Bigger Picture

Last night”s presidential speech was very well received… by shorts betting on the market decline to continue. The Dow plunged 125 points after the new policy was revealed. The last bit of that plunge came after Europe”s opens.

A bounce was already underway, probably only temporarily, when another president”s policy shift was announced (tweeted, actually). “De-escalation” by Russia triggered a 90-point gain before today”s open.

I”ll need to see fresh highs through the open before assuming the overnight recovery has legs. Meanwhile, dipping back into negative territory could be a gateway to retesting overnight lows. Look for more observations in this thread on the Activity Feed after the open.

Enjoy!

Thank you for attending Thursday”s weekly Livedesk Unlimited. If you weren”t there, be sure to watch the video for details. A summary of the MJ stocks we discussed is below. But the broader market”s bigger picture was our first focus.
http://new.livestream.com/accounts/7617211/events/2865745

TRTC — Low volume on Tuesday”s bounce.
MCIG — Under .41 would next target .3875 and .34, potentially .25.
AGTK — Pullback must hold .224, fresh highs would target .36 and .40.
MDBX — Attacking long-standing target at 12.05.
SPRFD — Pullback must hold .275-.30 to avoid targeting .125.
MJMD — Reiterating not to buy weakness.
ERBB — Thursday”s pullback limit reacted up, recovery can”t afford to delay.
ATTBF –Time all but gone for recovering from .41 support to avoid new lows.
VAPE — Not rallying into the weekend would suggest pullback to 1.88.
GBLX — Attraction to 1.08 still outstanding.
TAUG — Opportunity to avoid fresh lows may have passed.
GWPH — Must recover 91 to avoid 75-77, which should be only temporary.
PLPL — Resistance at.375-.39.
VPOR — No distributive pattern creating a lower target, just drifting.

We”ll have a lot to discuss at today”s weekly Livedesk Unlimited. This morning”s rally attempt fizzled out through the morning when another round of Russia-Ukraine headlines hit (from NATO, actually). And now S&Ps are probing fresh lows.

This is not a healthy spot to be greeting the week”s last session. Two rally efforts within 24 hours of each other each failed — yesterday”s morning-long surge and today”s pre-open surge to higher highs. Not rejecting today”s probe of fresh lows through tomorrow”s open would renew the vulnerability to a Monday meltdown.

See you at 4:30 ET.
http://marketfy.com/product/marijuana-stock-technical-trade-alerts/livedesk/

No excuse. Yesterday afternoon”s hesitation seemed to ruin the morning”s party, which had rallied from its opening tick until noon. Actually, yesterday afternoon”s hesitation corrected that upleg, so that it could resume this morning. And it is trying. Yesterday”s highs were probed an hour ago. Now another reaction down has recovered.

Speculative stocks that tested support yesterday will have the best opportunity to rally with the market today. Those that don”t rally off of support will decline first and the most when the broader market turns back down.

REMINDER: The weekly post-close Livedesk Unlimited begins at 4:30 ET today. We”ll review the market”s bigger picture, the MJ sector, and individual stock picks from both you and from me — as always, all including charting and technical analysis technique.

Enjoy!

This morning”s Livedesk reviewed the following MJ stocks, and can be watched here:
http://new.livestream.com/accounts/7617211/events/2865745
We discussed the following charting formations and price behaviors:
— Volume expansion and contraction to identify patterns…
— Flag and pennant continuation patterns…
— Resistance becoming support…
— Support attracting price down if its test as resistance wasn”t influential…
— Congestion as a type of consolidation…
— Overlapping bars
Make a note to remember tomorrow”s post-close Livedesk Unlimited. Its being held earlier, at 4:30pm ET.

ERBB — Big volume accompanying the current recovery attempt.
ATTBF — Fresh low at .41 target now requires close above .51 to signal momentum reversing up.
TRTC — Targeting sub-.30 unless .43 were recovered first.
MCIG — Fresh lows, still hasn”t fulfilled the .44-.45 break.
GWPH — Lackluster earnings reaction, but low volume, suggesting dip to 75-77 would be only temporary correction.
AGTK — Still testing .24 resistance and can”t tolerate delaying its recovery.
VAPE — Pullback must close above 2.37 to maintain upside momentum.
TAUG — Closing under .36 again is not bullish.
MJMD — Big bounce off last week”s lows is close to a buy signal, but otherwise wouldn”t buy weakness.
GBLX — Pattern still suggests fresh low like 1.08 is required.
FITX — Back above .058 could extend corrective bounce to .085.
CARA — Another fresh low, not willing to buy too soon after that or too close to its price.
ARNA — Potential for 3.76 if 4.89 and 5.28 aren”t recovered soon.
ISIS –Next higher target above 31 is 35.