Bigger Picture

Good afternoon! The market”s recovery has extended, but stopped short of recovery the origin of yesterday afternoon”s downleg. That”s not optimal, and a downdraft wouldn”t be surprising, although that would be problematic to extending the recovery. New session highs today would be likelier sooner rather than later… Following are individual stock observations from earlier today:

GWPH — Rallying sharply off of yesterday”s test of my 80.20 pullback target. Still some important resistance to recover on a closing basis above 85.85.

CARA — Testing its highest levels at 13.76 since holding a test and retest of my 12.90 pullback target. But 14.05 will be the true test of whether momentum has reversed up.

ATTBF — Back into positive territory. My concern is less technical than observational. Its upcoming TV appearance is apparently widely disseminated. And the market is a discounting mechanism. So, why would the stock not have been behaving more optimistically than pessimistically? Better late than never, I suppose. But that”s my concern. Otherwise, .61 is resistance to maintain potential down to .55.

NVLX — Extending higher today, and must close positive to confirm yesterday”s breakout… not to mention, possibly never revisit my .225 target (.25 might still be on the table).

VAPE — Bouncing off of my 2.05 pullback target. Closing above 2.23 would be the first signal that the had actually ended, but 2.31 must be recovered to signal the rally had resumed.

TAUG — Preferable pullback objective has been .038, maximum down to .036. This afternoon”s reaction up from .038 must close above .0425 to signal momentum may be reversing up.

I posted this a couple of hours ago to the last message”s thread: “Futures extended down initially last night, and not a little. But they have reversed up sharply overnight. That reversal just touched resistance, THE dividing line between rejecting yesterday afternoon”s downleg, or else launching another one this morning. I”ll update this before and through the open…”

A pullback since then has consolidated, and is now reacting up to greet the open at fresh highs. It”s still not high enough to ensure that we”re out of the woods. More important, it”s not yet late enough — holding up (and, better yet, extending higher) through the open and the first hour would be much more reliable.

I”ll add observations to this post”s thread in the Activity Feed…

Livedesk Unlimited has ended, thank you to all who joined us and joined in. We began with an extended look at the broader market and its current challenge. Opening parameters were described for knowing whether Thursday”s drop is extending, or not. Then we discussed the following stocks (identifying the best positioned for near-term plays: ENRT, MJMD, CARA, VAPE, SPRWF), before addressing subscriber requests. Enjoy!
http://new.livestream.com/accounts/7617211/events/2865745

FITX — Volume improvement would enable bounce to .085.
NVLX — Not closing higher Friday would be toppy, and could reverse to .225.
BRDT — Displayed why the pattern is not a Descending Triangle. It”s not much of anything.
MCIG — Holding support tentatively.
AERO — Didn”t react favorably to its favorable news, which can be bearish.
ENRT — Prefer to buy a dip under .14, but would consider a close above .17.
MJMD — Pullback to .0725 would be compelling.
CARA — Closing above 13.80 and confirmed above 14.05 would launch new upleg.
MDBX — Still hovering, but nothing very bullish.
PLPL — Testing .39 support, must hold .36 if tested.
ATTBF — Failing to hold .66 and .61 have made .55 likely, if not also .51.
EDXC — Would consider buying high-volume close above .10, but not weakness.
GWPH — Held my 80.20 pullback objective, must recover 85.75 to avoid 73.
TRTC — Testing a zone of support whose break could target new lows.
TAUG — Must close above .048 before closing under .0425 to avoid bigger decline.
ERBB — Must avoid a second consecutive lower close Friday to prevent bigger decline.
STEV –Closed above .085 to maintain the rally”s momentum.
VPOR — Still testing its pullback limit, but has yet to reverse momentum up.
VAPE — Tested my 2.05 pullback target, would buy above 2.25-2.31.
SPRWF — Didn”t react up aggressively from .08, but a delayed reaction Friday is possible.

6:15 PM ET — Livedesk Unlimited!
We”ve got a lot of ground to cover… from the MJ universe which was somewhat active today, to the broader market outlook, and then on to your stock chart analysis requests. See you there!

Sorry for the delay… Here”s the summary of stocks mentioned during this morning”s Livedesk. Be sure to join us again at 6:15pm ET for the weekly Livedesk Unlimited. We”ll discuss a list of attractive patterns that are coming back down into compelling support.

SPRWF — Reiterated this morning”s .081-.082 objective, and that its reaction up should be aggressive if the pullback has ended.
EDXC — Now retesting the original low of the prior test of .09, which itself had yet to signal momentum was reversing up. Closing any lower today would onlymake the pattern more bearish.
STEV — Needs to hold .085 as support through the close to maintain this upleg”s momentum.
TAUG — Failing yesterday to close back above .048 after testing both it and .0245 intraday prevented ending the corrective drop.
VPOR — Still needs to hold .061 support and also recover above the .069 interim high in order to resume the rally.
ENRT — Coming into my .14 pullback objective where I would consider long-entry.
VAPE — Won”t buy my 2.05 pullback objective, but would buy a reaction up from it, or would buy back above 2.31.
ERBB — Last week”s trendline break targeting new lows retested the .0225 low, in a pattern all but requiring new lows to print.
ATTBF — Closing under .66 and then .61 have made .55 and .51 increasingly likely to be tested.
CARA —