Morning Market Outlook 06192024

Good morning, everyone, and welcome to Wednesday morning. It’s Stephen Whiteside here from theuptrend.com. Well, yesterday turned out to be a fairly quiet day and we’re expecting today to be extremely quiet as the us market is closed for the day. A lot of trading desks are going to look like this and then some people are going to use a sick day or a holiday to go golfing today. But we’re expecting volumes to be down dramatically on the TSX on, on Wednesday. Yesterday, Nvidia once again became the most valuable company in the world and that may affect this ETF and it may have to rebalance. And of course, Apple is the most widely held stock in the world and it may get rebalanced at other ETF’s as well. There’s Nvidia making a new high yesterday and still heading towards 137.50. Apple and Microsoft both pulled back yesterday and both had inside days, so no change in trend for those stocks. We’re still watching Tesla closely, still trying to get it to break out above 187.50. And so far it has not been able to do that on a closing basis. Then looking at the VIX, kind of neutral at the moment here, looking for a close on Thursday, about 13.28, to give us a new buy signal.

If that were to happen, that would be negative for stocks. Looking at Canadian leveraged ETF’s right now, we’re still long the bear ETF for the TSX. That, of course, is because we’ve seen weakness in many areas of the canadian market, including the banks and the commodity sectors. So we’re long the bear right now. You’ve had a couple opportunities to take money off the table, 6.25. We’re clustering around that at the moment. We closed at 6.25 even yesterday, so right on our price target. So you had no excuse not to take money off the table there. If we can take out last Friday’s high, then 6.45 would be our next target to the upside. I won’t go through all the targets for each individual one, but of course, we’re not involved in the bull ETF at the moment for the TSX, but we are for the S and P 500, which was up slightly yesterday, making a new closing high. And then there’s the bear ETF. We’ll get back to that at some point. Then, looking at the Nasdaq, we were up just two cent on the day on Tuesday, so very quiet trading for the Nasdaq on Tuesday.

And then, of course, for the bear ETF. Nothing going on there at the moment. Looking at commodities, we’re still long the bear ETF for the energy sector, waiting to get back into the bull ETF at some point. That’s also true for the gold sector, still long the bear at the moment and it some point we’ll get back in the bull ETF, but not on Wednesday. If you do get any signals today, I kind of wave them off and wait for another confirmation signal because a lot of the pros are not going to be involved in the market today. There’s the two x bull for crude oil and it’s looking pretty bullish. It took out their recent high from a couple of weeks ago, so that’s impressive. And there’s the bear ETF making a new low for this move then natural gas. We’re basically out of the market at the moment. We don’t have a buy signal for the bear and we don’t have a buy signal for the bull. So the bull came back on Monday, gave us a sell signal on Tuesday. It traded back up. So we’re looking for a close above $5.83 to give us a new buy signal for the bull ETF for natural gas.

Natural gas, you know, just a big warning signal. It’s one of the most volatile things that you can trade in any market. The average shoe range right now is nearly 10% and so that’s a huge swing between the high and the low each day. So a lot of people drive themselves mad trying to trade natural gas. Looking at canadian stocks and going through the most active list, you’re not going to find any trend changes from Tuesday’s trading action. Canadian Natural Resources still on a sell signal. New low yesterday for power for this move. Suncor moving up yesterday, still below the lower channel line. Baytex traded into the channel yesterday, so we’re looking for a close above 4.66. If that were happen to happen on Wednesday, I would just wait for the next close above the upper channel line. Bitfarms was down yesterday, just two cent on the day, so no change there. We saw Pembina close slightly higher yesterday. No change in trend. No change in trend for Cenovus new low for this move for TC Energy. So no change there then. Looking at Manulife trading back in the channel yesterday, the first thing you should notice when you look at this chart is we just put in a lower high and a lower low.

So that’s pretty bearish. And I wouldn’t be overly excited to be jumping into back into Manulife at this time. If you’re a short term trader, then bce new low for this move on Tuesday, the first gold stock to come up on the most active list is B2gold. So no change in trend there. And then the first bank is TD Bank. And you can see we traded slightly below the low from back in May, but we’re trying to hold the $74 level so we might be putting in a base here. We’ll just have to wait and see. But it has been a series of lower highs and then we just put in a lower low. So still looking pretty bearish there. But this is the time and place you’d expect the bulls to try to come in and take this stock higher. Looking at BlackBerry and BlackBerry is trying to hold 3.13. That’s our price target. And what do we close at? We closed at 3.13 yesterday. So our next target to the downside is 2.73. But I can imagine that there would be some psychological support at $3 if BlackBerry is going to continue to move lower from here.

Okay folks, that’s all for this morning’s presentation. It’s going to be a very quiet day out there. So I wouldn’t be overly excited about chasing anything on Wednesday. I’d let the pros come back on Thursday and see how they feel about the future of the stock market. Enjoy your Wednesday. It’s going to be very quiet. It’s going to be very hot out there. It might be a great day to go to the movies in the afternoon and enjoy the air conditioning.

Stephen Whiteside
TheUpTrend.com
Wednesday, June 19, 2024

Morning Market Outlook 06182024

Good morning, everyone, and welcome to Tuesday morning. It’s Stephen Whiteside here from theuptrend.com. In the pre market this morning. Things are fairly quiet right now. We do have NASDAQ futures trading up in the pre market, and I see there’s a bid into both Apple and Nvidia this morning. Retail sales numbers come out at 8:30 and then industrial production at 9:15. Now in this presentation, we’ll start off looking at the US market. We’ll follow that with a look at the Canadian market and then finish off looking at commodity prices. Now, the us market is going to be closed tomorrow right in the middle of the week. So I’m not sure how many people can extend that into a long weekend, but I’m sure some people are going to scoot away this afternoon before the market closes. Now, the VIX has been in the channel for the past couple of days. That, of course, is neutral. Close on Tuesday above 13.34 would give us a new buy signal that would be bearish for stocks. Now, it’s hard to be bearish on the stock market right now when you see the Magnificent Seven continue to move higher.

And so far the ETF is up over 36% year to date. Compare that to the S&P 500, which is only up 15% year to date, and you can see how much of an impact the Magnificent Seven stocks have on the major market. Now, we ran up and hit our next price target. So if you had an order up there, congratulations, it got filled and we’re looking to see if we can continue higher from here. Looking at the Nasdaq 100, we closed at 485 and change yesterday. There’s no reason why it can’t run up to $500 this week. And there we are, up over 18% year to date. Now, we hit a new bunch of new 52 week highs yesterday, a bunch of stocks that we follow closely, starting off with Broadcom, then Micron. We saw Microsoft hit a new 52 week high yesterday. Nvidia hit a new 52 week high before pulling back slightly on Monday. And then Taiwan semiconductors also made a new 52 week high on Monday. Now what didn’t work on Monday? Well, we’ve got Cisco, a Dow 30 stock down at a 52 week low. It closed one penny higher yesterday.

But can you imagine what the Dow would look like if they replaced intel and Cisco with some of the tech stocks that are actually winning right now? Hertz made a new low yesterday, 52 week low for Warner Brothers and for Paramount. We also had a 52 week low for Sofi and then a couple of ARK stocks. Unity Software I think is the 12th biggest holding, made a 52 week low. And then Zoom, another ARK holding, I think it’s the 9th biggest holding. Also made a new 52 week low on Monday. Now Tesla, people are talking about it. Yesterday it was up over 5%. And where did it land? Well, our area of resistance is 187.50. It closed at 187 44. So we’re still looking for a lows above that level. And it is trading down $0.30. Last time I checked in the pre market this morning. Now moving on to Canadian stocks, nothing pretty here. New low for the TSX, the TSX 60 trying to hold the previous day’s low. Then the new low for mid cap, small caps and micro cap stocks. Now looking at the financials, they had an inside day yesterday. Canadian banks had an inside day.

But the TD bank is down here at 52 week lows. And if we look back in time, you can see looking at this weekly chart that that is a multi year low for the TD bank. So not a pretty picture for that particular stock. We also saw BlackBerry make a new 52 week low. Looking at our price target, we’re trying to hold 3.13 both on the daily and the weekly chart. If we look at the weekly Flypaper channel chart, you can see that that is a multi year low for BlackBerry. When did things change? We’ll go back to the weekly Flypaper channel chart here in late 2021. That’s when things started to change for this stock. And of course you want to be buying the dips on stocks that are finding support in the flypaper channel, not stocks that are finding resistance in the flypaper channel. What worked yesterday? Well, there was 152 week high Cargojet ramping up nearly 3% on the day. So congratulations to cargo jet holders. Let’s finish off looking at the commodities and starting off with the metals. No change in trend for copper. New low for this move for copper.

Gold had a fairly quiet day, it was down $20. Hasn’t made a new low in over a week now. And we’re down in the pre market this morning, I think $14 last time I checked. No change in trend there. Fairly quiet trading for silver. Inside day for silver on Monday. Then let’s finish off with the energy sector. We’ve got crude oil coming up to the recent high, looking to see if it can take that out. Natural gas, unfortunately back on a sell signal as of Monday’s close. Now you’ll remember natural gas was trading sideways for a long time then we were looking for a close above the tether line that would give us a buy signal. What happened? We ran up to the 200 day moving average, came back down to the 50 day moving average, back up to the 200 day moving average. Right now, we’re holding the 100 day moving average and looking to see if we can hold that uptrend line. If we can hold that uptrend line, that would keep us in the Flypaper Channel and that would still be bullish for natural gas. Even though we’re on a sell signal at the moment, sometimes it’s not just how high a stock goes, it’s also how low it goes on the way back down.

So let’s see if we can put in a higher low here for natural gas. Okay, folks, that’s all for this morning’s presentation. Looking for a fairly quiet day on Tuesday as the US markets are closed on Wednesday. I’ll be back on Wednesday morning to take a closer look at the Canadian stock market. Enjoy the rest of your day and we’ll talk to you again soon.

Thank you for watching today’s presentation. If you found this video useful, please consider hitting the like button, sharing it, and and subscribing to our channel to ensure you never miss a video. We look forward to having you join us for our next daily market update.

Stephen Whiteside
TheUpTrend.com
Tuesday, June 18, 2024

Morning Market Outlook 06172024

Good morning, everyone, and welcome to Monday morning. It’s Stephen Whiteside here from theuptrend.com. In the pre market this morning, stock index futures, except the Nasdaq are trading below fair value. Commodities are also trading down in the premarket on Monday morning. No major economic numbers coming out this morning, so it’s all about the stock market. Now in this presentation, we’ll start off taking a look at the us market and then we’ll finish off looking at the canadian market. The VIX traded up to the upper channel line on Friday. So looking for a close on Monday above 13.37 to tell us that the options traders in Chicago are changing their point of view. Now, what happened on Friday? Well, guess what? Technology stock still led the market higher. There’s the Tech ETF making a new closing high. New closing high for the Nasdaq 100 and a new closing high for the Mags ETF. Now looking at the magnificent eight. It’s still a mixed picture here, but we do have Apple clustering around the 212.50 level. We’ve got Amazon trading in the channel looking for close on Monday below $181.89. We’ve got Alphabet trading in the channel once again looking for a close on Monday below $175.47 to give us a new daily sell signal.

Meta had a quiet day on Friday, inside day. No change in trend there. No change in trend for Microsoft. We’ve got Nvidia heading towards 137.50 on Monday. The pros and the public looks like the pros are still in control and aren’t flinching just yet. Now looking at Shopify, Shopify has been on quite a run. We’re coming up to resistance in the us market at 68.75 and coming up to resistance on the TSX at 93.75. So let’s see if Shopify can punch through those levels on Monday. Then looking at Tesla. Tesla still treading water here. We’re looking for a close above this high over here. So above 187.50. We certainly ran up to it on Thursday and reversed coming down on Friday. So no change in trend there for Tesla. If we look at who’s in control, you can see the pros and the public are pretty close together right now. So nobody’s overly excited about going long or short Tesla at the moment. Now, there’s a major divergence in the market right now. And, you know, we’ve got these handful of big cap tech stocks that are ruling the roost right now. But there’s the Dow Dow still on a sell signal.

No change there the S&P 500 still on a buy signal. The equal weighted S&P 500 is closing below the lower channel line. So you can see that the overall, there is overall weakness in the S&P 500 right now. And then looking at the Nasdaq 100, the equal weighted Nasdaq is still on a buy signal. The next generation Nasdaq stocks traded down to the lower channel line on Friday. A close below $27.61 on Monday would give us a sell signal there. Now, this certainly looks like a risk off market with the majority of the stocks currently on sell signals. And there we’ve got the ishares for the Russell 2000 making a new low for this move. Similar situation for Small Caps and Micro Caps on Friday. Then looking at what’s still not working. The Energy sector made a new low for this move on Friday. Anything commodity related was sold off last week. So there’s the Metals and Mining eTF. Bank stocks are trying to hold last Wednesday’s low right now, but that may break on Monday. Now moving over to the Canadian stock market, not looking very pretty. The TSX made a new low.

The TSX 60 made a new low for this move on Friday. Notice that we’ve broken down and we’re trading below the April lows, so that’s not a pretty picture. We’re trying to hold support at 1281.25. If that breaks, then 1250 would be our next target for the TSX 60. And we’re trying to hold the 200 day moving average. Looking at the mid caps, they’re holding up better. The small caps are holding up better. But the Venture Exchange made a new low for this move on Friday. Still hasn’t broken down below the April lows. Looking at the Energy sector, new low for this move on Friday. Trying to hold the 270 level and trying to hold the 200 day moving average. Then looking at Financial stocks, they made a new low for this move, recovered, going into the close, trying to hold the lows from April. 382.81 is our current area of support. If that breaks, then look for a move down to 375. And again, we’re trying to hold the 200 day moving average. Now looking at the gold sector, still on a sell signal. Held up fairly well on Friday. Gold is down in the pre market on Monday morning.

And then looking at the Global Mining index, we made a new low on Friday. New low for the materials sector on Friday. Then looking at Infotech. Infotech’s one of the only things working right now. And yeah, Shopify had a great week last week in percentage terms it was Bitfarms and Hut 8 were the big winners. What didn’t work? Well, BlackBerry was down sharply last week and down another nearly 7% on Friday. Then looking at the telecom sector, you know, when I was a younger man, this area of the market was known for being for widows and orphans. It was a very safe sector to be in. Recently we made a lower high and now we’ve made a lower low. That is very bearish. Bell fell out of the sky on Friday. It is back on a sell signal as of Friday’s close, joining Rogers and Tesla already on daily sell signals. Okay, folks, that’s all I wanted to cover this morning. We’ve got quite a divergence in the market. Still. Those big cap tech stocks are attracting all the money and they keep getting bigger and bigger and bigger. Nobody is interested in the rest of the market right now.

And we’ve got bank stocks selling off on both sides of the border. That is not a good sign for the health of the stock market. Enjoy the rest of your day. Next time you’ll hear my voice is on Tuesday morning.

Thank you for watching today’s presentation. If you found this video useful, please consider hitting the like button, sharing it, and subscribing to our channel to ensure you never miss a video. We look forward to having you join us for our next daily market update.

Stephen Whiteside
TheUpTrend.com
Monday, June 17, 2024

 

Morning Market Outlook 06142024

Hello, everyone, and welcome to Friday morning. It’s Stephen Whiteside here from theuptrend.com. with today’s morning market outlook. In the pre market this morning, stock index futures are down across the board. We do have commodities mixed, while crude oil is flat at the moment. Gold is up. $22 in the pre market. Now, there’s not a lot of news out this morning. We’ve got import prices coming out at 8:30. That’s not a big economic report. Yields were down yesterday again, but the overall market didn’t notice the VIX was down ever so slightly on Thursday. Things would change on Friday if the VIX were to close above 13.42. Now, it is still a tale of two markets. We’ve got a handful of tech stocks pulling the major indices higher while the rest of the market basically is trading sideways or lower at the moment. Now, starting off with the Dow, the Dow is still on a sell signal. No change there, still not a lot going on. We’ve got Salesforce leading the Dow lower yesterday. We’ve got Amazon coming down into the channel. So a close below $181.57 on Friday would give us a new sell signal.

Then Boeing back on a sell signal. What’s working? Well, looking at the S&P 500, it had a new closing high yesterday. Didn’t take out the previous high, but this is a new closing high. It was led higher by Supermicro. That was up over 12% on the day. Back on a buy signal. Huge day for Broadcom. And it was up over 12% on the day. And then looking at Arista, it has a new closing high for this particular move. And then what didn’t work, Paramount was the big loser on the S&P 500 on Thursday. Now, looking at the equal weighted S&P 500, we were actually down on the day and we are still on a sell signal. So that is the overall market for big cap stocks. Then looking at the tech sector, the QS made a new high and a new closing high on Thursday. We saw Nvidia continue to move higher, starting to break out above 125. Tesla. Tesla was a big winner yesterday, but lost most of its gains going into the close. Now, if you’ve been with me for any length of time, we’ve been talking about a breakdown of this recent low or a breakout of this recent high.

Otherwise we’ve been just treading water here for the past a month or so. Yeah, we did trade higher than that level yesterday, but we lost it all going into the close. Now Tesla is trading up slightly in the pre market this morning. We’ll just have to wait how and see how. It closes at 04:00 p.m. now, what didn’t work on the Nasdaq 100? It was Warner Brothers. So Paramount, Warner Brothers, both heading lower on Thursday. And that is a new low, closing just below the low from a couple of months ago. Now, looking at the rest of the market, the ishares for the Russell 2000 down yesterday, still on a sell signal. No joy for small caps or mid cap stocks. So the rest of the market struggling here. What’s working? Of course, no surprise it’s technology stocks were the big winners yesterday. What didn’t work was communication services and, you know, Discovery, Paramount. Those companies are in this particular sector. So we’re sitting right on the edge of a new daily sell signal on Friday. Energy stock still struggling here. We made a new low for this move yesterday, metals and mining. Anything in the mining sector has been hit hard over the past week or so.

And there’s a new low, and we’re starting to break down below. Below the low from back in April. Then looking at banks, I’ve been watching banks closely. They were down yesterday, not a new low. What really slipped yesterday was the Insurance stocks, and that might have something to do with what’s going on in Florida at the moment. Now moving on to the canadian market, the TSX made a new low for this move, still trading above the lows from April. Some things worked yesterday. SNC was up nicely on the day, so still on a buy signal, making a new high there, breaking out above the previous highs that we’ve seen over the past couple of months. Celestica back on a buy signal as of Thursday’s close. Then Nextgen, no change there. It was up on the day, but certainly no change in trend. What didn’t work well on the TSX, it was. BlackBerry was the big loser on the day, followed by Alamos Gold and then followed by SSR mining. So no change in trend for any of those stocks. The TSX 60 moved lower yesterday, getting very close to the low from back in April.

If we break down below 1290, that would take us down below the April low. What worked? Well, you know, we had some stocks work, but no trend changes. So Canadian Apartments was the big winner, up a little over 1% on the day, but no change in trend. We have Cameco trading back in the channel. A close above 7441 would give us a buy signal on Friday. And then Dollarama was up yesterday. Inside day for Dollarama. No change in trend. What didn’t work well the energy sector was hit hard yesterday. Cenovus was the big loser. Then. We had First Quantum Mining still holding on to the recent low. Then tourbeline down sharply yesterday, and Canadian Natural Resources making a new low for this move. So no trend changes there. Looking at mid cap stocks still on a sell signal, small cap stocks still on a sell signal, and microcap stocks making a new low for this move on Thursday. Taking a look at the mining commodities themselves, copper, fairly quiet trading. No change in trend for copper on Thursday. Gold’s holding its own. It’s still on a sell signal here. No change in trend has not broken down below the recent low.

Then we’ve got silver making a new low for this move on Thursday. And we also see palladium and platinum both making new lows for this move on Thursday. Almost done this morning looking at Shopify on the TSX. We had an inside day yesterday, so if we start pulling back below 87.50, that would certainly not be a good sign for Shopify. Apple had an inside day yesterday, closed slightly higher on the day. We have now a new price projections. Our next price projection for Apple is now 225. Okay folks, that’s all for this morning’s presentation. It is really a tale of two markets. We’ve got a handful of technology stocks, mostly surrounding the chip sector, but Apple came to play this week as well. Tesla was up yesterday. Still not a trend for Tesla, but yeah, the rest of the market not doing well. That divergence is going to correct itself at some point. Whether the rest of the market starts to move up to chase the tech stocks, or if the tech stocks start to roll over and chase the rest of the market lower. Only time will tell. I think it’s time for the VIX to start moving up and the whole market to start moving down, but we’ll just have to wait and see how that develops over time.

Enjoy the rest of your day. Enjoy your weekend. I hear it’s probably going to be hot in most places this weekend. So stay cool and next time you’ll hear my voice is on Monday morning.

Thank you for watching today’s presentation. If you found this video useful, please consider hitting the like button, sharing it, and subscribing to our channel to ensure you never miss a video. We look forward to having you join us for our next daily market update.

Stephen Whiteside
TheUpTrend.com
Friday, June 14, 2024

Morning Market Outlook 06132024

Good morning, everyone, and welcome to Thursday morning. It’s Stephen Whiteside here from theuptrend.com. In the pre market this morning, stock index futures are mixed. We’ve got the S&P 500 and the Nasdaq making new highs this morning while the Dow is pulling back. Currently, commodities are trading lower this morning. Now, we do have PPI numbers and jobless claims coming out at 8:30 this morning, so they could certainly change the direction of the market. Now yesterday we were waiting for the Fed to speak in the afternoon, but it was really all about the CPI numbers that came out at 830 yesterday morning. That really caused the market to take off. Now the VIX came down and it is still on a sell signal. That’s supportive for higher stock prices. Things would change on Thursday with a close above 13.52. Now we did see bond yields come down sharply yesterday. That helped spur on buying in a lot of the mid cap small cap stocks on Wednesday. The Dow is still on a sell signal. Now it traded above the upper channel line during the day, but only eight of the 30 Dow stocks ended the day higher.

So it was quite a strange day. The big loser on the Dow is Nike, back on a sell signal. We’ve got Salesforce also down on the day, still on a sell signal. No change there. And Verizon ended the day down sharply. For Verizon, remember, volatility is all relative to individual stocks, but you can see it came down hard yesterday. It is back on a sell signal as of Wednesday’s close. Now, looking at the S&P 500 we popped yesterday. So making a new all time high, the big winner on the S&P 500 was Oracle, which you can see is up over 13% on the day. That is quite a move for Oracle. And then we’re looking at Skyworks. It was also up sharply yesterday, up over 6%. And the big loser on the S&P 500 yesterday was Excelon. It was down over 4% on the day, followed by Illumina, which is down 3.62%. So that stock’s really having a problem getting out of its own way after it had a big up move last week. And then Valero was the next on the loser list, down over 3% on the day, still on a sell signal.

No change there. Now the Equal Weighted S&P 500 is still on a sell signal, but it was up nicely on the day. Then moving on to the Nasdaq 100. Again. We gapped higher and made a new high yesterday, being led higher by trade desk, which was up nearly 6% on the day. Back on a buy signal. I certainly wouldn’t chase that stock up at these levels. Then looking at Autodesk, that was the next big winner on the Nasdaq, up nearly 5.5% on the day, but still on a buy signal, not really trending at the moment. And then we’ve got intuit back on a buy signal as of Wednesday’s close. Now, looking at the Equal Weighted Nasdaq 100, it popped yesterday as well. And we also had a pop in the next generation Nasdaq stocks. They are back on a buy signal as of Wednesday’s close. Now, when you take away the S&P 500 of the Nasdaq 100, yesterday was pretty cloudy day for the rest of the market. Here’s the Russell 2000. It opened above the upper channel line, traded higher, and then gave up a lot of gains going into the close.

Now, at the end of the day, if you just looked at how this particular ETF closed, it certainly closed higher, gapped higher and closed higher when the day was all said and done. That is also similar to the small caps and micro cap stocks. They gave up a lot of their gains during the day and closed lower than they opened. So that’s a very mixed picture. Now, in percentage terms, it was Home Builders were the big winners yesterday. But if we take a look at the Banks, they were also up on the day, but the banking sector actually closed where it opened after trading through the upper channel line and Regional Banks actually closed lower than where they opened, giving up gains that took them up above the upper channel line but bringing them right back. So no trend changes there. Now, Semiconductors continue to move higher. On Wednesday, the XLK ETF made a new high for this move on Wednesday. So congratulations. Anyone long those particular ETF? Now, there’s something bizarre going on with Apple this week. It continued to trade higher. Apparently it has something to do with ETF rebalancing. Apparently when Nvidia became a larger company than Apple, they were going to have to sell some Apple and buy some Nvidia.

They didn’t want to do that because they’d have to move billions of dollars of stock. And so apparently they’ve been chasing Apple this week so they wouldn’t have to rebalance the ETF. And Apple is now back as the second most valuable company yesterday after Microsoft, but ahead of Nvidia. So Microsoft continued to move higher yesterday. Nvidia actually closed slightly above the 125 level. So if you had an order in up there, it got filled yesterday. And Apple continued to pop. And if you had an order in at 218.75, it got filled yesterday, so congratulations. Now, the Mags ETF also put in a new high yesterday, up nearly 2% on the day. Next up, let’s take a look at the Canadian market. And the TSX traded higher yesterday, still closed below the lower channel line, giving up a lot of its gains going into the close. The big winner on the TSX yesterday was Canadian Western bank. And we talked about this in the pre market yesterday. The big loser was the national bank, of course the National Bank, buying, potentially buying Canadian Western bank. And then Laurentian was a big winner yesterday. So it looks like investors think Laurentian may be a takeover target.

Next big loser on the day was Dollarama, down over 4% on the day, and that is certainly a new sell signal for that stock. It had a nice run since the start of April. You’ve had lots of time to lock in profits along the way. Then looking at the TSX 60, looking like the TSX itself losing a lot of its gains going into the close. Still closing below the lower channel line. Now, we saw more strength in the mid caps, small caps, but unfortunately the micro caps, which were up on the day, did not close above the previous day’s high. So nothing new going on there. What worked yesterday was Healthcare and Infotech were the big winners. Energy was the big loser. Healthcare, the index is looking like that. There’s only a handful of stocks. Bosch was the big winner, up over 3% on the day, but not enough to give us a buy signal. Then looking at infotech, the big winner was Hut 8. Bitfarms doing its part as well. It was up over 7% on the day and still on a buy signal here. It drooped on Tuesday, but not enough to give us a sell signal.

And we’re looking to see if we can break out above the recent high. Now, Shopify continued to move higher yesterday. It is starting to trade above the bottom of the gap and through the 8750 level. So 93.75 is our next target to the upside. Then, looking at the energy sector, it was down yesterday. The Canadian energy sector is holding up a lot better than the US energy sector at the moment. And if we look at crude oil, it’s actually on a buy signal. Natural gas is on a buy signal. So there’s a little disconnect between the stocks and the commodities right now. We had Canadian Natural Resources closed lower yesterday, then Cenovus also closing lower yesterday. We also saw a pullback for Suncor just to $0.16 on the day. It traded up to the upper channel line but then pulled back and closed lower. So a close above $53.59 on Thursday would give us a buy signal for Suncor and then Baytex. Similar situation. Traded up to the upper channel line and then pulled back and closed down just two cent on the day. Looking for a close on Thursday above $4.77 to give us a new buy signal for Baytex.

Pembina making a new high for this move on Wednesday, so no change in trend there. Okay folks, that is all for this morning’s presentation. Once again, it looks like techs may lead the market higher on Thursday, but we do have PPI and employment numbers coming out this morning that could certainly change the direction of the market. Have a great day. Next time you’ll hear my voice is on Friday morning.

Thank you for watching today’s presentation. If you found this video useful, please consider hitting the like button, sharing it, and subscribing to our channel to ensure you never miss a video. We look forward to having you join us for our next daily market update.

Stephen Whiteside
TheUpTrend.com
Thursday, June 13, 2024

Morning Market Outlook 06122024

Hello, everyone, and welcome to Wednesday morning. It’s Stephen Whiteside here from theuptrend.com. In the pre market this morning, things are fairly quiet. Stock index futures are currently trading slightly above fair value. Now, today could turn out to be an extremely volatile day. First of all, we’ve got the CPI numbers coming out at 8:30 this morning. And then, of course, we’ve got the Fed announcement coming out this afternoon. So it could end up being an extremely volatile day. Yesterday was fairly quiet. The VIX is still on a sell signal here, which is supportive for higher stock prices. It’s hard to be bullish right now because most of the market is not trading higher. So on Wednesday, we’re looking for a close above 13.58 to change things. Now, yesterday I was wrong. When we were looking at Apple in the pre market, it had a bad Monday. It was trading lower in the pre market on Tuesday morning, and we still hadn’t hit our previous high or the $200 level. Well, what do you know? Apple was the big winner yesterday, and it was up over 7%. And it ran right up to our next price target.

We traded through 200. If you had an order in there, it got filled. And if you had an order in at 206.25, it also got filled. So congratulations to anyone who got orders filled up there. You know, we always make decisions based on closing prices, not what’s going on in the pre market. And I always say, you know, in the pre market, it’s the kids. We wait for the adults to show up at 9:30 before we really care about what’s going on in the stock market. Now, that new high in Apple helped move the mags ETF up to a new high. And the Nasdaq 100, the Nasdaq 100 got within just a hair of hitting our next price target. 468.75 is our next target. We got as high as 468.14 on Tuesday, so we may be able to hit that today. Then, looking at the S&P 500, it also made a new close closing high on Tuesday. What didn’t make a new closing high was the equal weighted S&P 500. So Apple had quite an influence on the two major indices, but not the rest of the market, as the equal weighted S&P 500 closed down on the day, trading through the lower channel line once again.

So the equal weighted S&P 500 is not on a buy signal. Neither is the Russell 2000, making a new low for this move. Yesterday, we saw a new low for the small caps and a new low for us. Micro caps on Tuesday. So, yeah, the VIX is still on a sell signal and it’s a bit queasy, you know, trying to remain bullish at this particular time. Then looking at the canadian market, the ishares for the TSX 60 were down yesterday, so we’re getting down close to where we found previous support back in April, down at the 32.81 level. We’ll have to see if that holds. Now, there is a bit. Bit of a discrepancy between the TSX 60 and the rest of the market. The Vanguard Canada ETF, which is a broader based ETF than the TSX 60, holding up much better than the TSX 60 at the. At the present time. And when we look at what mid caps are doing, they’re holding up fairly well. Unfortunately, the micro cap stocks have been falling sharply over the past few days. So micro caps not holding up through this particular time in the market.

Looking at the TSX, most actives from Tuesday’s trading action, starting off with Canadian Natural Resources, we’re trying to hold the $48 level here. 46.88 is our next target to the downside. Then looking at Suncor, still on a sell signal. No change there. We are still on a sell signal for the TD Bank. The TD Bank generated a sell signal back at the start of May and has not had a buy signal since. Now the TD has tried to crawl its way back, but got stopped at 78.13, then got stopped at 76.56. Now we’re looking to see if $75 will hold again. If it doesn’t, then look for a retest of the recent low. Then looking at Telus. Second day of a sell signal, no change there. Manulife pulled back into the channel yesterday. A close below 35.23 would give us a sell signal on Wednesday. No change for Pembina. And then we’ve got Enbridge, still on a sell signal. No change there. We saw TC Energy pull back into the channel on Tuesday. A close below $52.84 would give us a new sell signal on Wednesday. And then we’ve got CIBC back on a sell signal as of Tuesday’s close.

Then in the news this morning, it appears that Canadian Western Bank is getting an offer from the National Bank and so that stock should pop dramatically Wednesday. You can certainly see that nobody had any indication that that news was coming. So congratulations to everybody for keeping that quiet. Of course, while Canadian Western Bank should trade higher, we should expect the National Bank to trade lower on Wednesday. Let’s finish off looking at the US most actives in Nvidia, the most actively traded stock on Tuesday and pulled back slightly on the day. Apple, of course, was the second most actively traded stock which we’ve already looked at at GameStop. Still on a buy signal. No change there. We’ve got neo making a new low for this move on Tuesday. No change. We do have Tesla back on a sell signal as of Tuesday’s close, so treaded water for a few weeks. Back on a sell signal. We still haven’t broken down below this low, so really looking for a breakdown of that low or a breakout of this high to tell us something new is happening for Tesla. Then looking at AMC looking for a close below $4.58 on Wednesday to give us a new sell signal.

Ford still on a buy signal pulling back in the channel. Things would change on Wednesday with a close below $11.91. Then no change for marathon. Still on a sell signal here. Making a new low for this move. Bank of America back on a sell signal as of Tuesday’s close. No joy for Advanced Micro Devices. Still on a sell signal. New low for Vale and closed slightly lower on the day after making that new low. Certainly no change in trend there and then. It’s odd to see a little Canadian company up at the top of the most active us list, but Bitfarms still on a buy signal here. We are looking for a close below $2.23 on Wednesday. It is trading slightly higher in the pre market this morning, so we may not see a change in trend on Wednesday. Okay folks, that is all for this morning’s presentation. CPI numbers coming out at 830. Then we’ve got the Fed news this afternoon, so it could turn out to be a very volatile day. Have a great day and next time you’ll hear my voice is on Thursday morning.

Thank you for watching today’s presentation. If you found this video useful, please consider hitting the like button, sharing it, and subscribing to our channel to ensure you never miss a video. We look forward to having you join us for our next daily market update.

Stephen Whiteside
TheUpTrend.com
Wednesday, June 12, 2024

Morning Market Outlook 06112024

Good morning, everyone, and welcome to Tuesday morning. It’s Stephen Whiteside here from theuptrend.com. In the pre market this morning, stock index futures and commodities are currently trading below fair value. We don’t have any economic numbers coming out this morning, so not looking for any external stimulation. There is one bright spot this morning, and that is Eli Lilly, currently trading higher in the pre market. The stock has been quite on quite a run for the last month. Now, of course, everybody’s waiting for the Fed announcement, which comes out Tuesday afternoon. There’s been quite a reversal in bonds. Remember last week we had central banks cutting rates and that caused bonds to rise. You can see the 30 year bond is right on the edge of a new daily sell signal. Of course, if bonds are falling, bond yields are rising. The TLT is actually back on a sell signal after that big pop last week. Still above the upper channel line. No change there. Now, emerging market and junk bonds didn’t get as much response last week as we saw in the TLT and the XBB. And so they have pulled back. But of course, they did not pop as much as those two major bonds that we follow.

Now looking at the VIX, the VIX moved up yesterday looking for a close above 13.64 on Tuesday to give us a buy signal. We saw Apple trade down yesterday. Remember buy the rumor, sell the news. Well, they finally announced AI and that caused the stock to fall. It is down in the premarket this morning. So we could see Apple end Tuesday on a sell signal with a close below $191.89. Then looking at Nvidia, which closed slightly higher yesterday, it is now trading after the stock split. We would need a close down below $111.62 on Tuesday to give us a sell signal. If we can break through the 125 level, then $137.50 would be our next target to the upside. Now, the Dow closed higher yesterday. It’s still on a sell signal. Remember, the Dow does not contain Nvidia, which the S&P 500 and the Nasdaq 100 do. We had a new all time closing high for the S&P 500 yesterday. What worked well, Constellation Energy was up over 8% on the day. Big loser last week. This week it’s coming back. We need a close on Tuesday above $216.79 to give us a new daily buy signal.

Now, Southwest Airlines had a big pop yesterday. If you trade this stock, if we go back to last week, our next price target was 29.69 and yesterday we closed at 29.70. Now our next mathematical target is 3125. But we do have the bottom of that open gap at 3078 as a potential area of resistance. So you got to lock in some profits yesterday, and hopefully the stock will continue to move higher from here. Now, what didn’t work? Well, Huntington was down sharply yesterday, down over 6% on the day. So certainly no change in trend there. We did see US banks and US Regional banks continue to fall on Monday. That’s probably not a good sign. Looking for support at those April lows. Then. Advanced Micro Devices was down on the day. It’s still on a sell signal. No change in trend there. Then looking at the Nasdaq 100, new closing high, we’re trying to get to 468.75. That is our next price target for the Nasdaq 100 ETF. Crowdstrike was the big winner. It popped yesterday. If you go back to last week, our next price target was 359.38. And of course we found resistance there previously several times.

And then above that was 375. So what happened? Well, we traded up, hit the 375 level, closed at 374.57. So if you had an order in at 375, congratulations, it got filled. If you had an order in 359.38, the stock stock opened at 367.10. And so you got to lock in some profits up at that level as well. Now, what else worked? Well, lam research traded up to the previous high. So nice big update for Lam then looking at what didn’t work well, Illumina was down on the day. It was big. Winter last week pulled back, it’s still on a buy signal. Still closing at the upper channel line. What didn’t work? Well, it was Monster Beverages was the big loser. So no change in trend there. It looks like it’s heading towards $50. Then we’ve got Pepsi. Pepsi got bad news. It’s now the number three most popular drink in the US. So no change in trend for Pepsi, heading down towards those lows from back in March. Looking at the ishares for the TSX, 60 were up $0.06 yesterday. We need a close on Tuesday above $33.53. With everything trading down in the pre market this morning, not expecting that to happen.

Now, we did see money come back into commodities on Monday. Not enough to give us new signals, but we saw money come back into the energy sector. So Cenovus was the big winner. Shopify was up on the day. And our next price target was $87.50. Got as high as 87.70. So congratulations, you got to lock in some profits there. Now, our next mathematical target is 93.75, and that is certainly a legitimate target. But we do have an open gap at 88.50 to get through before we get to the 93.75 level. Then looking at Wheaton, Wheaton was up on the day, so we had money come back into both energy and the precious metals, but again, not enough to give us new buy signals. And we’re looking at commodity prices falling in the pre market this morning. Now, what didn’t work on the TSX yesterday? Well, circle k is back on a sell signal as of Monday’s close. We also have Telus back on a sell signal. So the curse of the telecom companies is still in play. The market still hates these telecom stocks. I don’t know when that’s going to change. If you follow this sector, you’ve got to continue to take the buy signals.

But unfortunately, it’s still a cursed sector at this time. Now, CAE was another big loser yesterday and it is still on a sell signal. So no change in trend there. Let’s finish off looking at commodities and we saw copper make a new low yesterday before reversing. So certainly no change in trend. No change in trend for the price of gold. And again, it’s down in the pre market this morning. And no change in trend for the price of silver. Crude oil was back sharply yesterday, is back on a buy signal as of Monday’s close. And we’ve got natural gas making a new high for this move, but not testing the previous high from a couple of weeks ago. And it closed down slightly on the day. So no change in trend for natural gas. Okay, folks, that is all for this morning’s presentation. So far, it looks like we’re going to see a little selling at the open on Tuesday morning. Have a great day. Next time you’ll hear my voice is on Wednesday morning.

Thank you for watching today’s presentation. If you found this video useful, please consider hitting the like button, sharing it, and subscribing to our channel to ensure you never miss a video. We look forward to having you join us for our next daily market update.

Stephen Whiteside
TheUpTrend.com
Tuesday, June 11, 2024

Weekly Market Outlook 06102024

Good morning, everyone, and welcome to Monday morning. It’s Stephen Whiteside here from theuptrend.com. In the pre market this morning, stock index futures and gold are trading lower, while crude oil is trading slightly higher on Monday morning. Now, we don’t have any economic numbers coming out this morning. We will have them later in the week. But this week is all about the Fed. The Fed meeting starts tomorrow, ends on Wednesday afternoon. And that is our, of course, when all the fun begins. Now, this presentation is going to include mostly weekly charts. There’s a couple of daily charts in here. We use weekly charts to help filter out all that noise from Monday to Friday. And of course, if you consider yourself a long term investor, you should be focused on the weekly charts much more than any daily charts. Starting off with the VIX or the fear index, it’s still on a sell signal here. That’s supportive. Higher stock prices on a long term basis. We’re going to look for a change this coming Friday if the VIX were to close above 15.61. Now, if you’re watching the market from Monday to Friday, the VIX is currently on a daily sell signal.

That’s supportive for higher stock prices on a short term basis. That would change on Monday if the VIX were to close above 13.72. Now, if we just take a quick look at what happened recently, the VIX ran up to the, the 200 day moving average and came back down. And so next time the VIX wants to run up, it’ll be quite significant if we start breaking out above that 200 day moving average. Now, it’s important to remember that the market is still very, very focused on a sector and a stock. The semiconductors were the big winners last week, up nearly 5% on the week. That was the best performing sector in North America. And Nvidia, of course, which might not have been the best performing chip stock, is the biggest company out there. So it has a tremendous weighting in the major indices, not the Dow, you’ll see that in a minute, but the Nasdaq 100 and the S&P 500, which is where all the futures traders are. And so Nvidia was up over 10% on the week. Now remember, Nvidia is splitting today. So the numbers we’re looking at right now, last week, our daily and weekly target at the top of our projected trading range was 12.50. On the daily chart, it is now increased.

We do have projections higher than 1250 now. And on the weekly chart, our next projection was 1250. But based on last week’s trading action. We expanded that. And so 1375 is both the next daily and weekly target. Now, it’s important to remember that we ran up tag 1250 last week and then started to pull back on Thursday and Friday. So this could be a situation where it’s buy the rumor, sell the news. Now, the rumor in this case was the fact that it’s going to split ten for one today. It split after the close on Friday, and of course, that is going to be reflected in today’s trading action. So it’ll probably be the most actively traded stock again on Monday. There are a lot of people betting against this stock, and so it wouldn’t be surprising for it to continue to move lower from here. Now, on Monday, we’re going to be looking for a close below $110.21 to give us a new daily sell signal for Nvidia. We’re not seeing a lot of volatility in the pre market on Monday morning. Now, of course, semiconductors were leading. The Nasdaq 100 wasn’t too far behind, up 2.72%. Then we had the technology ETF, up 2.59%. Then looking at the iShares for the Nasdaq 100, traded on the TSX, up 2.58%. And then the biggest winner on the Nasdaq 100 was actually Crowdstrike, up over 10%.

Then we had Illumina, which was up over 9% on the week, but not enough to give us a new buy signal. The biggest loser on the Nasdaq 100 was actually Sirius, which was down over 9% on the week, so continuing that trend. And then we saw Constellation energy down over 8%, nearly 9% on the week. And we saw weakness across the board in commodity stocks. And we’ll look at that a bit more closely when we look at the canadian market. Now, I wanted to mention Apple. Apple’s coming up to the previous high, which was $199.62. You can see that twice previously we’ve been up to this level and failed, and we’re going to have to see if we can fail or run through. Obviously, if we fail, that’s a triple top, and that would be very bearish for Apple and possibly the technology sector. So we’re going to make or break this week, probably. And we are trading higher in the pre market this morning. So just be aware, 199.62 was the previous high, and we’re looking for resistance at 200. If they can break through resistance, and 200 is a big round number, then 212 50 is our next target for Apple.

Now, Canadian Technology stocks were also, up on the week, they traded up to the lower channel line. So certainly no change in trend there. And no change in trend for Shopify. Up over 5% on the week, but still far away from a new weekly buy signal. Now, the Dow was actually up just a quarter of a percent on the week, so no joy there. We’re still on a weekly buy signal here, but we’re certainly not trending higher. Unlike the S&P 500, which was up 1.26%. If you look at the equal weighted S&P 500, it was actually down three quarters of a percent and trading in the channel. So you take away some of those big cap technology stocks and you can see the rest of the market not doing well. Then looking at the Nasdaq 100, we talked about this earlier. I just want to compare the fact that those 100 stocks were up 2.72%. The Equal Weighted Nasdaq was only up 1%. The Next Generation Nasdaq stocks were actually down a little over half a percent on the week. Then similar situation for the Russell 2000. It was down over 2% on the week.

Then Small Caps down just under 2%, and then Micro Caps down over 3% on the week. So once you get away from those big cap tech stock stocks, especially Nvidia, you can see the rest of the market didn’t have a happy week then. Looking at the Canadian market, the iShares for the TSX 60 were down a little over 1%. We traded through the lower channel line, and we did that last week as well, but did not close below it. So a sell signal would be generated this Friday if we were to close below $33.11. Now, the Dow, the S&P 500, the Nasdaq all closed higher on the week, while the TSX closed lower. Why is that? Well, it had a lot to do with commodities. Gold ended the week down over $20. It’s still on a weekly buy signal. That would change this coming Friday if gold were to close below $2,305.70. We see silver down dramatically as well, still well above the lower channel line. So not expecting a change in trend. Then, looking at the TSX Global Gold index, it was down over 4% on the weekend. The biggest loser on the TSX 60 for the week was actually Kinross, which was one of the best performers for the last few months, down over 8% on the week.

Then crude oil was also hit hard. It came into the week already on a weekly sell signal. It was down nearly 2% on the week, and that pulled energy stocks down on the TSX, they were down 5.7%. In New York, they were down 3.44%. Some of the biggest losers on the TSX were the energy stocks, including Cenovus. So a big down week for Cenovus, back on a weekly sell signal. That’s also true for Imperial Oil and then Canadian Natural Resources and then Suncor. All down sharply on the week. Suncor is still on a weekly buy signal. That would change this coming Friday if it were to close below $51.40. Then looking at Financials, a little concerned here. Looking at US Financials, they were down a little over a third of a percent on the week. Still on a weekly buy signal. Banks traded right down to the lower channel line. And we’ve got Regional Banks back on a weekly sell signal. Looking at Broker Dealers, they closed lower, just a third of a percent still at the upper channel line. And then Insurance companies were down 1.51%. Still on a weekly buy signal, but seeing a lot of weakness in the financial sectors.

Looking at the Canadian market, we were down 0.92%. So just under 1% on the week, but down for the third week in a row. Canadian Banks were down a little over 1% for the week. The biggest loser was the Bank of Montreal, down over nearly 4% on the week. So continuing its slide. And then in the US, it was Comerica, which was down over 6% on the week. That was the biggest losing bank stock in the US from last week’s trading action. Now, that’s all I wanted to cover in this morning’s presentation. Again, coming into Monday’s trading action, we’ll be watching the VIX. And if the VIX were to close above 13.72, we would be moving from being short term bullish on the overall market to being short term bearish. Again, commodities are mixed in the pre market, so the gold sector may continue to move lower on Monday as gold prices continue to slide. Coming into Monday’s trading action, that’s all I wanted to cover this morning, folks. Have a great day. Next time you’ll hear my voice is on Tuesday morning. And at that time, we’ll take a look at the most actively traded stocks on both sides of the border.

Thank you for watching today’s presentation. If you found this video useful, please consider hitting the like button, sharing it and subscribing to our channel to ensure you never miss a video. We look forward to having you join us for our next daily market update.

Stephen Whiteside
TheUpTrend.com
Monday, June 10, 2024

Morning Market Outlook 06072024

Good morning, everyone, and welcome to Friday morning. It’s Stephen Whiteside here from theuptrend.com. In the pre market this morning, things are fairly quiet. We have a whole whack of employment numbers coming out on both sides of the border this morning. And of course, if those numbers are hot, that’s probably bad for the stock market. If they’re cold and employment numbers are falling, then that’s probably good for the stock market. So we’ll just have to wait and see. Now, in the pre market, we’ve got crude oil up slightly, while gold is down about $40 in the pre market. So there was some positive action in the gold sector yesterday. It’s probably going to unwind today. So I wouldn’t be overly excited to jump in on Friday morning. Let’s start off this morning looking at Nvidia. And Nvidia hit our next price target. So if you had an order in there at 1250, you got filled. Yesterday, we pulled back but did not close below the previous day’s low. So not overly concerned just yet. The Magz ETF made a new high yesterday and actually held the gain going into the close. Now, the XSD ETF hit our next price target of 250 over the past couple of days.

250 is an important target. Not only is it a daily target, but it’s a weekly target. So I know people have taken some money off the table at that level. Now, looking at the VIX, the VIX closed down just a nickel yesterday. Things would change on Friday with a close above 13.81. The Dow did trade up through the upper channel line yesterday, but did not close above it. So the Dow still on a sell signal. Small pullback for the SPY yesterday, down a penny on the day. The equal weighted spy still on a sell signal. No change there was down a little more than the spy yesterday, but no change in trend. Now, the triple Q’s were down $0.16 yesterday, so no big move there. While we had the Equal Weighted Nasdaq 100 down $0.08 on the day. So still no major change. Now, the next generation Nasdaq had an inside day, closed slightly lower. We saw the Russell 2000 pullback having an inside day, inside day for small caps and an inside day for micro caps. So no change in trend for the rest of the market. Now, just one sector. I’m watching closely.

The Regional Banks. They’ve been holding $47 for the last week. We’ll have to see if that continues, if they can build a base there or if that $47 level is going to break. Of course, if it breaks, we would imagine it would head back down and retest the April lows. But so far that has not started. Now, looking at the iShares for the TSX 60, they traded up to the upper trend line yesterday. We need to close on Friday above 33.58. With what’s happening in the gold sector this morning, I’m not sure that’s going to happen. Looking at the Energy sector, very quiet trading on Thursday, no change in trend. Looking at the Financials, an inside day on Thursday, small pullback, no change in trend. Gold stocks were up yesterday, end of the day on a buy signal. I’m not sure I would chase that on Friday. And then the price of Gold. If we look at the iShares gold bullion ETF, it also generated a buy signal on Thursday. Again, I think that’s going to unwind on Friday. Taking a look at the Base Metal ETF, it was up on the day, but no change in trend.

Now looking at the TSX most actives from Thursday’s trading action, not a lot of trend changes to talk about. We’ve got Suncor still on a sell signal, no change there. Manulife in the channel for the second day. For the third day, excuse me, looking for a close on Friday above $35.68 to give us a new buy signal. Would I chase that up here? No, absolutely not. But buy signal is a buy signal for some people and I would imagine if we get one it would just retest the recent high. Looking at Baytex, no joy there. Again, you know, this is a very bearish chart pattern. We recently put in a lower low after making a series of lower highs, so still a very bearish looking chart pattern. No joy for Cenovus, still on a sell signal here. We’ve got Enbridge trading in the channel, looking for a close on Friday, above 49.80. We closed at 49.48 yesterday. Then looking at Telus, it’s on a buy signal right now. It’s broken out above the 22.86 level, heading towards 23.44. Looking at Bitfarms, we pulled back after making a new high yesterday. Our next price target was 3.52. We hit a high of 3.53 yesterday.

So if you had an order in at 3.52, it got filled. Congratulations. Then looking at Hydro One, we’re on a buy signal right now. We are coming up towards the 41.41 level. You can see it presented a bunch of resistance back there in March, then in May we faded just below that level, so keep that in the back of your mind. TD Bank traded through the upper channel line yesterday, but did not close above it. We’re looking for a close on Friday above $76.66. Let’s finish off today’s presentation, taking a look at the most actives and unfortunately it’s a GameStop and AMC at the top of the most active list. And of course these stocks are being highly manipulated and they seem to be pulling back a little in the premarket last time I checked. But again, they’re extremely volatile and if you’re going to play these, you know, play it with risk money, don’t be betting the farm on either of these stocks. Now getting back to reality, Nio is back on a sell signal as of Thursday’s close. No joy for Tesla. Tesla still trading water here? That’s really hard to believe.

I wouldn’t have predicted that in a million years. Palantir. Palantir ran up and got pretty close to filling the open gap from early May. If it can do that and keep going, then dollar 25 is our next price target. No joy for marathon. Still treading water here has not taken out the recent high. Then looking at AMD, we’re still on a sell signal here from Tuesday. We traded up to the upper ten line yesterday, looking for a close on Friday above $168.41. Apple made a new high for this move on Wednesday. Small pullback on Thursday closed below the previous day’s low. So that could be the end of this run for Apple. On Friday we’re looking for a close below $190.95 to give us a sell signal for Apple. Robinhood continuing to move higher is broken out above resistance at 21.88. Our next target is $25 if it can pull away from the 21.88 level. Novavax hit a new high yesterday before reversing still well above the upper channel line. Things would change on Friday with a close below $15.24. Then looking at American Airlines, we’ve been trying to find support here around the 1150 level.

We’ve traded a little below that, but we could be building a base. We’ll just have to wait and see. Obviously no upward momentum or any sign of a trend change at this time. Now this is rather unusual to see a mining stock up near the top of the most active list, but Fortuna had been on quite a run which started at the start of March. We finally got a sell signal on Wednesday. You had lots of time to take money off the table along the way, so it should still be a very profitable trade. But yeah, it’s rather unusual to see a mining stock near the top of the most active list in the us market. Okay folks, that is all for this morning’s presentation. Waiting for those employment numbers to come out at 830. Have a great day, have a wonderful weekend, and next time you’ll hear my voice is on Monday morning.

Thank you for watching today’s presentation. If you found this video useful, please consider hitting the like button, sharing it, and subscribing to our channel to ensure you never miss a video. We look forward to having you join us for our next daily market update.

Stephen Whiteside
TheUpTrend.com
Friday, June 7, 2024