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Good morning, everyone, and welcome to Friday morning. It’s Stephen Whiteside here from TheUpTrend.com In the pre-market this morning, things are fairly quiet. There’s no major economic numbers coming out this morning. There’s some individual stock news. We’ll get to that in a couple of minutes. We do have gold trading down $15 to $20, depending on when you blink. Looking at the VIX, you can see the VIX made a new low for this move on Thursday, and then basically clawed its way back to almost unchanged on the day. The VIX is still on a daily sell signal. That’s positive for short-term market outlook. If we look at some weekly charts that I just created this morning, they’re not on the website, but I just wanted to see how the week was progressing into the weekend. The VIX is still on a weekly sell signal, so that’s supportive for a long term positive movement in the stock market. Remember, back here in October is when we got our weekly sell signal, and from that point on, the stock market has been moving higher. Now, there’s the S&P making a new high up over 2%. We’ve got the Nasdaq 100 up 2.75%. We’ve got the TSX 60 making a new high up over 1% on the week.

Then looking at crude oil, and crude oil is still positive for the week, but giving up a lot of its gains, so it’s starting to pull back a bit. Not a major concern so far. We’re not near a daily sell signal coming into Friday’s trading action, so not overly concerned. Now, the price of gold is up $23 and change on the week. It’s giving up $16 to $20 in the pre-market this morning, so we may actually end the week flat for the price of gold. Now, there’s a couple of stocks in the news. We talked about Apple yesterday having some potential legal problems, and it turned out that that’s what happened. And Apple rolled over yesterday and is back on a daily sell signal trading up a couple of pennies in the pre-market. Now, Tesla is down over 3% in the pre-market. It’s coming into Friday’s trading action already on sell signal. It was looking like we were about to get a buy signal, but that’s certainly not going to happen on Friday morning as we are trading down below the lower channel line once again. Now, I talked about the potential top in the mining sector the other day, and I may have been off by one day.

Yesterday, the mining stocks moved higher and then reversed, and we’ve got bearish reversal signals, whether you’re looking at the XGD on Toronto or the GDX or the GDXJ or the SIL, Silver Miners ETF. They all put in bearish reversal signals yesterday. Now, we’re looking to see if we get fall through to the downside today. With the commodities trading lower this morning, that may turn out to be true. So instead of Wednesday being the top, Thursday may have turned out to be the top for the mining sector. Energy stocks are still doing really well. If you haven’t already done so, it’s probably a good idea to lock in some profits. Certainly, you don’t want to We’re going to totally liquidate a position here, but when we start off and look at the commodities, they’re still doing okay. Crude oil put in a high the other day and it’s starting to pull back. On Friday on the USO, we would need to close below $75.30 33 cents. So far, crude oil is trading slightly higher in the pre-market. Gasolines pulled back over the past couple of days, so no change there. Natural gas, unfortunately, still on a sell signal.

That’s pretty well the norm for natural gas. We may have put in a higher low over the past week, and that could certainly turn out to be a bullish sign going forward. Of course, the next thing we want to see is a higher high, and we’re certainly not going to see that on Friday morning. Now, looking at the major US energy ETFs, the iShares Global Energy hit a new high yesterday. Then a new high for the XLE. Then if you’re looking at the equipment makers, we saw a new high yesterday. The Explorers put a new high, and small-cap energy stocks also put in a new high on Thursday. Now, when we look at the individual stocks, and I’m going to measure what they’ve done over the last month, not from the last buy signal on each individual stock, it’s easier to do it this way. Valero has been the big winner, followed by Marathon Petroleum, followed by Baker Hughes. Now, Baker Hughes is still negative for the year, but up a little over 15% for the month. Then we’ve got Marathon Oil up over 15%, Targa up over 13%, and then Chevron not doing well over the last month, is certainly still up on the year, but it’s underperformed the rest of the US energy sector.

Now, moving on to the Canadian energy sector. When we look at the XEG, we’re up a little over 11% for the month. Of course, the 2X Horizons Beta Pro product should be up approximately twice that, and that is certainly the case. It’s up at just under 22% for the month. Now, looking at individual stocks, Meg Energy has been the big winner, followed by Headwater, followed by Enterplus, then we’ve got Canadian Natural Resources. Now, this is the big elephant in the room. When we look at the market cap of Canadian energy stocks, you can see the Canadian Natural Resources is a little less than twice the value of Suncor, certainly more than twice the value of Imperial Oil and Cenovus. Then the stocks That’s where we have a lot of things that traders like to trade most are certainly much smaller in market weight. When Canadian Natural Resources moves, that can move the TSX-60 and certainly move the TSX. Then we’ve got Tamarack, followed by Crescent Point, followed by Whitecap. Then a couple of stocks did not do well over the last month. Paramount Resources obviously has some stock-specific problems. Then we’ve got Birchcliff, which is certainly a very popular tradable stock.

It is still on a sell signal Here’s our final here, and that would change on Friday with a close above $5.50. In summary here, all of these energy stocks and ETFs are very overbought. Remember, we look for low-risk buying opportunities off the bottom of the Panic Zones with the Pressure Zone forming, and then we’ve moved all the way up to the top of the Panic Zones here. We’re currently ranked at 10. That’s also true for an ETF such as the XLE. This is not the time and place you want to add new money to the energy sector. This is the time and place where you want to lock in profits without completely liquidating your position. And certainly, if anybody’s interested in buying energy stocks, this is not the time and place to do so. Every couple of months, you get a low-risk buying opportunity, and that is certainly not the case right now. Just enjoy it while it’s happening, and it might be over fairly soon. Okay, folks, that’s all for this morning’s presentation. So far, it looks like we’re going to have a fairly quiet open, except maybe in the mining sector, where we may see some downward pressure.

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

Stephen Whiteside
TheUpTrend.com
Friday, March 22, 2024

Good morning, everyone, and welcome to Thursday morning. It’s Stephen Whiteside here from theuptrend.com. In the pre-market this morning, ahead of jobless claims that are coming out at 8:30 this morning, we’ve got stock index futures trading higher across the board. Commodities are mixed while gold is sharply higher, crude oil is pulling back slightly, and cryptos are down in the pre-market on Thursday morning. Well, Wednesday turned out to be a happy Fed day, and we saw the VIX continue to move lower. We saw new high for the Dow, for the S&P 500, for the TSX-60. And what led the market higher yesterday was actually what we were focused on yesterday morning. Gold and silver and all the mining stocks moved up sharply. The big winner was the silver miners up over 4 %. We saw US gold stocks on the GDX up over 4 %. Again, both of them are trading back up to the recent high. With gold up in the pre-market this morning, we may continue to make higher highs today. Copper stocks were up over 3 %, back to the recent high. We also had a reversal for Canadian gold stocks on the XGD, also up nearly 3 %, back up to the recent high.

So it looks like we should be able to put in higher highs on Thursday. Now, after the mining stocks led the market higher, it was US regional banks back up to the upper channel line, US banks back on a buy signal, really being led higher at the moment by Citigroup, which made another new high on Wednesday. Canadian financials made a new high yesterday. Canadian banks made a new high on the back of a handful of banks, CIBC and National Bank, were making new highs on Wednesday, while the TD Bank is still in the doghouse. No change in trend for the TD Bank. Now, the Nasdaq 100 is back on a buy signal as of Wednesday’s close. We’re still waiting for the next generation Nasdaq stocks to get back on a buy signal. Couldn’t do so on Wednesday. Semiconductors were up nicely yesterday. Otterly enough, Intel barely moved. We were watching a trade in the channel in the pre-market. All the news and hype that came out of the big investment out there in Arizona But at the end of the day, Intel barely moved. Now, there was a lot of interest in the mid-cap and small-cap stocks on both sides of the border.

If we look at the US, the Russell 2000 is back on a buy signal. The small-caps and the micro Caps, all back on buy signals as of Wednesday’s close. Now, what led the Canadian market higher on the TSX-60 was Shopify up over 4%. Lithium Americas was the big winner on the TSX itself. On the Dow, it was Boeing, which is risen from the dead. Still on a sell signal here. That would change on Thursday with a close above $189.92. Then on the Nasdaq 100, it was DoorDash up over 5%, and then on the S&P Paramount was up over 11 % on the day. Let’s finish off this morning’s presentation, taking a look at the Magnificent Seven, starting off with Alphabet. Not a lot of excitement for Alphabet after it gapped higher the other day and went up to the previous gap that was formed at the end of January. Then we’re looking at Amazon. Not a lot of excitement for Amazon from yesterday’s Fed announcement. Then we’ve got Apple on its second day of a buy signal. Unfortunately, it’s pulling back in the pre-market this morning. Apparently, Apple is going to have some legal difficulties.

Then we’ve got Meta back on a buy signal. Now, if you’re watching this presentation, I assume you’re a short-term trader and you’re reacting to daily market activities and want to keep as close to the market as possible. In that case, the Daily Right Side chart is probably appropriate for you. If you’re a more conservative investor, especially if you’re trying to capture dividend income, you You probably want to step back a bit and use the Mid Term chart. And the Mid Term chart is a bit slower to react, and that reduces the noise, the amount of trading that you do. But you do get in a little later and you get out a little later than the Right Side chart. But In this example, if we go back, you can see that we had a buy signal in early December back here. Then we had a sell signal at the end of December, and we had a sell signal recently in March, and now we’re back on a buy signal. And if we compare that to the Mid Term chart where we just had a buy signal in early December, and we have not had a sell signal since. A sell signal would be the first close below the Tether Line here.

Now, of course, if you consider yourself a long term investor, then you We didn’t be reacting to daily charts at all and just focused on the weekly charts. And the Weekly Right Side chart gave us a buy signal here right at the end of 2022, and we’ve been on a buy signal ever since for Meta. So use the chart that’s appropriate to your goals, your activity level, and how much you want to really be involved in the market. You can watch the market every day, but you don’t need to react to daily price movements depending on what your goals are at the end of the day. Now, looking at Microsoft, Microsoft was up nicely yesterday, nearly 1% on the day. And then we’re looking at NVIDIA, very quiet trading for NVIDIA on Thursday. And last up, we’re looking at Tesla. Tesla traded up into the channel yesterday, a close above $177.71 on Thursday would give us a new buy signal for Tesla. Okay, folks, that is all for this morning’s presentation. The market often overreacts to what happens at the Fed meeting, and the market often changes directions a couple of days after the Fed meeting.

So we’ll just have to wait and see if yesterday was the beginning of the end or the end of the beginning. Only My time will tell. And next time, you’ll hear my voices on Friday morning, and at that time, we’ll take a closer look at the energy sector. Enjoy the rest of your day, and we’ll talk to you soon.

Stephen Whiteside
TheUpTrend.com
Thursday, March 21, 2024

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. Stock index futures and commodities are trading right around fair value. It is a Fed day, so of course, we’re expecting volatility to expand after 2:00 PM this afternoon. Now, the VIX is on a sell signal that’s supportive for higher stock prices. There’s quite a divergence between the VIX itself and the overall stock market, whether you’re looking at the S&P 500 or the TSX, They’ve been making higher highs in 2024. You think the VIX would be making lower lows, but we’ve been creeping up here making higher lows and higher highs. So options traders are a bit nervous at this time and not as bullish as the overall stock market. So at some point that may resolve and the VIX could continue to move lower, but you would have to expect that the stock market wants to take a break here and pull back at some point in the not so distant future. Now, Bitcoin is back on a sell signal as of Tuesday’s close, joining Ethereum already on a sell signal. Looking at Intel this morning, it’s in the news.

It’s trading higher on news that it’s partnering with the US government. So far, it’s not up enough to give us a buy signal, but that could change by the end of the day. Of course, there’s a huge disconnect between what’s been happening with Intel and what’s been happening with NVIDIA. NVIDIA traded down to the lower channel line yesterday before recovering, so it closed below yesterday’s low would give us a new sell signal on Wednesday. Now, with the Fed meeting, you would expect the volatility in the bond market this afternoon. The TLT and the XBB are both still on sell signals. The XBB moved up yesterday on news from the Canadian Central Bank. Now, currencies could also be volatile this afternoon. We’ve had the US dollar index moving higher over the last week, and correspondingly, the Euro, Canadian dollar, Australian dollar all moving down over the last few days. Now, looking at the world of mining, we’re starting off with copper. Copper looks like it peaked on Monday, pulled back on Tuesday. So that certainly looks like a potential top as we closed below the previous day’s low. The pros are starting to give up control.

They certainly haven’t done so. When you’re looking at a chart, for example, for the price of copper, you’re not going to see a lot of the public ever taking control. There’s very few individual copper traders in the copper market. It’s usually big institutions or global companies. Now, looking at the Copper Miners ETF, again, it looks like we may have put in a top here. We made a new high on Monday, pulled back on Tuesday, and we’ll have to see if we keep going from here. Obviously, you’ve had some opportunities to take some money off the table as this ETF has been moving higher. Now, broadly enough, some of the biggest mining companies in the world really haven’t taken advantage of rising commodity prices, and that Maybe because they’re overly hedged and a short term upward movement in, say, the price of copper isn’t going to help the BHP or Rio Tinto or Vale, both are up over the past couple of days, but certainly have not been moving in sync with both copper and gold and silver over the past few weeks. Now, Southern Copper looks like it topped on Monday and pulled back on Tuesday.

It looks like First Quantum made a high on Friday and has started to pull back. And it looks like Teck peaked in the middle of last week and has started to pull back. Again, we don’t have any sell signals coming into Wednesday’s trading action, but certainly it looks like this sector of the market may have topped. Looking at the price of gold, We’ve been in the channel for the past couple of days. A close on Wednesday below $2,164.40 would give us a new sell signal for the futures contract. For the GLD, we’re looking for a close on Wednesday below $198.34. We’ve had several opportunities to take money off the table at $193.75 and then up at 200. As you can see, 200 being a big round number, the GLD has been clustering around it over the past few days. Now, looking at gold miners themselves, the gold miners ETF has given us a couple of early warning signals up here. We actually traded up to the open gap, and the top of that open gap was at $30.50, and we traded as high as $30.49 before we started to pull back. Now, the GDX is back on a sell signal as of Tuesday’s close.

For the junior miners, we’re still looking for a close below $35.39 on Wednesday. Looking at the TSX at the XGD, we need a close on Wednesday below $16.83. We closed at $16.87 on Tuesday. And looking at the leveraged ETFs, the 2X in the US, on a sell signal while the bear ETF is still on a sell signal. So we’re looking for a close on Wednesday above $11.30. And then looking at the 2X ETFs on the TSX, still looking for a close below $12.07 on Tuesday for For the Bull ETF, for the Bear ETF, we’re looking for a close above $5.73. Now, looking at individual stocks, Barrick rolled over yesterday. It is back on a sell signal. Agnico Eagle was the big winner for this move, and we’re for a close below $72.77 on Wednesday to give us a sell signal. We’ve got B2Gold back on a sell signal. So this is the time and place we should evaluate which gold stocks you’re following. Some of them moved up with the price of gold with the index and the ETFs themselves, and some of them were left far behind. And so you may want to upgrade the gold stocks that you’re following at this time.

Now, looking at the price of silver, it looks like it peaked on Friday and it’s starting to pull back. We’re still above the upper channel line, so not overly worried coming into Wednesday’s trading action. Then looking at the SLV, it looks like it peaked on Friday, and just like the price of copper, it’s been coming down. We’re still above the upper channel line. So yes, on Wednesday, we’re looking for a close below $22.22 to give us a daily sell signal. Not expecting that to happen on Wednesday. And if it doesn’t, that lower channel line is going to continue to move higher daily. Now, looking at the Silver Miners ETF, we pulled back in the channel yesterday. We need a close on Wednesday below $25.23. Then looking at some individual stocks, Pan American Silver in New York, we’re looking for a close on Wednesday below $13.67. We closed at $13.70 yesterday. Then on the TSX, we’re looking for a close below $18.50. Then looking at Wheaton, Wheaton is back on a sell signal as of Tuesday’s close. Then looking at First Majestic, we need a close on Wednesday below $7.01 to give us a new daily sell signal.

Okay, folks, that is all for this morning’s presentation. It certainly looks like the mining stocks have topped and are starting to roll over. We do have some sell signals, but we don’t have all sell signals coming into Wednesday’s trading action. Looking for volatility to expand this afternoon after 2:00 PM. Then we’ll be back on Thursday morning to look at how the market reacted to what the Fed It does on Wednesday afternoon. Enjoy the rest of your day. And again, next time you’ll hear my voice is on Thursday morning.

Stephen Whiteside
TheUpTrend.com
Wednesday, March 20, 2024

Good morning, everyone, and welcome to Tuesday morning. It’s Stephen Whiteside here from theuptrend.com. In the pre-market this morning, stock index futures and commodities are currently trading below fair value. So so far, it looks like the market wants to do a little selling at the open on Tuesday morning. Now, yesterday, the VIX ended the day in the channel, so that’s neutral. So options traders are not overly bullish or overly bearish going into Tuesday’s trading action. That might have a lot to do with the Fed meeting, which is starting today. And of course, we expect volatility to expand dramatically after 2:00 PM, Wednesday afternoon. Now, we’ll start off today’s presentation with a quick look at the US market, and then we’ll move on to the Canadian market. The Dow is currently on a sell signal as of Friday’s close, and we’ve got Boeing making a new low yesterday, so that story has not changed. The S&P 500 still on a buy signal. That would change on Tuesday with a close below $509.87. The Nasdaq ended Friday on a sell signal, so that didn’t change yesterday. We traded up into the channel. We’re currently trading lower in the pre-market this morning.

The Russell 2000 and the iShares Microcap ETF still on sell signals, no change there. Now, yesterday, there was a couple of big stories that captivated the market. The first one was Google and Apple partnering, and it looks like it was better for Google than Apple. But there’s a Google or Alphabet gapping higher yesterday. Apple also gapped higher yesterday, and just like Alphabet, it gave up most of its gains going into the close. While we traded above the upper channel line yesterday, we did not close above it, and we’re looking for a close on Tuesday above $174.78 to give us a new buy signal for Apple. Nvidia traded higher, closed higher yesterday. On Tuesday, we’re looking for a close below $853.73. And then looking at Tesla, everybody was excited. Tesla was up over 6% yesterday, and we’re still looking for a close on Tuesday above $180.40 to give us a buy signal for Tesla. Now moving on to the Canadian market. Fairly quiet trading yesterday for the TSX and the TSX-60. That’s an inside day. We did see mid-caps make a new high for this move on Monday. Inside day for small caps. And unfortunately, the Venture Exchange made a new low for this move in the market.

Now, what worked yesterday, well, health care was the big winner. And when you see it up over 3%, you know that’s a marijuana stock. Then we’ve got energy, real estate, and industrials. What didn’t work yesterday, consumer staples down less than 1%, so nothing significant there. The marijuana stocks were actually the best performing sector in North America on Monday, based on the sectors that we follow. There’s the Horizons Marijuana Life ETF making a new high on Monday. And it was a Tilray was the big catalyst up over 10%, new buy signal on Friday, follow through to the upside on Monday. And then looking at energy stocks, looking at the iShares ETF, we made a new high for this move on Monday. Now, this morning, I wanted to take a look at industrials. We don’t talk about this sector a lot. Most of the people trading the market are trading the resource-based stocks more than industrials. But industrials are a huge component of the Canadian market, and the big elephants in the room, of course, are the railroad stocks. There’s their market caps as of yesterday, and then we’ve got Thompson Reuters, and then Waste Connections are the big players in the Canadian industrial sector.

CP, still on a buy signal, very quiet trading on Monday. CN, back on a buy signal as of Monday’s close, looking to see if we can take out the recent high. Then we’ve got Thompson Reuters, still on a sell signal here, no change. And then Waste Connections, one of the best performers in the industrials in 2024, up over 17% year to date, making a new high on Monday. And then the old SNC, I still call it SNC, is up over 31%. That’s the best performer in the Canadian industrial sector. And then we’ve got WSP Global up over 20 % year to date, still on a buy signal. That would change on Tuesday if we were to close below $220.58. Now, what’s not working in the industrials in 2024 is Ballard Power down over 24 % year to date. Very shaky trading so far this year. When you look at the Panic Zone chart, you see the elongated pressure zones across the bottom of the screen. That’s telling you that the stock is broken and something you should probably avoid. When you look at the Daily Fly Paper channel chart, you can see that it’s acted as resistance as the market has separated between the Bulls and the bears, and the bears are in control, the don’t want to play.

If we start moving up from here, we have to assume that it’s going to stop at the Fly Paper channel once again. The first sign something new is happening is a breakout above the FlyPaper channel. You can see back here, yes, we traded above the Fly Paper channel back here last summer, but we did not break away from it. We poked above it, but did not break away. So we would need to see a break away to tell us that something new is happening. And so far, coming in to Tuesday’s trading action. We’re down at the bottom here, and no sign that things are going to turn around anytime soon. Now, let’s finish off looking at Canadian banks. We’ve got a couple of winners and a couple of losers right now. And on the winners column, we’ve got Bank of Nova Scotia, CIBC, and the National Bank. What’s not working, the TD Bank, which has not performed well, put in a lower high, and now it’s rolled over back on a daily sell signal as of Monday’s close, joining Canadian Western Bank and Laurentian, which is back on a sell signal as well as of Monday’s close.

So some people getting out of some of the Canadian bank stocks on Monday. Okay, folks, that is all for this morning’s presentation. Monday might turn out to be a buy the rumors, sell the news type situation. As we come into Tuesday’s trading action, we do have all the stocks, all the major US tech stocks we looked at earlier are all trading We’re getting lower this morning. So that might have been the top for this particular move, but only time will tell. And then, of course, we’ve got the Fed meeting, which could certainly change the overall direction of the market after 2:00 PM on Wednesday. So we’ll just have to wait and see what happens next. But we do have the Nasdaq already on a short term sell signal, and so traders are on edge, looking to lock in some profits up at these levels. Enjoy the rest of your day, folks. Next time you’ll hear my voice is on Wednesday morning.

Stephen Whiteside
TheUpTrend.com
Tuesday, March 19, 2024

Good morning, everyone, and welcome to Monday morning. It’s Stephen Whiteside here from theuptrend.com. In the pre-market this morning, stock index futures are trading above fair value, being led higher by the Nasdaq. While commodities are mixed, crude oil is higher, while gold is slightly lower on Monday morning. Now, between now and when the market opens, there’s no economic numbers coming out to throw the market off. Now, in today’s presentation, we’re going to be focused on weekly charts, so this is a longer term look at the market. Of course, we posted daily charts on the weekend. If you’re a subscriber, of course, you’ve been in and looked at your daily charts in this presentation. We’re going to be catching up on all the weekly charts. Starting off with the VIX, the The VIX traded above the upper channel line last week but did not close above it. We’re going to remain long term bullish on the market as long as the VIX does not close above 15.35 this coming Friday. Now, we do have a Fed meeting this week, and so the It may want to pause a bit before. Some of the charts certainly look like the market paused last week ahead of this Fed meeting, so we’ll just have to wait and see.

Of course, the meeting starts on Tuesday, ends on Wednesday, and Wednesday afternoon is when all the fun starts. Now, starting off looking at the Dow Diamonds. We’ve got an early warning signal up there at the top of the screen, and we’ve been stuck at resistance for the last month, and we’ve traded down to the upper chain line for the past two weeks. You can see the Chevron at the bottom of the screen indicating a potential top, and we still have four blue dots there, and so we are still in an uptrend. That has not broken. Things would change this coming Friday if the Dow Diamonds were to close below $379.01. Now, the Chevron at the bottom of the screen will fade away if the market wants to continue to move higher from here. It’s important to remember that just because you get a Chevron, That does not mean it has been confirmed. It will fade away if it is not confirmed over the next couple of weeks. Now, the Dow is a little weaker than the other major indices, and the reason for that, of course, is Boeing, which is the biggest loser in the Dow in 2024.

It is trading slightly lower in the pre-market this morning, still holding the 180 level. You can see that if we start taking out the lows from late 2023, that we may have to go back to the lows of late 2022 to find major support. Looking at the SPY, again, we’ve got that early warning signal up there at the top of the screen. It was actually an inside week for the S&P 500. Yes, we have a Chevron at the bottom of the screen. We’re still showing four blue dots, so nothing to worry about so far. The Nasdaq, a little more to worry about. It was down over 1% on the week and actually closed below the previous week’s low. Now, it is certainly trading higher in the pre-market this morning, so there’s no enthusiasm to run out of the Nasdaq coming into Monday’s trading action. We would need to close this coming Friday below $419.01. And from what we’re seeing so far, I’m not expecting that to happen this week. Now, we did talk about the SOX index and the 5,000 level. And of course, anytime you’re coming up to big round numbers, you have to anticipate that there could be potential resistance.

We saw that in the S&P 500, which is traded above 5,000 and is still holding that level. The SOX index, on the other hand, traded through the 5,000 level on the previous week and did not hold it. So we did not close above 5,000, and now we’re coming back down. We do not have an early warning signal, and The reason for that is we actually didn’t close up there. We certainly thrusted higher, but did not close up at the top of the range there. So we don’t have an early warning signal so far. We did close down below the previous week’s low. That, This, of course, is bearish, but we’re still showing four blue dots at the bottom. And of course, we do have the Chevron indicating a potential top here. So still waiting for more action to the downside. Nvidia is still holding up very well. It actually closed higher on the week last week, up $3.09 for the week, having an inside week or a week of indecision for NVIDIA. And certainly, I’d be more concerned if NVIDIA closed below the previous week’s low, and we’ll just have to see how this week turns out.

Now, so far in 2024, what’s not working in the US market is the Regional Banks. They’re down on the year. People are noting the fact that, hey, we put in a higher low and a higher high. Their overall long term trend could be higher. We’re on a weekly sell signal right now, but a lot of traders and investors are watching that to see if that continues to develop over time. And certainly the next thing that we need to see happen is to take out the high from late 2023. Now, looking at the Canadian market and starting off with the iShares for the TSX-60, we’re still projecting higher prices here, and you can see that we’re heading to the highs from 2022. Looking at the I shares for the TSX-60, we made a new closing high for this move last week. Certainly no Chevron, no red dots down here. Everything is still looking very bullish. That, of course, is on the back of the energy sector continuing to move higher here. Now, we are still stuck at the previous highs. We did not break away from the 17.19 level, and I’m looking at the iShares for the energy sector, the XEGs.

Our next mathematical target is 18.75, which we got to back in 2022. If we can start making our way out above the late ’22 and late 2023 highs, then 18.75 certainly comes into play. Looking at the weekly rightside chart, this This trend only started four weeks ago. There was the weekly buy signal, and we’ve moved up since then back to the previous highs. Then what else is working in 2024? Well, it’s the tech sector and looking at the XIT ETF. We’ve been on a run. We are still projecting higher prices here, but we’ve been stuck at resistance at 56.25. If we can take that out, then 62.50 would be our next target to the upside. It was an inside week, very quiet week for tech stocks. Last week, we’re looking for a close this coming Friday below $52.83. Now, you’ve often heard me say that Shopify is the big elephant in the room. And when you look at the market cap of the major Canadian tech stocks, you can see just how big Shopify is. Of course, Blackberry is a household name, but Shopify is actually 66 times bigger than Blackberry. So if Blackberry were to double in price, if it were to go from the $4 area to the $8 area, that would be 100 % gain.

But when it comes to market cap, that would barely show up as a major change. And so we’re We’re not expecting stock like BlackBerry to really shift the direction of the market. The index itself, the XIT ETF, will continue to look very similar to Shopify. Shopify is the big like an elephant in the room, and the way that it moves is the way that the index and the sector moves. Right now, we’re looking at a stock that has been treading water for the last month. We have three red dots down here. We’ve had those for the last two weeks. We had a Chevron develope about a month ago, and we’re still holding the trend. It hasn’t broken down. We’re looking for a close this coming Friday below $100.95 to give us a new weekly sell signal for Shopify. Now, what’s been really working in 2024 is Celestica, which made a new high on the previous week. And last week, we actually moved down and closed below the previous week’s low. So there’s certainly a potential for a top for Celestica at this time. Now, Bitcoin and Ethereum were in the news last week for making new highs.

Both of them pulled back and closed lower on the week. So we’ll have to see if that trend to the downside continues this week. Then looking at the bond market, things are fairly quiet. The TLT, the XBB, both treading water here, going into the Fed meeting. It’s still our risk on world, and that’s good for the stock market that investors are willing to buy bonds in the emerging markets and junk bonds. You can see when the junk bonds bottomed last fall with the stock market and then headed up with the stock market. We’ll keep an eye on the emerging market and junk bonds to see if they continue on their weekly trend. Then finishing off looking at the world of commodities. Copper was up sharply last week, nearly 6% on the week. That helped a lot of mining stocks. We saw a pullback in gold after making a new high the previous week, so a fairly quiet trading for gold last week. Silver, on the other hand, continued to move higher, up over 3% on the week. Then looking at the elephant in the room, which is crude oil. Crude oil traded up to 81.25 and has stopped.

We’re looking to see if We can get over that level, and our next target would be 87.50. And unfortunately, no joy for natural gas, down nearly 7% on the week. Okay, folks, that is all for this morning’s presentation. As you can see from the weekly charts, we’ve got No major trend changes to be concerned about coming into Monday’s trading action. And of course, that could change. The market could be on pause coming into a Fed meeting, waiting to see what the Fed does, what they say. Of Of course, we’ll find that out on Wednesday afternoon. And this coming Friday could look a lot different than last Friday. Now, at the end of every presentation, I try to nudge you to become a blood donor. If you’re currently a blood donor, thank you very much. The world appreciates you. When you’re donating blood, it’s your chance to act as a superhero and help save somebody else’s life. If you’re not familiar, we do have a blood donor’s reward program, so go to the website, check it out, and you may qualify for a discount on our site. In certain cases, you could get a free lifetime membership to TheUpTrend, so go check that out.

Enjoy the rest of your day, folks. 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, March 18, 2024

Good morning, everyone, and happy Friday. It’s Stephen Whiteside here from TheUpTrend.com In the pre-market this morning, stock index futures and gold are above fair value while Crudol is pulling back just a few cents in the pre-market on Friday morning. I thought this was going to be a make or break week, and I really thought the market was going to end up looking like this. This is a weekly chart of the SOX index or the semiconductor index, and you can see we’re starting to break down. We’re currently trading trading and closing below the previous week’s low and down a little over three and a half % for the week. Now, the SOX index is more volatile than most other indexes, so down three and a half % is not a significant drop. But as you can see, we are trading and closing below the previous week’s low, so that could turn out to be significant depending on how Friday ends. Now, so far for the major US indices, it’s an inside week or a week of indecision. You can see the S&P 500 is up half a % trading within the previous week’s range. And then that is also true for the Nasdaq 100, which is basically unchanged on the week.

So nothing going on there. Nvidia is also having an inside week and is basically unchanged for NVIDIA. It’s up just under half a %, which is really not that significant for NVIDIA. Then looking at the TSX, on the other hand, it’s making new highs this week. That has a lot to do with crude oil. It’s up over 4 % so far this week. We’ve got copper up nearly 4 %. Gold is pulling back a bit, but not by much. And this weekly chart of gold is looking fairly bullish. We’re making higher lows and higher highs, and that could turn out to be significant going forward. But so far, we are seeing a small pullback in the price of gold, just down $18. We’re up a couple of dollars in the pre-market on Friday morning. Now, the stock market indices lost their way on Thursday, and that might have something to do with what happened in the bond market. There’s the TLT and the XBB, both gapping lower on Thursday. We saw selling in the 30-year bond, and that put upward pressure on bond yields, and that might have been what was putting downward pressure on the stock market on Thursday.

Now, looking at the most actives from Thursday’s trading action, starting off in the US market, we saw Soundhound hitting a new high yesterday before pulling back, going into the close. Then we had a new low yesterday for Tesla. Tesla getting some downgrades recently. Advanced Micro Devices on a sell signal, and we’re coming down to an area of a lot of congestion and potential support. We’ll have to see if that support holds. Then Apple traded into the channel yesterday, so a close above 175.17 would give us a new buy buy signal on Friday. It looks like the 168.75 held in the market in check. Now we’re looking to see if 175 acts as resistance or if we can start to punch through it. So far, made a new closing low for this move on Thursday. New closing low for Marathon. Then we had NVIDIA trade and closing the channel. So a close below $845.03 would give us a new daily sell signal for NVIDIA on Friday. Rivian rolled over yesterday. It’s back on a sell signal, so that didn’t last very long. Then we still have Ford on a sell signal. No change there. And then Robinhood made a new high for this move on Thursday, trading up to the $19 level before pulling back.

And then last up for the US market, Palantir, back on a sell signal as of Thursday’s close. And then moving on to the TSX, most actives from Thursday’s trading action. Inside day for Canadian Natural Resources. And then a new high for Suncor. Lundin Mining put in a new high as well. Then looking at Embridge. We pulled back into the channel, closing just above the upper channel line. So mathematically, we have the potential for a new sell signal on Friday with a close below $54.04. Then BCE gapped lower on Thursday, making a new low for this move. Bank of Nova Scotia, we need a close on Friday below $66.55. For the TD Bank, we’re looking for a close on Friday below $80.89. And then for Pembina, we’re looking for a close on Friday below $47.40. Made a new high on Wednesday, then gapped lower on Thursday. And then Cenovus made a new high on Thursday. No change in trend there. And then CIBC, we’re looking for a close on Friday below $65.70. Okay, folks, that is all for this morning’s presentation. Have a great day. Have a great weekend. Next time you’ll hear my voice is on Monday morning.

Stephen Whiteside
TheUpTrend.com
Friday, March 15, 2024

Good morning, everyone, and welcome to Thursday morning. It’s Stephen Whiteside here from TheUpTrend.com In the pre-market this morning, things are fairly quiet. They’re quiet ahead of a large number of economic numbers that are going to come out at 8:30 this morning, and those could certainly change the direction of the market, but so far, it looks like investors want to do a little buying on Thursday morning. Starting off, looking at the TSX Energy Index. This index has been on a run for the last month, and we are still projecting higher prices here, but we are coming up to resistance. You can see where we peaked back a few months ago, just above where we are now. That could certainly be a target and an area where the market starts to pull back. Now, when we’re looking at individual stocks, they should look pretty similar to this. They should have caught a bid as the index started to move up, and they should have been making new highs over the past couple of days. So we’ll have to see if that’s the case. We’ll take a look at some individual stocks later in the presentation. Looking at price targets, you can see we are coming up to our next price target, and that’s where we peaked out back in November.

Of course, we are projecting higher prices here, so we could break through that level and head up. You can see on the weekly chart that 281.25 would be our next weekly target. We did struggle to get up to that level back in the fall of last year, and at the fall of 2022, we started to fade. We were able to trade above that level back in the summer of 2022, but it’s been a while since we’ve been back up at these levels. Now, one of the most actively traded ETFs in Canada is the iShares XEG. It’s one of the most popular ways to play the energy sector if you don’t want to be a stock picker. And as you can see, it’s looking pretty similar to the index, making a new closing high for this move. We are coming up to the 17.58 level. That’s where we peaked out back in early November. The top of our projected trading range on this chart is 17.97, and so that is certainly a legitimate target. If we can take that out, then a possible run up to 18.75 could happen, and we peaked out there back in the summer of 2022.

Now, the iShares ETF is an unleveraged ETF, so it’s going to trade pretty similar to the index It was up 1.81% yesterday. The way I prefer to trade this sector is to use the 2X Horizons BetaPro XEU ETF, and it was up 3.52%, as you would expect yesterday. It’s looking pretty similar to the index itself. Our next price target is 29.69, and that’s where we peaked out back in early November. Now, of course, when we get a sell signal in the Bull ETF, the 2X Bull ETF, we can always roll over and look at the possibility of buying the 2X Bear ETF, which could certainly come into play at some time in the not-so-distant future. Now, looking at individual stocks, again, they should look pretty similar to the index. They should have caught a bid when the index caught a bid, and they should be making new highs for this move as TC Energy is doing. But we’re going to look to see how similar they to the index themselves. There’s Suncor making a new high for this move, a new high for Canadian Natural Resources, a new high for Crescent Point yesterday. There’s a new high for Synovus.

And anything that’s trading in the channel or dipping into the channel, we want to be concerned about a possible sell signal. That is certainly not the case for Cenovus on Thursday morning. There’s a new high for Pembina. Unfortunately, Baytex rolled over a couple of weeks ago, and it’s coming back. It traded up to the upper channel line yesterday, so we’re looking for a close on Thursday above $4.41. Then looking at Athabasca, we made a new high a few days ago. Potential for a sell signal on Thursday with a close below $4.98. A similar situation for Whitecap, we’re looking for a close on Thursday below $9.46. Then looking at Embridge, new high for this move, and it It looks like we had a bearish reversal day yesterday. We made a new high and rolled over, closed slightly lower on the day, did not close below the previous day’s low, so I wouldn’t be overly concerned just yet. Then looking at Tamarack, we traded in the channel for a couple of days. Closed below 341 on Thursday would give us a new sell signal for Tamarack. And last up this morning, MEG Energy making a new closing high for this move.

Now, if you haven’t heard the lecture before, You want to make sure you’ve been taking money off the table. If you haven’t already done so, then Thursday would probably be a good day to do so. I would never completely liquidate a winning position, but stocks fall faster than they rise. A lot of times when we get up to these levels where we’ve seen previous selling, you want to make sure that you’ve tucked some money back in your own pocket before the market takes it away from you. Again, we have no sell signals coming into Thursday’s trading action, so there’s absolutely no reason to completely liquidate a position in the energy sector on Thursday morning. Okay, folks, that is all for this morning’s presentation. Hey, I’ve got a favor to ask. I’ve been sick for the last month and unable to donate blood, and if you wouldn’t mind stepping up for me and filling in and donating blood this week, I would really appreciate it. And I certainly know that those people that are expecting or unexpected expecting to have surgery this week would also appreciate any blood donation you can make. That’s all for today’s presentation, folks.

Have a great day. Next time you’ll hear my voice is on Friday morning, and at that time, we’ll take a look at the North American markets.

Stephen Whiteside
TheUpTrend.com
Thursday, March 14, 2024

Good morning, everyone, and welcome to Wednesday morning. It’s Stephen Whiteside here from theuptrend.com. In this morning’s presentation, we’re going to take a look at semiconductor stocks. The reason I want to look at it today is just at the start of the year, we posted monthly price target charts, and of course, we always talk about two lines up and two lines down. That’s your playing field. We’ve made it up to the 5,000 level, and we traded above that over the last couple of days and closed just below it yesterday. We’ve made our way up to a major target, and we’re up over 19% a year to date for the SOX index. Now, when we look at the Daily Panic Zone chart for the SOX index, you can see we’ve had a bunch of early warning signals that ended up giving us a pullback. No major pullbacks, no major breakdowns. In fact, if you draw a line from the October low, we’ve got a nice uptrend, and so far, the market is willing to buy the dips. Now, We could get a pullback here to the uptrend line, and we’ll have to see if the market wants to continue to buy the dips.

If they don’t, our Panic Zone chart is actually projecting back towards where we started the year. That could It’s not going to happen at some point. It’s not going to happen on Wednesday morning, that’s for sure, but we do have a couple of early warning signals up there at the top of the screen. So far, it hasn’t done too much damage to the SOX index or the chip sector. Now, not all chip stocks are winning in 2024. When we look at Wolfspeed, we’re down over 32% year to date. Axcelis is down over 12%. We’ve got GlobalFoundries down nearly 10% for the year. We’ve got Intel down a little over 8% so far, year to date. It’ll be very interesting. If the DOW ever decided to swap Intel out and put NVIDIA in, that would certainly be a major change for the market. Now, Of course, if you’re not a stock picker, you may want to watch the ETFs, and they’re certainly some of the most actively traded ETFs on the planet. The SMH gives you the SOX index without any extra volatility. And of course, what I like is the SOXL, which is the 3X Bull ETF.

It is currently on a buy signal, of course, and we’re looking for close on Wednesday below 45.64 to give us a new daily sell signal. Now, what’s working? Of course, everybody knows NVIDIA is still the big winner. It was the big winner last year. It’s the big winner this year, and we’re up over 86% year to date. On Wednesday, we’re coming into Wednesday’s trading action. We are still trading above the upper channel line. Things would change on Wednesday. If NVIDIA were to close below $830.63, of course, our next major target to the upside is $1,000, and the market may want to move all the way up there to tag that level before pulling back. Now, Coherent is the next best-performing chip stock year to date, up over 45%. It’s traded in the channel for the past couple of days, so a close on Wednesday below 6,164 would give us a short term sell signal. Taiwan Semiconductors is up over 41 %. Then looking at Advanced Micro Devices, up over 40 %. We’ve been in the channel for the past couple of days, so a close below 195.09 on Wednesday would give us a sell signal. And then last up, we’re looking at ASML.

It’s already on a sell signal as of Monday’s close. We traded higher yesterday, so a close on Wednesday above $995.38 would give us a new short term buy signal. We’re up nearly 35% year to date. Of course, the charts we’re looking at in this presentation I have mostly been daily rightside charts. Of course, if you’re a longer term investor, you want to ignore those charts and focus on the weekly charts. You can see ASML is nowhere near a weekly sell signal. This coming Friday, if AMS sell were to close below $827.85, that would give us a new weekly sell signal. And of course, if that doesn’t happen, and we’re not expecting it to happen this week, that lower channel line is going to continue to move higher weekly. Okay, folks, that’s all I wanted to cover in this presentation. Again, the reason for the presentation is the SOX index hit a major milestone of 5,000. We have been able to trade above it for a couple of days. We’ll have to see if it turns out to be long term resistance for this sector of the market. Otherwise, the market may want to wait until NVIDIA moves all the way up to $1,000 before taking a major break.

Enjoy the rest of your day, folks. Next time you’ll hear my voice is on Thursday morning, and at that time, we’re going to take a closer look at Canadian Energy Stocks.

Stephen Whiteside
TheUpTrend.com
Wednesday, March 13, 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, ahead of major inflation numbers coming out at 8:30 this morning. Currently, gold is down 4 in the pre-market. That could certainly change before the market opens. In this presentation, we’re going to take a closer look at Canadian gold stocks, and we’ll start off by looking at the price of gold. It’s been on a tear for the past couple of weeks. If we go back to March first, our price targets were 2,125 and then 2,187.50. Yesterday, we stopped at 2,187.50. That has been resistance for the past two days. Of course, if we can take out the Friday high, then 2250 would be our next target to the upside. Of course, we’re nowhere near a sell signal on Tuesday morning, but it’s prudent to lock in profits along the way. That’s what the profit targets are for. You can see the price of silver has been on a run. It has not been keeping up with the price of gold right now. You can see our next price target is 25, and that’s where we stopped back in December.

We’re nowhere near a sell signal on Tuesday morning. Now, at the same time, gold and silver have been going up. Bitcoin has been leading the way. A lot of people were concerned that with Bitcoin and the other crypto currencies, there wouldn’t be as much interest in gold and silver, and certainly Certainly, that is not the case at the present time. And Bitcoin hit a new high yesterday, and so we’re not looking for a sell signal on Tuesday morning. Now, to play the gold sector, the major ETF is the XGD, and it’s been moving up nicely over the past couple of weeks. It’s hit a few price targets, and yesterday, it came up to an open gap and stopped, and we’ll have to see if we can get through that open gap. Of course, on Tuesday morning, we’re nowhere near a sell signal. We need to close below 16.17. If that doesn’t happen on Tuesday, of course, that lower channel line is going to continue to move higher daily. Now, the way I like to play it is the Leveraged ETFs, the Horizons HGU, which was up nicely over 3% yesterday. You can see the difference between the iShares ETF, which was up 1.76% yesterday, while the Leveraged Horizon Beta Pro product was up and 3.32% on Monday.

Then looking at the stocks themselves, starting off with the three major stocks in the TSX-60, starting off with Agnico Eagle, which has been leading the major gold stocks higher. We hit 75 yesterday. That was the high from back in December. So if you had an order in at 75, it got filled yesterday. So congratulations. And again, we’re nowhere near a sell signal on Tuesday morning. Now, Barrick, on the other hand, has been an ugly duckling over the past couple of weeks. And you can see up at the top of the screen, that’s a new early warning sell signal. And so if you’re trading Barrick at the moment, you need to be a little bit defensive. We traded up into the FlyPaper channel and stopped. We have not hit our next price target of 21..88, which was the high back from January. That’s a little bit of a concern. Barrick may be leading this sector back down, and we We need to close on Tuesday below 20.52 to give us a new sell signal for Barrick on the TSX. Kinross has also not been performing that well. It has traded up to 7.42 and has closed above it.

Our next price target is 7.81. Now, on the downside, of course, we need to close below 6.93 on Tuesday, not expecting that to happen. Now, New Gold has been probably the best performing major gold stock, and It has certainly had a nice run over the past couple of weeks and has broken out above 2.15. Our next target to the upside is 2.34. Then, of course, looking down, the lower channel line is way down at 1.79, so certainly not expecting a sell signal on Tuesday. Then looking at Seabridge, Seabridge was able to trade through an early warning signal up here. It had a small pullback, not enough to give us a sell signal. We’ve run right up to the top of our projected trading a range of 14.06. That doesn’t mean that we have to stop here. It’s just what we were projecting at the time based on this previous trading patterns. Here we are up at 14.06. Hopefully, you’ve locked in some profits along the way here. Looking down on Tuesday morning, we need to close below 12.21 and not expecting that to happen. And of course, that lower channel line is going to continue to move higher daily.

Okay, that’s all I wanted to cover this morning. Of course, there’s lots of other gold stocks. Most of them have performed fairly well over the past couple of weeks. It is prudent to lock in some profits along the way without completely liquidating a position. You should always have a position going As long as you don’t have a sell signal. We never know just how far these stocks can rise. We do have gold up at a price target at resistance. It stopped. It stopped for two days now. That’s a sign that we may want to take a break here and pull back. No guarantee of any sell signals right now, but certainly markets do not go up forever. And gold has been on a nice run, and we should take advantage of that by locking in some profits along the way. Okay, folks, that’s all for Tuesday morning. Have a great day. Next time you’ll hear my voice is on Wednesday morning, and at that time we’ll take a closer look at US semiconductor stocks.

Stephen Whiteside
TheUpTrend.com
Tuesday, March 12, 2024

Good morning, everyone, and welcome to Monday morning. It’s Stephen Whiteside here from TheUpTrend.com I’ll keep this video very short. I know a lot of people have trouble adjusting to the time change on Monday morning, and so I won’t keep you too long at all. Now, this is a make or break week for the market. The market had a huge shift on Friday, a lot of bearish reversal signals, and so we’re looking to see if the market continues to push down from here. Looking at a weekly chart of the VIX, we’re still on a sell sell signal that’s supportive for higher stock prices. So right now, coming into Monday’s trading action, we’re still long term bullish on the market. That would change if the VIX were to close above 15.28 this coming Friday. Now, on a short term basis, we have been short term bearish for the last couple of days as the VIX has been on a buy signal. That would change on Monday if the VIX were to close below 13.70. Now, on Friday, we had a huge move in the market to the downside and a big bearish reversal day. Lots and lots of bearish reversal signals from Friday’s trading action.

Now, these signals come up all the time. And the first thing we look for, of course, is did we close below the previous day’s low? And looking at NVIDIA, you can see that that is certainly the case. Now, NVIDIA was down over $51 on Friday. It’s up $10 in the pre-market last time I checked. So there is an immediate rush to sell the stock on Monday morning. We’ll just have to wait and see how the day closes. But on Monday, we’re looking for a closed below $814.11. And as I mentioned, there was an enormous amount of bearish reversal signals on Friday. Amd was another stock that hit a new high and reversed and closed below the previous day’s low. And so there was a lot of wide bar days on Friday, and that is quite a concern. Certainly no sell signals, but of course, you’ve been taking money off the table as these stocks have been rising, so you’re not overly concerned at the moment. There’s the SMH for the semiconductor sector, and as you can see, the whole sector rolled over on Friday. Now, looking at a weekly chart of the S&P 500, you’re not going to see a lot of major changes from last week’s trading activity.

We’re going to be watching the daily charts closely. You can see for the SPY, we’re still trading above the upper channel line. The Nasdaq traded into the channel, looking for a close on Monday below $436.58 to give Give the triple Q’s a new daily sell signal. Now, the iShares for the TSX-60 made a new high on Friday, closed slightly lower on the day, so no major change there. Commodity stocks helping the TSX up last week. Now, the big winner from last week’s trading action was actually the gold miners. In the US, they were up 8.45%. In Canada, they were up 7.76%. We also saw silver miners up over 6%, nearly 7% on the week, and copper miners had a nice big week. Those were the major winners last week, which is quite unusual for the market. Very helpful for the Canadian market, not that helpful for the US market. Now, the big losers were pharmaceuticals and biotechs in the US. In Canada, the big loser was actually the energy sector, which wasn’t down that much. So you can see we’re up at a resistance here at the 17.19 level, looking for a move up to 18.75.

If we can take out the highs from last summer. And so far, we have not been able to do that. And that was previous resistance from the previous year, from October of the previous year. So that is long term resistance for the Canadian energy sector. For the USA energy sector, we were up over 1% on the week. We’re stuck here at 87.50. You can see that last summer we were up at the 93.75 level. That could happen this year as we head towards summer, starting to come out of the winter, heading towards summer. 93.75 would be our next target for the XLE. Now, we’re almost done here. As I mentioned, I’m going to keep this one very short. I’m watching a couple of stocks very closely. Apple had a positive day on Friday, holding support at 168.75. If that breaks this week, then we’re looking for a move down to 162.50. Then looking at Shopify on the TSX, and we traded through the upper channel line on Friday. A close above $104.53 on Monday would give us a new buy signal. Still trying to hold $100 as support. And then looking at Tesla. Tesla had a down day on Friday.

It didn’t break down below the previous day’s low. We are looking to hold support here at the at the 171.88 level. If that breaks, then 156.25 would be our next target to the downside. It would be very bullish for the market if these stocks were to turn around and start moving higher. So far, from what we’re seeing in the pre-market on Monday, This morning, that’s not likely to happen on Monday. We do have all three of these stocks actually trading slightly higher last time I checked in the pre-market. And last up this morning, looking at the cover from this week’s Barons, Bet on the Bull. Barons has a history of making huge, huge mistakes when it comes to market calls. And so a lot of people are wondering, is this the top for the market? If Barrens is telling you to bet on the bull, this is probably the time that the market will start to turn around and head lower. Okay, folks, that is all for this morning’s presentation. Have a great day. Next time, you’ll hear my voice is on Tuesday morning. And at that time, I’m going to take a closer look at the Canadian gold sector.

Stephen Whiteside
TheUpTrend.com
Monday, March 11, 2024