Bigger Picture

As S&Ps test prior highs, price action through tomorrow”s close will be critical in forecasting the next significant market move. The upside potential is less defined, but the downside can become aggressive if the noon hour isn”t entered much higher. There”s no Livedesk Unlimited this week (i.e. today), so post your stock chart analysis requests to this thread in the Activity Feed.

I reviewed the following stocks during yesterday”s Livedesk:
BRDT — Not the sort of pattern that reverses up substantially immediately, but should try.
EDXC — Still on-track for fresh lows at or under a nickel.
VAPE — Needed to close above at least 2.37 to suggest sellers were absorbed.
VPOR — Retesting prior low, so must recover its .055 interim high for a bottom.
MDBX — If short, be careful of a bounce, which in this stock tend to be substantial.
TAUG — Retesting prior low, which is bearish after last week”s failed bounce.
NVLX — No bottom-fishing, still on-track for .215 and lower.
CBDS — This is not a bullish ascending triangle.
SPRWD — Probing fresh lows after rejecting Monday”s bottoming attempt.
MCIG — All but required to retest May”s .34-.35 prior low.
ATTBF — Explained the potential recovery patterns needed to avoid fresh lows.
AGTK — Probing fresh lows.
MJMD — Vulnerable to big temporary bounces as so much selling volume already satsfied.
GWPH — Almost any higher close would confirm 117 in-play, must hold above 97.
STEV — Has retraced too much back to .11 not to also probe above it.
CNAB — Doubled off of my .89 support… Stocks that double often become triples.
TKMR — Still testing support.
NLNK — Still testing support.

Today”s Livedesk may be the most important one this week. It may very well be the most important Livedesk of your life! Actually, probably not. But we”ll review a lot of stocks, and quickly, after an overview of the broader market. So, please try to attend. The very existence of the world may depend on it. Again, probably not. (If you”re unable to attend, you can post your stock chart requests to this thread.)
http://marketfy.com/product/marijuana-stock-technical-trade-alerts/livedesk/

Yesterday”s extension of the rally took it to levels that make the S&P 500 index (SPX) likely to probe new highs. That”s not too much high, but the next question would be whether that will be only a temporary retest, or if it”s just the beginning of an extended upleg.

Again, that”s the broad-based SPX. The more speculative growth-oriented NDX already probed new highs Monday. The Dow and Russell are much lower than their prior highs. And this afternoon”s release of Minutes from the last FOMC meeting is sure to impact price action.

Not that any of this matters to the MJ sector. Little about the broader rally”s influence has protected many MJ stocks from returning to prior lows or probing lower. And this morning several of the higher-profile issues will be reacting to various filings made after yesterday”s close.

I”ll add post-open observations about the market and individual issues to this thread in the Activity Feed. Please do the same, and look for my announcement after the first hour for today”s Livedesk at 10:45 ET — It might be the most important one this week.

Monday”s Livedesk reviewed the broader market”s current condition, and then touched on several MJ sector stocks. They”re listed below with summaries, including the two Ebola vaccine stocks I pointed out last week:

ERBB — Fresh relative lows Monday make the bullish scenario depend on the past week”s pullback ending abruptly after forming a Falling Wedge.
AGTK — Massive change in fortune after failing to hold .22 support. Might offer a Falling Knife buy setup soon.
MCIG — Confirming the recent bonce was only temporary, and now on the way to retesting the prior low before any bounce would be credible.
VAPE — Closing above 2.65 isn”t as relevant as finally closing above 2.87.
SPRWD — Potential false break was retraced considerably, but short of relevant. Rejecting the bounce by closing negative makes a new sell-off likely.
GWPH — Closing above the 90 area is half the battle. Maintaining and extending is more relevant and influential.
INSY — Extending its rally to test 35.50, whose recovery would next target 46.70.
ATTBF — Closing above .45 could form a Rocket Launch setup.
EAPH — Bouncing back to a prior high, but not yet reversing the trend back up.
TKMR — Closing above 19.50 area would target 21.80, whose recovery would target new highs at 32.50.
NLNK — Monday”s gap up should be retested, if not also exceeded on the way to fresh highs.

Last night”s futures open extended Friday afternoon”s recovery back to where the Ukraine-Russia headline had derailed it. And why not. That news was revealed over the weekend to have been faked. That extended higher overnight and through this morning”s open.

The rising tide isn”t lifting all boats, though. We”ll look at the broader market”s bigger picture and individual stocks during this morning”s Livedesk. Any of your chart requests will be reviewed then, too.

10:45 ET
http://marketfy.com/product/marijuana-stock-technical-trade-alerts/livedesk/

A few earlier stock comments:
AGTK — Failed to hold its pullback limit in the .22-.23 area last week. The vulnerability was quickly exploited by a plunge to new lows Friday. New support is being tested at .176. Closing back above .23 would signal this drop was only temporary, and done.
ATTBF — If any stock this week has an opportunity to reverse its recent downtrend, it is ATTBF. Opportunities aren”t always exploited. And just posturing to be in reversal position can expend all available buying pressure to be vulnerable. Closing positive today on expanding volume (both of which are indicated so far) would carry through last week”s firming and suggest there is strong sponsorship. Otherwise, closing negative today would start to signal momentum already reversing down.
TKMR — Opening firmer after Friday”s attempt to reverse the recent pullback. Almost any fresh session high above the 19 area should have no excuse not to extend more substantially higher at a steeper slope.
NLNK — Gapping up to a fresh high has since reversed modestly into negative territory. That just looks like noise. The pattern isn”t otherwise a “third-day surge”, since the third day was only an inside day.
MCIG — Probing fresh lows this morning. I had pointed out after Thursday”s loss that a corrective/continuation Flag pattern had ended. Closing today above .43 would suggest the .35-.36 target won”t be tested after all.