So, what”s new… Ukraine-Russia headlines

So, what”s new… Ukraine-Russia headlines derailing a rally? No, that”s not new. But this one has butted heads with expiration. And despite trying to probe fresh highs at the time news hit, the opening pattern had already signaled its resistance was likelier to hold. A plunge ensued.

The perfect storm is even more bearish considering that yesterday”s rally fulfilled my target for the week-old corrective rally — the intraday high was only 2 ticks higher. (Yesterday”s pre-open comments pointed out its nearing proximity, and last night”s Livedesk Unlimited detailed the chart pattern.) If the week-old correction has ended, then by definition the market is on its way to lower lows.

Recovering to close today back above yesterday”s high would make today”s drop as irrelevant as last week”s plunge in reaction to another Ukraine-Russia headline. Indeed, a bounce is now underway. I”ll update on that effort later this afternoon. Meanwhile, here are my stock comments from this morning”s previous thread:

VPCO — The next lower support is 2.93, which was tested yesterday. Unfortunately, not closing that same day back above 3.26 now makes a recovery depend upon recovering 3.47. Not triggering a recovery today would raise the level to 3.87 Monday. Extending the decline would next encounter support at 2.39.

TRTC — I think my last comment on TRTC was with respect to its attack on .30… The target is sub-30 cents, so the bounce is considered premature, sponsored by impatient buyers. Its optimism is bearish from a contrarian perspective. So much optimism coming so close to the target would then suggest that the target won”t be the low. That expectation is diminished gradually by closing above .37 and then .395.

TAUG — We can”t actually consider today”s .0309 opening print as if yesterday”s close held .031, which was needed to maintain potential to .038. But so long as .031 holds as support this morning, we can still give the recovery a benefit of the doubt.

CNAB — Fell to the brink this week, momentarily piercing 0.897 support yesterday morning and snapping back up to 1.46. Its reaction down into the close held 1.05, and that”s all been retraced this morning. Closing above 1.46 today would signal a bottom forming.

VAPE — Bouncing off of its 2.65 pullback limit again, on healthy opening volume, forming an Ascending Triangle that would trigger above 2.81.

CNAB — Back to unchanged. The trigger is a close above yesterday”s high, no lower.

Russia-Ukraine headlines have triggered a deep steep drop that is threatening to enter the noon hour in negative territory. That”s a problem for the rally on any day when the morning probed fresh trend highs. That problem is exacerbated by this being expiration, which is difficult to reverse morning trends.

GWPH — Still hasn”t closed above the 90 area to confirm 117 is in-play. There”s a band of support at 84.40-87.00 that should meanwhile hold if fresh lows are going to be avoided… Q: “Rod, I have yesterday”s close at 90.36. When you say “close above 90″ does that = closing >90.99? Can you give a brief clarification pls?” .A: The last test of the 90 area off of 80.20 probed it intraday up to 92. Buying a probe above 90 intraday is a valid long-entry tactic, but the chart doesn”t consider it recovered until also closing above the intraday high of its test.

VAPE — Minimum objective if the Triangle is triggered would be 3.17, then 4.65.

PLNR — That”s a Running Correction since Aug 5. Surging into it is very likely to resolve by surging out of it (i.e. offering little or no time to react). I suggest at the very least having a hard stop just above 4.03 or 4.18. The not-too-rare resolution could still drop back to 3.15. But only as a correction… this is not a bearish pattern.