Bigger Picture

The overnight drop”s complete recovery was just that, complete. Bad news in the Russia-Ukraine theater has retraced the market back to its overnight low.

Is this just an understandable knee-jerk reaction, or is it the pin prick into the overly inflated balloon that has been facilitating a freakishly speculative environment? Rally defenders would say that this event — and the reaction to it — is just another reason to expect more easy money. There was a day, long ago, that I would have laughed at that statement.

In reality, anything that undermines Fed Chair Yellen becoming less dovish this week would be bullish for the market. Regardless, be sure you”re aware of the relevant levels in any MJ stocks you own. Today”s Livedesk (linked below) touched on several active situations:
EDXC, STEV, VAPE, SPRWF, MJMD, ATTBF, CARA, TAUG, ENRT, AERO.
http://new.livestream.com/accounts/7617211/events/2865745

We”ll go into much greater detail in this evening”s Livedesk Unlimited at 6:15 ET. Request an instant chart analysis of any stock you own. See you there!

Meet me at 10:45 at the following link to review MJ stocks of interest.
http://marketfy.com/product/marijuana-stock-technical-trade-alerts/livedesk/

I added these updates already to the Activity Feed:
SPRWF — Opening drop from its testing .11 resistance is now attacking .08 support. Reacting up aggressively from there (if not already from .081 or .082) would be likely if the dip is only a temporary pullback before extending the rally to .14. Hovering at or around .08 would not be healthy at this stage of the pattern.
NTRR — An initial pop-up in reaction to its news was retraced into negative territory. That has flipped back into positive territory, but volume is terribly weak. But yesterday”s big volume bars were accumulative, so today”s volume pace need not accelerate until trying to recover back above .375.
CARA — Impressive bounce back into positive territory from initially retesting 12.90 support.
ERBB — In-line with its recent behavior, another opening pop-up has been reversed aggressively into negative territory.

Good morning! Some interesting news releases out since yesterday”s close, on stocks that have had accumulative patterns, and corrections to those patterns…
NTRR — Hit big resistance in the .55 area during Weedstock 2-1/2 weeks ago. Its reaction down to .33 one week later has consolidated for since then. Closing today above .395 would target .45 and then at least a retest of the .55 area.
ERBB — Sitting on the precipice under .0245, threatening .0225, which has no bullish reason to be revisited. With seemingly positive news out, the delay in extending down must be rewarded immediately, and sustained. Otherwise, support will likely fail.
AERO — Since rallying from 4.25 to 7.00, a pullback has been consolidating around 5.97. Any immediate gain would cross a downtrending resistance targeting 8.72.

I”ll review the patterns behind these setups in this morning”s Livedesk. (Don”t forget about this evening”s Livedesk Unlimited at 6:15 ET.)

The link to view today”s Livedesk is below. Following is a summary of the stocks mentioned:
http://new.livestream.com/accounts/7617211/events/2865745

CANN — The ~3.80 low would suffice as a permanent bottom, but likelier its reaction up is only temporary. Regardless, the chart has a lot of similarities to ATTBF”s extended decline.
STEVE — New pullback limit is .085.
MJMD — The same narrow uptrending channel I described Sunday as being bullish has only persisted since then, channeling higher narrowly. Despite having extended 15% since then, it is still vulnerable to suddenly spiking upward without first correcting. Having said that, a corrective dip should be limited to a 38.2% retracement, which is currently .71.
GWPH — Bouncing off test of 82 support, which should be retested down to 80.25. I still wouldn”t buy weakness, but would buy that retest”s reaction up.
GBLX — Waiting for more fresh lows, but would consider buying a close above prior highs. Otherwise, no action.
SPRWF — Stopped pessimistically short of touching yesterday”s high while still testing .11 resistance. Closing above it would target the .14 area.
CARA — Tuesday”s close back above 12.65 and 12.90 after testing both intraday suggests sellers have lost traction. Closing above 13.65 would signal momentum has reversed up.
VAPE — Extending down after failing to hold its 2.37 pullback limit Tuesday, so my 2.05 re-entry remains possible.
ERBB — Nothing bullish about not already reacting up aggressively from testing .0235 support.
RSSFF — .46 was put into play, and its test must react up to close above .52 for a bottom to be signaled.
NVLX — Fresh high close would be compelling, but otherwise still looking for a retest of the decline”s long-standing .225 target.
ATTBF — Must hold above .61 to prevent signaling a deeper correction underway. Must close above .66 to maintain the rally remains intact.
VPOR — Never quite signaled momentum had reversed up, and now testing the original pullback”s .0615 limit. Could still resume its rally so long as the pullback limit holds.
TAUG — The reaction down under .057 support is likely only a temporary pullback so long as .048 holds as support. Optimal bottom would form from closing back above .048 after testing .0425 intraday.

You are cordially invited to attend this morning”s Livedesk, on the Sixteenth of July at Ten O”clock and forty five minutes. Business casual attire is optional. Please, no gifts.

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

Until 10:45 ET, following are my individual stock comments from this morning”s open:
ATTBF — Pattern remained bullish yesterday by holding .66, which this morning”s open plunged through.
TAUG — Extending the reaction down since Monday”s opening surge, now testing .048 support.
ERBB — Still stuck within yesterday”s range, at its lower-end… not rejecting either.
VAPE — Yesterday”s pullback didn”t recovery 2.37, and this morning”s open is still consolidating at yesterday”s lows.
VPOR — Opening dip is testing .065 support, on heavy volume, needing to recover .07.