Saturday Review’s recording (for 10/21/17) …Don’t get too settled.
The one ongoing criticism of distributive price action of the past two weeks has been that it failed to probe a relevant low during a relevant window. In other words, sellers never gained traction for their efforts, leaving the pattern vulnerable to higher highs. Even Thursday’s plunge, which tested relevant lows, held relevant lows. None of which means a new durable rally leg is underway. There’s potential to higher targets, and near-term paths temporarily higher or immediately lower. More important is the sudden relative performance shift among the three major indexes.
Meanwhile, the quarterly earnings onslaught is on, walls of worry are being climbed, ECB is days away and a Fed Chair pick may be known by then. In this weekend’s Saturday Review, I describe those influences and more, detailing the three likeliest paths for next week, and specifying relevant price levels…
The following stocks were reviewed in this order:
T, MCD, MMM, GM, CAT, V, BA, AMGN, GILD, BIIB, AMZN, MSFT, GOOGL, INTC, ALGN, GE, PYPL, ISRG, TRXC, ARNA. ULTA, AMD, STK
transcript:
all right welcome it is Saturday it’s time for the Saturday review it is October 21 is it is the week of the anniversary of the 1987 Black Monday crash course this wasn’t a Monday on October 19th it was a Thursday but it was an anniversary so everybody celebrated with a brief crash and then went right back about their business there it is actually was overnight there was the Omar’s to October nineteen 1987 could they have swallowed that any faster we knew they were going to swallow it because they’re then unfinished business left outstanding from the prior session couple pieces actually neither was satisfied the following day or in the recovery of the crash not until the next day yesterday or overnight and even then by supplanting it with new unfinished business Above So essentially it’s back up to an even bigger picture this is your market so got a couple things to come back and update and put the bed we want to examine why we’re here in examining why were here understanding what phase or stage were in and how specific behaviors associated with that stage might affect our intraday decisions cuz that’s really why we’re doing this or what matters to us even if we’re looking for one resolution for the broader Market or another you want to get the day the intraday stuff right so it’s interesting this is the last substantial consolidation as far as backing and filling delaying that was part of a much larger range or dipping back into a much larger range of the summer summer doldrums it’s not just stay it’s not just a catchy phrase it’s not one of those generalities made of the market for no reason at all for some anecdote here or there really is based on reality that it’s difficult to get sponsorship together we’re presumably out of that phase we’re almost out of October which by the way has another generality to it and that is associated with anecdotally some severe pull backs not typically durable crashes even the crash of 1987 it wasn’t a one-off it was a big drop and then it’s retest but then a big bottomlater we tested but held a concept that we dealt with quite a bit over the last couple weekscall backs that were holding so on a longer-term basis or larger basis but students on a larger basis we could see test and retest to Prior Lowe’s months apart more typically weeks apart but in any case we test that hold and solidify a bottom we’ve talked about this or looked at this setup of the last couple of weeks I had the opportunity at least 2 maybe 3 times when was borderline to identify that similarly sellers were trying to reverse things down and didn’t get things reversed down so we had this huge. For a week distribution this is distribution it doesn’t speak to the distribution which direction does the distributor phase resolved because we don’t know if we’re Distributing from Weekends too strong hands or from strong hands two weekends don’t make any judgment yet but the point is this was distributed price action there’s a high collapses there’s a high at the open collapses at the open collapses at Septra distributor that’s not trending in other words I don’t look at this as a trend I have a training support that will look at on another charge of the same index in a moment but it’s not a trend this is just a finding the range or defining the bias of the ranging is still overlapping they’re still distribution doesn’t speak to the direction of the resolution but as far as prior lives being tested here for instance one more time if you haven’t seen it in any of the videos or been there live for dealing with it here it is one more time this was the employment situation report Reaction 2 weeks ago which we knew going into had room to test 2543 without even beginning to reverse the trend down and it held through every relevant timing window and held the retest on Monday and what’s the direct and essentially almost immediate resolution to that Gap up here’s one that’s intraday testing a support three testing it through the clothes and in any case whatever they calculable sport may be here is the establishment of a low that’s retested through another time and window and held through its close almost immediately resolving up aggressively gapping up the other one that was not so successful and there was a reason that we were discussing in real time that was not that it would be suspicious about being successful was on Wednesday this is Wednesday’s low after it collapsed but a gap up to new highs template where we’d already established as a Monday’s close at this pattern was resolving and we anticipated it if there were a gap up to new highs that its collapse would likely hold would likely hold lower prioritize or at the worst moment in to the range but you didn’t get stopped watch this optimistically short but this low and it’s retest different than the other Lowe’s and the retest that I point it out because this only touch the prior low that because it didn’t really the difference the difference is that these were in the same time it was the same sponsorship it was just noise it wasn’t doing anything doing anything that they hadn’t already done in the same window those same sellersso wasn’t quite the reason it didn’t give us anything more thanthat accept that door open that we were looking not anticipating would happen or answer I expected would happen but anticipating could happen and that was Thursday’s proxy of gapping down and overnight in fact trending down sharply over the plunge happened overnight as I pointed out previously and maybe you were call anyway so there’s a setup that we won’t be aware of because that comes back even it up Trends in Reverse so we’ll be following this as that pattern has resolved. Because here’s that Wednesday again the two morning test and retest here’s that overnight Plunge brief visit maybe it finally gave the opportunity to this entire distributive range Friday employment situation report 2 weeks ago still optimistic that was 25 4150 it was actually a test as we know 2543 you and I know that because that was my calculation nobody else knows that we assume but but subconsciously that’s what the market was testing that’s all Market participants were testing it held that’s not quite a consequence of distribution is it just to be set back to go there’s no real punitive damage there in fact that help to promote the recovery so and the recovery by the way that was very quick not a lot of internalization of this a lot of damage before we’re tracing entirely back into Wednesday’s range or at least two Wednesdays Lowe’s lower or higher prior lives at that point and post close actually probing a little bit back to Thursdays 2558 5560 5950 other than Wednesday morning and nothing left other than optimistic fully testing that 2543 test can we see it the 2543 test that went down to 4150 on the day of the employment situation report only got to the relevant level that was being tested and retested least yet 4150 released its test before extending higher so all of this distributive price action Which is less evident on the overnight or when the overnights including cuz we don’t see the gaps down we don’t see the gaps up that collapse or the gaps down from the higher closes so we don’t see in this chart that this is distributive but we know that it’s distributive we know that the and we know from the resolution not the resolution up this is still part of that on going up trying to let me just real quickly go to that go to that chart that contains that uptrending pivotal support that defines that that distributed face doesn’t matter that’s what matters is the price action at the highs how is that resolved I didn’t the whole point here being this distribution be that strong hands two weekends or weekends too strong hands entirely possible and an uptrendit hasn’t had any punitive damage and it didn’t really have a reset your sort of a reset just to 2543term stopping optimistically short still capable entirely capable in fact we had a bicycle and through the afternoon more more confidence and being able to recover if not the same session at least near-term Wednesday’s eyes that wasn’t an issue but for the ongoing issue of whether or not there still is some punitive damage damages to be awarded for all of this distribution that’s still on the table these are we can obviously strong enough to push prices higher but doesn’t mean they’re not small hands they’re big money but they may be guided by something more fleeting or more temporary than an ongoing investment to underlying investment opinion for instance expiration that’s literally locking the market participants those that are participating in that locking them into taking action jittering their portfolio one way or the other up to the last minute perhaps but that’s not strong hands strong hands that have freedom and liberty to make their own decisions based on their investment opinion weekends are bounded to some specific action or reaction so there’s still some price to pay which means that the context of the rally that came since then the context of the resolution to the upside is that its weak and its sponsorship week and it in terms of their impatience they can’t afford a pulled back a pull back in his leg cannot tolerate dissent. I sent or decent that doesn’t mean that it’s about to collapse it does mean that when it’s done it likely collapses so we’re not looking at this as being any stronger of a sponsorship or capable of doing anything more on a durable basis and we do anticipate coming back to retest 2543 it’s 4150 test and more importantly since there was an opportunity here after having broken out to come back and more thoroughly test actually hold a test of aloe to establish that sellers were we candid to absorb the last of them since there was that opportunity and it was missed we expect that if we ever do ever do see 2543 again that it’ll be on the way to lower prioritize until then until we see 2543 again until we see a break that indicated back down to at least the lower prioritize which at this point is 24 which is always 2556 in this range and the lower end of that being 2552 a break under 25 50 would no longer just Target 2543 or retested 2541 running low and here it’s Target once we break under to if we break under 2556 we’re headed to a complete retracement or at least a corrective retracement of this leg which is 2510 probably inclusive of lower prioritizing here not much lower 2505 25 almost 2500 that would be the first objective of any clothes under 2556so is that coming soon and how soon and not necessarily soon we had a couple of developments on Friday first of all its expirationand the opportunity to the opportunity toput the brakes on the rally was not Wednesday but Thursday Wednesday triggered bullish wed x subject to the proxy as always with any wed x signal subject to the proxy and Thursdays open literally the open the point being that have any proxy there can be some influences that are overwhelmed on a given day but they can’t be overwhelmed be on the following open if they’re relevant to this case gapping down Thursday just a little was necessary to Gap Town a lot of gapping down under at the level that Thursday or Wednesday had recovered in order to trigger a bullish FedEx 5775 to 7:25 by proxy inverted the bullet with extra active or passive and it doesn’t matter what matters is only the proxy versus the WebEx signal so that’s a passive Friday afternoon Friday afternoon and then Monday morning Thursday Thursday which by the way was done before the morning it’s been straight up a lot of buying pressure expended when we got into yesterday afternoon when we got into it was enter to 2571 lapsed into the final hour 2571 the session in fact close the cash station close equated to it was essentially overlapping 27th 2571 the last bar low of 2570 high of 70 to 75 that’s the bar right here when it was relevant by the time we came to within three minutes of the Kitchen close even then we are trading 2570 under 2571 where they enter the slightest of slopes but not bullish bearish not actively barishpassive so for the part that is still an indication or an indicator the part of the signal that still gives us an indication as to how it’s going to resolve the wet ex was passively Barrett’s it fulfilled its signal its signal that was adjusted by proxy inverted from an actively bullish text to a passive qualified why is that important because Monday morning is the rest of the effect or influence of the various wed x and if it was influential Friday afternoon we anticipate that it will be influential Monday morning it is not as far as it is not the most relevant meeting that doesn’t come with a with what we would expect for a bearish wed x resolving down if the open if Monday’s open isn’t resolving down it doesn’t matter if the gaps caps down opens flat if Monday’s opening that influence is very uninfluential the rest of the morning not likely to respond or behaviornot enough to consider that if not being influential that the markets going to behave in the opposite direction webut yes more so if Monday’s opening action is behaving very strangely is trending down or the very least is not trending up then we do expect Monday morning to Trend down from whatever level and because Friday afternoon behaved very slowly it doesn’t matter there was the slightest of slopes because it behaved very slowly we expected to be more obvious in any case on Monday morning so Monday morning we’re going to be looking at the open and if it has not rallied spend it up or maintained a gap up when Gap up and Trend down from the Gap up and still be above Friday’s range and qualify as trending down through the open and trimmed down deeper for the morning what’s important is just at the open is not trending up not doing the opposite of bearish and they won’t just pay for the balance of the morning Monday morning Trends down that’s the bearish wed x influence and that’s what is left of it going into Monday and Y as of Wednesday as of Monday leaving the bias environment morning spice environment behind 11:30 and 2 noon that’s it for the wedding will have no further say on anything until the next Tex Trailers so that’ll leave us with the market that has broken higher closes on Fridays as we talked about often during trending extreme closes that is on a Friday just don’t tend to be the trends extreme close. Just tried to treat Trends extreme close I typically put expiration inside typically we just done with all the information it’s out there and opinion get that much pressure considered enough to force close unless the market is capable of producing at least another Trend High clothes so if Monday is open where to probe higher and then reversed down for the balance of the day or week or month that would leave outstanding the requirement for another week at least have the contacts or know the context of the reaction down being only temporary wooden stall live at the degree to which town in the interim before returning to that to produce that new trend I close at least confirm that it was only temporary more often that I close is produced within a handful of days if not immediately influential we know that’s going to be made more difficult for Monday to produce but it’s also a feature or characteristic to expiration expiration themselves trending reached a crescendo at expiration the exceptions of all this is not that so if Monday morning to 2556 2556 exit 256 without breaking it there’s that much roomwithout reversing the trend down there3556 presumably Monday morning if it’s tested without reversing the trend down Pro bit but exit the bias environment 11:30 to noon back about 2556 and will regard that as we would have regarded the test for instance 2 weeks ago unemployment situation report day of 2543 being retested the next day Tuesday interim intraday test last Thursday that resolved up 2556 would have that same quality to it if it’s tested Monday morning handheld upon exiting the bias environment will look for a significant recovery if not the same day into the week a shallower pull back Monday morning that still doesn’t recover by Monday afternoon would be likely to recover into the week the rally could extend the next tired of jective is 2590 25 1991 that’s already in play by the way having closed above 25 6350 unless that’s rejected literally one day of closing above 6350 it’s not a break out above multi-session range but it is a break above a relevant level unless it’s rejected on Monday by closing back under 6350 which isn’t necessarily barish but doesn’t confirm the Breakout 2590 91 is in play and yes she can look ahead and see what happens about 25 1991 2618 if 2556 doesn’t hold we’ve already identified that would Target 225 just the replacement of the up leg down multi-session multi week we would assume reversal down but might seem like a bear Market but in reality the ultimate High we would expect this ongoing series of higher highs and higher lows to be maintained and for the recovery from there probably several weeks later to to take off but if his rally where to extend without delay already that is without Monday mornings 2563 50s recovery object of his 25 1991 2563 e 5350 have it or not tested 2556 but closing back under 6350 and then spend the week backing and filling this is the final scenario that will be discussing now remember all these Lowe’s testing a low and holding the load testing the low holding it and then recovering if in fact influenced by the FedEx with or without having tested it to be shallower I don’t think it could be very shallow but in any case getting that out of the way whether it’s immediately or preferably immediately but in a different time and retesting Friday’s HighMatt test through whatever timing window it’s tested that would be the inverse of the low and lows retest that we’ve been talking about otherwise so no confirmation to the close by a second consecutive close above 6350 would leave a retest of Friday’s High vulnerable to making a major Peak what happens in the case of a major Peak the likelihood is and it can be circumvented as the likelihood of a reversal down having lower targets that aren’t met before being circumvented the likelihood of holding a retest to Friday’s hi later in the week from a position of weakness that is not having close the second consecutive day about 6350 the likelihood would be that this whole rally above 2543 or I’ll try from Thursday’s load testing 2543 that that Beaver traced that having stopped optimistically short of a complete retest of the prior low resuming the decline or extending the decline those are the likely going forward question on Friday it would be that much likelier that we’d decline that much more aggressively on Monday but you’re saying Friday as in Friday as a whole but if you were referring to the afternoon by its environment had Friday been greeted or at the decks been actively barish then Friday’s by Friday afternoons by its environment should have behaved actively bearishly to not passively bearishly but should have rather than probing a high and lows and held under them but should have held or pro-gun as opposed to rejecting Pro X to confirm the activeWebEx that the rally would have been in less strong hands that is true but I don’t know this was so was this strong hands or sellersno this is still passive sellers selling industry passively which is effectively this gapping down from a higher clothes or collapsing from The Gap up but never maintaining a break under a member the criticism of sellers the only criticism. Which is a pretty important as a pretty important criticism they never made for a close under a prior low never exited window underfor the referencequicklyas I want to go through real quickly page through the number of stocks are coming this week we have a lot of things we’ve got lot of Biotech high-profile index components Biogen Amgen Julieta missing a couple we have on Thursday is this right we’ve got Amazon Google and Microsoft after the close I just glanced at that and they look like they were on Thursday is that correct question do we see a possibility of trending up even slightly until year-end I don’t know about until year-end is it possible for the year to and higher of course is it possible to just continue at a slight tilt higher I doubt it there are accessories in here that will need other bigger versions of what we saw Thursday longer-lasting than what we saw Thursday longer to recovery more basing after something like that but yeah I’m in this is there still a good 2 months there’s still a couple of of bullishly attendant holidays I speed up the word attendant tendencies yeah it’s definitely a needle thread reversing down actually dropping substantially and I’m not even anticipating entering a bear Market I’m just anticipating a significant retracement up Lakes just the natural the circle of life of a rally so that is possible we don’t have any signal that suggests otherwise at this point usually more substantial than eventually where the slightest movement wasn’t concerned when I was down there if the trend looks like it’s reversing back up then the slightest rise in interest rates can vary magnify magnify effect and right now there’s a question about who’s going to be guiding them through those decisions we don’t have not this week but the following week is this week Thursday and the questions being raised about the ECB what how much can continue by that seems to be the most recent controversial questions raised about them and that might be addressed or might get some jawboning by Mario draghi Thursday morning what else do we have we had North Korea hitting the road Catalonia at the same timeautonomy that’s a conflict with us but everything to do with International hegemonythat was of its look at it it was a direct response to the Senate approving the houses budget which is in the US which is a big step in the direction of tax reform or just the whole tax reform why is it able to get this big of a surprise as a surprise reaction this is not a sudden fulfillment of anticipated developments this is a surprise reaction well because it’s so part isn’t out there that there’s so much and partisan just among Republicans themselves there’s so much this missile of the ability to get anything done and hear something substantial gets done it’s going to surprise but alone different networks dismissing what Republicans can do I think Warren Buffett was out of a week or two ago being very dismissive tax reform and he may have to be right this reaction to the budget being approved by the Senate may not lead to tax reform ultimately but there’s still so much wall of worry about there quarter and we had window dressing portfolio window dressings supporting things into September we’ve got now coming out and then finally into expiration so there’s a lot of stuff here that the market just thrives on that isn’t actually North Korea launched a nuclear weapon that takes out the West Coast that there might be a downdraft then or the end of the end of the market all together something along that Spectrum but until then it’s just a wall of worry that continues to be climbed by the rally and what did zerohedge just say yesterday that this is the most overbought Market or down at least I think it was the most overbought as it has been in 62 years and what do we say about being over but generally that means pretty much all available strong hands are behind that meaning that reactions are temporarynotice anything speculativeagain there’s without the overnight and Qs have been nice enough to fill that Gap pretty quickly they certainly didn’t have the same recovery that the Dow and he has had on Thursday getting back to hide those Wednesday which Wednesday by the way in downtown DS were above prioritize not and Qs so we’ve seen some significant deterioration again on Wednesday which ended up throughout the day. Es didn’t end up throughout the day on Wednesday and yes which crashed overnight back into the range wow didn’t even touch the prior range there is a massive and dramatic and fairly recent sudden that is shift how to speculative and into blue chipand that doesn’t mean the direction of the market is changing it means look at for the next change because these are these are moves that are made bysongs buy those participants that have to be long the market and so they get to choose at least we’re there long Alright I want to go through stocks of course so let’s go ahead and start posting them if you could I was going to go through a few from they’re expected this week that or at least component members AT&T sitting at Lowe’s earnings due on Tuesday I believe Prix open that’s not exactly a position of strength McDonald’s of course I’m going on at air 3M GM so this is the end of the early part of the week big swings on forward-looking statements on a reaction on caterpillar superficial ThursdayAmazon that was this week and if you can get through itif you can greet its earnings from above it and that is basically from above ten ten ten eleven then there is this Gap up from July that’s above all prioritize more so I didn’t taxes and stocks but still would like to be requested intraday and meanwhile there’s room down almost 9:40 before reversing the trend down Microsoft ice uptrend and the reason why I text could be important the reaction to Tech earnings again referring the zero head let me get the see if I can get that chart but zerohedge has an interesting chart comparison sectors relative performance versus the S&P 500 compared to the all of the other sectors all the other sectors versus consumer discretionary versus financials versus Industrials energy certainly not been leading the way consumer discretionary weakening Financial have been doing well but versus all the other sectors necessarily they’re not a drag their about in line Consumer Staples lagging but notice the odd man out here information technology technology Tech and DX which we just saw from looking at the end Q’s is running into problems or anticipating a problem versus the Dallas specially this is what has been leading the S&P 500 and we have 3 big earnings this week and we have nq’s underperforming Google which sort of had a downdraft possible I’m going to just this we still have 963 cell signal 980 I would consider more of a pull back limit as in there’s that much room no unfinished business above I can’t say that this is being created from a position of strength most recent but just to return to the upper end of the Rings and then also scheduled on Thursday recently broken out it’s a very nice Bass it’s had its fair share that had its fair share of testing and holding there’s a higher level that breaks out not from a new hi this is the problemtime measurement but structurally where last week had a lower low that was attacked by 43 being attacked on Thursday it was attacked at least it was high and that’s why that instance where is this coming from down here is actually bullishthat I can’t speak to Thursday if Thursday if Wednesday is close is back under this structure back under a price then Thursdays areposition of strength which doesn’t mean that they need jerk reaction is that silly down but greeting Thursday’s earnings From Below of fire low could be a jerk back up and then would like to think so otherwise but that hasn’t happened so it if this is what the truck looks like on Wednesday Thursday mornings would be greeted from a position of strength allergen Align Technology and this had a nice we looked at this before and shoulders higher objective outstanding that we looked at it since then really liked it continue to like it does this have earnings coming out anytime soon what is a good level here October 26th post close that’s going to be tough for anything substantial to happen between now and this week’s earnings Wednesdays Thursdays pose clothes earnings but what would have to happen for this to be greeted from a position of weakness I mean seriously the last relative low is back here under 185 and selling pressure would have to have been expended in the interim that it would be suspicious that it’s so much more so could be so I would assume it’s going to be greeting earnings from a position of strength that doesn’t prevent their being a negative reaction down but would likely recover that that’s how I react to this 228 and the only thing that would make me concerned I was under 179 228okay i g e and PayPal and the others go ahead and post them so there’s the last time GE was at this level two years 2 months ago this is weekly bars so here’s the rally off the 2008 Lowe’sturn really green it’s correction from a position of strength I don’t see this holding a bigger chest while that are he did touch to weigh 224 yeah this is pretty much the Line in the Sand at 20 to 25 the closing back above 24 24 would be interested closing back above 24 24 would still have room just for corrective bounce up 220-590-2585 but this is an ongoing downtrend and that is previously tested support that was already productive and it’s coming from a position of weakness the shallowness and wasn’t very early but it was just in the interim for tracing the pre or post 2008 high that it’s probably just a correction number for GE on a break below and why not why would have been 23 so I’m going off of measurements measurements for Relevant level 23 maybe an extreme of one of their tests and so it serves as confirmation that if there’s a close under it than the test of whatever level that was testing is confirmed to a broken but it may be another words called noise around the relevant level so it’s irrelevant noise is irrelevant level itself just as confirmation that you have broken free from that relevant levels test but it’s not the predictive level another words PayPal and let me know if there’s a way is met I’m not going to speak to the Precision of it but it’s somewhere in the ballpark of 70 and unfortunately that thing for us when we got the 6965 I can’t really say that this stopped pessimistically short before gapping up Friday but it’s also possible I’d expiration you get good news and it gets exacerbated by expiration I don’t see anything one thing happening but it is a risk of happening and that is close back under 66 what are these lives in here yeah basically 6666 and change this would be a killerthat pull backhead held relevant support it resolved up anything that undermines having resolved up on that Gap fill in that uptrend from these levels anything that suggests that Friday is I can’t wait to see it all the way but a one-off kills that up like and it kills it may be to the extent of forcing of Correction this Friday possibly an exhaustive selling the stuff for GE exhausted but not necessarily terminal so it’s also but exhausting you would typically see in a series of lower limbsfrom here and close above 24 24 where they come in 24 2460 you got all this room the balance of to 2585 2580 that’s a fairly Fairly reliable leg right here if this happens then this happens but you still need to get through 25 whatever day that is 84 two little bit of resistance of your 26 2605 have to reverse an ongoing series of lower lower lower highs so exhausted is typically multi-session declines rights or not and that was a weird story this week what is that what was that that came out this week surgical device approved and the initial concern which has the lock on that market and then for some reasontrxc that was italright so there were a negative reaction to enter intuitive Surgical then it would have room down to 325 326 before threatening to reverse the trend down if there were negative reaction testing 325 326 holding it through that close then I’d be very interested in buying it for at least a retest of the high what is there they just had earnings did they just announced Thursday they did to 77 so volume not very exciting on the way up here on this last night definitely looks very expiration related so that’s really all I can say there isn’t any requirement to Trend any higher if this does extend iron there’s room at the 422 just as an ongoing feature to the measurements of the leg but as far as the path there if that’s even where it’s headed ultimately as far as the past there there’s no Assurance of that so long as he remains intact it start getting 422 under 344 with Target 344 326 and then have a very critical decision to make alright then this is the one that came out with a medical device at first too soon to be directly competitive to intuitive which if that’s a lot of capital raising to do but the question is whether they’re better off being bought two go head-to-head with intuitive and then they announced they weren’t necessarily competing directly with intuitive doesn’t sound logical but maybe that’s just try not to scare away investors and their secondary that they need to do in any case very interesting pattern very limited duration to that explosion which is unusual this issue has a problem with that five dollar rule that must adhere to they are allowed to they aren’t allowed to take positions are $5 stocksthey can hang on to a position they’re not forced to liquidate that’s frowned upon by their higher-ups I’m sure but distributed because nobody wants toit is difficult to recover 5 because institutions can’t get involved but if there’s a story here remember that was our story behind arnoult that this reverse split city of inside of a noted on here that this reverse split that took it over 5 from was it a dollar 12 from a dollar fifty a Believer dollar twenty suddenly made it attracted institutions or a vegetable the institutions that is Ulta and then I see two more any others go ahead and post them so I had a nice run this is an interesting pattern it’s a complex ascending triangle and get extended pretty aggressively complex because the Ascension is sending triangles resistance to Bob’s under and not with the prior HighV cover updated thisokay alright so I’m going to Klein cell signal is triggered how low can it go and there’s a good case for support here although it could only be temporary and it’s so far responding price action is responding to the 180 760 area but that may simply be a corrective bounce however this channel resolves is likely to be the next Direction what was the channels objective here and fill the gap having filled the gap having held its resistance through a day makes it that much more critical and that much more reliable the signal if that Gap Phil is that exceededso that turns out to be a continuation pattern this past week’s bounce then the next lower objective is 164 down to 155 otherwise if this past week form to bottom will know because you have to leave this channel aggressively have to search out of it just flirting a little bit higher and really not even recovering 219 would run into resistance there I are proud of those and then resume the decline so the more aggressive the resolution to this week’s uptrending channel that is almost literally explode higher Monday the more bullets had not even more difficult uptrending support where there was an inflection here at 13452 reacted down chipping away at its resistance really taking its time here nothing new to add to point out that it’s just not in any Rush I don’t see anything impressive and volume nothing that says this report is going to fail nothing there that prevents another Dip Top trending support because buyers are bringing it but they’re not getting anywhere for their effort really need to get out of these tests and ultimately get out of a 1466Seagatenot a very predictable stage to the to the extent that the decline is further delayed I don’t think price wants to just sit here this isn’t really a good range for price to just sit so either the decline reserves or it continues firming up into this 30 Oz that is 40 42 Target area other than assume I’m assuming that there’s 3535 was touched in which case now that it’s been touched back under 32 would resume the decline Les the decline resume its targeting 4042 predictive of patterns other than to point out that it probably doesn’t want to just sit still here and so it is resolving when where the other at least in the near-term resolve dad and we’ve got to lower prioritizing here that would be Coming Attraction under 25at the very least anything else to look at no ideas great questions great patience great curiosity like that correct thanks for taking some of your Saturday for this I hope it was worth while I dish will GE question that was Friday possibly at a loss substantial loss for anybody for the last 2 years or AAA Los pretty much this isn’t the kind of considered to be very vulnerable to tax tax laws selling pressures of a certainly is going to be a candidate for people’s portfolios that are making decisions based on tax consequences of the calendar year approaching to be able to realize those losses but couple things about that it’s not a substantial loss so I don’t see for instance what we would see on some of these marijuana stockseven one because it’s been looks like it’s been pretty sure if what we discussed as far as six but this is only a fairly recent downturn from this value area this range basically with a lower end of 2820 10% lower that’s just not a big differential that makes it subside a big candidate for a January because it had been affected affected by considerationamong its ownership so it’s it’s it’s a January Factor something you see more in 10 Stockton Ave y door swings or have had more on going to Clines bigger differentials between the range from the Hyatt self over there’s only one downtrend from the reason I from the last two your side so I wouldn’t consider this to be a big January for Canada but good question because we are going to start focusing on those in a couple weeks okay no Saturday review next weekend no Saturday review next week during the week that you want updates on bring them in here because don’t wait for Saturday he won’t be here the truth will be open tomorrow night at 6 Eastern for the glove box open if I don’t see you that I will see you Monday morning have a great weekend everyone thanks for being here take care