AU made yet another (5th in a row) new 7-year intraweek and weekly closing high and closed on the high of the week, suggesting further upside above last week's high at 34.82 will be seen this week. There is no intraweek resistance above until 34.97/35.38 (minor). There is some weekly close resistance at 34.76 that will be closely watched this week as the stock closed on Friday at 34.61. It is minor in nature but if a red weekly close occurs next Friday, a drop back down to weekly close support at 31.77 would likely occur. If a weekly close above 35.38 occur, it is open air until 36.68.36.81. Probabilities do favor the stock trading in a weekly close trading range between 31.77 and 36.81 for the next few weeks. As such, some trading should be considered, taking profits around the high of the trading range and re-purchasing near the low of the trading range. If there are any surprises, they will likely be to the upside. Probabilities favor the bulls.

AXP reported earnings on Friday but though they were slightly better than expected, the stock fell 1.4% in price. On a weekly closing basis, the bulls eked out a very small win, having closed $.15 cent higher than the previous week. The stock closed very slightly in the lower half of the week's trading range, suggesting even probabilities of going above last week's high at 97.78 than below last week's low at 93.30. It is likely the stock will follow the indexes market (more specifically the DOW) and with that index showing a slightly bearish outlook for this week, the bears have a slight edge. The stock had an inside week and with the earnings now out, it is tied in totally to what index does. A break above 97.90 (minor to decent resistance) would suggest the $100 level would be tested. A break below last week's low at 93.30 would suggest a retest of 89.58 would occur. A break of the latter support would generate a move down to at least 83.39 to close the breakaway gap that is located there. Probabilities are even for both sides this week.

CAT generated an inside week but did make a new 23-week high weekly close and did close near the high of the week, suggesting further upside above last week's high at 138.69 will be seen this week. The stock does report earnings on Friday, so the end result for the week will be decided after the report comes out. There is a "mountain" of weekly close resistance around the 138.36 level and up to the 143.36 level that is highly unlikely to be broken without some fundamental help. On an intraweek basis, the resistance is found at 144.77 that at this time looks unbreakable. Minor to decent intraweek resistance is found between 139.94 and 140.99 that is unlikely to be broken before the earnings report comes out, but the bottom of that trading range has a high probability of being seen. Last week's low at 134.36 is now a short-term pivot point that if broken would bring about at least a drop down to 132.78 but probably down to 129.30. The bulls do have the short-term edge but the earnings report is what is going to be the key. So far, earnings reports have come in better than expected but have not generated rallies. As such, the same is likely to happen here.

CNX generated a breakout of pivotal resistance as well as a failure signal against the bears, having closed above the 9.37 level on Friday, which was pivotal on both charts. The stock did close exactly in the middle of the week's trading range, meaning equal chance of going above last week's high at 9.90 or below last week's low at 9.32. The deciding factor will be the earnings report that comes out Thursday AM. The fact that the bulls were able to generate enough buying to give both a buy and failure signal suggests strength and therefore the earnings report would have to disappoint for the breakout not to be confirmed this week. Nonetheless, that is question at this time. Intraweek support is found at 9.20 and trend changing support at 8.30. Intraweek resistance is not found until the 10.74/11.07 level is reached. Probabilities slightly favor the bulls.

CRON was not able to follow through on the previous week's close on the highs and the bulls gave up the ship and the stock went below the previous week's low, meaning the traders are not yet ready to make a commitment to the upside. The action the past 2 weeks was all about testing the 200-day MA, currently at 6.71. This was the second time that line has been tested successfully. The stock did close near the low of the week and further downside below last week's low at 6.20 is expected to be seen but there is some support at 6.20 that might hold up. If that support does not hold up, the double low at 5.82/5.85 must not be reached or a triple low would be built. As such, the 6.00 level needs to be defended by the bulls. The stock does not report earnings until August 6th, so the trading will be all chart oriented for the next 9 trading days. Probabilities favor a 6.00 to 6.75 trading range until the earnings report comes out.

ENG broke and closed above a minor to perhaps decent weekly close resistance at 1.11 and more importantly closed above the 200-week MA, currently at 1.13, for the first time since last August when it closed above the line for 1 week. The weekly close resistance at 1.19 was not broken, meaning that traders are leaning bullish but not yet convinced that further upside is to come. The stock closed in the lower half of the week's trading range, suggesting further downside below last week's low at 1.07 will be seen this week. The company does not report earnings for another 2+ weeks so the probabilities continue to favor support but with no breakout of consequence occurring until the earnings report comes out. As such, I expect the bears will have a slight edge this week and that a red weekly close next Friday around the 1.11/1.13 level will occur. Any daily close above 1.23 would be a breakout of consequence. Any daily close below .96 would be a breakdown of consequence. Probabilities favor sideways to slightly down trading this week.

MCIG continues to trade in the .0225 and .035 area that it has been in for the past 18 weeks. The trading ranges are minute as there seems to be no interest in selling or buying at this time. There is no sign yet that the traders are ready to break above or below that trading range at this time.

MRNA generated an inside week but a red weekly close occurred with a close in the lower half of the week's trading range, suggesting further downside below last week's low at 66.54 will be seen this week. The stock did generate a confirmed failure signal on the daily closing chart, having closed below 80.00 for 2 days in a row. This was all due to a new rating coverage started but only a $65 objective. In addition and the reason for Friday's fall, the company lost a minor patent deal that brought some panic profit taking occurrence when put together with the $65 rating price. The stock did close on the high of the day on Friday and the first course of action for the week is likely to be to the upside with a retest of the $80 daily close resistance level as the likely objective. Overall and fundamentally, everything remains positive but the $95 high that was seen 2 weeks ago is considered too high a price for the fundamentals at this time and at least until some new positive fundamental news comes out, that high is likely to be a top for now. As stated when the first mention was given, some shares should be treated as buy and hold because the future of this company is bright and not only on the corona virus front but in everything to do with new cures for illnesses. Nonetheless, at this time traders are keyed only on the corona virus vaccine and due to other companies already in that space as well and pricing for the vaccine when it comes out has been determined as well, the shares not buy and hold should be traded. Probabilities favor the stock trading between $65 and $80 for the next few weeks, meaning that if $80 is seen this week, liquidation of some of the help positions should be considered. Probabilities do favor the bears this week.

NEM continued the rally and closed on the high of the week, suggesting further upside above last week's high at 67.08 is expected to be seen. The stock closed $1.15 from the recent 7-year high at 67.90 and $2.86 from the all-time high at 69.61. With Gold making a new all-time high and having the opportunity to prove that further upside up to $2000 (or higher) is to come, it does suggest the stock could also do the same. Important and likely pivotal daily close support is now found between 62.42 and 63.43 that if broken would negate the recent gain and turn the stock short term negative. One important thing for this week. With Gold making a new all-time high weekly close and the stock now at levels that any red weekly close would be a negative, the bulls are 100% committed to make a new high above 67.90 as well as to at least test the all-time high. Probabilities favor the bulls.

SCCO generated a negative reversal week, having made a new 6-month high and then closing red and in the lower half of the week's trading range, suggesting further downside below last week's low at 42.25 will be seen next week. What is more important is that a double top on both the intraweek and weekly closing basis was formed (intraweek at 44.82/44.36 and weekly close at 43.93/43.68). Evidently, confirmation needs to occur this week with another weekly close below 43.68 next Friday. Should confirmation occur (likely), there is no support below until 40.92/41.12 is reached. Below that, there is mostly open air to 35.45. Resistance is evidently at the highs mentioned above. Company reports earnings the following week. Probabilities favor the bears this week.

QQQ confirmed the negative reversal seen the previous week, having gone below the previous week's low and closing red for the second week in a row. The stock closed in the lower half of the week's trading range and further downside below last week's low at 251.32 is expected to be seen. Once again, the stock underperformed the NASDAQ and that is negative. Minor resistance is found at 262.69 and then nothing until 268.91 is reached. Last but not least, a sell signal was generated on the daily chart with Friday's close below 258.54 (closed at 255.56). If that sell signal is confirmed on Monday, the bears will likely be in control the rest of the week, Probabilities favor the bears.

W once again made a new all-time intraweek high at 234.37 but the bulls failed to confirm that new intraweek high, having still closed below the previous all-time high weekly close at 223.76 (closed at 222.79). The stock closed very slightly in the upper half of the week's trading range, suggesting a slightly higher probability of going above last week's high at 234.37 that below last week's low at 209.12. Nonetheless, the stock remains highly volatile (trading in a $25 trading range last week (10% trading range) and the fact that the stock did not make a new all-time weekly closing high in spite of the new all-time intraweek high, suggests the bulls are running out of ammunition. This week, it is all about the weekly close next Friday. Any red weekly close would make last week's close into the first successful retest of the high weekly close since the rally started in March. A close next Friday below the previous week's close at 215.83 would generate the first sell signal during the entire 4 month rally and suggest a drop back down to the previous all-time high weekly close at 169.69 would become the objective. Any daily close below 210.80 would do the same chart damage as the weekly close below 215.83. Company reports earnings on August 5th. Probabilities slightly favor the bears this week.