Bigger Picture

Ahh, the weekend… I hope that everyone has plans to take advantage of the warming weather, rain and tornadoes. There, I just described this week”s price action in the Cannabis sector.

I hope to announce next week an exciting twist I”m adding to this service. I mentioned it briefly during the most recent Livestox. It combines my technical analysis lessons, applied to your stock chart analysis requests, the daily Livestox access, and Trade Alerts.

Meanwhile, following are the most recent stock comments in the Activity Feed, for your review and so the Marketfy search engine can see them.

Jo B — Rod please review the GOGO chart. At work. Will watch later
Ty Posted 2 days ago
fennecby — will there be a discussion of oil? in UWTI. Got knocked on the head pretty hard today off the highs
fennecby — BRDT seems to be experiencing some life after death. Any chance for this to actually go anywhere? (Company is still, theoretically, alive and kicking.) Posted 2 days ago
Brett-ster — Thanks Rod, Where do you see support on TRIP now that it”s broken 80.5? Posted 2 days ago
Rod-David — TRIP — Probably to 71.53-72.45, and potentially to 69.55, unless 78.80 is recovered Posted 2 days ago
Angceleste09 — CQH, Rod do you see any pattern worth noting here? Posted 2 days ago
fennecby — and apart from BRDT, what”s the earliest spot that would indicate another upleg on SGLB? 14.7 was your target before it formed what now seems like a symmetrical triangle. Posted 2 days ago
kit650kr — YO ROD : I love $20 moves…thanks for the guidance BOSS! Posted Yesterday
fennecby — and one more for this morning… what”s a good entry back into AGEN? Or does that double top prohibit retesting it and extending beyond? thanks X3. Posted Yesterday
Rod David — CQH — RSIs are deteriorating further on each higher price high. A dip to 24 might be able to stretch the rubber band enough to snap back up, so beware of a dip to 24 that doesn”t snap back up. Posted Yesterday
Rod David — SGLB — Nice volume pattern into the recent ~.12 high where an Ascending Triangle has been forming. Posted Yesterday
Rod David — AGEN — That”s not actually a double top. It”s worse. Consecutive overlapping deep bars of equal size tend to signal a sentiment extreme. Its eventual recovery would be very bullish. Meanwhile, its pullback does not get any benefit of the doubt for being only temporary. Posted Yesterday
Josey — Rod, What do you have for support on GILD? Would a 97. + – print be negative or how low for noise? TY. Posted Yesterday
kit650kr — OMG i love CELG Posted Yesterday
kit650kr — YO ROD! we closed just under $74 on CRM, we still good to hold on BOSS? Do you think we”ve finally bottomed on PLKI, I”d like to accumulate more if so. One more before I go help DAD: IDTI, is this stock staging a break out finally? Posted Yesterday
fennecby — thanks Rod. didn”t quite get the upshot on SGLB though – breakout on close over 12 targets 14.7?
And would still appreciate a look at BRDT. Posted Yesterday
kit650kr — look at BABA run Posted Yesterday
Rod David — GILD — Support is 100.60, and closing under it would significantly undermine the rally potential. Friday”s breakout wasn”t confirmed, so even the most bullish scenario could include a detour to 93. Posted Yesterday
Rod David — CRM — Needed another close above 74.40 to put into play 95. It”s not in-play without two consecutive closes above 74.40. Posted Yesterday
Rod David — PLKI — 55.20 is a viable candidate to serve as the pullback”s low. Closing any lower would suggest the next lower pullback candidate is in-play at 48.15, if not also 43.80 Posted Yesterday — “Edited”
Rod David — BRDT – Sorry, didn”t see that post earlier… High-volume surge would be credible for extending into the following day, but there”s otherwise no requirement to recover Posted Yesterday
Rod David — BABA — Closing under 86.25 would be attracted back down to yesterday”s close, if not also to new lows. Posted Yesterday
Rod-David — MCIG — Potential for extending to .133 above .104, so long as .088 holds as support Posted Yesterday
Rod-David — DATA — Strong resistance at 107.10-108.05… Closing any higher would next target 121.35-125.75 Posted 22 hours ago
fennecby — morning.
does NICE look over-extended to you, or will a new leg (break confirming on positive close today?) still offer meaningful returns?
And where is PRLB headed?
Thanks (for yesterday as well)! Posted 9 hours ago
Rod David — NICE — Attractive volume patterns into the breakout. If not confirmed today, then pullbacks need to hold 61 as support to maintain potential for resuming the breakout next week. Posted 8 hours ago
Rod David — PRLB — Closing above 73.60 before closing under 68.90 would likely retest the 79 area, if not also resume the rally. Posted 8 hours ago
Josey — Rod, how does SZYM look for long entry here. RSI seems bullish? Or not :) Posted 6 hours ago — “Edited”
Rod-David — MCIG — Closing today above .084 would keep alive for extending yesterday”s rally through its .105 high to .133. Recovery potential becomes diminished under .071 Posted 6 hours ago
Josey — One more, SGEN would this need two closes over 40.00 to buy? Posted 6 hours ago
Rod-David — SZYM – My preference at this stage of the pattern, having tested “lower prior highs” around 3.35 so many times for so long, that a blip -down fill the gap back to 3.20 and reverse back above 3.40 on volume to prove that sellers are done Posted 6 hours ago
Rod-David — SGEN — This leg”s breakout occurred at 35, much lower. Posted 6 hours ago
Rod-David — OXIS — Attractive volume pattern preceding today”s probe of fresh 2-week highs above the .030-.033 band of support. Closing back in the range would be disappointing for not having attracted new sponsorship. Otherwise, the rally is free to resum Posted 5 hours ago
proed — $KITE – presently have short entry @ $58 with a stop above what I believe to be downward sloping resistance of a falling wedge pattern from 3/20 (stop placed just above 61.8% retracement of recent down leg). Would appreciate your thoughts for targets and stop positioning. I have my limit buy set for $48.25. thanks Posted 5 hours ago
Josey — Next week time for SPXS ? Posted 4 hours ago
fennecby — thanks Rod.
ICLD ready for another leg? and target? Posted 4 hours ago
Rod David — proed, KITE — Is your Falling Wedge from 3/20-3/24? I don”t view the 3/20-4/2 action as an individual pattern, because its development overlaps the 6-week channel that preceded it. So, I”m not sure which recent downleg”s 61.8% retracement is being used to locate a stop… I”ve got resistance at 60.75-62 that needs to hold for this past week”s rally to have overcome downward momentum. Posted 3 hours ago
Rod David — ICLD — Closing decisively above 3.90 resistance on expanding volume would target 5.40. Posted 3 hours ago
fennecby — thanks. is there a pattern yet to KRNT? Posted 52 minutes ago
Rod-David — KRNT — getting there ;) Posted 25 minutes ago

Today”s Livestox began with a lovely discussion of the broader market”s recent sell-off, and what might be expected of it. Then we reviewed Crude Oil, which had met my target this morning and reacted down aggressively. After also reviewing Gold and miners, I updated some active coverage and then did instant chart analyses per request, in the following order:

SPX

USO

GLD

GDX

VPOR

MCIG

ISY

GWPH

CARA

FEYE

VAPE

GBLX

HK

KITE

GOGO

GILD

SPRO

SIVB

NFLX

NLNK

Livestox will start at 12:15pm ET. We”ll review this week”s stock market decline and discuss whether it”s a big buying opportunity (if not one of the last), or if the decline is just getting started. Then we”ll review your stock chart requests.

Phone callers — I”ve tested the conference facility this morning, and all is a-ok.

Login info: (iPads and Tablets use the accompanying teleconference info to get audio.)
https://roddavid10.mitel-nhwc.com/join/pcxsrhm

optional teleconference instructions (required for iPad and tablets):
1-605-562-0020
Meeting ID 976-912-682 #

Here”s recent Activity Feed posts to allow the Marketfy search engine to index them:
Rod-David — FYI — (“For your information,” not a stock symbol), Today”s high has probed high enough already that it should all but require extending to new highs. That can be useful information right now as the reaction down from this morning”s high may have run its course. Posted Yesterday
Rod-David — VAPE — Friday”s retest of the 2-week old prior low at .40 is reacting up today to attack their .49 interim high. If considering long-entry on that pattern, don”t dismiss its necessity to extend through the interim high with little delay if it”s tested at all. Potential to .65 Posted Yesterday
Rod-David — GBLX — Healthy volume accompanying today”s bounce back up toward .28 resistance. The pattern is an uptrending inverted Head & Shoulders, not usually capable of producing a durable recovery, but still having potential for a temporary bounce to .46 Posted Yesterday
fennecby — If ever you should find yourself talking to the walls… that”ll be the day that the bottom”s in, right?
But, alas, I, at least, am still listening. (-: Posted Yesterday
casjf — Me too :) Posted Yesterday
guanito — Hi Rod – almost bought some FITX today. Looks like a breakout? Posted Yesterday
Rod-David — FITX — It has been looking interesting, but it”s difficult to take it seriously without there having been a base Posted Yesterday
guanito — tks Posted Yesterday
recentiy03 — is GILD retesting resistance and still in play for the previous parameters? Posted Yesterday
Rod-David — GILD — I like the bnreakout attempt, and now looking at its reaction for being only a temporary corrective dip before resuming its breakout. Posted 23 hours ago — “Edited”
Brett-ster — Hi Rod, anything new on CARA? Posted 23 hours ago
Josey — Most impressive move today on INVN, Time to load up? So far. Posted 23 hours ago — “Edited”
Rod-David — CARA — My stop is under 9.85, and I”ll meanwhile add more back above 11.55. Posted 23 hours ago
fennecby — Good morning. What would be the target on that “new big rally” on CLF, if closing above $6.2? Posted 21 hours ago
Rod-David — CLF — 7.35-7.60 area is next targeted Posted 21 hours ago
fennecby — cheers. Posted 20 hours ago
Rod-David — GBLX — I noted here yesterday the bounce to .28 resistance whose break would target a temporary bounce to .46. Now extending sharply higher today to attack .40. Pullbacks must hold .30 to maintain the breakout”s momentum Posted 19 hours ago
Rod-David — VAPE — Also noted here yesterday, that Friday”s retest of the 2-week old prior low at .40 was reacting up to attack their .49 interim high, with potential to .65. Now surging to test .54, so pullbacks must hold .49 to maintain the bounce”s momentum. Posted 17 hours ago
Miss Kitty — VPOR up 13.33% to $0.0017 today on good volume. You”ve got resistance at $0.0030. Anything you see on the chart that would make it compelling to go long for a bounce to resistance based on today”s move? Posted 13 hours ago — “Edited”
Chameleon — Jed, Jethro and Elly May. Folks are collecting and stocking up on these shares for an ultimate trend reversal. UWTI Clampett. Posted 28 minutes ago
Chameleon — Seems it used to be anything under three has been replaced with anything under four now. My friend F. W. Gillette says his attention on this is focused. Anyone need a close shave? Posted 12 minutes ago — “Edited”
Rod-David — VPOR — Tuesday”s high is 61.8% resistance at .0019. Room for noise above it to .0022 could be tested, too, and still be only a correction. Closing above both today would be bullish for that Universe entry, or higher, if accompanied by expanding volume. Posted 32 seconds ago
Boston — Good Morning PPCH has made a nice move in the last couple of days & has gapped up 15% now 5% this morning….any guidance would be helpful on where this may be going? Thanks Posted just now — “Edited”
Rod David — PPCH — Big resistance at .07, closing above it would target .095… Pullbacks should meanwhile hold .047 to maintain the upward momentum Posted just now
tamaramessmann — VAPE is rising on expanding volume. What are the critical levels to watch. Is it all just noise up to resistence of .63? Posted just now
tamaramessmann — never mind I just saw your earlier post on VAPE. I have been on vacation. Posted just now
Rod David — Welcome back ; ) Posted just now
Josey — Are we close to buying or selling? Posted just now
tamaramessmann — Thank you;-) Posted just now
kit650kr — YO ROD, how”s it goin”? What do you think about CRM”s chart? I got in at $67.83. Posted just now
casjf — OXIS – Looks like it”s finally on the move up again. Near target still .044-.046, Rod?
Rod David — OXIS — The pattern”s potential upside doesn”t change, if a rally leg is produced. Meanwhile, the vulnerability to that rally leg depends on continuing to hold .030-.033 support. Posted just now
Rod David — CRM — My 73.70- 74.40 target has now been met. There has been a sufficient correction to resume the rally, and to put into-play 95 on another close above 74.40

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.]

Links to ||
Last week”s Universe || Prior week”s Universe || Previous week”s Universe ||

There was another dip last week in the percentage of covered stocks that are above their 4-week moving averages. It was only a net of two, which has been worse — albeit not by much. The percentage of stocks in downtrends increased by two, which has also been worse.

Anecdotally, however, fewer stocks last week were threatening support or sitting at it. The conflicting observations prevents us from labeling it as stability. That would not necessarily be bullish. Picture a rubber band lying on your desk. Stable, right? A rubber band stretched between your fingers would at least be closer to snapping back.

It”s premature to count out that snap back potential. But it”s never too early to fear the alternative — complacency. At least the sector hasn”t extended down on any recent legislative decisions. But my warnings of sell-off risk in leadership like GWPH and INSY were followed by sizable declines, so beware of them not snapping back. 

There”s a market maxim, “Sell in May and go away,” which anticipates the summer doldrums. I”m not expecting this year”s broader stock market to adhere to that generality. But I do want to see more surges like those I described here last week, before assuming the sector has lost too much of its backing and curiosity.