Morning Market Outlook 07152024

Hello, everyone, and welcome to Monday morning. It’s Stephen Whiteside here from theuptrend.com. In the pre market this morning, stock index futures are trading nicely above fair value. So, so far, it looks like everybody’s pretty happy. Now, we don’t have any major economic numbers coming out this morning.

We do have the Fed chairman speaking later today. He could certainly change the direction of the market. Commodities are trading a little lower so far this morning, but not enough that anyone’s going to notice. Now the VIX is still treading water here. That’s fine.

We don’t expect the VIX to move much lower from here. Things would change on Monday if we get the VIX back up above 12.90. Now there’s the Dow making a new high on Friday. Dow diamonds closing just above 400. We saw a new high for the S&P 500.

We had that pullback on Thursday, but we came back on Friday. There’s a new high for this move for the equilated S&P 500, certainly not a new all time high, but, you know, at least it’s trying. Then we had an inside day on Friday for the Nasdaq 100. We saw that pullback on Thursday. We had a new high for semiconductors on Friday.

There’s the Magnificent Seven ETF looking for a close on Monday below 47.19 to give us a sell signal. So we had that big pullback on Thursday. And, of course, when we look at the market cap of these particular stocks, you can see how huge they are compared to the rest of the market. So a pullback in these stocks could certainly damage the market dramatically if that money were to leave the stock market. But what we saw on Thursday was a rotation into all the other unloved areas of the market.

Now, we’ve saw huge moves up so far. A lot of it was probably short covering, but we’ll just have to wait and see if the market wants to continue to move higher seasonally. This is a bullish time of the year. It is the time for a summer rally. Well, I just had a big sneeze, and luckily we get to edit that out of the video.

Looking at the equal weighted Nasdaq 100, we made a new high on Friday, new high for this move for the next generation Nasdaq on Friday. And then looking at the Russell 2000, we gapped once again. Yes, there’s probably a lot of short covering going on in some of these stocks, but whatever it takes to get them to move higher and pull money in, well, that’s what’s going to happen. There we have the Russell 2000 making a new high. Looking at the canadian market, there’s the ishares for the TSX 60 making a new high on Friday.

We always talked about 34.38. We closed at 34.25 on Friday. So let’s see if we can get over 34.38 on Monday. Looking at canadian financials, they made a new high on Friday. Now the other day I was asking if the Royal Bank could break out above 150.

And on Wednesday, Thursday and Friday it traded above that level. So the next two lines are coming into play 153.13 and then 156 25. That playing field has now opened up. Then looking at the gold sector. So anything to do with mining has done very well over the past couple of weeks.

And gold stocks made a new high on Friday. And what’s not working well, telecom stocks are still in the doghouse. They did come back on Friday and the sector is back on a buy signal as of Friday’s close. Let’s move on and take a quick look at the TSX most actives. Now on Friday we started to see energy stocks pull back after having a good day on Thursday.

So we’ve got Canadian Natural Resources on a buy signal. Things would change on Monday if it were to close below $48.66. New high for this move for the TD Bank on Friday. We’ve got Cenovus on a buy signal right now as of Friday’s close. Then looking at TC Energy inside day on Friday.

Then we’ve got Enbridge moving up on Friday. So looking to see if we can take out the recent high. That would certainly be bullish for that stock. Then we’ve got Suncor still on a sell signal here. That would change on Monday with a close above $52.43.

Then we’ve got Baytek making a new high for this move, starting to trade above the high from back in late May. So that’s pretty bullish. Then we’ve got b two gold making a new high for this move. Moving up towards the highs from back in April. Then looking at Power Corp.

We’re still on a buy signal here. Moved up slightly on Friday, then looking at Telus. Telus back on a buy signal as of Friday’s close. Let’s finish off this morning’s presentation. Taking a look at the US most actives from Friday’s trading action.

Let’s start off with Nvidia and Nvidia put in a lower high on Thursday, traded into the channel and closed in the channel on Thursday and Friday. So anything that closes in the channel you’ve got to be suspicious of a potential trend change. There is certainly a mathematical possibility that we could close below $125.72 on Monday. Looking at Tesla we dipped into the channel on that Friday but did not close in it. We do need a close blow.

$229.48 on Monday. Then looking at Soundhound, we’ve had a couple of big updates here. You hit a couple of price targets at 625 on Friday. So congratulations. You got to lock in some profits there.

QuantumScape had a huge move up over the last few days, gapping higher on Thursday. If you had an order in at 6.25 it would have got filled at the open up here, up at the 7.03 level. And then we’ve hit two more price targets. 8.59 was a price target on Friday and we got as high as 8.63. So congratulations, you got to lock in some profits there.

No joy for American Airlines if you’re short that stock. You can continue to remain short. Then looking at Apple, we’re up here at new highs. No change in trend there. Then another big update day for Lucid.

Lucid’s hit a bunch of price targets. 4.30 was our next price target and we hit 4.32 on Friday. So cha ching, you got to lock in some profits there. Palantir still on a buy signal. No change in trend.

28.13 is resistance at the moment. If we can take out last week’s high then that would open it up to a move up to 31.25 with psychological resistance at $30. Then looking at Advanced Micro Devices were stalled up here at the 187.50 level. If we can break through that then $200 would be opened up. Then looking at Rivian.

Rivian making a new high on Friday 18.75 was our next target. We got as high as 18.85 on Friday. So if you had an order in up there, congratulations, it got filled. Okay folks, that is all for this morning’s presentation. So far it looks like the market’s still pretty happy.

You’ve got the Dow futures up 200, got the Nasdaq futures up 100. So so far I think Monday is going to be a good day for the market. You have a great day and the next time you’ll hear my voice is on Tuesday morning.

Stephen Whiteside
TheUpTrend.com
Monday, July 15, 2024

Morning Market Outlook 07122024

Good morning, everyone, and welcome to Friday morning. It’s Stephen Whiteside here from theuptrend.com. In the pre market this morning, stock index futures are trading right around fair value. Commodities are mixed with crude oil higher, while gold is down $12 in the premarket on Friday morning. Now, things are fairly quiet right now.

I’m doing this video ahead of the PPI numbers that are coming out at 8:30 this morning. Those numbers could certainly change the direction of the market. Now, we also have some major us banks reporting in the pre market this morning and we’ll take a look at those on Monday. Now, Thursday turned out to be a huge swing in the market and we saw money come out of the big cap tech stocks and go into the rest of the market, especially the most underperforming areas of the market on Thursday. We’ll take a look at that in a minute.

Starting off with the VIX, the VIX actually ended the day on a buy signal, but not that significant so far. And so that’s telling us that options traders are getting a little nervous. But, but when you see what the rest of the market looks like, you’re not going to be overly concerned. Now, we’ll start off looking at the Canadian market this morning, which hit a new high yesterday. We saw the TSX 60 trade up to those highs from May.

We saw a new high for mid caps, small caps had a nice big day yesterday trading up into that open gap. And then we had the venture exchange close higher on the day. Now in percentage terms, the big winner was real estate. But I think what had the most effect on the Canadian market was gold stocks moving up nearly 2.5% on the day. We saw financials up, trading back up to the recent highs from May.

Then we have energy stocks back on a buy signal as of Thursday’s close. So that also helped. Now, consumer staples has been the big winner of late, but it had a small pullback yesterday. We’ve run up to $1,000 and stopped on a dime. We’ll just have to wait and see if the market wants to continue higher here.

It had a small pullback yesterday and of course the first thing I look for is did we close below the previous day’s low? And that certainly did not happen. Now, one of the most widely followed stocks on our website is B2Gold. It was up over 5% on the day. Manulife traded up to the next price target of 37.50, got as high as 37.39 before pulling back.

We still closed higher on the day so there’s no major pullback here. We may be able to hit 37.50 on Friday. Then looking at Shopify, it is back on a sell signal on the TSX, but not in New York just yet. Moving on to the us market, and it was quite interesting yesterday, we saw a lot of money come out of those big cap tech stocks, but it didn’t leave the stock market. It went right back into the market, into underperforming areas, and we can see that very easily over the next few minutes.

We also had a lot of people take money out of the market yesterday, and we hit a lot of price targets yesterday. And congratulations to those people who had orders filled. Starting off with the Dow Diamonds, we hit our next price target before pulling back, still closing higher on the day. The SPY had a big reversal day. We were trying to get to 562.50, got as high as 562.33.

So there’s no reason why you shouldn’t have got your orders filled yesterday or the day before. Then looking at the equal weighted S&P 500, it was not down on the day. So if you take away the weightings of those big cap tech stocks, you can see money went into the rest of the market. We were up over 1% on the day. Then looking at the Nasdaq 100, big reversal day, down over 2%.

Looking for a close on Friday below $487.43. Now, we did hit $500, so, cha ching, you got to lock in some profits there. Now, semiconductors also had a reversal day yesterday, did not close below the previous day’s low, and we did hit our next price target of 265.63. So congratulations, calculations. And looking at the equal weighted Nasdaq, it was down on the day, but only 0.44%.

Still closing above the upper channel line. So no change there. Now we can see money came out of those big cap tech stocks and went into the next generation tech stocks. And you can see that ETF popped on the day. Then we had money go back into mid caps.

We saw the Russell 2000 gap higher. We saw small caps gap higher, and we had a big move up in micro caps on Thursday. So we haven’t seen that in a while. Let’s finish off this morning’s presentation. Looking at the Magnificent Eight.

And if we start off with the Magnificent Seven ETF, it had a huge pullback yesterday. Still on a buy signal here. That would change on Friday with a close below $47.02. We did not hit $50. I think we got as high as $49.94.

So you should have got an order filled in there. Congratulations. Then looking at the FANG Plus ETF, I know more people are playing this one. Down over 10% on the day. Looking for a close on Friday below 491.43.

And yeah, we did hit our next price target, so congratulations. And then we quickly came right back down sitting on just above the $500 level. Now looking at Apple, we closed below the previous day’s low, but still well above the upper channel line. Looking at Amazon, Amazon could not break through 200 and traded below the lower channel line, but did not close below it yesterday. So sitting right on the edge of a new sell signal for Amazon, we had Alphabet come back into the channel yesterday.

So a close below $185 $0.99 would give us a sell signal on Friday. For Meta, we’re looking for a close below $511.87 on Friday for Microsoft. Looking for a close below $454.26. Then looking at Nvidia, looking for a close below $125.18 on Friday for Shopify in New York. We’re looking for a close below $65.18 on Friday for Shopify in Toronto.

We are back on a sell signal as of Thursday’s close. And then Tesla. Tesla was the biggest loser of the day, down over 8%, trading down to the upper channel line. Looking for a close on Friday below $226.35. If you’re trading Tesla, you should just have a couple of shares left and all you’re doing is waiting to get kicked out at this point.

And that may or may not happen on Friday. Okay, folks, that is all for this morning’s presentation. Thursday was a wild day in the market, but at least the money did not leave the market. It went right back into the market. So there’s nothing wrong with the rotation in the market.

And of course, those big cap tech stocks have been hogging the headlines for a long time now, and it’s maybe time to let the rest of the market push higher. Have a great day. Next time you’ll hear my voice. If you’re a member, we’ll be on Sunday for non members. We’ll be back to talk to you again on Monday morning and we’ll take a look at those big cap us banks that are reporting this morning.

Enjoy the rest of your day, have a wonderful weekend and we’ll talk to you again soon.

Stephen Whiteside
TheUpTrend.com
Friday, July 12, 2024

Morning Market Outlook 07102024

Good morning, everyone, and welcome to Wednesday morning. It’s Stephen Whiteside here from theuptrend.com. In the premarket this morning, things are fairly quiet. Stock index futures are trading slightly above fair value. Now, yesterday the triple Q’S finally hit $500 and stopped on a dime. They are trading slightly higher this morning but still below the dollar 500 level. Now, the VIX had an inside day on Tuesday. We’re looking for a close on Wednesday above $12.90 to give us a new buy signal for the VIX. That, of course, would be negative for stocks. What worked on Tuesday? Well, banks on both sides of the border were the big winners. What didn’t work on Tuesday? Well, the Canadian energy sector was the big loser, followed by us transportation stocks. Now, the Dow had a small pullback on Tuesday. The big winner was intel once again. So intel’s been leading the Dow higher over the last couple of days. Unfortunately, the losers outweighed the winners. On Tuesday, Dow was the big loser of the day. It’s been on a sell signal since the middle of May, so no change there. Looking at the S&P 500, very small gain yesterday, very quiet trading. Incyte was the big winner on the day, trading up to the upper channel line.

Not enough to give us a buy signal. Still need a close up. Just $0.07 higher on Wednesday. Albemarle was the big loser on the day. It’s been on a sell signal since the middle of May. So no change there. Then looking at the Nasdaq 100 itself, a small gain on the day we hit 500. That was the high of the day. Before pulling back, we are trading up a dollar or so in the pre market, so we may take another run at 500 on Wednesday. So congratulations to anyone who got orders filled yesterday at 500. Now, the big winner on the Nasdaq 100 on Tuesday was Tesla, up 3.71%. The big loser on the day was Datadog trading right down to the lower channel line yesterday. So a close below $125.66 would give us a sell signal on Wednesday. Looking at the Canadian market, the TSX had an inside day small pullback. The big winner was Maple Leaf Foods. That’s not something you see very often. And then Badger was the big loser. Looking at the TSX 60, also an inside day small pullback. Yesterday, the big winner was the National Bank. So it’s certainly trying to recover a lot of those losses from last month.

And then we’ve got Restaurant Brands already on a sell signal, so no change in trend there. Let’s finish off with a quick look at Commodity ETF’s, starting with the USO trading down to the lower channel line yesterday. So a close below $79.60 would give us a sell signal on Wednesday. For gasoline. We’re looking for a close below $67.95 and then looking at natural gas already on a sell signal. No change there. Looking at the metals, it was a fairly quiet day for gold. Still on a buy signal. Fairly quiet trading for silver as well. An inside day. No change there. We saw palladium trade back into the channel on Tuesday. A close below $89.27 would give us a sell signal on Wednesday. Joining platinum already on a sell signal as of Tuesday’s close. Okay folks, that is all for Wednesday morning’s presentation. So far, it looks like we’re going to have a fairly quiet open on Wednesday morning. Enjoy the rest of your day. 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, July 10, 2024

Canadian Stock Market Timing 07092024

Good morning, everyone, and welcome to Tuesday morning. It’s Stephen Whiteside here from theuptrend.com. In this presentation, we’re going to take a closer look at the Canadian stock market. But before we do that, we’ll take a quick look at the us market from Monday’s trading action. The VIX traded up to the upper chain line yesterday. We’ll be looking for a close above 12.96 on Tuesday to give us a buy signal for the VIX. Now, we saw a new high yesterday for the S&P 500. Our next mathematical target for the spy is 562.50. Looking at the pros, they’re still in control. Don’t look like they want to give up control on Tuesday. Looking at the equal weighted S&P 500, we’re still trading in this channel here and really no enthusiasm for the overall market right now. You can see the public is actually in control of the equal weighted S&P 500 ETF. Now compare that to the Nasdaq 100 and you can see that the pros are still happily in control and we’re trying to get to $500 for the triple Q’s on Tuesday. What worked yesterday? The big winner was semiconductors being led higher by actually intel, which was up on the day and it gapped higher yesterday.

Now it is coming up to the top of an open gap up there at 34.38. If you look to the left, you can see that gap over there. And that could be a potential target on Tuesday and possibly the end of the road for this move for intel. Now moving over to the Canadian market, the major indices are all on buy signals right now. The TSX and the TSX 60 both dipped into the channel yesterday. Mid caps trading above the channel, small caps closing above the channel, and micro caps had a reversal yesterday, but only down 1.31%. So no major change there. All those major indices are still on daily buy signals. Now, Consumer Staples have been a big winner over the past couple of weeks and made a new high yesterday. The big winner over the last five days has been George Weston, followed by Jamesons, and then followed by Loblaws, which is trading up at the previous high. But that is a new closing high for loblaws. Then, looking at the Energy sector, we pulled back to the lower channel line yesterday. So certainly the possibility of a sell signal on Tuesday. There’s Canadian Natural Resources closing in the channel.

We’ve got Athabasca trading right down through the lower channel line yesterday. So a close below $5.15 on Tuesday would give us a sell signal for Athabasca. Baytex closing above the upper channel line. So no concern there coming into Tuesday and we’ve already got Suncor on a sell signal. So that was the second day of a sell signal for Suncor. Now looking at Financials, we had an inside day yesterday. Canadian Banks had an inside day. We’ll take a closer look at some of those stocks in a minute. The Gold sector is still on a buy signal here. No change for Agnico, Eagle or for Alamos. And then we’ve got B2Gold still on a buy signal. No change there. And a new high for Kinross on Monday. Let’s finish off this morning’s presentation taking a look at the most actives. Now last night I did the most actives by price volume. So they’re not just necessarily the most actively traded stocks, they’re the most actively traded stock by dollar amount. And when we look at this list, a couple of things you’ll notice is first we just have two tens, we have a zero and a one.

So some very extremely sold off stocks. And most of this list is financials. We’ve got a couple of commodity related stocks but for the most part they are financials. Now compare that to the US market and you’re not going to find any financials or commodity related stocks. This is all high tech and you can see there’s a whole bunch of tens in there. So it’s pretty easy to see the difference between the Canadian and the US market at this particular time. Certainly Canada does not have a deep team of technology stocks that it could certainly compete with the us market at this time. So starting off with the Royal Bank inside day yesterday, trying to get up over 150. Then looking at TD Bank and inside day on Monday, no change in trend there. No change in trend for the Bank in Nova Scotia. Still on a daily sell signal. No change there. And then Canadian Natural Resources trading in the channel, no change in trend inside day for power on Monday. Then we have a new low for TC Energy breaking down below support and then looking to head towards the $50 level. And that would be down to the bottom of an open gap if we continue lower from here.

But that is a very bearish looking chart. We recently put in a lower high, now we’re putting in a lower low. So yeah, that’s a bearish looking chart. And speaking of bearish looking charts, Bank of Montreal, no joy there. Then looking at Manulife. Manulife still on a buy signal here. Our next mathematical target for manual life is $37.50. Then CIBC trading in the channel. No change in trend there. And our last chart this morning is the National Bank and it had an inside day yesterday, so no change in trend there. Okay, folks, that’s all for this morning’s presentation. Looks like we need to be on guard for additional sell signals in the energy sector. The gold sector seems to be holding up fairly well. Financials are a mixed bag at the moment, with the World bank and Manulife holding the torch and leading the market higher with a bunch of other financial stocks really dead in the water at the moment. Enjoy the rest of your 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, July 9, 2024

The Magnificent Seven 07082024

Hello, everyone, and welcome to Monday morning. It’s Stephen Whiteside here from theuptrend.com. In the pre market this morning, things are fairly quiet. We don’t have any major economic numbers coming out this morning. So so far, it looks like the market wants to have a fairly quiet open on Monday morning.

Now, coming into Monday’s trading action, the VIX is still on a daily sell signal that’s supported for higher stock prices. That would change on Monday if the VIX were to close above 13.02. Now, in this presentation, we’re going to be looking at a lot of symbols that are making new all time highs. The Bitcoin and Ethereum are both down sharply on Friday, and so they are not going in the same direction as the stock market. Now, of course, you can play the other side of Bitcoin and trade the inverse ETF, which is doing quite well at the moment.

When we look at Bitcoin related stocks, Microstrategy has been on a sell signal for a while. Now. HUT 8 made a new closing high on both sides of the border on Friday. Now, unlike the rest of the market, this group of stocks is still hitting higher highs, and that’s unfortunate. It doesn’t look like it’s pulling the rest of the market with it.

But there we have the Nasdaq 100, up over 1% on Friday, getting very close to our next price target of $500. That’s a big round number, and it certainly not a guarantee that we’re going to top out here, but we’ll just have to wait and see. Then looking at the Magnificent Seven ETF, it was up nearly 2% on Friday, getting pretty close to our next price target of $50. Then walking through the individual stocks, starting with Apple. Apple was up nicely on Friday, over 2% hit our next price target of 225.

Now, this is the top of our projected trading range on the daily charts. It’s not a guarantee that this is as high as we’re going to going to go. It’s just the projection that we had based on the previous trading action. So here we are. We can add the difference between 212.50 and 225.

That gives us 237.50, and that’s the same as our next weekly price target. Then looking at Amazon, Amazon stuck here at 200. If we can start breaking out above 200, then 206.25 and 212 50 would be our next targets for Amazon. Then looking at Alphabet, it was up nearly 2.5% on Friday, starting to break out above 187.50. $200 is our next price target.

For Alphabet. Then we had Meta up nearly 6% on Friday and Meta has a pretty sloppy chart. The last buy signal was back here. Then we went up, traded sideways, broke out, traded sideways, broke out. And we’ve taken out the high from back in April.

So a lot of money came into meta on Friday. We started to trade above the 531 25 level, but haven’t broken away from it just yet. So 562.50 is our next target to the upside for Meta. Then looking at Microsoft, we were up nearly one and a half percent on Friday, up to our next price target. 468.75 was our next price target.

468 35, as high as we got on Friday. We’re two price targets away from 500. Maybe the market wants to head all the way up there then. Looking at Nvidia, we’re currently on a buy signal, but had a small pullback on Friday. Things would change on Monday with a close below 122.26.

We ran up to the 137 50 level a couple of weeks ago and quickly reversed. So if you had an order in up there, it got filled. If we can take out that high, then 150 comes into play. If we take out this low, 112.50 and $100 would be our next targets to the downside. And you can see a nice open gap over here that could potentially be a target, but we’re not heading in that direction just yet.

Then looking at Shopify, we’re still on a buy signal on both sides of the border. In the US, we’re looking at resistance at 68.75. You can see back here that acted as support. And then on the canadian market, 93.75 is our next target. And you can see it acted as support back here.

Resistance here. If we can take that out, that $100 certainly comes into play. And last up, Tesla, the big winner. Last week, up another 2% change. On Friday, Tesla was trading in a tight range.

We were looking for a breakout above 187.50. Once that happened, the stock took off. And here we are up at 250, closing at 251.52. Our next target is 265.63. If Tesla traders want to continue higher from here.

Okay, folks, that is all for this morning’s presentation. This is a time and place to be locking in some profits and taking money off the table. It is not the time and place to be putting money into the market. Anytime you take money off the table, you don’t want to completely liquidate a position. We don’t know exactly how high the market’s going to go.

What we do know is that stocks usually fall faster than they rise. So it’s a lot easier to sell into strength than it is to sell into panic. And that’s why we try to take money off the table as we are moving up, not as we are moving down. So, yep, things look pretty good this morning. It’s fairly quiet out there.

We’re looking to see if the queues can hit 500. That could be possible on Monday. Enjoy the rest of your day. Next time you’ll hear my voice is on Tuesday morning. And at that time, we’ll take a closer look at the Canadian stock market.

Stephen Whiteside
TheUpTrend.com
Monday, July 8, 2024

Morning Market Outlook 07032024

Good morning, everyone, and welcome to Wednesday morning. It’s Stephen Whiteside here from theuptrend.com. In the pre-market this morning, things are fairly quiet. We do have a lot of economic numbers coming out today, especially jobless claims at 8:30. So they could certainly change the direction of the market.

Now, the us markets are closing early today and they’ll be closed on Thursday for the July 4 holiday. Canadian markets will be open both days, but very thinly traded, so not overly concerned about what happens on Wednesday or Thursday. Thursday in the Canadian market. Start off with some housekeeping. We’re going to do charts tonight.

We’ll do a weekend update on Saturday, and then Sunday we’ll do a members video. We won’t be doing any charts on Thursday night or any video on Thursday. Now, starting off looking at bitcoin, it is currently on a sell signal. It’s down $2,000 in the pre-market this morning. So that is the biggest mover in the pre-market so far.

The VIX is holding steady at close above 13.21. Would change things on Wednesday. The Dow had an inside day yesterday. It is certainly nowhere near a new all time high, whereas the S&P 500 Index made a new all time closing high yesterday. We’re still stuck to our price target.

If we can break away, then 5625 would be our next target for the Index. Similar situation for the Nasdaq 100. New closing high yesterday at 20,000. If we can break away above that, then 20,625 would be our next target for the Nasdaq 100 Index. Then looking at the SOX Index, we’re just $1 away from generating a new buy signal for the semiconductors.

Now, looking at the TSX 60, it closed higher yesterday. And you can see that we ran up and hit a 1312.50 the other day and pulled back. Well, we’re currently trading above that level in the premarket, according to Bloomberg, so there’s a good chance we could make a higher high on Wednesday. Now, crude oil ran up, tagged our next price target yesterday at 84.38. That was the high of the day before.

Pulling back, we are down a little in the pre market this morning, but not enough to get down to the previous day’s low. So yes, yesterday was a bearish reversal day for crude oil, but didn’t close below the previous day’s low. So that would be the first sign something new is happening. Otherwise, we’ll still look to see if crude oil can head up towards $87.50. Then looking at natural gas, it continues to move lower.

We were giving natural gas three points that it could find support. First of all was the uptrend line that didn’t work. Bottom of the Flypaper channel that didn’t work. And then the low from late May that didn’t work. So they really want to take natural gas down to retest the recent lows.

And of course if you’re short natural gas, you’re very happy about that. Now, the price of gold was down $5.50 yesterday. It is up in the pre market this morning. So we could end Wednesday on a buy signal for gold. And then looking at the XAU gold and silver Index currently trading water here in the channel, it could also end Wednesday on a buy signal.

Now here’s an ETF I was looking at as I was going through the commodity related ETF’s. This is Rare Earth and Minerals. It has been on a Sell signal for a month now. And certainly down at the bottom of the Panic Zones, Pressure Zone forming. This is pretty easy one to trade.

You can see the early warning signals that went off. You can see the Pressure Zones that went off and the, the Index, the ETF continued to move higher. We’re at a situation right now where we are very oversold and unfortunately the pros have no interest in taking control. Now even if they did, if you look at where we’re trading right now and where the flypaper channel is, that would be about a 10% move higher, which isn’t a lot when you look at other opportunities out there. So just be aware that, yes, this is a setup.

Yes, there is a potential for a buy signal to show up at some point in the not so distant future. It’s just, it looks like the flypaper channel will probably cap any up move in this particular area of the market. So yeah, there are opportunities, but not necessarily ones you need to take. Then looking at the Canadian market, and this was rather odd, yesterday the most actives were filled with financial stocks and that doesn’t usually happen. Most of the time they’re commodity related.

But here we are with the TD Bank on a buy signal. No joy for TC Energy. Second day of a sell signal there. And notice that we put in a lower high and now we’re putting in a lower low. So that’s a bearish chart pattern for TC Energy.

Then CIBC. Second day of a sell signal there holding the recent low. Then looking at the Bank of Nova Scotia, we’re looking for a close above 63.07 on Wednesday to give us a buy signal. Canadian Natural Resources still on a buy signal. No change there.

We’ve got Power still on a buy signal. No change. No change for Manulife. And Manulife may be headed towards $37.50 as our next price target. We still haven’t been able to really clear the highs from back in May, but it certainly looks like investors want Manulife to continue to move higher.

Then looking at Enbridge, fourth day of a buy signal there. Then looking at the Royal Bank. 6th day of a buy signal for the Royal bank. And then no joy for BCE. Making a new low for this move on Tuesday.

Then looking at the us market and we’ve got Nvidia, the most actively traded stock inside day yesterday. Looking for a close on Wednesday above $127.79. There’s Tesla making a new high. And you know, we were looking for it to break out above 87.50. It certainly did that.

Now it’s heading towards 234.38 and then possibly 250. Of course, when it got out above 8750, it also started to break away from the Flypaper channel. And you can see the previous high up there above 250. That could certainly be a potential target. If it can get through the next two targets, then we’re looking at Rivian.

Still on a buy signal. No change there. No change for Apple. Apple heading towards 225. That’s our next target.

Of course, you can do the math. And 237.50 would be the next target above that if Apple continues to break out and make higher highs. Advanced microdevices back on a buy signal as of Tuesday’s close. Sirius still on a buy signal here, trying to get above 313. Got as high as 312 yesterday.

And if it can do that, if it can break out above that, then 352 would be our next target for serious. Then looking at Marathon. Marathon on a buy signal right now, even though bitcoin is continuing to move lower. And then we’ve got Ford breaking out, making higher highs here for this move. And last up this morning, we’ve got Amazon.

Now, Amazon finally hit 200 and look at what happened. We hit 200 just before 02:00. And then that’s all we could get out of Amazon. So 200 was our next price target. We got pretty close to it a couple of days ago, and I’m not sure where your order was, but if it was at 200, congratulations.

It got filled on Tuesday. And you can see our next target is 20 625 for Amazon. Okay, folks, that’s all for this morning’s presentation. So far. It’s pretty quiet out there.

Jabba’s claims numbers could certainly change the direction of the market. It is a holiday shortened day in the US, which will make it a very quiet day in the Canadian market. And then the US markets, of course, are closed on Thursday for the July 4 holiday, wishing everybody a great July 4. And if you’re north of the border, just enjoy the lull in the market and don’t focus too much on what’s going on. And it looks like the weather is going to be great, so have a great time and next time you’ll hear my voice will be on Sunday.

Stephen Whiteside
TheUpTrend.com
Wednesday, July 3, 2024

10 Charts

Subject: Canada Day Holiday Closure Notice

Dear Valued Subscriber.

We are closed today in observance of the Canada Day holiday.

Our next chart update will be posted on Tuesday evening, and we will return on Wednesday morning with a new video.

In the meantime, please find attached 10 charts that may assist you as we approach Tuesday’s trading session.

Thank you for your understanding and continued support.

Best regards,

TheUpTrend Team

Morning Market Outlook 06282024

Hello, everyone, and welcome to Friday morning. It’s Stephen Whiteside here from theuptrend.com. In the premarket this morning ahead of those PPI numbers coming out at 8:30, we’ve got stock index futures and commodities trading higher. Now next week is a holiday shortened week. The Canadian market is closed on Monday. Us markets closed on Thursday. I’m not sure what days we’re going to be open just yet. I’m shooting for Tuesday or Wednesday at least. And then we’ll come back Friday and do a weekend update. But yeah, not dates have not been confirmed, but we’re shooting for Tuesday or Wednesday. We definitely won’t be open Monday or Thursday. And then Friday, of course, we do our weekend update, so stay tuned. We’ll get back to you as soon as we know exactly what our schedule is. Now starting off with the VIX, the VIX moved down yesterday. Things would change on Friday with a close above 13.37. Now when the VIX is on a sell signal, that’s supportive for higher stock prices. Obviously, not all stocks move up when the VIX is on a sell signal. But you know that the mood of the market is still bullish.

People are still looking to buy when the VIX gets on a buy signal and starts trending higher. You know that the mood of the market has changed and people aren’t as enthusiastic to be buyers and they’re looking for ways to sell into the market. So right now the VIX is on a sell signal. That’s supportive for higher stock prices. And so far the futures are pointing higher in the pre market. Now looking at the Dow, it was up yesterday. It is still on a buy signal here. So no change in trend. The big winner on the Dow yesterday was Salesforce trading up into the open gap. Then we have Boeing back on a buy signal as of Thursday’s close. And then we’ve got a big up move for Amazon. Then we saw Amazon heading towards our $200 target and it ended up getting up to $199.84. So it may hit $200 today, but as I’ve always recommended, put in your orders just below those price targets to get them filled. Looking at what didn’t work on the Dow yesterday, Visa was the big loser. So financial stock back on a sell signal. Goldman Sachs back on a sell signal.

And then we had Merck trading lower yesterday but did not close below the lower channel line even though it traded down to the previous low. Then looking at the S&P 500, we were up by a smidge yesterday. We’re going to continue moving higher at the open this morning. Big winner supermicro, still on a buy signal, up sharply in the premarket this morning. Then Palo Alto Networks continued to move higher yesterday, hitting our next price target of 343.75. So congratulations if you had an order in there. Now, Walgreens was the big loser yesterday and it’s been in the doghouse all year. You see the elongated Pressure Zone across the bottom of the screen on the Panic Zone chart. That is definitely something to avoid. And you can see it broke down below the Flypaper channel back in January and has yet to recover. So this looks like a candidate to be removed from the index at some point in the not so distant future. Then looking at the equal weighted S&P 500, we’re still on a sell signal here. So that has not changed. So you can see the impact of those big cap tech stocks on the index, then moving on to the Nasdaq 100.

We were up just a little over a quarter of a percent on the day. The big winner was Zscaler. So that stock is trading up towards the high from a couple of weeks ago and it is still on a buy signal. No change in trend there. No change in trend for Datadog. Moving up, hitting our next price target. So congratulations. It actually traded through two price targets yesterday. Congratulations to anyone owning Datadog. Now. Adobe made a new high for this move yesterday. It popped a couple of weeks ago and there was no buy signal ahead of it popping. So that’s rather unfortunate. It’s not something I would chase after. It has a big gap higher like that. It could certainly continue to move higher from here. I’m just not going to be chasing a stock like that. 562.50 is our next target. And then just above that is the top of the open gap. That could be a target then looking at what didn’t work. Micron, another chip stock back on a sell signal as of Thursday’s close. PDD Holdings new low for that stock on Thursday. And then we’ve got Constellation Energy, second day of a sell signal there.

And then Nvidia. Nvidia had an inside day yesterday down a little, over a little under 2%. So no change in trend for Nvidia. Then looking at the Equal Weighted Nasdaq, it traded down to the lower channel line on Thursday. So a close below $122.96 would give us a sell signal on Friday. Now, I saw an article yesterday about sector rotation, and Tech stocks have been trading sideways for the past few days. We’ve seen some selling in Semiconductors and then we’ve seen Software pop, so there could be some money coming out of Chips going back into Software. Right now, looking at the Canadian market, the iShares for the TSX 60 4th day of a buy signal. No change there. The big winner was Kinross. Even though gold, the gold wasn’t really doing anything yesterday, that was the big winner, followed by uranium. Cameco trading up into the channel. A close above 71.50 would give us a buy signal on Friday. Then Dollarama, still on a buy signal. No change there. Manulife, still on a buy signal. Trying to break out above the recent high. And then, of course, we’ve got resistance from the high from back in May.

What didn’t work yesterday? Bank of Montreal. New low for the Bank of Montreal on Thursday. Then we saw a small pullback for first quantum. Still on a buy signal. Did not close below the previous day’s low, so not concerned there. Then we saw Canadian Pacific pull back yesterday. Did not close below the previous day’s low, so no concern. Then looking at the Vanguard Canada ETF, it’s back on a buy signal. As of Thursday’s close. The big winner was MDA, and no indication that that was going to pop Thursday. So not something I would chase. And then we’ve got a wall of resistance up here that could certainly be a challenge to get over, even though you see a pop like that. The stock was up over 13% on the day, so not something I would chase. Then we’ve got BlackBerry and Novagold back on buy signals as of Thursday’s close. Cargojet made a new high for this move on Thursday, heading towards $14. Nice run for the last month for Cargojet. What didn’t work? International petroleum back on a sell signal. We’ve still got Ivanhoe trading in the channel. No change there and no change for lundeen pulling back into the channel on Thursday.

Now, Rogers made a new low on Thursday, and, you know, I had high hopes for some of these stocks in the Communications area. If we go back and look at what happened in May, we made a high. Then we made a higher high, we made a higher low. And so all that was setting up to be a bullish change in chart pattern. But unfortunately, we couldn’t get above the high from back here. That acted as resistance. And unfortunately we rolled over, and here we are now making new lows for Rogers. Now, the big winner over the last week has been the tech sector. And when we look at the market cap, we know that BlackBerry generated a buy signal yesterday. It is a little less than 100th the size of Shopify. So Shopify is almost 100 times bigger than BlackBerry. So a movement at BlackBerry isn’t really going to change an index like this very much or the TSX itself. So it’s Shopify is still the big elephant in the room. Now we see that Hut8 is the big winner on the week and it is up nearly 100% over the past couple of weeks through the month of June.

So quite an incredible ride. It made a new high yesterday and then pulled back, but certainly no change in trend there. We did hit our next price target at 21.88 trying to get to 25, got as high as 23.80 so we could certainly hit 25 on Friday. But congratulations to anyone who got some shares sold at 21.88. Now Shopify is still on a buy signal. It was up yesterday so a close on Friday below 87.33 would give us a new sell sign signal. So far it doesn’t look like that is going to happen. Let’s finish off looking at commodities and crude oil was up yesterday trying to break away from 81.25. If we can do that, then 84.38 is our next target to the upside. Natural gas going in the opposite direction, starting to break down below the uptrend line and trying to break down below the flypaper channel. Our next target would be the low from a couple of weeks ago back in May, so that could certainly be a potential area of support for natural gas. We were looking at the grains the other day for fun. Corn made a new low yesterday.

We saw a new low for soya beans. We had a new low for wheat on Wednesday and then we came back on Thursday but still no buy signal there. Then looking at bacon. Bacon still on a sell signal while hamburger made a new high for this move before pulling back. So I’m sure there’s some spread traders out there buying bacon, selling hamburger right now, hoping that that spread contracts. Then looking at copper. Copper made a new low for this move on Thursday. No joy for gold. Gold trading up into the channel yesterday. It is trading higher in the pre market this morning. So we may end June on a new daily buy signal for gold. Not looking so good for silver coming into Friday morning but it will probably trade higher on Friday. Okay folks, that is all for today’s presentation. We’re coming into a weekend, we’re coming into month end. Those are usually have a bullish bias to them. Next week’s a holiday shortened week. That’s got a bit of a bullish bias as well. So the market should be fairly thinly traded next week. Not looking for a lot of excitement. We got the PPI numbers coming out at 8:30 this morning.

They could certainly change the tone of the market. We’ll just have to wait and see. Otherwise, it looks pretty sunny out there. Enjoy the day. Enjoy your weekend. I’ll be back on Sunday looking at protect your portfolio for those people who subscribed and otherwise. Yeah, we’ll talk to you again sometime next week.

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 28, 2024

Morning Market Outlook 06272024

Hello, everyone, and welcome to Thursday morning. It’s Stephen Whiteside here from theuptrend.com. Well, we are coming into month end and that is usually bullish for the market. But today we’ve got a whole bunch of economic numbers coming out at 8:30 this morning that could certainly rattle the market. Now, at the time of recording this video, we do have stock index futures trading down across the board. We’ve got one stock that is certainly in the news this morning. We’ll take a look at that in a second. Now, the VIX recently made a lower high, so that is bullish for the market. Things would change on Thursday if we closed above 13.41, but that’s a pretty bullish sign for the market. Now, next week is a holiday shortened week on both sides of the border and a lot of people will just be taking the week off. Remember, kids are now out of school, so parents are going to take every opportunity to get the kids out somewhere. And next week is the start of that. So things could be fairly quiet next week. Now, I don’t know our schedule yet. We haven’t worked that out just yet.

We’ll be doing a week update on the weekend and then next week will probably be closed a couple of days. We’ll just have to wait and see. Now in the news this morning, Micron is down in the pre market and that looks like it’s going to end the day on a sell signal. We’ve had lots of opportunities to take money off the table for Micron. Now, yesterday morning we knew that FedEx was going to pop. And if you had any orders in at any of our price targets, those got filled with the open up there at $288.43. Now FedEx actually ran all the way up and did not hit our price target of 296.88. It got as high as 296.86. So somebody had an order in up there holding FedEx back. But yeah, congratulations to anyone holding FedEx coming into yesterday’s trading action. Now, the Canadian market was rather interesting yesterday. It was led higher by miners. And First Quantum was the big winner. And then in percentage terms, it was Kinross. Kinross still on a buy signal. That would change on Thursday with a close below $10.25. And then Teck. Teck’s been on a sell signal for a while now, it traded up into the channel.

So a close on Thursday above 66.41 would give us a new buy signal for tech. Now, I haven’t talked about bitcoin or ethereum in a while, and that’s because they’re still on sell signals. Next time you’ll hear me talk about them is next time that they’re back on buy signals. Now, we had a wild move in the bBnd market yesterday. There’s the 30 year Bond coming right down to the lower channel line and Bond yields moving up to the upper chain line. So if bonds continue to move lower, that could put upward pressure on bond yields and of course that could put downward pressure on the stock market. Looking at currencies, we saw the US Dollar Index making a new high for this move yesterday, coming up towards the highs from back in April. Now the Japanese yen is in the news. It’s hit a new 38 year low against the US dollar on Wednesday. And looking at the daily Panic Zone chart for the japanese yen, you can see the elongated Pressure Zones across the bottom of the screen that tells you that this particular symbol is broken and not looking for a lot from the japanese yen anytime soon.

Now, the euro, on the other hand, is coming down to potential support at the April lows. When we look at the Panic Zone chart for the Euro, you can see there’s a nice rhythm to it. And we come down to the bottom of the Panic Zones, Pressure Zone forms, and then we look for buying opportunities. And that setup is just starting to develop. Now, of course, we have no reason to buy the Euro coming into Thursday’s trading action. Now, the Canadian dollar has been in a range since the start of April and we’re just trading below the middle of that range right now. The Aussie dollar has been in a range as well since the start of May and has is sitting right on the middle of that range. So pretty tight range for the Aussie dollar. So both the Aussie and the Canadian dollar holding up fairly well against the us dollar at the moment. Let’s finish off looking at those big cap tech stocks everyone’s following. And looking at the Nasdaq 100 ETF, we were up less than a quarter of a percent yesterday. Very quiet trading day on Thursday, unlike the Magnificent Seven ETF, which hit a new high up over one and a half percent.

And there’s a couple of stocks that had a lot to do with that. And no, Nvidia was not one of them. Now, looking at Apple, Apple was up on Wednesday, closing above the upper channel line. So that’s bullish for that stock. We had a big update yesterday for Amazon and if we look back, Amazon was trying to hold 181.25 as support. It found 187.50 as resistance. And then our next price target was 193.75. And yesterday we hit that price target. So congratulations if you had an order in up there, it got filled yesterday. Now after making a new high on Tuesday, we saw Alphabet pull back slightly on Wednesday. Again, a very quiet day for Alphabet on Wednesday. We had Meta move up yesterday, hasn’t taken out that recent high just yet. Then looking at Microsoft, it was only up a little over a quarter of a percent on the day, but did make a new high. Then we had Nvidia trading back into the channel on Wednesday. A close above 129.44 would give us a buy signal on Thursday. Currently Nvidia is trading down in the pre market on Thursday morning. Now Shopify is holding its own.

It’s still in the channel. In the US. We’re looking for a close below 63.46. In Canada, we’re looking for a close on Thursday below 8710 to give us a new cell signal for Shopify. Then last up this morning we’re looking at Tesla. And Tesla finally broke out above $187.50 in a big way. It ran up but did not get up to test the high from back in late April. So that is still potential resistance for Tesla. Now our next mathematical target is 20 313, but you also have to always account for big round numbers and so $200 is coming up and could potentially act as resistance. We’ll just have to wait and see what Tesla decides to do next. Okay folks, that is all for this morning’s presentation. So far it looks like we’re going to see some selling at the opening. At the same time, we have all those economic numbers coming out at 830. That could certainly change the direction of the market. Have a great day folks. 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 27, 2024

Morning Market Outlook 06262024

Good morning, everyone, and welcome to Wednesday morning. It’s Stephen Whiteside here from theuptrend.com. in the premarket this morning, things are fairly quiet. We don’t have any big economic numbers coming out this morning. We do have new home sales and energy inventories coming out later in the morning.

So nothing to throw the market off. In the premarket, things are fairly quiet. We’ve got crude oil higher while gold is lower on Wednesday morning. Now, starting off looking at the VIX, the VIX crawled back into the channel yesterday. That is neutral, and that’s kind of what you’d expect going into month end.

We need to close on Wednesday above 13.40 to change the game. Now, FedEx is coming into today’s trading action already on a buy signal. And if you looked up your next two targets, 265. 63. Is that realistic? Yes, it is.

273.44. Is that realistic? Yes. We traded back there in April. So if you had orders in at those two targets, they’re probably going to get filled way up there.

And that’s where FedEx is currently trading this morning. So those orders are going to get filled at whatever FedEx opens at, at 930. So congratulations to anyone trading FedEx. Now, FedEx, of course, is part of the transportation sector, which had been looking pretty bearish over the last couple of months, making a series of lower highs and lower lows. That pattern may change on Wednesday with what we’re seeing FedEx do in the pre market.

Now, the Dow, which was up, what, five days in a row, pulled back yesterday and closed below the previous day’s low, which is bearish. Home Depot was the big loser, followed by DOW. And then we had Nike pull back into the channel, still on a buy signal and no change in trend for Boeing, still on a sell signal. Then looking at the S&P 500, that looks like an inside day yesterday. For the S&P 500, the equal weighted S&P 500 pulled back and traded down to the lower channel line.

So the overall market not looking as strong as the S&P 500. Now, we did see a little more strength in the technology sector. Yesterday we had the Nasdaq up over 1%. It was an inside day. But the equal weighted Nasdaq also closed higher, up about a third of a percent yesterday.

So a little more strength in the technology sector. Yesterday we had Nvidia trade higher. So that certainly helped. What didn’t work on Tuesday? Well, both homebuilders and real estate are both back on sell signals.

You’d think that would have something to do with interest rates. But bonds actually traded higher yesterday and bond yields came down. So it was not interest rates close, causing those two areas of the market to sell off yesterday. Now, looking at the Canadian market, we had a pullback, but an inside day for the TSX. Inside day for the TSX, 60 for mid caps and for small caps.

Micro caps put in a low yesterday, but actually recovered going into the end of the day. So microcaps actually won on Tuesday. Now, looking at commodities themselves, and that’s one of the reasons that the Canadian market pulled back yesterday, was we saw some weakness in crude oil. It didn’t close below the previous day’s low, so we’ll see if the inventories affect crude oil prices on Wednesday. Natural gas had an inside day yesterday, so no change in trend for natural gas.

Copper closed the day down a little over 1%, but not a new low. We had gold come down $13 and change. Gold may end the day on a sell signal on Wednesday, which would join silver, which ended Tuesday on a sell signal. So we did see some weakness in the commodity sectors and we can take a look at that now. Then moving on, we’ll take a look at the TSX most actives.

Now this is the same list we looked at the other day, so I didn’t update this list. We’re looking at Cenovus, still on a buy signal, no change there. We’ve still got TC Energy on a buy signal, no change. No change for Canadian Natural Resources. Small pullback yesterday, inside day.

Inside day for the TD Bank after generating a buy signal on Monday. And then an inside day for Suncor. No change there, no change in trend for powers. Inside day on Tuesday we had an inside day. So inside days are days of indecision.

They’re pause days. It doesn’t really matter if they closed higher or lower. The market really wasn’t expecting too much from the day. There’s First Quantum closing slightly higher yesterday. Inside day, inside day for Imperial.

When we look at Imperial Oil we can look up two lines and 96 88. Is that a realistic target? Yes, it is. Is $100 a realistic target? Yes it is, but we are currently stuck at 93.75.

Then looking at Enbridge. No joy there. Still on a sell signal. Then looking at Barrick. Barrick is still on a buy signal here, but has pulled back into the channel for the past couple of days.

A close below $22.35 would give us a sell signal on Wednesday. Shopify still on a buy signal inside day on Tuesday. A close below 86 95 on Wednesday would give us a sell signal. Nothing going on with weed right now. Canopy Growth is still on a sell signal.

Made a new low for this move on Tuesday and then HUT 8 made a new high for this move on Tuesday. So congratulations. Anyone trading HUT 8 now moving on to the US most actives and Nvidia actually traded higher yesterday. We need to close on Wednesday above 129.60 to give us a new buy signal. It is trading up a dollar or two in the pre market on Wednesday morning.

Sirius still on a buy signal here. We traded through the lower channel line yesterday but did not close below it. So we are looking for a close below 2.64 on Wednesday to give us a sell signal. No change for Apple, still on a buy signal. We see KKR trade through the lower channel line once again on Tuesday but not enough to give us a sell signal.

We need a close below $107.07 on Wednesday. Intel still treading water here. No change there. We’ve still got Bank of America on a buy signal. It pulled back yesterday.

A close blow 39.27 would give us a sell signal on Wednesday. No change for Amazon. No change for Palantir. Still on a buy signal here and then new high for at and t on Tuesday. No change in trend.

Nothing going on for Marathon. Still on a sell signal here. And then we’ve got Tesla still on a buy signal. Trading up to the 187.50 level yesterday, closing at 187.35. Now it’s actually trading up in the pre market this morning so we may actually get a close above 187.50 on Wednesday and then nothing going on with American Airlines.

We need to close above $11.48. Still on a sell signal and then Costco. Costco has traded down for the past couple of days in the channel. Looking for a close on Wednesday below $845.93 to give us a new daily sell signal for Costco. Okay folks, that’s all for this morning’s presentation.

So far. It looks like it’s going to be a fairly quiet open. Have a great day. Next time you’ll hear my voice is on Thursday morning.

Stephen Whiteside
TheUpTrend.com
Wednesday, June 26, 2024