AU generated a 2nd green weekly close and did close near the high of the week, suggesting further upside above last week's high at 13.73 will be seen this week. Nonetheless and in spite of the green weekly close, the bulls have not yet been unable to make any kind of a bull statement, meaning the chart remains somewhat open for both sides. On the other side of the coin, the second green weekly close does confirm that the recent low weekly close at 12.38 was a successful retest of the 12.16 multi-year weekly low close, meaning that the probabilities of a bottom and a support area have been built has now increased. An intraweek break above 15.35 or a weekly close above 14.44 would confirm that scenario. A daily close below 12.38 would negate it.

BABA made a new 7-year intraweek low and got within $.81 cents of the all-time low at 57.20. Nonetheless, the bulls were able to rally the stock up back to within $.16 cents of the midpoint of the weekly range, suggesting an equal opportunity of going above last weeks' high at 69.80 than below last week's low at 58.01. This is all about the re-election of Xi to be the president of the country and the negatives of his policies, especially the zero Covid policy. There has been no negative news on the company itself, meaning that the short-term outlook depends on the fundamental picture of the nation and not of the company. Evidently, a break below 57.20 would open the door for much more downside. Short-term pivotal resistance is found at 86.29.

CAT reported better than expected earnings and rallied 13.3% percent above the previous week's close. The stock closed on the high of the week and further upside above last week's high at 219.34 is expected to be seen. On the weekly closing chart, there are 14-months of decent to probably strong resistance found between 217.26 and 228.94 that includes a double high at 228.94 and 227.91. In addition, JPM had put out an upgrade to the stock a few weeks ago that gave a $220 objective, which can now be said has been fulfilled. It is highly unlikely that any additional upside of any consequence will be seen at this level at this time. On a weekly closing basis, there is minor to perhaps decent support at 197.82, which if broken would open the door for a drop down to the $180 level. The 200-day MA is currently at 198.62 and given that line had not been broken to the upside for close to 5 months, the probabilities strongly favor that line being tested before any new attempt to go higher is tried. On a daily closing basis, there is resistance between 219.95 and 222.38, suggesting that the bears are likely to have a much better risk/reward ratio at this price.

ENG did very little this past week. It did go above the previous week's high and did close green but the green close was only by $.01 cent and the stock did close slightly in the lower half of the week's trading range, suggesting a slightly higher probability of going below last week's low at .96 than above last week's high at 1.14. The company reports earnings on Thursday November 3rd. Intraweek support is found at .91. Minor but likely short-term pivotal resistance is found at 1.16 and pivotal resistance is found at 1.45.

LI made a new all-time intraweek, daily and weekly closing low and closed slightly in the lower half of the week's trading range, suggesting a higher probability of going below last week's low at 12.52 than above last week's high. The all-time daily closing low was 14.31 and the stock closed at 14.26 on Friday, meaning that if the bulls are able to generate a green daily close on Monday, it will be seen as a potential double bottom on the daily chart. On the weekly chart, the previous all-time close at 14.60, and there too, if the bulls are able to generate a green weekly close next Friday above 14.60, it too would be seen as a potential double bottom. It is important to note that TSLA reported slightly better than expected earnings and because of it, it generated a positive reversal week, having made a new 15-month low and then going above the previous week's high and closing near the high of the week. I say this, because LI is in the same industry and even though the stock has fallen mostly because of the political situation in China, it is possible that if Chinese stocks do not continue lower that the stock will move higher and negate the negative signal given. Short-term pivotal support is found at 16.57.

The 6-month intraweek low and a new 24-month weekly closing low and closed in the lower half of the week's trading range, suggesting further downside below last week's low at 16.54 will be seen this week. Nonetheless, some buying interest started to be found given that the stock made the new low on Wednesday, generated an inside day but with a green close on Thursday, and then generated a positive reversal day on Friday. This action means that on Friday, it went below Thursday's low and closed above Thursday's high, thus opening the door for a successful retest of the low having been accomplished. To confirm this retest as successful, a rally above 21.18 would need to be seen. Nonetheless, it is a sign that perhaps the bottom has either been found or is close by. Intraweek support of consequence is found at 15.98. This is a Chinese stock that the same as stated for BABA applies here.

NEM had the same kind of week that AU had with the same identical meaning. The stock did close slightly in the upper half of the week's trading range, suggesting a slightly higher probability of going above last week's high at 44.25 than below last week's low at 41.52. It is important to note that on the daily chart, a short-term bullish inverted Head and Shoulders formation has been built with the right shoulder being at 45.23. A break of that level would generate an objective of 50.46. The stock does have a bearish breakaway/runaway gap formation with the runaway gap being at 50.86, meaning that if a rally does occur up to the 50.46 level (now looking more probable than not), it would not be a longer term bullish sign. As such, and considering that for now it is unlikely that the index market will be making new lows, the probability is high that the stock will see this recovery rally occur. Any break below the recent low at 40.00 would negate this scenario.

PLNHF generated a 3rd uneventful inside week that did nothing to clarify the chart. The stock did close red and on the low of the week, suggesting that further downside below last week's low at 1.17 will be seen this week. Nonetheless, if that does occur but the recent low at 1.03 is not broken, it could become the needed/required retest of the low that could signal that a bottom has been built to this downtrend. Short-term pivotal resistance is found at 1.36.

QQQ generated a new 5-week intraweek and weekly closing high and did close near the high of the week, suggesting further upside above last week's high at 284.60 will be seen this week. Additionally, the stock generated a 2nd close above the 200-week MA, currently at 274.73, and that is a positive, which suggests that for now, the downside is over (until the fundamental picture changes). Intraweek resistance is found at last week's high, which if broken, would suggest a rally to 296.75 would be seen. Presently, some short-term pivotal intraweek support is found at 266.82.

VET generated a negative reversal week, having made a new 3-week high but then closing red and near the low of the week, suggesting further downside below last week's low at 21.85 will be seen this week. By the same token and using the weekly closing chart, it really was an uneventful week given that the stock closed red by only $.02 cents below the previous week's close and that means nothing. Daily close support is found at 22.01 and daily close resistance at 22.80. A break of the former would suggest a drop down to 21.13 would occur, while a break of the latter, would suggest that a rally to 25.02 would occur.

VNET made a new 62-month low weekly close and closed in the lower half of the week's trading range, suggesting further downside below last week's low at 4.07 will be seen this week. The all-time low weekly close is at 4.37 and the stock closed at 4.44 on Friday. The action seen the past couple of weeks turned the outlook in favor of the bears and against the bulls. The island formation remains in place with the gap down at 3.95, but it is evident that this week is going to be a deciding week. Pivotal short-term resistance is at 4.97 and the same to the downside at 4.07. It is likely this week, one or the other will be decided. Nonetheless, the bears have a decided edge.

ZLAB made a new 48-month intraweek and weekly closing low and closed in the lower half of the week's trading range, suggesting further downside below last week's low at 20.98 will be seen this week. This weakness has all been about the Chinese political situation as the company maintains a strong fundamental picture. Nonetheless, at this time the bears have control. Short-term pivotal resistance is found at 25.87 and given that the stock closed on Friday near the high of the day, the first course of business for the week on Monday should be for some upward movement. On a weekly closing basis, the 26.61 level was the support that got broken this past week. A close above that level on Friday, would negate the break. It all depends on what happens tonight on the Chinese HSI index. If it rallies to close green tomorrow morning at 4:00 am, it is likely all Chinese stocks will rally. Either way, I am looking to hold on to the positions as the outlook for the future of the company remains bright.