Bigger Picture

Good morning! It”s Wednesday, so make plans to join us at 10:45 am ET for today”s Livedesk. I”ll send a reminder 15 minutes prior. Meanwhile, be sure to add your stock chart requests to this thread in the Activity Feed. I”ll post responses and other observations there.

That”s quite a slide at this morning”s open. After ranging sideways all night, and even hinting at a morning rally, the 1-2 hours before the open were spent sliding back down to yesterday”s low. And now through it. Holding above yesterday”s low through the first hour — preferably also bouncing noticeably off of it for clarity”s sake — could marginalize sellers through the week. Otherwise, the balance of the week may be all about sellers.

I”ll have more in this thread. No Livedesk today, so be sure to post your chart requests here, too.

This morning”s Livedesk lasted only 23 minutes, and still included several very important examples of chart action that you need to be familiar with. Please be sure to review the video soon. I reviewed the following stocks that had some new relevant price action that somehow updated the existing parameters and expectations:

ATTBF — Significance of closing back under .45 can be seen in a similar pattern that played out recently in VPOR”s touch of its .05 resistance.
NLNK — 27.07 recovery today would be very constructive to signaling the consolidation had ended.
GBLX — Minimum for bullish scenario is to close above 1.00, if not a nickel higher.
GWPH — 87 break confirmed under 84.40 would target 75-77. but any high-volume surge meanwhile would be credible for launching the new upleg.
TKMR — Early weakness stretching a little too deeply to be temporary, unless rejected by closing today back in positive territory.
ERBB — .02 must be recovered to prove the dip to support did absorb selling pressure.
TAUG — Difficult to get out of low”s retest without probing under it, presumably down to .0188 if not lower as noise.
MCIG — .2405 potential on retest of last week”s low, but near-term weakness is actually the bullish scenario.
BRDT — Positive close today would both signal and confirm retest of low is launching a new upleg.
VAPE — Closing Monday above 1.88, and preferably also above 1.95, may be only way to avoid the decline extending down further to 1.58.
EAPH — (requested) Potential for recent bounce not being only a temporary correction requires closing back above .02 and then .0216 before breaking back under .0177.

This morning”s Livedesk begins at 10:45 ET at the following link. Following that are this morning”s post-open observations made in the prior thread.
http://marketfy.com/product/marijuana-stock-technical-trade-alerts/livedesk/

ATTBF — Gapped up and ran higher to test .47 resistance. Just closing above .45 would start to signal an upleg underway. But still challenging .45 at noon, let alone dipping back under it then, would suggest it won”t trigger at all.

VAPE — 1.88 was targeted by closing under 2.05. Its test Friday failed to hold, and now potential to 1.58 is being attacked down to 1.69. Closing today above 1.88 would signal the drop had ended.

MCIG — Closing Friday under .32 resistance was all but required. Its reaction down this morning should now begin forming a bottoming pattern. While the downleg”s maximum target at .25 was already tested and reacted up, the reaction up now allows room to probe it down to .2405. But there should be no close under .25 while forming a bottom.

BRDT — The consolidation into Friday”s close was not accumulative, and is now breaking sharply lower to confirm. This can become a bottoming pattern if today”s close were positive. But there is much downside risk if sellers are allowed to gain a toehold here.

Could it be that the entire world”s attention this weekend was tuned to football openers? Overnight action has been more overnight than action. Gradually slipping prices erased all of Friday”s late surge. That still leaves much of the intraday recovery intact, and free to attract post-open buyers who may be more impressed by Friday”s new trend high close.

Greeting the new week too enthusiastically can often prove to be a sentiment extreme. Gapping up is one risk. Delaying fresh high until after the open is another, although less so. MJ stocks didn”t do poorly while Friday”s market was trying to attract buyers. Perhaps indexes struggling a little more to extend today would help MJ stocks probe higher this morning.

I”ll add my post-open observations to this post”s thread in the Activity Feed. Look for a reminder about this morning”s 10:45 ET Livedesk.