111.47 and between 114.16 and 115.95 that if the runaway gap is closed, the breakaway gap will be targeted. There is minor but evident intraweek support at 117.25, meaning that this week the area between 117.25 and 118.01 will be watched closely by the traders. Short-term pivotal resistance is now found at 124.83 that if broken would give the bulls a bit of an edge short-term for a rally. Probabilities favor the bears this week. Nonetheless, there are a lot of important support levels to watch for clues as to what the traders are thinking.

CNX confirmed the failure signal given the previous week and closed on the low of the week, suggesting further downside below last week's low at 8.18 will be seen this week. The chart has weakened but is reaching the 200-day MA, currently at 8.15, which should act as decent support on a closing basis. I am giving a buy mention for the stock this week (see above).

CRON generated a failure signal on the recent breakout, having closed below 6.26 on Friday. The stock closed on the low of the week, suggesting further downside below last week's low at 6.00 will be seen this week. The stock made a new 28-month low at 4.00 in March and that low was subsequently successfully tested with a low at 4.62 in May. It seems highly probable given the inability of the recent breakout to keep the stock moving higher that the traders want to again establish the effectiveness of the support levels below with another retest of them. This does open the door for a drop all the way down to the $5.00 level if 5.70 is broken. By the same token, there is clear intraweek support at 6.00 so if there is no follow through to the downside this week, the worst will be over and this break will be negated on Friday. Probabilities do favor the bears though and further waiting for the industry and the stock to start an uptrend. Pivotal resistance is found between 6.92 and 7.04, which is where the 200-day MA is currently at. Seems likely that a $5-$7 trading range is what will be seen for the next 3 weeks.

ENG generated another non-eventful week on an intraweek and weekly closing basis. The bulls have been unable to make any new inroads to the upside but the bears have been equally failing to make any inroads to the downside. More of the same is expected to be seen this week. The stock continues to flirt with the 200-week MA, currently at 1.13, having been above the line on 4 of the last 8 weeks. Any confirmed close above the line, especially if above the previous high weekly close at 1.19 that occurred last August (the only time the line has been broken during the last 3 years), would signal the beginning of a bull rally of consequence. Any weekly close below .94 would give the edge back to the bears. Probabilities favor more of the same.

MCIG continues to trade in the .0225 and .035 area that it has been in for the past 15 weeks. The trading ranges are minute as there seems to be no interest in selling or buying at tis time. There is no sign yet that the traders are ready to break above or below that trading range at this time.

MRNA (see mention above for detail).

NEM continued the upward recovery climb, having generated the 3rd green weekly close in a row. Nonetheless, nothing of consequence occurred as no resistance or support levels were broken. The stock did close on the high of the week, suggesting further upside above last week's high at 60.09 will be seen this week. One small positive thing that did occur is that the stock built a short-term bullish flag formation with the flagpole being the rally from 55.24 to 60.09 and the flag being the 5-day trading range down to 57.47. A break above 60.09 projects an objective for this week of 62.32. The stock is showing a breakaway/runaway gap formation to the downside with the runaway gap being between 62.75 and 61.75 and the breakaway gap is between 65.51 and 65.04. In addition, the weekly chart also shows a gap between 61.75 and 62.30. It is clear that closure of those gaps are the objective of the bulls this week. Evidently, the bears are expecting the stock to get up to the flag objective of 62.32 and if it does and the runaway gap is closed, further upside to 65.51 is likely to occur. As such, the bears will try to put resistance between 61.75 and 62.30 and prevent the gaps from being closed. Support has now been established at last week's low at 57.47 that if broken would weaken the chart. With Gold having broken out this past week, the probabilities favor the bulls.

QQQ generated a negative reversal week, having made a new all-time high and then closing red and on the low of the week, suggesting further downside below last week's low at 239.68 will be seen this week. On an intraweek basis, there is no support below until 231.47 is reached but on a daily closing basis, the previous all-time high daily close at 236.98 will act as support. If broken and confirmed, a failure signal will be given that will bring new selling interest. Any intraweek break below 231.47 will generate a strong round of profit taking and new selling interest. With the earnings reports of the big Tech companies not due out for another 4 weeks, it is unlikely at this time that the intraweek support levels will be broken. Nonetheless, a drop down to that level (or close by) is a high probability. Evidently the 236.98 level on a closing basis is pivotal during the week. Minor intraweek resistance is found at 245.59 and stronger at 247.82. Probabilities favor the bears but only for a drop down to around the $232 level. Consideration should be given to covering shorts there.

SCCO generated a negative reversal week, having gone above last week's high (as expected) but then closing red. Nonetheless, this stock showed some resilience this week as the trading range was small (compared to other weeks) and the close was in the middle of the week's trading range, leaving the door open on a 50/50 basis for a rally above last week's high at 38.58 or below last week's low at 36.97. On a negative note though, the stock now shows 3 weeks in a row of closes below the 200-week MA, currently at 38.16, and that does give the bears the edge as far as the action to be seen this week. Pivotal intraweek support is found at 35.45 that if broken, would likely cause a drop down to the 32.00-32.60 level, given there is no established support between those two levels. To the possible benefit of the bulls, the stock is showing a still open gap above between 38.63 and 38.58 that is likely the reason the stock showed resilience this past week. Closure of the gap would not be a reason for the bulls to celebrate but non-closure of the gap, followed by another gap and then a break below 35.45 would be a bear statement. On another positive note for the bulls, the stock remains above the 200-day MA, currently at 35.85, and has stayed above the line for the past 6 weeks and is the reason the stock has not yet shown any strong weakness. Pivotal resistance is found at 40.31. Probabilities slightly favor the bears but the key word is "slightly". Overall though, the bulls will need something positive to resume the uptrend.

W generated a negative reversal week, having made a new all-time high at 221.54 and then closing red and in the lower half of the week's trading range, suggesting further downside below last week's low at 196.48 will be seen this week. It does need to be mentioned that the fundamental objective of one of the rating companies following the stock was $222 and it can now be said that objective has been reached, suggesting a correction to the major uptrend that started 3 months ago from $21 is to be seen. Minimum downside objective is the previous all-time high daily close at 188.05 but if broken, the previous all-time weekly closing high at 169.68 would become a target. It does need to be mentioned that on an intraweek basis and on the weekly chart, there is absolutely no support found until 144.51 is reached and a drop down to somewhere close is a possibility, given the volatile nature of the stock. The earnings report is not due out until August 4th, so all trading now is likely to be technical and chart oriented. Immediate and short-term pivotal support is found at last week's low at 196.48 that is likely to get broken. Below that, there is no intraweek support whatsoever until 167.01, suggesting that a break below 196.48 is likely to bring a drop down to at least the $180 level (if not lower). Short-term pivotal resistance will be found at Friday's high 213.59, if and when the stock goes below Friday's low at 201.01 on Monday. In fact, if the stock does that, the 213.59 high will become a successful retest of the all-time high and strongly suggest a correction has begun. Probabilities favor the bears.