Author: admin

Good morning, everyone, and welcome to Thursday morning. It’s Stephen Whiteside here from theuptrend.com. In the premarket this morning, stock index futures are trading above fair value. Commodities are mixed with gold higher, while crude oil is lower. On Thursday morning, in this morning’s presentation, we’ll start off with a quick overview of the US market, and then we’ll do a deep dive into the canadian market. Now, the VIX is still on a buy signal here. That, of course, is bearish for stock. The VIX had a small pullback yesterday, still trading above the upper channel line. Things would change on Thursday if the VIX were to close below 15.32. Now, the Sox index dipped down below the March low, so that is no longer a potential area of support. That support has now been broken. We saw a lot of negativity in the chip sector yesterday. Advanced Micro Devices making a new low for this move. We’ve got Nvidia back on a sell signal, down over $33. Then we had a huge move down for the company that makes the equipment, that makes the chips, ASML. It was down over 7% on the day, and that is not a good sign for the chip sector going forward.

Now, looking at the Dow, it was down yesterday, making a new low for this move. We had a new low for the S&P 500, for the Nasdaq 100. We had a new low for the Russell 2000, a new low for the small caps, and a new low for the micro caps on Wednesday. So absolutely no reason to change your bias coming into Thursday’s trading action. Next up, let’s take a look at timing. The Canadian stock market. And right now, the Canadian stock market is outperforming the US stock market because of commodity prices. And when we look at the top ten most actively traded stocks from Wednesday’s trading action, eight out of the top ten were directly commodity related. Of course, the profits of the major banks have a lot to do with what’s happening in the commodity sector as well. Now, when we look at commodity prices coming into Thursday’s trading action, we still have copper on a buy signal, gold on a buy signal, silver on a buy signal. What’s not working right now? Well, the energy sector has just rolled over with crude oil down yesterday. It’s down again in the premarket this morning, joining natural gas still on a sell signal.

So no change there. So we’re expecting to see more weakness in the energy sector. Now, the TSX has started to roll over. Of course it’s on a sell signal right now, we are projecting lower prices here. That is also true for the TSX 60, for mid caps, small caps and micro caps. We’re projecting lower prices across the board, but they’re still holding up much better than their us counterparts. You know, if we, earlier in the presentation, we looked at us micro caps compared to the venture exchange. The venture exchange is doing much better than us micro caps at the moment. Now, when we divide the Canadian market up by sectors, the biggest sector, of course, is the financials. Typically they have the least amount of volatility. But here we are, we’re on a sell signal right now, and the biggest player, of course, in the financials is the Royal Bank, followed by the TD Bank, which was up yesterday and closed above the previous day’s high. So that could be the start of something. Nothing to do here on Thursday morning. Then the Bank of Nova Scotia made a new low yesterday. And then the fourth biggest player in the financials is Manulife.

Manulife closing down just $0.03 on Wednesday. Then looking at the energy sector, the index itself generated a sell signal the other day. Not all stocks are on a sell signal right now. The biggest player is Canadian Natural Resources. It’s on a sell signal. We’ve seen Suncor trade up into the channel for the last two days. Close above $52.60 would give us a new buy signal on Thursday. That’s not something I would chase. All the easy money has been made in this sector, and if it were to go up at this time, it would be a high risk opportunity. It’s not something I would be interested in. And then looking at Cenovus, we’re on a buy signal right now. That would change on Thursday with a closed blow, $28.35. And then we’ve already got imperial oil on a sell signal. The stock that people trade the most is Baytex. And Baytex is on its third day of a sell signal, then looking at industrials. We’ve been on a cell signal for a couple of weeks now. The biggest player in the industrial sector are the railroads there. We’ve got CN back on a sell signal, joining CP already on a sell signal, then Thomson Reuters.

Don’t know why it’s in the industrial sector, but it is the third biggest stock in that sector. And we’re looking for a close on Thursday below $208.40. And that would join waste already on a sell signal. So no change in trend there. Now, Air Canada was up sharply yesterday. I’m sure that was in sympathy with what was going on in the US market, but still not enough to give us a buy signal. We would need a close above $19.37 to give us a buy signal on Thursday. Then, looking at materials, we’re still on a buy signal here. The biggest player in the materials sector right now is Agnico Eagle, still on a buy signal here. And the reason for that, the reason it moved up in the world is because Barrick has sold off over the past few days and it is still on a sell signal. Nutrien is the third biggest player in this sector. And then we’ve got tech resources still on a buy signal here. Tech would need a close on Thursday below $64.15 to give us a new daily sell signal. Now, oddly enough, the big winner in this sector over the last month has not been a gold stock, but a silver stock.

Pan American Silver, I believe, is up 32% and change in the last month. Now, anything that’s not commodity related, of course, has not been doing well lately. So when we look at Infotech, we’re still on a sell signal here. No joy for Shopify trading up to the channel, lower channel line yesterday, then coming back down. Then we’re looking at Constellation Software back on a buy signal here. Constellation Software, not really a stock you want to trade more of a buy and hold, or at least use the weekly charts to manage Constellation Software. Then CGI trading back in the channel yesterday, it closed above 145.67. Would give you a buy signal on Thursday. And then no joy for Open Text making a new low yesterday. And then of course, looking at the, the telecom stocks, they’ve been in the doghouse all year. No change in trend on Thursday for the index or for Bell. And then Telus is now more valuable than Rogers right now. It is still on a buy signal here. That would change on Thursday with a close below $21.63. And then we’ve got Rogers still on a sell signal. No change there.

And then Quebecor, unfortunately has rolled over and is back on a sell signal as of Wednesday’s close. Okay, folks, that’s all for this morning’s presentation. As you can see, anything that’s not commodity related is not doing well at the moment that is in sync with what’s going on in the US market. And so those commodity stocks are holding up the major canadian indices. At some point they could roll over and chase the rest of the market lower. Certainly that’s starting to happen in the energy sector. It hasn’t really happened in the gold sector just yet, but it could any day now. Of course, the other way to play this market is the leveraged ETF’s and being long the bear ETF’s for the major indices is the right place to be. And on Friday morning we’ll take a look at those leveraged ETF’s. Enjoy the rest of your day again. 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, April 18, 2024

Hello, everyone, and welcome to Wednesday morning. It’s Stephen Whiteside here from theuptrend.com. Well, we’ve got a lot to cover in today’s presentation. What’s going on in the pre market this morning? Well, stock index futures are above fair value. United Airlines is the stock in the news this morning, and it’s up trading in the channel. Not enough to give us a buy signal so far. Of course, United should not be confused with Delta, which is still on a buy signal at the present time. Now, looking at what happened yesterday, we’ve got the VIX making a new high on Tuesday. Things would change on Wednesday if the VIX were to close below 14.95. Not expecting that to happen. The Dow had an inside day yesterday. The transports made a new low. The utilities made a new low. We had a new low for the S&P 500, a new low for the Nasdaq 100, but closed slightly higher on the day. So no change there. We had a new low for the Russell 2000, for the TSX and for the ts. So no joy for any of the major indices on Tuesday. Looking at the bond market, we had a new low for the TLT, new closing low for the XBB, and then emerging markets.

And junk bonds continued to sell off sharply on Tuesday. Next up, let’s take a look at the world of commodities using the major us commodity ETF’s, starting with the USO. We’ve been trading in the channel for the past couple of days. Things could change on Wednesday with a close below 80.43. Now we’ve got us inventory numbers coming out later this morning, and this particular sector is going to be watching those numbers closely. Gasoline still on a buy signal. No change there. And then unfortunately, natural gas is back on a sell signal, so no joy for natural gas. Now, crude oil seems to be holding up fairly well. Energy stocks are seeing a little pullback here. The XEG in Toronto is on a sell signal. So is the XLE in New York. So we’re seeing a pullback in stocks ahead of a pullback in the commodities themselves. And remember, at the end of the day, if you’re buying stocks, they’re stocks, they’re not actually commodities. And then the GLD still on a buy signal here and close slightly higher yesterday. And at the same time, we saw some major gold stocks generate sell signals on Tuesday.

Then looking at Palladium, we’re back on a sell signal as of Tuesday’s close. Platinum starting to trade in the channel, looking for a close below $87.16 on Wednesday. Then the Silver ETF, the SLV still trading above the upper channel line, so no change there. Let’s move on and take a look at the New York most actives from Tuesday’s trading action. And it’s a sorry looking list at the moment. One thing that’s quite unusual is a gold stock actually showed up on the list and unfortunately it’s for the wrong reason, but it showed up anyways. Looking at Tesla. Tesla making a new low for 2024 and unfortunately it rolled over on Monday, fall through the downside on Tuesday. Now Tesla has been in the doghouse for a while when you look at the midterm chart. So more conservative investors would be using this. And it broke down right at the start of the year. When we look at the Fly Paper Channel chart, you can see when it started to break down. So we went from being in a bull market to a bear market. And Tesla didn’t spend too much time above the, the Fly Paper Channel.

And of course at that time it was making a lower high, which is a bearish sign. So we knew that ahead of time. Compare that chart to Bank of America which is now pulling back into the channel. So once again we’re trying to find support in the Fly Paper Channelfor bank of America. If that breaks down, then we know something else is going on. If investors are not prepared to once again buy the dip they have previously and now we’re going to see if they will do it again. On the other hand, Apple investors are selling any rips into the Fly Paper Channel. And once again we rolled over, got up to the 200 day moving average and then started to pull back. And now we’re back on a sell signal. As of Tuesday’s close, we’re still at support at 168.75. If that starts to break, then 162.50 would be our next target. To the downside, looking at Ericsson had a wild day yesterday and closed higher on the day, but did not close above the previous day’s high. So no change there. We saw a new low for Ford yesterday for this move. It’s still holding support from the February and March lows.

We are certainly projecting lower prices here, but we have to get through those lows. And then there’s the potential area support here from the January low. So it got to break through some support before we get down towards the $10 level, which is where we’re projecting to at the moment. No joy for Advanced Micro Devices still trading and closing below the lower channel line. Trying to hold the Fly Paper Channel here and we would have expected the market to come in and have bought this stock by now. But that’s not what’s happening. We’re still on a sell signal and may start to break down below the Fly Paper Channel and the 100 day moving average. Of course, the market’s next target to the downside would be the 200 day moving average. Then Rivian, no joy. Fairly quiet trading yesterday. Then we’ve got Barrick back on a sell signal as of Tuesday’s close. So we had a bearish reversal signal at the top there. We ran up above the highs from back here in December. The air got very thin when we got up there. Bears reversal day fall through to the downside the next day. And what do you know, a sell signal on the next day.

Looking at the TSX most actives from Tuesday’s trading action, and we have some better looking stocks here. Some commodity related stocks are still holding up fairly well, but there are a few zeros on this list. Starting off with Toronto Dominion Bank, which made a new low for this move yesterday. A big down day for Enbridge, making a new low. Then we have Cenovus still on a buy signal here. That would change on Wednesday with a close below $28.34. Then we’ve got a new low for TC Energy on Tuesday. There’s Barrick back on a sell signal as of Tuesday’s close. There’s b two gold back on a sell signal as of Tuesday’s close. Then looking at Canadian Natural Resources. Second day of a sell signal. No change there. No change for the Royal Bank. Making a new low for this move. Third day on a sell signal. Then looking at Suncor. Suncor traded up into the channel yesterday, so a sell signal on Monday, a little bit of a gain on Tuesday. A close above $52.56 would give us a new buy signal on Wednesday. I wouldn’t be chasing that. We’re up at the top of the panic zones already.

We had trouble getting over the 53.13 level. We’ve spent a week trying to break out above that. If we could, then 56.25 would certainly come into play. But this is not the time and place to be jumping back into this stock. If have you taken money off the table, then you should sit on your hands and wait for other opportunities to come up. Then looking at CIBC. New low for this move, no change there. We’ve come down below the 65.63 level. We filled the first gap. Now our next target to the downside is 62.50. Okay, everyone, that is all for this morning’s presentation. We cover quite a few topics this morning. Remember, when you’re looking for a market to start to change direction, the very first thing you have to see is just to close above the previous day’s high. That’s not a reason to do anything. That’s not a reason to buy. But that is certainly reason to pay attention and to anticipate that the market may continue to move higher. If the market continues to close below the previous day’s low, that is a very bearish sign, and we certainly saw a lot of that yesterday.

And you know, when the market wants to start to turn around, the first thing we’ll be looking for is, did we close above the previous day’s high? And again, that’s not a reason to be a buyer. That’s just a reason to pay attention and to start to change your mindset from being overly bearish to potentially being bullish. Okay, next time you’ll hear my voice is on Thursday morning, and at that time, we’ll take a closer look at the canadian stock market.

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, April 17, 2024

Stephen Whiteside
TheUpTrend.com
Tuesday, April 16, 2024

Good morning, everyone, and welcome to Monday morning. It’s Stephen Whiteside here from theuptrend.com. In the premarket this morning, stock index futures are trading higher. It seems to be a bit of a relief rally based on what happened in the Middle east over the weekend. I would imagine the people that went short at 359 on Friday afternoon are trying to cover their positions in the premarket on Monday morning. Now, commodities are trading lower in the premarket, so that may not help the Canadian market on Monday. Let’s start off looking at the VIX of the fear index. And it was up on the week, up nearly 8%. So that’s our second week of being on a VIX buy signal. And that, of course, is bearish for stocks. Looking at a daily chart of the VIX, you can see we made a new high on Friday and closed up over 16% for the day. And of course, Friday was a wild day for the market. So things would change on Monday if the VIX were to close below 14.41. And so far, we’re not expecting that to happen. Now, over the weekend, we updated the website with over 34,000 new charts.

Those were daily, weekly and monthly charts. In this presentation, we’re mostly going to focus on weekly charts, but we’ve got a few daily charts mixed in. I’ll tell you when we get to those. Of course, when we looking at weekly charts, you’re looking at the market from a long term investors point of view. You’re using the weekly charts to help filter out everything that happened from Monday to Friday. Because there certainly was a lot of drama last week. There was enough drama to give us a sell signal for the Dow, but not the S&P 500 and certainly not the Nasdaq, which was only down half a percent for the week and had an inside week, we did see some weakness in Semiconductors, down over 2%, but still on a buy signal. And then when we look at the S&P sectors, and these are those major sectors that break up the S&P 500, we’re back on a sell signal for Consumer Discretionary, Consumer Staples, for Healthcare, for Real Estate, they’re all back on weekly sell signals. When we look at the subsectors, we’ve got Retail back on a weekly sell signal.

We’ve got Transports on a weekly sell signal. We’ve got Insurance companies on a weekly sell signal and Bank stocks. And remember, on Friday we were looking at bank earnings. So we’ll flip back to daily charts. A huge down day for Blackrock on Friday. A wild day for citigroup. Look, it traded above the upper channel line, but then finally came down and closed lower on the day. Big down day for Goldman Sachs. A huge down day for JP Morgan. Down over nearly 6.5% on the day, gapping lower. That was quite a surprise. And then Morgan Stanley, which rolled over on Thursday, closed slightly lower on Friday, having an inside day, holding Thursdays low. I’m sure long term Morgan Stanley investors are really hoping that we can hold Thursday’s low. State Street had a wild day, traded above and below the channel line, and then ended the day higher. Still not on a buy signal here, but certainly had a positive day on Friday. And then Wells Fargo, which has been treading water for a while now, certainly traded lower on Friday, ended the day just down 0.39% on the day and closed above the 56.25 level.

So this stock really doesn’t want to move from this level at all. We closed at 56.47 on Friday. Now, my favorite us financial stock is visa. Visa, still on a sell signal, closed up a dime on Friday. So nobody’s going to really notice that on Monday. I’m looking for a close above 278.94 to give us a buy signal for visa, and that could certainly happen on Monday. Looking at the Canadian market, the iShares for the TSX 60 had an outside reversal week, closing at the upper channel line. So we’re not near a sell signal coming into Monday’s trading action. What worked? What didn’t work? Well, what didn’t work was InfoTech is back on a sell signal. As of Friday’s close, we saw BlackBerry up nearly 10% on the week. But BlackBerry’s market cap is not big enough to really shift things around these days. What didn’t work? Well, it was Bitfarms and Hut8 were the two biggest losers in percentage terms. But the one that everybody’s watching is Shopify, which is back on a weekly sell signal as of Friday’s close being down nearly 6% on the week. Now, telecom stocks have been in the doghouse for a while now.

They had an inside week still closing lower on the week, a little over 1%. So no change there. Telecom stocks trying to hold those lows from last fall, we have dipped below them, but we are trying to find some support there. And you can see we haven’t really broken away from that level just yet. But certainly it’s still looking very weak for Telecom stocks. Then looking at the energy sector, we had a bearish reversal week, but did not close below the previous week’s low. So not overly concerned just yet. We were trying to get to 312.50 got as high as 307.77 and that was the height of our projected weekly trading range. So we’ll have to see if the market wants to run up and tag that. On the other hand, gold stocks ended the week at the 312.50 level. We certainly traded above it, but gave up those gains going into the end of the week looking for a move up to 347.75. Is that realistic? Well, that’s where we peaked at this time last year. So yes, it is certainly realistic. And we talked about this on the weekend, that this is a nice seasonal run.

Last year we did this. This year we’re doing it. The previous year we did it. Last year we peaked in April. The previous year we peaked in March. And so this is the time and place where we should run out of steam and start coming back down. But that certainly has not started yet. Then looking at financials, they had a rough week, down nearly 2.5%. Biggest loser was great west life and then followed by the regional banks. We’ve got Laurentian now back on a sell signal, joining Canadian Western Bank already on a sell signal. Then looking at the industrials are still holding up fairly well. We were down on the weak but still closing above the upper channel line. So not concerned about industrials coming into Monday’s trading action. Okay folks, that is all I wanted to cover in this morning’s presentation. We could go on forever. Of course we could drill down to the daily charts, but I really wanted to give you an overview that the market is starting to break down here. The kings have not rolled over yet, but all the pawns are starting to roll over, so we’ll have to see if that continues this week.

So far we’re seeing a relief rally in the pre-market on Monday. That’s really not going to change anything unless everybody gets overly bullish during the day. But we are up about 20% to 30% of Friday’s losses. So Monday could turn out to be an inside day. We’ll just have to wait and see. You enjoy the rest of your day and next time you’ll hear my voice is on Tuesday morning. And at that time we’ll take a closer look at the markets using daily charts.

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, April 15, 2024

Hello everyone, it’s Stephen Whiteside here from theuptrend.com. And in this weekend’s video, we’re going to take a look at Canadian Gold Stocks. We’re going to start off looking at the price of gold. Then we’ll work our way into the major gold ETF’s and then finally we’ll take a look at some gold stocks at the end of the presentation. Now this week we saw the price of gold hit a new high and then pulled back on Friday.

We had a lot of reversals on Friday and that is a concern going into Monday’s trading action. We need to see more downside to confirm that a top has been put in place. But Friday was the first step in putting in a top for the gold sector and looking at the price of gold itself. If we go back to the start of March, we were looking to see if we could get over a resistance at $2125. If we could do that, then $2250 and $2375 would come into play.

And that’s exactly how things worked out. Now, we have traded above the $2375 level, but we closed on Friday at $2374.10. And so we’re right at our price target. So that is certainly a measured move for the price of gold. Of course, if we can take out this week’s high, then $2500 certainly comes into play.

And that is a big round number and markets love big round numbers. Now moving from weekly charts to daily charts, on Monday we’ll be looking for a close just below $2,300 for the price of gold. To give us a new daily sell signal for the price of silver. We’ll be looking for a close below $26.66. And of course, if we do not break down and close below those levels on Monday, those lower channel lines will continue to move higher daily.

Now, taking a look at the price of silver, if we go back a month, you can see we were trying to break out above $25. If we could do that, then $26.56 would be our next target. If we can take out $26.56, then $28.1250 and then $2968.75, those would be our next targets to the upside. And we hit both of those targets this week. So here we are, we are sitting just above the $2812.50 level and looking to see if we can make higher highs this coming week.

Now looking at gold mining, ETF’s the most popular one in Canada is the iShares XGD and it has had quite a run since the buy signal at the start of March. Here we are making a new high on Friday, and we put in a bearish reversal day on Friday as well. So this could be the top. But we’ve had several bearish reversal signals since this rally started. We need confirmation.

Bearish reversal signals are one day events or one week events, depending on if you’re looking at daily or weekly charts. And of course they need to be confirmed. So we need to see fall through to the downside on Monday to tell us that we’ve put in a top here for the gold miners. So on Monday, we’re looking for a close below $18.84 to generate a new daily sell signal for the XGD. Now, we ran up to the top of our projected trading range on the daily charts at $20.31.

We hit that target this week. If we go to the weekly chart, you can see $21.88 would be our next target to the upside. Back in 2023, we got as high as $21.67. So we didn’t hit that next target back in 2023. So that would be our next target to the upside.

Before you can get to $21.88, you got to break through $21.67. So that certainly hasn’t happened yet. Now, the way that I would prefer to play this sector without being a stock picker is to do the Horizons Betapro 2x bull ETF on Monday, we’re looking for a close below $15.42. Now, at some point when we do get a sell signal in the bull ETF, we’ll be looking for a buy signal in the Bear ETF. And on Monday that would be a close above $4.41.

Not expecting that to happen. And in this situation, the upper chain line is going to continue to move lower daily until we close above it. And so when we come back here on Tuesday, that level will not be $4.41. It’ll probably be $4.38, $4.39 if the market continues to move higher and the bare ETF continues to move lower on Monday. Next up, let’s take a look at the gold mining stocks.

And I’m just going to look at a handful. There is, I think, 50 canadian gold mining stocks in our database right now. The most actively traded gold stock on Friday was B2gold. And you can see the bearish reversal signal here. This is a stock that hasn’t really kept up with the rest of the sector.

You can see the pros did take control, but we didn’t get anywhere. And then they actually gave up control. We’ll look at some other stocks in a couple of minutes and you can see that was certainly not the case. So the pros not interested in this stock at this time. It is certainly on a buy signal and had a nice run up over the past two weeks.

We had a big reversal day on Friday. On Monday, we’re looking for a close below $3.72 for B2gold. We ran up and tagged $4.10 on Friday. So if you had an order in up there that got filled even as the stock came back down and closed at $3.98. Now, I’m sure a lot of the traders out there were hoping B2gold could end the week above $4, but unfortunately, that was not the case.

Now, there’s no comparing B2gold to Kinross, which has looked much more like the index itself and has had a beautiful run up here on Monday. We’re looking for a close below $8.44 to give us a sell signal. You can see the pros were aggressively taking control of this stock and running it up. Now they look like they may have stopped buying and may actually be selling into strength at the moment, but we’ll just have to wait and see if that selling continues. We were trying to get to $9.38.

We got as high as $9.37 on Friday. So again, it’s best to give those price targets a little bit of wiggle room. Then, looking at the elephant in the room, the biggest gold stock, of course, is Barrick Gold, and it’s had a nice run up as well. You can see it traded sideways for a couple of weeks, actually generated a sell signal, and then reversed two days later. So here we are.

We actually traded off the map and above our projected trading range of $23.44. If you flip over to the weekly price target chart, you would have seen the next price target was dollar $25. We hit that this week, and so, cha ching, you got to lock in some profits there. We did trade above $25, and so if we can start trading above this week’s high, then $28.13 would certainly come into play. Is that a realistic target?

Well, back in early 2023, just about the same time as right now, we got up to $28.19. So a year ago, we’re up at $28.19. That is certainly a realistic target if the market wants to keep going. But you can see what happened after we hit the $28.19 Level. We came down two lines.

And so if this week, if it was $25 and we’re coming down two lines, we would expect to go back to $18.75, but that down move has not started yet. Then looking at OceanaGold, we’re looking for a close on Monday. Below $3.07 to give us a new daily sell signal. We were trying to get to $3.52. We got as high as $3.50 on Friday.

And then looking at the pros and the public, this got off to a slow start. Then the pros started to take control in the middle of March and the stock was able to move up nicely. Then looking at IAMGOLD were looking for a close on Monday below $4.75. Looking at New Gold, were looking for a close below $2.34 on Monday. Again, a really nice separation here between the pros and the public.

Now looking at Osisko, this is a stock that’s had a rough time here you can see the sell signal that we generated and then reversed a couple of days later. So this stock has not been that loved. On the way up on Monday we’re looking for a close below $2.86 and we’ve traded in the channel for the last three days. So this stock is looking pretty weak. When you compare that to the other big elephant in the room, Agnico Eagle, still trading and closing above the upper channel line on Monday.

We would need a close below $81.73 to give us a sell signal. And last up, Pan American Silver. So not a gold stock. A silver stock hitting a new high on Friday also hit the next the top of our projected trading range at $28.13. That was also our next weekly target.

And so if we can start climbing out above $28.13 and then $31 25 does come into play. Okay, folks, that is all for today’s presentation. Taking a look at the TSX Gold Tndex itself, we are still projecting higher prices here, but we are coming up to the previous high which peaked in May of 2023. And then if we go back to 2022, we actually peaked in April. So we’re seeing a nice seasonal move here and it could be coming to an end.

We certainly do not have an early warning signal up here on the weekly chart just yet, but this is the time and place where you want to be selling into strength because we know that stocks fall three times faster than they rise. So this is the time and place to lock in some profits. But you should never completely liquidate a position until you actually get kicked out with an official sell signal. And for most gold stocks, we don’t have sell signals coming into Monday’s trading action. Okay, folks, that is all for today’s presentation.

Enjoy the rest of your weekend. Next time you’ll hear my voice is on Monday morning.

Stephen Whiteside
TheUpTrend.com
Sunday, April 14, 2024

iShares S&P/TSX Global Gold Index ETF (XGD.TO)
BetaPro Canadian Gold Miners 2x Daily Bull ETF (HGU.TO)
BetaPro Canadian Gold Miners -2x Daily Bear ETF (HGD.TO)
Barrick Gold (ABX.TO)
B2Gold (BTO.TO)
IAMGOLD (IMG.TO)
New Gold (NGD.TO)
OceanaGold (OGC.TO)
Osisko Mining (OSK.TO)

Good morning, everyone, and welcome to Friday morning. It’s Stephen Whiteside here from theuptrend.com. In the premarket this morning, stock index futures are down across the board, while commodities are trading higher in the pre market on Friday morning. Well, Thursday turned out to be a big turnaround day for the market, being led higher by some of those magnificent seven stocks, especially Apple and Nvidia. But we also saw new highs from Alphabet and Amazon. We’ll take a look at those in a couple of minutes. Let’s start off looking at a couple of weekly charts. And coming into Friday, I like to get a sense of, you know, how much damage has been done. Is there going to be long term money coming out of the market over the weekend and on Monday? And so far that doesn’t seem to be the case. Yes, the VIX is on a weekly buy signal that’s long term bearish for stocks, but the market really hasn’t taken advantage of that or acted on that. And we’ve got the S&P 500 down just a 10th of a percent, bouncing off the upper channel line. Looks like an inside week for the Nasdaq 100, up a little over 1%.

And then we’ve got the Sox index up nearly 2% having an inside week. So, yeah, we’ve had a lot of volatility this week, but it really doesn’t show up on the weekly charts for the Canadian market. We’ve had a small pullback in crude oil having an inside week. Remember, 87.50 was our next area of resistance, and so far that is holding us in check. On the other hand, gold continues to move higher this week, and it’s up again in the premarket on Friday morning. And that can help the Canadian stock market. Now looking at a couple of daily charts, there’s the VIX making a new high on Thursday and then completely losing it and actually closing lower on the day. So on the daily charts, if the VIX were to close below 14.29 on Friday, that would give us a new daily sell signal that would be supportive for stock prices across the board. Now the Nasdaq 100 is back on a buy signal as of Thursday’s close. Not sure how much we’re going to be able to get out of the Nasdaq at the present time, but we’ll just have to wait and see.

Now, the reason the NASDAQ was up yesterday had a lot to do with these stocks in the Magnificent Seven. There’s Alphabet making a new high on Thursday. There’s Amazon making a new high on Thursday and then Apple dropped the AI phrase yesterday, artificial intelligence. And look at what it did to Apple. Stock up over 4% on the day and that is a huge move for Apple and a huge move for the stock market. Meta had a very quiet day yesterday. No change in trend there, no change in trend for Microsoft. Still not able to take out the recent high. And then we’ve got Nvidia back on a buy signal as of Thursday’s close. Nvidia put in a lower high a couple of weeks ago and then a low and so that’s a bearish chart pattern. We’ll have to see if that changes going forward. Tesla is still on a buy signal here but not going anywhere. It’s been in the channel the past couple of days and so if Tesla were to close below $168.26 on Friday, that would give us a new daily sell signal. So far we have not been able to get to four blue dots here and so that is a bit of a concern.

A lot of times I add Shopify to the Magnificent Seven list and come up with a Magnificent Eight list. But so far Shopify is not participating in any rally at the present time. And it looks like we want to go back down and test retest the low from back at the start of the year. Now Friday is all about bank earnings and so far they’re starting to come out. And that’s one of the reasons that the stock index futures are trading lower this morning. When we look at the major us financial ETF’s and we start out with the financials themselves, you can see we made a new low yesterday, closed lower. All of these ETF’s are range bound at the moment. You can see we ran up to resistance. We’ve pulled back to support. Now we’re looking to see if support holds. If 40.63 doesn’t hold, then 39.06 is our next target. When we look at the bank ETF, we made a new low yesterday and bounced off support at 43.75. Again, we’re looking to see if that holds. And for the regional banks, we actually closed slightly higher yesterday after making a new low for this move.

And again we’re trying to hold support here. And again, if we break, 43.75 is our next target to the downside. Now looking at the individual players, Blackrock made a new low yesterday before closing slightly higher. Then we’ve got Citigroup and Goldman Sachs both on sell signals, but both hold holding up fairly well when you compare it to something like State street which made a new low for this move. Yesterday and then Wells Fargo. Wells Fargo has been trading sideways, treading water here for a while now since the start of March, and 56.25 has been acting as support. When we look at what the pros and the public have been doing, you can see when the pros stop buying. They have not been aggressive sellers at all. You can tell that by what the stock price has been doing. Right now we’re intertwined and they have been certainly waiting for this earnings number to come out and let’s see how they finally react by the end of the day. Now, Morgan Stanley had a huge down day yesterday. It generated a sell signal on Wednesday. So you come in Thursday morning, you sell it at the open at 91.72, and that saves you from having to run it all the way down to 86.84.

So we had the sell signal and then we had the big down day. Another financial stock yesterday that was down. The insurance company. Now here’s a stock I’ve never looked at before. Globe Life is an insurance company in the financial sector and it dropped out of the sky yesterday. It’s been on a sell signal for a month now. And there we are, down over 53% on Thursday. Quick look at the Canadian market, the iShares for the TSX 60 sitting right on the edge of a new daily sell signal. We had energy stocks pull back yesterday, nearly 2%. Given what’s been happening with them, that’s not a big deal. Then we had gold stocks up nearly 1.5% again on Thursday. Then Canadian financials second day of a sell signal there. We’ve got the TD bank closing higher on the day, so trying to find support at the February lows. The National Bank is back on a sell signal, but nobody really wants to sell it at the moment. And then the Royal Bank traded down to the lower channel line yesterday, so a close below $136.56 would give us a new daily sell signal on Friday.

Okay, folks, that is all for this morning’s presentation. So far. It looks like the market wants to do a little bit of selling in the premarket now. Even though it’s all the financials that are reporting today, it is the Nasdaq that is the weakest in the premarket so far. So we’ll just have to see how things change turn out. Enjoy the rest of your day. Have a great weekend. Next time you’ll hear my voice is on Monday morning.

Stephen Whiteside
TheUpTrend.com
Friday, April 12, 2024

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 currently trading down across the board, but we do have PPI numbers and jobless claims coming out at 8:30 this morning, and they could certainly change the direction of the market. Now, yesterday, we saw some huge moves, and we’ll start off with currencies, the biggest market in the world, and you can see the US dollar index spiking higher. That’s on the back lower prices for the Euro, for the Canadian dollar, for the British pound, and the Japanese Yen, all moving sharply lower on Wednesday. Now, yesterday’s big theme was probably that the bond gods were spuked, and of course, the bond market being much bigger than the stock market. You can see the TLT and the XBB both gapping lower and making new lows for this move. Huge change in direction for the emerging market bonds. You can see we moved up and generated a buy signal on Tuesday and a complete reversal on Wednesday. Then the junk bonds had a huge down day yesterday, and that is the risk off trade. That is probably not a good sign for the stock market going forward.

Now, if bonds are falling, that means bond yields are going in the opposite direction, and they were up across the board on Wednesday. You can certainly see the dramatic move up in the five-year yield yesterday, up over 5% on the day. That is a huge move. That is going to affect certain areas of the market more than others, and that’s going to become apparent in a couple of seconds. Now, we’ve had our hard hat on. We’ve been expecting lower prices for over a week now, so that has not changed. The VIX is still on a buy signal here. That would change on Thursday if the VIX were to close below 14.15. So far from what we’re seeing in the pre-market, that’s not likely to happen on Thursday. Now, there’s the Dow breaking down below the recent low yesterday. It was led led lower by a retail stock, Home Depot gapping, lower down 3% on the day. S&P 500 holding up a bit better, did not close below the recent low, but again being led lower by a retail stock, Deckers. Then the Nasdaq 100 held up fairly well, hasn’t broken down below the recent low.

Fairly quiet trading yesterday being held up by NVIDIA, one of the few stocks to end the day higher. Certainly no change in trend, but NVIDIA is so big that it can certainly help buffer a down move in the stock market. And again, what was the biggest loser on the Nasdaq 100? Another retail stock, Walgreens, gapping lower, making a new low for this move. Then, of course, looking at the mid-caps, small caps, and micro-caps, they all got hit hard yesterday. They’re overly sensitive to rising interest rates, as most of them do not have money in the bank, and they’re living off borrowed money. So not good for any of those stocks in those sectors. Now, what worked yesterday, well, in the US, it was the energy sector up less than a third of a %. Yesterday was yesterday. So that’s how much it takes just to get a win on Wednesday. In the Canadian market, the energy sector was up nearly 2% on the day, holding up the Canadian market. The TSX-60 still trading in the channel. Things would change on Thursday with a close below 33.52. And that could certainly happen on Thursday. What helped hold the market It up yesterday, while on the TSX-60, it was the big uranium stock, Cameco, was the big winner yesterday.

And on the TSX itself, it was Kelt Exploration, up 6.72% on the day, so a huge move up for that stock. Congratulations to anyone owning Kelt. And then what didn’t work yesterday, well, real estate, of course, is interest rate sensitive, and it was down nearly 2.5%. Then we had technology stocks making a new low for this move. We had the financial sector roll over, and the most actively traded financial stock yesterday was the TD Bank making a new low for this move heading down towards the lows from February. Now, let’s finish off today’s presentation taking a look at the world of commodities And Coco made a new high for this move on Wednesday. We had a new closing high for coffee. Cotton, on the other hand, made a new closing low. So at least we’ll be able to buy cheaper underwear as prices continue to rise. And there’s a lumber making a new high for this move before reversing, closing slightly lower on the day. No change in trend for crude oil. This is probably the thing that the Fed is watching the most, and it was up on the day. And natural gas was also up on the day.

Not that significant, less than 1%, so no major move for natural gas on Wednesday. We had copper basically close unchanged. It was down just a couple of cents on the day, so no major move for copper. Then looking at the price of gold, it pulled back $14. It’s up $6 last time I checked in the pre-market, so nobody’s rushing out of gold on Thursday morning. Then the price of silver made a new high for this move and closed slightly higher on the day, so certainly no change in the status for the price of silver. Okay, folks, that is all for this morning’s presentation. I’m doing this ahead of those economic numbers coming out at 8:30 that could certainly change the direction of the market. But so far, it looks like traders want to continue the selling that they did on Wednesday, and that might not be over yet. Of course, we’ll be watching the VIX closely to see how options traders react to the news. Enjoy the rest of your 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, April 11, 2024

Good morning, everyone, and welcome to Wednesday morning. It’s Stephen Whiteside here from the uptrend.com. I’ll keep this morning’s presentation really short. We’ve got stock index futures and commodities trading higher in the premarket on Wednesday morning. Now, the big numbers today will be the CPI numbers coming out at 8:30 this morning.

Otherwise, canadian interest rates expected to remain the same. And we’ll wait for energy inventories to come out later in the morning. Looking at the VIX, the VIX pulled back into the channel yesterday. It closed below 14, would give us a new sell signal for the VIX that would be supportive for higher stock prices. Now, we had money running into the commodity sectors on Tuesday.

The winner for the day was silver stocks, followed by copper stocks, followed by gold stocks, all moving higher on Tuesday. Now, looking at the major indices, they’re still trading within the range of the big bar that we had the other day. We haven’t taken out the lows just yet, so that level is still acting as support. That’s also true for the S&P 500 trading in the channel at the moment. We came down on our sell signal.

Being in the channel is neutral, still waiting for a close above the upper channel line to give us a new buy signal. That’s also true for the Nasdaq 100, for the Russell 2000, for the small caps and micro cap stocks all trading in the channel now. Canadian market, different story. We’ve got all the commodity sectors doing well right now, and the TSX 60 made a new high on Tuesday. Let’s finish off today’s presentation

taking a look at the major commodity ETF’s. Starting with the USO. We’ve been down the last two days, but still trading above the upper channel line. Things would change on Wednesday if the USO were to close below 79.54. We’ve got gasoline having an inside day.

Things would change for gasoline on Wednesday with a close below 71.06. And then we’ve got natural gas back on a buy signal here. And we’ve got four dots. I haven’t seen that in a while. And we’ll have to see if we can take out the high from late February.

Then looking at the metals, the GLD made a new high. We’ve got palladium moving back up to the high for March, looking to see if we can take that out. If we can take that out, then we could join platinum, which has already broken out above the march highs. And then we’ve got silver making a new high on Tuesday. Okay, folks, that is all for this morning’s presentation.

A real quick update ahead of the CPI numbers. As you can see, the major indices did not change direction on Tuesday. Still waiting for new buy signals here or a breakdown below the recent low. Enjoy the rest of your day. Next time you’ll hear my voice is on Thursday morning.

Stephen Whiteside
TheUpTrend.com
Wednesday, April 10, 2024

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. No major economic numbers coming out this morning. We’ve got stock index futures slightly below fair value, while commodities are higher.

Both crude oil and gold trading up in the pre market on Tuesday morning. That could certainly help the canadian market. The VIX had a small pullback yesterday, looking for a close on Tuesday below 13.79. And if that were to happen, we certainly become more bullish on the market for the most part. Yesterday was an inside day for the Dow, for the S&P 500 for the Nasdaq.

So all three of those major indices traded within the previous day’s range. We had a little more of a breakout for mid caps, small caps and micro caps, all still on sell signals, though. What worked, what didn’t work well, it was a fairly quiet day we had. Real estate was the winner, but not up more than 1%. And we had energy as the loser again, now down less than 1%.

So a fairly quiet day on Monday. There’s the real estate sector moving up into the channel, still on a sell signal. Energy stocks an inside day there. So no change in trend. Nothing to worry about for the energy sector.

Now moving on to the canadian market, it was a fairly quiet day. The ishares for the TSX 60 actually closed unchanged on the day. That doesn’t happen very often. Utilities was the big winner again, up less than 1%, while healthcare was the big loser. And of course that is a more volatile section of the market.

So there’s the energy stocks having an inside day. We saw a reversal in the gold sector, but did not close below the previous day’s low. So not overly concerned there. Then we’ve got financials back on a buy signal here. This particular ETF has struggled to get over the dollar 50 level.

If we can do that, then 51.56 would be our next target to the upside then, looking at the infotech sector, it was an inside day yesterday, just like the Nasdaq. And then we had the telecom sector closing slightly higher on the day. It’s still on a sell signal here, but we have one telecom stock in the most active list that did generate a buy signal yesterday. We’ll get to that in a minute. Moving on to the most actively traded stocks in New York.

It was Tesla up there at the top, still looking for a close on Tuesday above $174.73. We’ve got valet back on a buy signal as of Monday’s close, joining Sofi already on a buy signal. No joy for intel. Making a new low for this move. No joy for Nio.

Still on a sell signal. We’re still on a sell signal for Marathon Digital. We had an inside day yesterday for Advanced Micro Devices. No change in trend there. New high for Amazon on Monday.

Amazon running up and stopping just below our 187.50 price target. We got as high as 187.29. Then looking at Tilray, we had a small pullback yesterday. No change in trend there. Then we see Apple making a new closing low for this move.

Very quiet trading for Apple on Monday, moving over to the canadian market, starting off with the TD Bank still on a sell signal here, making a new low, taking out the low from March and looking to see if we’re going to head down to the February low. Now, we talked about the TD Bank struggling to get over the 200 day moving average that is still, still holding us in check. And we are projecting down towards those February lows. Then looking at Baytex Energy, that was a very bearish day yesterday. Remember, it comes after we ran up to our price target of 5.47, put in a bearish reversal day, and now we’re seeing fall through to the downside.

So that could be bearish for Baytex going forward. Then looking at TC Energy, new low for that stock for this move. Then we’ve got Aurora Cannabis moving up yesterday. It’s still trading within the previous day’s range. So that’s an inside day.

Athabasca Oil Sands back on a buy signal here. Then we’ve got the Royal Bank making a new high for this move. And we had an inside day for canadian natural resources closing slightly lower on the day. So no change there. Canopy Growth trading slightly lower on the day yesterday.

No change in trend for Canopy Growth. And then Crescent Point closed just down a penny on the day, so nothing going on there. Now, the first telecommunications stock to come up on the most active list is Telus. It’s back on a buy signal as of Monday’s close. Now, there’s certainly no guarantee this buy signal is going to work out.

As you can see, the stock has not been loved. It’s been making a series of lower highs and lower lows. The only thing I can say is at this point, you got to think that most people that wanted to sell the stock have sold the stock. I mean, not only has there been bad news, but there’s been downward pressure on the stock and that’s forced a lot of people out of it. So this is a low risk buying opportunity.

Nothing’s guaranteed. And if you’ve been waiting to get into a telecommunications stock, then here’s one that’s all ready to go. Then last up, the first gold stock in the most active list is B2 Gold. Made new high for this move yesterday. Closed slightly higher on the day when everything was said and done.

Okay, folks, that’s all for this morning’s presentation. Monday was a fairly quiet day, and Tuesday looks like it’s starting off to also be a fairly quiet day. Enjoy the rest of your day, and next time you’ll hear my voice is on Wednesday morning.

Stephen Whiteside
TheUpTrend.com
Tuesday, April 9, 2024

SPDR Dow Jones Industrial Average ETF Trust (DIA), SPDR S&P 500 ETF Trust (SPY), QQQ Trust (QQQ), iShares Russell 2000 ETF (IWM), Vanguard Small-Cap Index Fund ETF Shares (VB), iShares Micro-Cap ETF (IWC), Real Estate Select Sector SPDR Fund (XLRE), Energy Select Sector SPDR Fund (XLE), iShares S&P/TSX 60 Index ETF (XIU.TO), iShares S&P/TSX Capped Energy Index ETF (XEG.TO), iShares S&P/TSX Capped Financials Index ETF (XFN.TO), iShares S&P/TSX Global Gold Index ETF (XGD.TO), S&P/TSX Capped Telecommunications (^GSPTTTS), Tesla(TSLA), Vale (VALE), SoFi Technologies (SOFI), Intel (INTC), NIO (NIO), Marathon Digital Holdings (MARA), Advanced Micro Devices (AMD), Amazon.com(AMZN), Tilray (TLRY), Apple (AAPL), The Toronto-Dominion Bank (TD.TO), Baytex Energy (BTE.TO), TC Energy (TRP.TO), Aurora Cannabis (ACB.TO), Athabasca Oil (ATH.TO), Royal Bank of Canada (RY.TO), Canadian Natural Resources (CNQ.TO), Canopy Growth (WEED.TO), Crescent Point Energy (CPG.TO), TELUS (T.TO), B2Gold (BTO.TO),

Good morning, everyone, and welcome to Monday morning. It’s Stephen Whiteside here from theuptrend.com. And thanks for joining me for breakfast. In the pre market this morning, things are very quiet out there. Stock index futures are trading right around fair value.

Gold is trading higher by $10 at the moment, while crude oil is down $0.89. So not expecting a lot to happen at the open on Monday morning. And we certainly don’t have any economic numbers coming out this morning. Let’s start off looking at a weekly VIX. And we’re back on a buy signal as of Friday’s close up, over 23% for the week.

And of course, we are looking for lower prices at the moment and will remain bearish on the market as long as the VIX does not close below 13.04 this coming Friday. Now, looking at a daily chart of the VIX, or what a lot of people call the fear index, we generated a buy signal on Tuesday. That was ahead of the big down day, which was on Thursday. Thursday we did see some money come back into the market on Friday, but for the most part, it was an inside day. It was an inside day for the VIX.

And we’re going to remain short term bearish on the market as long as the VIX does not close below 13.56 on Monday. Now the lower chain line is curling up and will trail the VIX higher as long as the VIX does not close below it. So when we come back here tomorrow, that breakdown point is going to be higher than it is today. Now, we often associate the VIX with a market sell off or a downtrend in the market. It can often lead to market turbulence.

And that is certainly what we saw on Thursday and Friday. Of course, we’ve been talking about a potential time shift. The spike in the VIX that seasonally happens in March did not happen this year. Maybe it’s going to happen in April. We’ve certainly seen the start of it last week.

If that continues, then we may actually see a time shift from the month of March to the month of April. Now, looking at weekly charts of the major indices, we can see the Dow pulled back just under two and a quarter percent and traded back in the channel. So the potential of a weekly sell signal this week, more strength in the S&P 500, more strength in the Nasdaq 100, and then looking at the ishares for the TSX 60, new closing high for those ishares. And of course, the canadian market is being held up right now by the wonderful world of commodities now, looking at a monthly chart of the ishares for the TSX 60, you can see our next target is 34.38. And that is on the weekly and daily charts as well.

So it’ll be a significant number if we can get up and over that level. And that could take us up to 3750. Now, what worked last week? Well, the big winner was the silver miners, up over 13%, while gold miners in the US were up over 7% percent. In Canada, they were also up over 7%.

And that is highly unusual that both were up exactly the same percentage. Then, looking at the energy sector, it was up in Canada nearly 6% for the week. So it was commodities leading the market higher. What didn’t work? Well, us retail was the big loser on the week, down nearly 5.5%.

We’ve got biotech stocks in the US rolling over, back on a sell signal, down nearly 5% on the weekend. Regional banks have been treading water for a few weeks now and they were down over 4% on the week, but certainly no new change in direction. We’re still on a weekly sell signal here. Then looking at us banks, they were down 3.67% on the week, still on a buy signal here. And then we’ve got us pharmaceuticals back on a weekly sell signal.

So Biotech’s pharmaceuticals not doing well at the moment. Now, looking at the crypto world, and we had a pullback in both Bitcoin and Ethereum. No change in trend on the weekly charts, and both are trading higher in the pre market on Monday morning. Now, looking at commodity prices, a new high for this move for gold. Gold was up over $100 on the week, heading towards $2375.

As our next target. We saw silver up over 10% on the week, heading towards 28.1250 is our next target for silver. Then looking at crude oil. Crude oil has run up to our next price target of $87.50.

If we can take that out, we’ve got resistance from back in the early part of last fall, late summer, and if we can take that out, then 93.75 does come into play. But so far, 87.50 is holding us in check. Now, natural gas is not participating at the moment. Yes, it was up a little over 1%, but the pros are still not taking control of natural gas, so it will still linger down at this level. And that is unfortunate, but that’s just the way it is for the time being.

Let’s move over to daily charts. And again, Friday was mostly an inside day for the Dow. It traded higher, but within the previous day’s bar. First thing we’re looking for here is a close above Thursday’s high. That certainly didn’t happen on Friday.

That’s also true for the S&P 500 and the Nasdaq 100. The Russell 2000 made a slightly lower low on Friday. And microcap stocks had an inside day, so no change there. Now, us energy stocks, just like canadian energy stocks, were up on Friday, making a new high. Then, looking at us financials, we had a sell signal on Thursday.

Inside day on Friday. This coming Friday is going to be a big day. There’s lots of earnings numbers from this sector coming, coming out this coming Friday. Then moving on to the Canadian market. There’s the TSX making a new high on Friday.

A big reversal for the TSX 60 from Thursday to Friday. New high for the mid caps, new closing high for small caps. And we had the venture exchange up on Friday, so everything’s looking pretty bullish at the moment. Of course it is. The energy sector leading us higher, followed by the gold sector.

And then we’ve got income trust making a new closing high on Friday. New closing high for materials, of course, anything mining related. A lot of the stocks in the sectors overlap each other. Some of the gold stocks are in materials and metals and mining and vice versa. So with the price of gold going up, that’s helping all of those sectors.

And then we’ve got industrials on a sell signal right now. Came back a bit on Friday. We’ve got the infotech sector having an inside day on Friday on a sell signal, trying to hold support from the lows from early February. We’ll have to see if that continues. Then, looking at the telecom sector, which was up on Thursday and Friday, it is incredibly oversold.

We’ve seen Panic Selling. We’ve driven way back down to try to find support in 2023. You can see the elongated Pressure Zone across the bottom of the screen. You can see here. That was the time and place.

We were looking for this sector to make a stand and try to run up. So once it got down to support and bounced, it looked like we were going to head back up. But that rally failed fairly quickly and we’ve come back down. If we’re going to move higher from here, then it wouldn’t be surprising to move back up to what was previously support. We’ll now act as resistance.

So that is certainly a possible move for this sector over the coming month or so. We’re almost done here. Apple is down on the premarket this morning, and our next target to the downside, if we start closing below $168,75 would be $162.50. We’ve got Nvidia on a sell signal that would change on Monday with a close above $917.16. So the question is, does Nvidia start going back up or does it start coming down to trail stocks such as advanced Micro Devices, which has been on a sell signal for month now and does not look like it’s going to generate a buy signal on Monday.

Shopify is trying to hold $100. You can see that we did trade below that level back at the start of March, and we did certainly trade below that back at the start of the year. So if we do break down and don’t find support there, then $87.50 would be our next target to the downside. But there are certainly possibilities for support before we get there. And then looking at Tesla.

Tesla is on a sell signal right now. A close above $175.08 would give us a buy signal on Monday. It is trading up three or $4 in the pre market this morning. So it was down $6 and change on Friday. So it may turn out that Monday could be an inside day for Tesla.

Okay, that is all for this morning’s presentation. Of course, today is solar eclipse, and if you’re going to get the opportunity to see it live, congratulations. We’re certainly going to be out checking it out this afternoon. If you don’t have the proper glasses, do not look up. It may not blind you, but it could certainly damage your vision.

And you may not be able to drive for months before you recover it. And there’s certainly no guarantee that you will recover your vision. So don’t be stupid. Today is not the day to take chances with your eyesight. Have a great day, folks.

Next time you’ll hear my voice is on Tuesday morning. And at that time, we’ll walk through the most actively traded stocks on both sides of the border.
Stephen Whiteside
TheUpTrend.com
Monday, April 8, 2024