Bigger Picture

When it rains it pours, literally — and raining and pouring can bring lightning strikes… Severe thunderstorm knocked out local power that took everything off-line with it. We delayed this morning”s Livedesk until 11:00 ET. See you there!
http://marketfy.com/product/marijuana-stock-technical-trade-alerts/livedesk/

PROGRAMMING NOTE: Yesterday”s charting issue is still being addressed. I hope to have it resolved in time for this morning”s 10:45 ET Livedesk. Thank you for your patience!

Meanwhile, overnight action has probed new highs. Mostly, that was in reaction to word of a Ukraine-Russia ceasefire. Although since denied, the gains largely stand, and higher highs remain likely.

Look for more comments in this post”s thread on the Activity Feed, as well as a reminder for this morning”s Livedesk.

Meet me in Livedesk at 10:45 ET to review this week”s opens among the MJ sector, and to get a big picture look at the broader market”s challenges and opportunities.
http://marketfy.com/product/marijuana-stock-technical-trade-alerts/livedesk/

The broader market”s rally hesitated Friday and Sunday night, but it didn”t stumble. And it probed fresh highs last night. None of which makes today session any likelier to extend any higher at any time.

Counter-intuitively, spending so much time only hovering at fresh highs has formed a weight. Today”s opening action must push through it to assure it won”t collapse. Traditionally, post-holiday volume is still somewhat challenged this morning, so initial trending in either direction will be difficult to reverse.

We”ll have a Livedesk at 10:45 ET today since yesterday”s was missed due to the holiday. Daily non-MJ stock ideas will be launched tomorrow, which will be a big focus of Wednesday and Thursday”s Livedesks. Meanwhile, let”s use this post”s thread in the Activity Feed for market and stock observations.

[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 ||

I don”t want to alarm anyone. Don”t make any sudden moves. Take a deep breath, and slowly scroll down this page to see my 4-week Trends data. Then come right back up here… That”s not a typo: The percentage of stocks in uptrends DID double from last week.

Of course, doubling a single-digit percentage isn”t difficult. But it”s been single digit for weeks. And weeks. Also, it”s just one week of change. But it follows my sharing last week that the number of supports being revised down was more confined than ever. So, one week after the sector was trying to bottom, it has indeed lifted.

Good news, if the action persists, and if volume improves. Bad news if it doesn”t — a recovery depends upon rising prices attracting sidelined buyers, not patient sellers.

Stay tuned… And enjoy the holiday weekend!