Bigger Picture

Let”s start this morning”s Livedesk at 10:45 ET. We”ll review the sector”s opens, and look at other influences and opportunities. Join me at the following link:
http://marketfy.com/product/marijuana-stock-technical-trade-alerts/livedesk/

I don”t see news on GWPH, but it is trading higher during pre-market, above Friday”s highs. If that”s indicative of this morning”s sentiment, then MJ stocks should be amenable to bouncing. Especially those MJ issues I”ve noted as being most susceptible to a bounce, and those issues that must bounce very soon to avoid much deeper declines (AGTK, CANN, CARA, ENRT, EDXC, SPRWF, VAPE).

After probing fresh lows overnight, index futures are slightly positive pre-open. But not positive enough to avoid retesting the overnight lows. If a rally isn”t extending higher through the first half-hour, then Friday”s lows are probably already being probed.

I”ll add my post-open observations to this thread in the Activity Feed. We”re aiming for 10:45 ET to do this morning”s Livedesk, and there should be a lot of interesting observations.

Enjoy!

Setups || This week”s Universe || Last week”s Universe

The number of 4-week downtrends continues to grow, while uptrends shrink. A review of stocks under pressure reveals they are mostly sub-pennies and other non-mainstream issues. The MJ sector”s recovery has stalled, after fulfilling expectations that the recovery would be selective. I suspect this current retracement is dropping more ballast…

SETUPS
AGTK — FALLING KNIFE
The distribution pattern we”ve been tracking for several weeks is coming into its first inflection point at .197, which is likely either to accelerate the decline”s pace or else to reverse up sharply.

ARNA — NOT SO CHARMING
Repeatedly chipping away at 4.75 support has made a break to fresh lows likely, much sooner rather than later.

CANN — BOTTOM FISHING
I know, right? The recent spike down to new lows was largely retraced, and now a dip has retraced that by 61.8%. Either a new upleg will be obvious soon, or else forget I ever mentioned it.

CARA — BOTTOM FISHING
Chipping away at resistance after the recent intraday simultaneous test of two targeted support was recovered through the close.

ENRT — FALLING KNIFE
Recent spike up retraced to new lows, which must be rejected immediately for any duplication of the earlier buying interest.

ADDITIONAL OBSERVATIONS

CBIS — Retraced too far back to recent lows to escape extending down to new lows.

EDXC — Never probed under .06, but volume improved into the weekend bounce, so extending any higher could gain traction.

SPRWF — The recent test of .11 resistance has been unable to recover from .07, and almost any lower would target new lows under .025.

VAPE — Pivotal uptrending support is about to intersect with current pricing, and breaking any lower could target new lows.

Thursday”s Livedesk Unlimited covered the following MJ stocks, among others, through yesterday”s close. The first segment summarized the crossroads that the broader market currently finds itself. This being a Friday, have a definite idea by mid-morning what sort of exposure you want going into the weekend. I”ll add my post-open observations to this thread in the Activity Feed…
ATTBF, ENRT, TRTC, CARA, NVLX, TAUG, EDXC, MCIG, VAPE, MJMD, ERBB, STEV, VPOR, GBLX, FITX
http://new.livestream.com/accounts/7617211/events/2865745

REMINDER — This week”s Livedesk Unlimited begins at 4:30pm ET. Join us at the following link for a review of all high-profile, responsive and predictive MJ issues. Then we”ll review charts of your stock requests. See you there!

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