Posts by Rod David
Pre-market Tour (recording & summary)
Surging 5 points to 1964.25 just after publishing The First Trade blog post has reacted down 6 points to 1956.25 pre-open. That helps to restrain optimism. But only to a point, because much deeper could simply resume the decline post-open.
1956.25 is reasonable for a pre-open pullback low. But there is room down to 1953.25 before signaling a new downleg underway. Back above 1960.50 and 1962.25 should signal the recovery has resumed, presumably to fulfill the bullish WedEX by rallying aggressively.
Details and other markets coverage is in the pre-market Tour recording here:
https://roddavid10.mitel-nhwc.com/join/jrcwbhh
The First Trade… Behaving bullishly.
Proper context can start the day with a solid win and make all the difference.
CHARTROOM LINK(s)
o Win XP-Friendly entry
o non-xp friendly (ilinc)
(pre-open Market Tour begins at 8:55 ET)
Through the prior close…
Friday’s gap down to 1949.00 was an improvement from the 1944.25 pre-open low. The morning’s bias environment rallied to 1967.50, but the balance of the session probed lower and lower lows down to 1941.25. Reactions to those lower lows each bounced back above the morning’s low — so, not actually extending down. This accumulative behavior was the afternoon’s only qualification for the bullish WedEX
Overnight action’s new info…
Flat-to-lower ranging didn’t extend Friday’s last bounce up to 1952.25. China’s open erased it, in two legs down to 1938.50. RSIs diverged positively on its retest, launching a reversal that is now probing almost 2 points above Friday afternoon’s bias environment 1957.25 high.
If, then…
The overnight rally could double or triple, and still be irrelevant to the bullish WedEX’s influence which applies only to post-open action. Since WedEX’s influence Friday afternoon was at best accumulative, Monday morning’s price action should behave that much more bullishly to compensate for its delay. While rallying sharply this morning would fulfill the WedEX, don’t lose sight of the possibility that the signal has failed — and that post-open action can trend back down. Regardless, retracing all of Friday afternoon’s bias environment does suggest the drop has been only a correction.
First Trade…
Exiting the open at 9:45 above 1957.25 would be likely to trigger this morning’s 1956.25 bias-up signal at 10:15. Exiting the open back under 1953.50 would be unlikely to recover the bias-up signal in-time to trigger it. [Added 10 minutes later as the market had just surged to 1963.75: Exiting the open above 1964.00-1964.75 would be likely also to exceed the 1962.75 bias-up target at 10:15 to renew the bias-up signal.]
The Universe, week of Sep 21 2015… Testing defenses.
[Note: I publish “The Universe” every weekend, updating my support and resistance calculations for Marijuana sector stocks. It is not a projection, but a handy reference… Non-Marijuana stocks are covered elsewhere during the week.]
This week’s changes to The Universe were largely unremarkable. If there were one exception, it would be that several issues did merit lowering their supports. But the majority of those were teetering already from previous weeks. Generally, the mix didn’t change. So, there doesn’t seem to be any residual skittishness from the broader market’s recent plunge.
We should know almost immediately this week whether the broader market’s week-ending decline has begun the next — and, I think, inevitable — downleg. Retesting last week’s highs, first, wouldn’t be surprising. If the latter scenario were to develop, then several Cannabis stocks can have an easier environment to exploit their interesting charts: CANN, MDBX, SPRWF, TAUG.
| Marijuana Stock Universe for September 21, 2015 | |||
| Reference this table during stock reactions | |||
| 4-week | # up: | 7 | 6.93% |
| trends* | # flat: | 15 | 14.85% |
| # down: | 79 | 78.22% | |
| *The percentages of stocks rising or falling over 4 weeks. | |||
| symbol | support | resistance | 4-week trend |
| ACGX | 0.000 | 0.003 | down |
| AERO | 1.000 | 1.950 | down |
| AGTK | 0.000 | 0.009 | down |
| AMMJ | 0.070 | 0.182 | down |
| ARNA | 2.410 | 3.320 | down |
| ATTBF | 0.035 | 0.075 | down |
| AVTC | 0.000 | 0.400 | down |
| BLOZF | 0.130 | 0.340 | down |
| BLPG | 0.015 | 0.086 | down |
| BRDT | 0.012 | 0.048 | down |
| BTFL | 0.071 | 0.232 | down |
| CAFS | 0.001 | 0.011 | down |
| CANL | 0.059 | 0.900 | down |
| CANN | 0.330 | 1.160 | flat |
| CANV | 0.570 | 1.340 | down |
| CARA | 18.300 | 23.550 | flat |
| CBDS | 1.630 | 2.660 | flat |
| CBGI | 0.000 | 0.005 | down |
| CBIS | 0.020 | 0.041 | flat |
| CGRW | 0.360 | 0.610 | flat |
| CHUM | n/a | n/a | down |
| CNAB | 0.320 | 0.750 | down |
| DEWM | 0.001 | 0.003 | down |
| DIGP | 0.170 | 0.400 | down |
| DSCR | 0.000 | 0.025 | down |
| EAPH | 0.005 | 0.013 | down |
| EDXC | 0.019 | 0.047 | down |
| ENCC | n/a | n/a | down |
| ENDO | 0.006 | 0.018 | down |
| ENRT | 0.017 | 0.037 | down |
| ERBB | 0.002 | 0.004 | flat |
| ETST | n/a | n/a | flat |
| EXMT | 0.000 | 0.004 | up |
| FITX | 0.002 | 0.006 | down |
| FSPM | 0.000 | 0.250 | down |
| FULL | 3.060 | 3.660 | down |
| FWDG | 0.000 | 0.002 | down |
| GBLX | 0.270 | 0.460 | flat |
| GRCU | 0.000 | 0.004 | flat |
| GRNH | 0.023 | 0.067 | down |
| GWPH | 101.550 | 132.000 | down |
| HEMPD | 0.050 | 0.107 | down |
| ICBU | 0.000 | 0.003 | down |
| IGRW | 0.000 | 0.002 | down |
| IMLFF | 0.100 | 0.180 | down |
| INCC | 0.000 | 0.002 | down |
| INSY | 30.780 | 39.600 | down |
| ITNS | 0.001 | 0.005 | down |
| KAYS | 0.067 | 0.187 | flat |
| LATF | 0.000 | 0.001 | down |
| LXRP | 0.098 | 0.205 | up |
| MCIG | 0.023 | 0.052 | down |
| MDBX | 0.122 | 0.181 | up |
| MDCN | 0.000 | 0.001 | down |
| MDRM | 0.016 | 0.051 | flat |
| MINE | 0.000 | 0.002 | down |
| MJMD | 0.000 | 0.015 | down |
| MJMJ | 0.000 | 0.001 | down |
| MJNA | 0.031 | 0.042 | down |
| MNTR | 0.310 | 0.620 | down |
| MSRT | 1.650 | 2.290 | up |
| MYEC | 0.010 | 0.015 | down |
| MYHI | 0.013 | 0.188 | down |
| NDEV | 0.016 | 0.053 | down |
| NMUS | 0.620 | 1.600 | down |
| NRTI | 0.000 | 0.002 | down |
| NTRR | 0.022 | 0.046 | flat |
| OGRMF | 0.208 | 0.337 | down |
| OSLH | 0.000 | 0.001 | down |
| OXIS | 0.015 | 0.027 | down |
| PHOT | 0.010 | 0.030 | down |
| PLPL | 0.109 | 0.177 | down |
| PMCB | 0.080 | 0.129 | down |
| PNTV | 0.001 | 0.007 | down |
| PZOO | 0.004 | 0.008 | down |
| QEDN | 0.000 | 0.003 | down |
| REDG | 0.000 | 0.003 | down |
| RFMK | 0.000 | 0.002 | down |
| RSSFF | 0.030 | 0.100 | down |
| SING | 0.005 | 0.012 | down |
| SKTO | 0.000 | 0.004 | down |
| SPRWF | 0.082 | 0.165 | down |
| SRNA | 0.100 | 0.185 | up |
| STEV | 0.049 | 0.072 | flat |
| TAUG | 0.000 | 0.005 | down |
| THCZ | 0.051 | 0.013 | down |
| TRTC | 0.100 | 0.165 | flat |
| TURV | 0.630 | 0.89 | down |
| TWMJF | 1.240 | 1.490 | down |
| UPOT | 0.080 | 0.270 | down |
| USEI | 0.000 | 0.003 | down |
| VAPE | 0.088 | 0.275 | down |
| VAPR | 0.000 | 0.050 | down |
| VGPR | 0.000 | 0.002 | down |
| VHUB | 0.040 | 0.059 | up |
| VPCO | 0.400 | 0.840 | down |
| VPOR | 0.000 | 0.001 | down |
| WDHR | 0.000 | 0.002 | down |
| WOGI | 0.005 | 0.013 | flat |
| XTRM | 0.001 | 0.004 | down |
| XXII | 0.085 | 1.100 | up |
Saturday Review’s recording (for 9/19/15) … WedEX, Fri, and Mon.
Confused by the WedEX setup? In this week’s Saturday Review, I do my best not to confuse you even more. Good luck with that. We also discuss the “failed Ascending Triangle” types and their consequences, and expiration’s possible resolutions Monday.
The following stock requests were reviewed in this order:
RY, MFC, SU, XLP, AAPL
09/19/2015 10:38:26 s: thx
Saturday Review Link
Be sure to join us at either link below by 9:30am ET for this weekend’s Saturday Review.
We’re in the middle of a WedEX signal, and we’ll discuss what it is, and what it is not. The week’s FOMC surge has reversed down sharply, either on the way to new lows, or else a warning shot across the bow. We’ll discuss the bigger picture, and then review any stock charts that you request.