The Universe, week of February 15, 2016…

[Note: I publish “The Universe” every weekend, updating my support and resistance calculations for Marijuana sector stocks. It is not a projection, but a handy reference… Non-Marijuana stocks are covered elsewhere during the week.]

Last week the broader market returned back down to its prior lows. That wasn’t generally helpful to the more hopeful stocks that depend on speculative excess to avoid their ranges’ lower-ends, let alone to maintain an uptrend. Nevertheless, the percentage of stocks above their shorter-term moving averages last week did improve by one.

It’s not enough to qualify as a trend. It didn’t even feel like the start of a trend since no other signals were triggered. And more stocks than recently did test or probe their ranges’ lower-ends by enough to justify recalculating them lower. But something new to the upside does need to begin soon to avoid a wider downleg, since narrow improvements can have a rubber band effect if their enthusiasm doesn’t spread.