AU made a new 6-month intraweek low and a new 7-month weekly closing low and closed near the low of the week, suggesting further downside below last week's low at 16.84 will be seen this week. The stock did generate a failure signal on both the weekly and monthly chart but is now within $1 of a level of weekly close support at 15.87 that was in place before the rally began in June of last year and that should not be broken. In addition, the failure signal needs to be confirmed this week with another close below 18.62 and the probabilities do favor that occurring given that there is no special reason for the weakness in Gold other than liquidation of the product to meet margin requirements in other stock in the stock market. It should be noted that the stock had been in a clearly defined weekly close trading range with 3 highs and 3 lows between 18.77 and 22.75 for a period of 7 months and due to the selloff in the stock indexes, the traders likely went after the stop loss orders in place. With no fundamental reason for the break of support, the probabilities are that just as fast as the break of support occurred, a break of resistance will occur as well, meaning that a new 6-year weekly closing high is likely to occur over the next 2-4 weeks. Any weekly close below 15.87 would be an additional negative that would generate reevaluation of the chart. Any close next Friday above 18.77 would be a signal of likely total recovery plus. As such, I will venture a guess that the probabilities this week favor the bulls.

CAT has fallen, on a weekly closing basis, a total of 21% over the past 2 months but only 16% on a weekly closing basis. With 20% normally being the guideline for a trend change, the stock has not yet fulfilled those parameters on a weekly closing basis. Nonetheless, the stock did close in the lower half of the week's trading range, suggesting further downside below last week's low at 119.03 will be seen this week. The stock did rally from the lows on Friday to close at the slightly above the 200-week MA, currently at 122.35, having closed at 124.24, but on an intraweek basis, the line was broken. The MA line has not been broken to the downside since November 2016, meaning that the traders are not yet sure whether the Virus is a game changer or not. Nonetheless, further downside on an intraweek basis is expected to be seen with intraweek support found at 117.25, at 116.09 and at 111.75/112.25, which is a strong double bottom. The chart does suggest that a drop down to at least the first of these supports will be seen. On a weekly closing basis though, support is decent at the $120 demilitarized zone and as long as the Virus problem does not get substantially worse, that will be the objective on a weekly closing basis. As such, any drop below last week's low that gets anywhere near the $116-$117 level would be reason to consider covering of the short positions. To the upside, there is resistance at 128.50, at 129.60 and pivotal at the 200-day MA, currently at 133.59. Probabilities favor the bears this week but this is an area where support is decent to perhaps strong and only if the Virus gets substantially worse, will the bears win generating much further downside.

CRON made a new 22-month intraweek and weekly closing low and closed near the low of the week, suggesting further downside below last week's low at 5.41 will be seen this week. The company was supposed to report earnings on Thursday but announced it would delay the report until an unspecified time in the near future. A few weeks ago I reported that the chart was suggesting that it was mimicking the action seen in February 2018 when after a spike rally the stock got into a 4-week drop that took the stock down to an intraweek low at 4.75 (5.51 on a weekly closing basis) before a new rally began that brought about a 55% rally over the subsequent 5 weeks. Evidently with the Corona Virus and its possible effects on the market being unknown, it is difficult to have confidence that the action will mimic what happened in 2018 but it does give the traders some levels of support (and resistance) they can use now. Evidently, the chart suggests that further downside down to around 4.75 will be seen but that a positive reversal will occur with a green close next Friday (stock closed on Friday at 5.85) given that the close this past Friday was at 5.85.

CVGW made a new 14-week intraweek and weekly closing low and closed near the low of the week, suggesting further downside below last week's low at 71.67 will be seen this week. With the stock having retested the break of the 200-week MA the previous week, the chart suggests that further downside is to be seen with at least the 70.00 level to be seen on an intraweek basis. By the token and on a weekly closing basis, the close on Friday at 72.45 is only $.30 cents away from a very pivotal weekly close support level at 72.15, meaning that the probabilities favor the bulls this week, at least as far as having a green weekly close next Friday. The stock has not been hit as strongly as some of the other stocks during this Corona Virus problem, suggesting that there is some buying interest around these levels. Intraweek support of some consequence is found at 70.00, which is likely to be seen this week. The big question is whether buying interest is seen at that level. Any daily close above 74.55 would now be a positive as a failure signal against this week's drop and new low would be negated. Probabilities favor the bears but it is a pivotal week for this stock as a green close next Friday would suggest some new buying interest would be seen.

FNV generated a key reversal on the weekly chart, having made a new all-time high at 122.45 and then closing red and below the previous week's low, much like what the NASDAQ did. The stock did close near the low of the week and further downside below last week's low at 104.00 is expected to be seen this week. Nonetheless, the most recent all-time high weekly close at 103.30 was not broken, meaning that no failure signal was given. In addition and from a fundamental basis, the same negative economic outlook regarding the Corona Virus is not all that applicable to what the company does, meaning that a good portion of the drop was related to the drop in Gold and given that Gold is more likely to turn around than not, the same applies to the stock. In addition and also like the NAZ, there had been no support levels built on the way up and therefore the drop down to this level was viable without it suggesting that the uptrend is over. Intraweek support is found at 99.66 that should not be seen, much less broken. On a daily closing basis, the previous all-time high is at 103.88, suggesting that if everything is still positive for Gold and the stock, no daily close below that level should occur. The stock gapped down on Friday from 112.61 and since there was no news to support the gap, it should be closed this coming week. Some minor resistance is found at 112.14 and stronger and likely short-term pivotal at 114.50. A break above 114.50 would suggest the all-time high would be tested soon thereafter. Probabilities slightly favor the bulls.

LNTH generated a negative reversal week, having gone above the previous week's high after the better than expected earnings report came out and then closing red and below the previous week's low, suggesting further downside below last week's low at 14.92 will be seen this week. On a negative note, the stock closed below the 200-week MA, currently at 16.03, with a close at 15.55, meaning that if the stock does not generate a close above that level next Friday, it will be a confirmed break of that important line. Then again, the stock 6.2% in value from the previous week's close, compared to the 12% the indexes dropped, suggesting that there is still some buying interest in the stock that will show up unless the indexes continue to collapse. The stock is near several intraweek levels of minor to perhaps decent support at 14.45, at 14.11, and at and the short-term pivotal one at 13.82 (stop loss is at 13.72). As far as resistance, there is no resistance above until last week's high at 17.57 is reached. Evidently, if that high is broken, this recent breakdown will be negated. Probabilities slightly favor the bears but the action seen does not suggest that a breakdown will occur unless the index market tanks.

MCIG generated a red week, like most stocks did, but no support levels were broken even though for the second time in 3 weeks, the stock closed below the 200-day MA, currently at .0467. In addition, a new 6-week low weekly close occurred. The stock closed on the low of the week and further downside below last week's low at .04 is expected to be seen. Intraweek support is found at .038 that does looks short-term pivotal that if broken convincingly would bring new selling interest. By the same token, the last break of the MA was negated the next day and the same thing can occur if the selling pressure abates over the weekend. The bull flag remains in place and will not be broken unless the stock gets below .0254, so unlike most stocks, the chart is still leaning slightly to the bulls. Short term pivotal resistance is found at .068 that if broken under these circumstances would be strong indicative. A drop below .0254 would negate all the gains seen the past 2 months.

NEM generated a negative reversal week, having made a new 8-year high and then closing red and below the previous week's low 44.26, suggesting further downside below last week's low at 42.37 will be seen this week. Nonetheless, the bulls were able to generate enough buying at the end of the day on Friday to close above the weekly close breakout at 44.29 (closed at 44.63) that was the high weekly close for 7 years before it got broken to the upside 3 weeks ago. The last minute rally to close above the breakout point suggests that this drop was mainly because Gold dropped but also because no support level had been built on the way up during the rally that started 18 weeks ago from 36.07. With Gold not likely to head much lower and this being one of the top bullish charts in that industry, it is suggestive that this drop is a 1-week wonder that will turn around before the end of next week, though some further downside on an intraweek basis might be seen during the week. Evidently, a green weekly close next Friday would make Friday's close a successful retest of the breakout and therefore give new ammunition to the bulls to continue higher. Other than the weekly close the previous week at 49.44, there is no weekly close resistance above until the $55 level is reached. As such, if a positive turn around occurs, that would suggest that new 7-year highs will be made within the next few weeks. Using the daily chart for the past year, daily close support is found at 40.87, which the stock should not close below. On an intraweek basis, the 200-day MA is currently at 39.40, meaning that is probably the worst case scenario if the stock does head lower. Probabilities favor the bulls for a green close next Friday.

SRUTF reacted to the drop in the market, having made a new all-time intraweek low at .077 and a new all-time weekly closing low at .1145. In spite of the new all-time lows some new buying interest was discovered given that the stock rallied 33% from the intraweek low to close in the upper half of the week's trading range, possibly suggesting that the .10 level will be defended by the bulls. More importantly and for the first time August, a key positive reversal was seen on the daily chart, having made the new all-time low and the closing above the previous day's high on Friday. Probabilities slightly favor the bulls this week.