Author: admin

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 above fair value. Commodities are mixed with crude oil, lower, while gold is higher by $3 in the pre-market. Now, we do have a lot of economic numbers coming out at 8:30 this morning, including retail sales and jobless claims, and that could certainly add to the pre-market volatility. Starting off, looking at the VIX, which spiked sharply sharply higher on on Tuesday, and we pulled back on Wednesday, had an inside day. So on Thursday, we’re looking for the VIX to close below 13.21 to put us back on a bullish footing. We still have the S&P 500, Nasdaq 100 on buy signals. They recovered nicely on Wednesday, but still pretty close to generating a daily sell signal, so we should be on guard. Looking at the Canadian market, the market recovered quite nicely on Wednesday, not enough to give us new buy signals for the The TSX, the TSX 60, mid-caps, small-caps, or micro-caps. Now, looking at the sector performance from Wednesday’s trading action, all sectors were positive for the day, being led higher by Infotec, and We’re still on a sell signal here.

We came down hard on Tuesday, and we did trade back into the channel on Wednesday. The biggest winners in the sector on Wednesday were Bitfarm and Hut8. Those were the two best-performing Infotec stocks. Then looking at the industrials, dipped into the channel on Tuesday. Big recovery on Wednesday, being led higher by the railroads, still both on buy signals. Then looking at consumer staples, huge update there. It was Circle K led the pack, followed by Loblaw’s, which is back on a buy signal as of Wednesday’s close. Looking at the world of commodities, starting in the energy sector, we saw crude oil pull back yesterday. It’s pulling back again in the pre-market. Not enough to It’s going to give us a sell signal today. And then we’ve got natural gas making a new low on Wednesday. So both of those commodities did not help the energy sector, and we did have an inside day closed unchanged on the day. So for the energy ETF, we’re looking for a close on Thursday below $15.14. Then looking at the miners, starting with the price of gold. Gold is trying to hold 2000 here. If we break that, then 1937.50 would be our next target to the downside.

And silver is trying to hold $22 and traded and closed higher yesterday. Still on a sell signal, no change there. No change for gold stocks, which made a new low yesterday, and the ETF closed down just a penny on the day. So a little bit of a recovery there. The first time something new is happening, of course, if we close above the previous day’s high, and we certainly didn’t do that yesterday. Okay, folks, that’s all for this morning’s presentation. I’m doing this ahead of the big economic numbers coming out at 8:30 this morning, and they could certainly change the direction of the market. But so far, it looks like the market wants to have a positive open on Thursday morning. Enjoy the rest of your day. Next time you’ll hear my voice is on Friday morning.

Stephen Whiteside
TheUpTrend.com
Thursday, February 15, 2024

Good morning, everyone. Welcome to Wednesday morning. It’s Stephen Whiteside here from TheUpTrend.com In the pre-market this morning, stock index futures are above fair value. Dow futures currently up 100 points. Commodities are mixed with a crude oil up while gold is down another $3 in the pre-market on Wednesday morning. Now, yesterday was a big day for the VIX, and we generated a buy signal on Monday, big fall through to the upside on Tuesday, and we certainly traded and closed above the $15 level that we were We’re looking for. So yes, I think the market is paying attention to this move in the VIX. Seasonality, we’re right on cue. We’re supposed to make a low in the middle of February and then start to move up, and maybe that started yesterday. We’ll just have to wait and see. Now, there’s a lot of stuff going on in the market yesterday besides the stock market. We had Bitcoin making a new high. It ended the day down $815. It’s up $2,000 today, making another new high for this move. We had a big shift in the US Dollar Index moving sharply higher while the Euro and the rest of the usual suspects, the Australian dollar, Canadian dollar, all moved lower on the day.

Now, we had a huge sell-off in bonds on Tuesday, and of course, that puts pressure on bond deals, and that’s probably what contributed to a lot of the downward pressure in the stock market yesterday. Now, crude oil continued to move higher. It hasn’t taken out the January high just yet, but we are getting pretty close. Going in the opposite direction. Gold was down over $25 on Tuesday, making a new low for this move and trying to find support at the $2,000 level. Looking at the major indices, we’ve got the Dow back on a sell signal as of Tuesday’s close. For the SPY, we’re waiting for a close below $492.85. On Wednesday, for the triple cues, we’re looking for a close below $426.82. For the Russell 2000, we’re looking for a close on Wednesday below $193.74. And for the IWC, for the microcaps, we’re looking for a close below $111.71 on Wednesday. Now, after having a bullish day on Monday. US Banks pulled back hard on Tuesday, looking to see if we can hold the recent support. That’s also true of the Regional Banks, which again had a very bullish day on Monday, but no fall through to the upside on Tuesday.

And we came down and looking to see if we can hold the low from last week. Now, what worked or what didn’t work yesterday? Well, nothing worked. Consumer Discretionary was the worst performing sector. We’ve got Consumer Discretionary still on a buy signal here. That would change on Wednesday with a close below $175.26. The biggest loser in the Consumer Discretionary sector was Carmax trading into the channel. So we’re looking for a close on Wednesday below $71.50. Next up, let’s take a look at the mining sector, starting with the price of copper, which closed lower on the day after trading up into the channel. Copper miners made a new low yesterday. Then looking at the price of gold, as we mentioned, it was down over $25 yesterday, trying to hold 2000. And there’s the GLD down $2.58 on Tuesday and trying to hold the 184 level. Looking at the gold miners, they were down sharply yesterday. The junior gold Miners were down sharply. And of course, going in the other direction are the bear ETFs moving sharply higher on Tuesday. Then looking at the price of silver, the SLV moved lower yesterday, and Silver Miners made a new low for this move on Tuesday.

Let’s finish off looking at a couple of the magnificent eight stocks, starting off with Apple, which had never generated a buy signal, so we’re not waiting for a sell signal. We’ve been on a sell signal for a few weeks now. Now we’ve Microsoft back on a sell signal as of Tuesday’s close. We’ve got Shopify back on a sell signal, and we’ve got Tesla back on a sell signal as of Tuesday’s close. So Tesla just lasted a couple of days, and that was it. And now we’re looking to see if the recent low can hold. Okay, folks, that is all for this morning’s presentation. It looks like we’re going to get a bounce on Wednesday morning. There isn’t any real economic numbers coming out this morning that’s going to affect the overall stock market, so we’ll just have to wait and see. But I think today could be a pause day before we start heading lower again on Thursday.

Stephen Whiteside

TheUpTrend.com

Wednesday, February 14, 2024

Good morning, everyone. Welcome to Monday morning. It’s Stephen Whiteside here from theuptrend.com. In the pre-market this morning, things are fairly quiet. We have stock index futures trading right around fair value. Commodities are trading lower with both gold and crude oil, down in the pre-market on Monday morning. We have no major economic numbers coming out today, so it’s all about people getting over their hangovers from Sunday night’s football game. Now, last week, the S&P 500 was finally able to close above 5,000, and did the week above that level. Hasn’t broken away from 5,000 just yet, but it’s still looking very bullish. Now, while the stock market is making all-time highs, you’d think the VIX would be making all-time lows, but that is not the case. We are still on a weekly sell signal here that’s supportive for higher stock prices. That would change this coming Friday if we were to close above 14.80. Now, looking at a daily chart of the VIX, we’re still on a sell signal here that’s supportive for higher stock prices. Things would change on Monday today if the VIX were to close above 13.88. Now, if we stand back a bit, we can see that the VIX was able to head up over 15 in January, and the market really didn’t seem to be too concerned about that.

We did not have a major sell-off in January, so we’re really looking for a breakout above 15 to tell us that the market is really concerned about the prospects for the stock market going forward. Now, you may have seen or heard a headline like this over the past week, and we are in a unique period for the stock market. If we go back to October, we were looking for a seasonal low. We are looking for a move up into a Christmas rally, and then we weren’t looking for much more than that. The market has surprised everybody and continued that Christmas rally into the new year. Here we are halfway through February, and we’re still making higher highs. We haven’t seen that in quite a while. Here’s the rally that they’re talking about in 1972. Now, we did not peak at that point in March of ’72. If we look at a monthly chart here, we actually peaked later in the year. But once we peaked, we had a huge sell-off over the next couple of years, and we lost about 50% of the market’s value. Now, I’m using a monthly chart here because I just wanted to show you another historical event, and that was the fact that it took 10 years to get back to where we were in late 1972.

That is also another piece of history that people may not be talking about. It’s one thing to talk about the major rally. It’s another thing to talk about the major decline that happened afterwards. Now, a lot of people are talking about the Dot Com Bubble and looking at a potential AI bubble that’s going on right now. And there are a lot of stocks doing really well at the moment. There are a handful of mega cap stocks that are also doing very well at the moment. So we’ve got Meta, we’ve got Microsoft, and of course, we’ve got NVIDIA. It’s significant to watch these because they are huge, huge companies. It’s not the fact that we’ve got a lot of companies doing well, it’s that we’ve got these mega caps. Now, a year ago, it would have been Apple and Tesla that we would have been focused on, but they’re not really in play in 2024. Now, if we go back to 2000 and look at that dot com bubble. Now, if NVIDIA is the backbone of the AI revolution, back in 2000, Cisco was the backbone of the Internet revolution, and technically it still is. All those data centers have Cisco equipment running them in the background.

Now, Cisco eventually became a member of the Dow 30, so it is still a huge global company. Back in 2000, it peaked at a little over $80, and then over the next couple of years, it gave up everything. You go from a $10 stock to an $80 stock, you’re doing pretty good, then you give it all up. Then Akamai, probably the start of the cloud computing revolution. This is a daily chart of Akamai. It was an IPO. I remember it coming out just like it was yesterday. It got as high as $344.87. Then over the next couple of years, once the bubble burst, it gave up all of that and basically became a penny stock before recovering. Now, Yahoo, back in 2000, was the Google of its day, and it got as high as $125.03. And then over the next couple of years, after the bubble burst, we gave up all that, and it got down under $5 eventually. So history doesn’t repeat itself, but it often rimes. And so we could see a AI bubble burst at some point. For that to happen, first of all, we need daily sell signals that turn into weekly sell signals that turn into monthly sell signals.

That’s when a bubble burst coming into Monday’s trading action, We don’t have daily sell signal, so nothing really to worry about on Monday morning. Now, looking at a weekly chart of the Dow Diamond, so we made a new closing high last week. A new closing high for the S&P 500 for the Nasdaq 100, even though equal related Nasdaq made a new high, and the next generation Nasdaq also made a new high last week. Who didn’t make a new high? Well, iShares for the TSX-60 made a new high on the previous week and then pulled back ever so slightly last week. So No concern there. We’re still closing above the upper channel line. Now, looking at the winners and losers for the week, it was the chip sector was the big winner, followed by biotechs, pharmaceuticals, and then the biggest winner in the Canadian market was the energy sector. But as you can see, we’re not expecting a weekly change in trend this week. What didn’t work? Well, anything that you mine basically got hit hard last week. Canadian gold stocks were the biggest losers, followed by the GDX followed by silver miners, followed by copper miners.

So any ETF that was mining related, materials related, got hit hard last week. So no change in trend there. Now, looking at the world of commodities, we had crude oil move up last week and it’s still on a buy signal here. No change in trend. We saw gasoline move higher, up over nine % on the week. At the same time, we had natural gas drop over 11 % on the week. So no change in trend for either of those two. The GLD pulled back. It’s still on a buy signal here. Things would change this coming Friday if the GLD were to close below $185.84. No joy for Palladium making a new low. We saw platinum pull back. We saw silver close slightly lower on the week. No change in trend. We’re still on a sell signal for silver. Now, somebody was asking me about commodity ETFs, and I haven’t really explored them too much. We took a look at several that are on sell signals right now. Then there’s one that’s on a buy signal at the moment, and we were wondering what the differences were between those. When you look at this particular ETF, so we’re looking at the GSG, it says it’s a commodity ETF that doesn’t actually own any commodities.

It looks like all it owns at the moment is treasury bills. So that’s a bit strange. I’m not sure how that exactly works, but I certainly wouldn’t want to be using that to track the world of commodities at this time. Okay, folks, that is all for this morning’s presentation. So far, it looks like we’re going to see a fairly quiet open on Monday. Let’s see if the S&P 500 can hold 5,000 throughout the week. Have a great 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, February 12, 2024

Good morning, everyone. Welcome to Friday morning. It’s Stephen Whiteside here from .TheUpTrend.com In the pre market this morning, things are fairly quiet. Stock index futures are slightly above fair value.

Commodities are mixed with crude oil higher, while gold is slightly lower. On Friday morning. Now, the VIX is still on a sell signal that’s supportive for higher stock prices. The first sign something new is happening is if the VIX were to close above 14.02, based on the recent trading activity, we really need to see the VIX breakout above 15 before the market is going to take any notice.

Now, one of the things that has been a concern for the market has been the regional banking sector, and it actually closed slightly higher yesterday after making a new low on Wednesday. Now, there’s a lot of stocks falling out of the sky right now based on their earnings results. And we saw PayPal and SAnap drop recently. This morning we’ve got Expedia trading down over 15% in the pre market. We also have Pinterest trading lower.

Currently it’s trading just below the lower channel line. So there is a chance that Pinterest may come back during the day for Expedia. Not sure that’s going to happen. Then taking a look at what’s working in the opposite direction, Cloudflare had a great day yesterday. If you’ve got an order in at $93.75 or at $100, it’ll probably get filled this morning as Cloudflare is trading up at the 113 level at the time of this video.

Then looking at the S&P 500, it touched 5000 yesterday before a slight pullback. It is trading higher in the pre market this morning. If we’re going to break away from 5000, then our next target to the upside is 5156.25. Now, while all that’s going on, remember that the seasonality of the VIX from this point on is to move sharply higher into the month of March. And that, of course, could put enormous downward pressure on the stock market if that were to happen.

And of course, from what we’re seeing this morning, that isn’t happening on Friday morning. Then looking at the Nasdaq, new high for the Nasdaq yesterday, a couple of laggards that we’ve been watching closely may be coming back. We’ve got Apple trading in the channel. It poked through the upper channel line on Wednesday. On Thursday there was a small pullback, looking for a close on Friday above 190.

And then for Tesla trading in the channel for the past couple of days, looking for a close above 192.97. If that were to happen, then of course, our first target would be the top of the open gap. Now looking at the Dow 30. New high for the Dow 30 yesterday. Very quiet trading across all the major indices on Thursday.

Now, some of the winners in the Dow right now. We’ve got American Express, we’ve got Salesforce. We’ve got Disney popping the other day holding those gains. We’ve got Home Depot up in the top right hand corner. Small pullback yesterday for Merck.

We’ve got Microsoft making a new high. We’ve got a small pullback for Procter and Gamble. Small pullback for Walmart on Thursday after hitting a new high on Wednesday. Then we’ve got the Travelers Group trading sideways right now. A close below 210 .64 would give us a sell signal on Friday.

Really just stuck to the 212.50 level. If we can make a new high here, then 225 comes into play. And of course, if we pull back, then 200 would be our next target to the downside. Similar situation for Goldman Sachs. It’s been in a tight trading range since early December.

Looking for a breakout of the January high or a breakdown of the January low to tell us which way this stock wants to go next. Pretty amazing to see a big, huge international banking company like this trading sideways, treading water for so long. Then we’re looking at Visa, Visa closing in the channel yesterday. A close below $273.06 would give us a sell signal on Friday. Then looking at Boeing now we saw Tesla break 200 and continue lower.

Boeing so far has been able to hold 200. It is on a buy signal right now, but not going anywhere. A close below 205.32 would give us a sell signal on Friday. Now we have a short term buy signal right now. The pros have not come in to take control.

If we want to see long term investors come back, more conservative investors, then we’re looking for a close above 220. Then looking at Cisco. No joy there. No joy for Intel and no joy for three m. Some of the laggards of the Dow still on sell signals at the present time.

And you’d think with the Nasdaq and tech stocks doing so well that Cisco and Intel would be doing better. But there are, of course, individual company stories that can hold stocks back. Let’s finish off. Looking at the world of commodities and a new low for copper yesterday. Gold pulled back.

It’s still on a buy signal here. No change. Silver came back on Thursday, trading up into the channel. And then we’ve got crude oil back on a buy signal. At the same time, natural gas making a new low of course, the current warm weather that we’re having is not helpful for natural gas prices and then some winners in the commodity world that we don’t usually take a look at.

But if anybody’s trying to fight inflation, these charts aren’t going to help. Where we’ve got live cattle making a new high for this move, new high for cocoa. So watch out, chocolate bars could be going up in price. Then we’ve got cotton making a new high for this move. New high for lumber on Thursday before pulling back slightly.

And then OJ making a new high on Thursday. Also pulling back at the end of the day. Let me slip in one more chart before we go. I actually had chills go up my spine when I looked at that Cisco chart. It just brought back memories.

If you remember back in 2000, Cisco was the Nvidia of its day and it traded up and came down sharply afterwards. And no guarantee Nvidia is going to do exactly the same thing. But it’s interesting that in all this time, in 24 years, Cisco has not gotten back to those Dot Com bubble highs. We are in an AI bubble right now. That’s exactly what’s happening.

And at that time, Cisco was the backbone of the Internet. And as far as I know, Cisco is still the backbone of the Internet. That has not changed. But certainly the opportunities for the stock have changed over time. So just to keep that in the back of your mind, we certainly have to.

Don’t do anything. There’s no information here to act on on Friday. I am just reminiscing. Okay, folks, that’s all for this morning’s presentation. That’s all for me for this week.

So far, it looks like we’re going to have a quiet and positive open on Friday. It’ll be interesting to see on which way of 5000 the stock market ends the week. Enjoy your weekend, folks. And it looks like it’s going to be nice, warm weather for the weekend. And of course, we’ve got the Super bowl coming up.

Have a great day, folks. And the next time you’ll hear my voice is on Monday morning.
Stephen Whiteside

TheUpTrend.com

Friday, February 9, 2024

Good morning, everyone, and welcome to Wednesday morning. It’s Stephen Whiteside here from theuptrend.com. In the pre market this morning, stock index futures are trading below fair value. We are doing this video ahead of the US, jobless claims that come out at 8:30 this morning. And those numbers could certainly add to the pre market volatility.

Commodities are mixed this morning with crude oil trading slightly higher, while gold is down $9 in the pre market. Now yesterday was an interesting day, probably a day that may go down in market history. As we came right up to 5000 and then quickly reversed, we got as high as $4,999.89. So just $0.11 away from hitting the next target, that’s good enough for a lot of people. And we’re pulling back in the pre market this morning.

Not enough to set off any alarm bells, but we’re certainly moving away from that $5,000 target. Now, athe VIX is still on a sell signal that’s supportive for higher stock prices. And we’re not really too concerned about what the VIX is doing right now unless it starts breaking out above 15. Now, if we look at a seasonality chart of the VIX, you notice that we make a low in the middle of February. And then from that point on, there’s a huge seasonal move up into the middle of March.

And that could certainly put downward pressure on the stock market. Now we’ve got the TSX, the TSX 60, the mid caps, small caps and micro caps, all on a daily short term sell signal at the moment. If we look at what the pros and the public are doing for the TSX, you can see we’re intertwined at the moment. So there’s not really a lot of downward pressure at the moment. And you can see that we’ve been trading in a range since the middle of December.

We came down to the bottom of that range. We’ve come up to the top of that range, and right now we’re right in the middle of that range and looking for some direction. Here we are on a short term sell signal. We certainly haven’t set off any alarm bells for the overall stock market, just the people that trade the market on a daily basis. Now, we don’t have the big, huge international mega caps that the US have.

A year ago, we would have been talking about Apple and Tesla. Those two are not leading at the moment. What’s leading and still leading coming into Thursday’s trading action is meta, Microsoft and Nvidia. Nvidia hit a new closing high on Wednesday. And so unless those stocks start to break down, the US market is still going to hold up.

Unfortunately, our biggest stock north of the border is the Royal Bank, and this is what it’s doing at the present time. Now, looking at what worked and didn’t work yesterday, well, it was infotech was the big winner, while utilities were the biggest loser on Wednesday. And if we start out looking at information technology, this index looks very similar to Shopify. There’s not a lot of difference here. We saw some selling in Shopify last week.

It has come back, it’s back on a buy signal. Made a new closing high yesterday, heading towards 118.75. That is our next mathematical target. Then looking at the industrials, making a new high yesterday, being led higher by the railroads, which are the biggest players in this sector. So Canadian National trailing Canadian Pacific at the present time.

Then real estate, no joy there. Still on a sell signal. Energy, no joy here recently, making a new low and series of lower highs and now maybe another lower low. The biggest player in this sector, of course, is Canadian Natural Resources. No joy there.

The biggest winner in this sector yesterday was Birchcliff trading right up to the upper channel line. We were looking for a close above 5.11 and we got a close at 5.10. So almost a buy signal. A nice big up move for Birchcliff on Wednesday. Now, consumer discretionary and some of these indices, these sectors are really strange.

I understand why Canada Goose is in consumer discretionary. I understand why Restaurant Brands is in consumer discretionary. I don’t know what Magnet International is doing in consumer discretionary. It’s not a consumer manufacturer, it is an industrial company. I also don’t know what Pet Value is doing in consumer discretionary.

I haven’t met anybody who will go through a recession and not feed their animals on a daily basis. So that is a consumer staple. Now, speaking of consumer staples, we still have Loblaws on a buy signal while Metro and Empire are still on sell signals. No change there. No change for financials.

Then within financials you’ve got banks and not looking very bullish at this particular time. And then looking at the TD bank, heading down towards the January lows, then looking at communication services. Now, Bell’s out with some big announcements this morning. They’re laying off people. They’re selling off some radio stations.

It is trading slightly higher. It was down $0.39 yesterday. It’s up $0.31 in New York trading last time I checked. And then looking at Telus. Telus trying to hold the December lows.

If we break those lows. Our next mathematical target is 22.66. But if you look to the left, there’s an open gap that could act as a magnet if the stock wants to break down from here. Looking at materials, new closing low for materials on Wednesday. New closing low for Barrick.

So no change there. Then looking at healthcare, there’s only four stocks in this particular sector. I’m sure they could add some additional stocks. There’s other players out there that could be added. Chartwell still on a buy signal.

No change there. And Tilray still on a sell signal. No change there. And then last up, we’ve got utilities, the biggest loser on Wednesday. No change in trend for utilities.

Let’s finish off looking at a couple of stocks that have some pre market news. And Bombardier is out with news and it’s looking pretty positive. So the news is positive. How the market reacts to it, of course, is yet to be determined. And Bombardier is currently on a buy signal.

Small pullback yesterday. And then we’ve got Disney. Now Disney is a Dow 30 stock. It’s up over 6% in the pre market. At the same time, the Dow futures are trading lower.

So that tells you how the overall market feels this morning. But yeah, we’ve got Disney back over $100. Okay, folks, that is all for this morning’s presentation. So far, it looks like the market wants to head lower. We do have to get over those employment numbers at 8:30 before we get to the market open.

So we’ll just have to wait and see. Thank you very much for your time and attention, and of course, I appreciate any questions you might have. The next time you’ll hear my voice is on Friday morning. And at that time we’ll take a closer look at the US stock market.

Stephen Whiteside
TheUpTrend.com
Thursday, February 8, 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. We only have one economic number coming out of any significance this morning, and that is international trade at 8:30. Then we have energy inventories coming out later in the morning. Now, there’s lots of stocks in the news this morning. One that I know a lot of you follow is Ford, and Ford was up over 4% yesterday. It’s up over 5% in the pre-market this morning, and it is currently trading above the December high. So a new high for this move for Ford on Wednesday morning. Now, the VIX moved lower yesterday. It’s back on a sell signal, and we really don’t care too much about what the VIX does right now unless it starts breaking out above 15. That would certainly tell us something new is happening in the options market. Now, yesterday was an inside day for the S&P 500 and for the Dow. We are looking at a target of 500 on the SPY as our next major area of resistance, and 5,000 on the index itself. Coming into Wednesday’s trading action, we would need to see a close below $485.81 to give us a sell signal for the SPY.

More conservative traders are going to be looking for a close below 482. Then, of course, long-term investors would not be disturbed until the S&P 500 closes below $464.17 on Friday. And so far this week, we’re certainly not expecting that to happen. Now, the Dow Diamonds had an inside day yesterday. The Q’s were able to trade slightly above the previous day’s high. So no change in trend there. No change in trend for the Russell 2000 or for the Russell microcaps, both moving up into the channel yesterday. Then looking at semiconductors. The SOX index looks like this, and the semiconductor ETF that I usually quote looks like this. The reason I follow this one is it’s part of the S&P family, the SPDR family. Unfortunately, a lot of you want me to cover this one, which certainly has a lot more volume. And so in the future, I will be quoting the SMH as you have requested. And you can see it is up yesterday. It was up at the $195 level as up at the high of the day. And we are looking We’re waiting to see if it can break out and make a higher high on Wednesday.

Now, what happened on Tuesday? Well, materials were the big winner, while technology stocks were the losers on the day, and materials are still on a sell signal. That would change on Wednesday with a close above $83.03. No joy for real estate. We’ve got health care making a new high. Lots of big cap health care stocks have had huge run-ups over the in the past couple of weeks. Industrials made a new closing high yesterday. No change in trend for consumer discretionary. Energy stocks in the US still on a buy signal. No change in trend for utilities. And then looking at financials, Very quiet day for financials on Tuesday. Bank stocks still on a sell signal, and the regional bank still on a sell signal, holding the recent low. And of course, the market is a little concerned about what’s happening in the regional banking sector, which could roll over to the rest of the market if something major breaks down. Consumer staples still on a buy signal, no change there. Communication services, we saw a pullback yesterday, closing below the previous day’s low, and that could be a concern going forward, but right now we are still on a buy signal.

No change in trend for technology stocks. Then we saw transports move up. The transports were not part of the list we started with, but I just wanted to throw them in there that the We are back on a buy signal and actually closed above the previous week’s high. Next up, let’s take a look at the world of commodities. Starting with crude oil, the USO is still on a sell signal. Now, we do have energy inventories coming out later this morning, which could certainly change the direction of this ETF. Now, it is looking bullish, even though we’re still on a sell signal here. Notice we put in a recent higher high, and we’ve put in a series of higher lows. So that is a bullish chart pattern, even though we’re still on a sell signal. That is also true for gasoline, which recently put in a higher high and a higher low. So we’re still on a sell signal here. For gasoline, we would need a close above 64.22 on Wednesday to give us a buy signal. Unfortunately, no joy for natural gas. We made a new closing low for this move yesterday, still clustering around the 18.75 level.

If we want to break down from here, then 15.63 would be our next target to the downside. Looking at the metals, we’ve got the GLD trading in the channel. It’s up a penny in the pre-market last time I checked. Looking for a close above 189.01 to give us a new buy signal, get us back on track for the GLD. No joy for a palladium, no joy for platinum, and no joy for silver coming into Wednesday’s trading action. Last up this morning, let’s take a look at the Magnificent 8. And starting with AMD, it is back on a sell signal as of Tuesday’s close. No change in trend for Amazon, no change in trend for Alphabet, still on a sell signal here. Then no change in trend for Microsoft, looking for a close below $400.52 on Wednesday They did give us a sell signal. Nvidia made a new high yesterday, trading right over the $700 level before starting to pull back. No change in trend there. And then looking at Shopify, we had a reversal last week week, but we’re not going anywhere. So looking for a close on Wednesday below $79.44. And then Tesla was up on the day, still trading below the lower channel line, looking for a close on Wednesday above $195.52.

And so far, what we’re seeing in the pre-market, we’re not seeing that just yet. And again, we are looking for our first close above this bar. And yes, we have traded above it, but we haven’t closed above it. And that’s the first thing we’re really looking for. Our last chart of the day is Netflix. Netflix is still on a buy signal here. We’ve got an early warning signal yesterday closed in the channel. So we’re looking for a close on Wednesday below $546.80. Okay, folks, that is all for this morning’s presentation. So far, it looks like we’re going to have a fairly quiet open on Wednesday. Have a great day, folks, and the next time you’ll hear my voice is on Thursday morning.

Stephen Whiteside

TheUpTrend.com

Wednesday, February 7, 2024

Good morning, everyone, and welcome to Tuesday morning. It’s Stephen Whiteside here from theuptrend.com. In the pre-market this morning, so far, things are fairly quiet. Stock index futures are slightly below fair value. Crudol is higher by a couple of pennies, while gold is down a few cents in the pre-market. Now, we don’t have any major US economic numbers coming out this morning, so not expecting a lot of pre-market volatility. Now, unfortunately, the TSX rolled over yesterday. So the composite, the TSX-60, the mid-caps, small-caps, and micro-caps are all back on a sell signal as of Monday’s close. Now, in 2023, we witnessed a huge divergence between the US and the Canadian market, and that had a lot to do with technology, especially NVIDIA. As you can see in 2024, that has not changed at all. Of course, now we’ve got the weight of Meta adding to the divergence, and the Meta gapped sharply on Friday. No real change on Monday. An inside day for meta on Monday. Now, there is some concern in the US about regional banks. As you can see, there was two inside days on Friday and then again on Monday. Investors We’re waiting for more data to come out.

Of course, inside days are days of indecision, so nobody’s winning or losing at the moment. We’re still on a major sell signal for the regional banks, and that has put some downward pressure on Canadian banks. They haven’t broken down yet, but this usually is a happy time for Canadian banks, being that it’s retirement savings plan season. Now, the US dollar index moved sharply higher yesterday. Of course, that puts downward pressure on the Euro, and it also put downward pressure on the Canadian dollar and the Australian dollar, two currencies that are heavily linked to the world of commodities. And Monday was not a great day for the commodity world. Now, we’re still looking at the S&P 500 potentially hitting 5,000. That would certainly be a big round number. We’re a day or two away from hitting that target. It doesn’t look like we’re taking a run at it on Tuesday morning. Now, looking at bonds, bonds continue to sell off on Monday. We’re back on a sell signal. We’re back on a buy signal for yields, and that could put downward pressure on certain sectors of the stock market. Looking at Monday’s activity in the Canadian market, it was down across the board being led lower by Infotec.

Now, if we look at the iShares Info Tech ETF, you can see that, yes, we sold off yesterday down 2.22%, not enough to give us a sell signal. That would happen on Tuesday with a close below $54.31. Now, here are some technology stocks that rolled over on Monday. Constellation Software is now back on a sell signal as of Monday’s close. Big down day for Enghouse, dropping more than down three and a half % on the day. We’re also back on a sell signal for OpenText, which had a wild day on Friday and then settled down on Monday, generating a sell signal. We’re also back on a sell signal for Bitfarms as of Monday’s close, and we saw a new low for Blackberry on Monday. At the same time, we saw a new high for Celestica on Monday. So not everything went down on Monday, and certainly the sector is not back on a sell signal as of Monday’s close. Next up, let’s take a look at the world of commodities. Crude Oil was up yesterday. It was up 50 cents. It’s up 30 cents last time I checked in the pre-market. It looks like the pros aren’t that enthusiastic about this sector at the moment.

Then looking at natural gas, we’re still holding $2 as support, and you can see the pros have no interest in taking control on Tuesday morning. Now, looking at energy stocks using the iShares ETF, we made a new low for this move yesterday. We’re trying to hold 14.84. If that breaks, then you can see 14.45 and 14.06 would be our next targets to the downside. Looking at the Fly Paper channel chart, it’s a bit easier to see that we’re making a series of lower highs across the board. Chart, and yesterday, we made a lower low. So that’s a pretty bearish chart pattern for the energy sector. We saw a new low yesterday for Birchcliff, for Tourmaline. We saw a new low for Whitecap. Canadian Natural Resources made a new low on Monday. Also saw a new low for Crescent Point. Now, two big cap energy stocks that are still on buy signals include Cenovus, we’re looking for a close on Tuesday below 21.08. For Esso, we’re looking for a close below $75.72. Let’s finish off this morning’s presentation taking a look at the world of mining, starting with copper, which continued its decline, had a big reversal day last week and has continued to move lower.

So we’re back on a sell signal. That’s not supportive for many mining stocks. Then gold was down yesterday. Yes, it traded through the lower channel line but did not close there. So there’s still hope here. Looking for a close on Tuesday below and $2040. And of course, if that happened, that would join silver, which is back on a sell signal as of Monday’s close. Now, looking at the TSX Global Gold Index ETF, we’re back on a sell signal here, trying to hold 16.02. If that breaks and we take out the recent low, then 15.63 and 15.23 come into play. Agnico Eagle made a new low on Monday. We saw B2Gold trade lower. We’ve got a new low for Barrick for Monday’s trading action. Kinross, back on a sell signal as of Monday’s close. Newmont Gold Corp, new low for that stock on Monday. New low for NovaGold on Monday. Now, not all gold stocks move down on Monday. Not all gold stocks are back on a sell signal, but certainly the major ones certainly are. And so that’s not helpful for the Canadian stock market. Okay, folks, that is all for Tuesday’s presentation.

Looking for lower prices at the open on Tuesday morning. Have a great day. Next time, you’ll hear my voices on Wednesday morning, and at that time, we’ll take a closer look at the US stock market.

Stephen Whiteside
TheUpTrend.com
Tuesday, February 6, 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 down across the board. Not by a lot, but they’re all pointing lower, and we also have commodities trading lower right now, so that could put extra pressure on the Canadian stock market. Now, there’s no economic numbers coming out this morning, so we’re not expecting any other pre-market volatility. Now, last week was a jam-packed week. We had Fed meeting, we had all kinds of earnings and all kinds of economic reports, and that certainly added to a lot of price volatility, especially in the commodity sector. We’ll take a look at that towards the end of the presentation. Now, the VIX is still on a weekly sell signal. That’s supportive for higher stock prices. We’re still long term bullish on the overall stock market. That would change this week if the VIX were to start to break out above 14.85. Now, on the daily chart, we are short term bearish on the market with the VIX currently on a buy signal. The reason the VIX is elevated with the stock market hitting all time new highs is for one particular reason.

We’ll take a look at that in a minute. We would go from being short term bearish to short-term bullish on Monday if the VIX were to close below 13.27. Now, we’ve watched the VIX move up towards 15.63 several times over the last month, and you can see that that’s at the top of the Fly Paper channel. We’re really looking for a breakout above that level before the overall market is going to pay attention. Now, options traders are padding their accounts at the moment because of one particular reason, and it certainly isn’t meta, which made a historic move higher on Friday. You probably will never see this again, but a stock as big as Meta moving up over 20% in one day is a historic event. If we move from a daily chart to the weekly Panic Zone chart, that’s nothing but panic buying and That may actually mark the top for the technology sector. We’ll just have to wait and see. Certainly no reason to abandon the technology stocks on Monday. The reason options traders are concerned is the big move down in the Regional Banking sector last week, down over 7%, not enough to give us a weekly sell signal.

Certainly daily sell signals, but not a weekly sell signal. The Regional Banks pulled down US banks, down 4.66%, and Canadian banks were also lower on the week. Again, no sell signals here on the weekly charts for these sectors, but we certainly saw a lot of daily sell signals in the banking sector last week. Now, the TSX actually ended the week slightly lower. Our next daily and weekly price target was 21,250, and we actually hit that and traded slightly above it at 21,250.90 before pulling back. Looking at the Dow, new closing high for the Dow. Our next price target is 39,062. For the S&P 500, this is the big one. Our next price target is 5,000. That’s a big round number. You’ll probably remember where you were when the Nasdaq hit 5,000 and everybody on Wall Street was wearing Nasdaq 5,000 baseball caps. You’ll probably see that this week as well. And then looking at the Nasdaq 100 itself, our next price target was 17,500. We traded and closed slightly above that, and have not broken away from that level. So we’re not heading towards 18,750 just yet. Now, the Russell 2000 is a little bit of a concern.

We peaked six weeks ago on a bearish reversal week and we have not been able to go back to that level. And 2000 is back once again acting as resistance as it did throughout 2023. Of course, we can focus on what happened with Meta and the fact the major stock market indices hit new highs last week and the fact that the S&P 500 is within a day’s trading of hitting 5,000. At the same time that was going on, there was a lot of stuff going on in the background that normal stock market traders would notice. Let’s start off with bonds. Of course, the bond market is much bigger than the stock market. We saw money move up last week. We saw bonds, the 10-year note, and I’m just using the 10-year note because they all look pretty similar. Buy signal on Tuesday, going into the Fed meeting, moved up, hit close at the high of the day on the day of the Fed meeting, continued to move higher on Thursday, heading towards the December high. Of course, if bonds are moving up, bond yields are moving down. And then look what happened on Friday. Friday, we came down hard.

Bond yields came up sharply, and we were getting pretty close to retesting the December lows and even breaking them. And of course, breaking the December lows, that would be bullish for the stock market. If bond yields were heading down, bond yields heading down, put downward pressure on interest rates, can help just about every business out there if interest rates are dropping, but that’s not how the Week ended. Then looking at what happened in the world of commodities. Copper. Look at what happened to copper. Copper up into the Fed meeting, made a new high for the week, and closed slightly lower on the day on Wednesday, came down hard on Thursday, hard again on Friday. And so that is a lower high, and That’s not bullish for the copper market. Certainly not bullish for copper stocks with the Copper Miner’s ETF ending the week on a sell signal. Now, looking at the price of gold, on Wednesday, we left the day on a buy signal. On Thursday, we closed slightly higher. Then Friday, we came right back down. On Monday, we’re looking for a close below $2,040.20. That is certainly doable as we are currently trading down over $10 in the pre-market this morning.

Now, looking at who’s in control, you can see the pros were about to take control, and that never actually ended up happening. Things could change on Monday, but so far, coming into Monday’s trading action, gold is pointing lower. Now, we had a big update in the gold miners on Thursday left us with a buy signal. Friday, we came in, we were opening sharply lower. On Monday for the GDX, we’re looking for a close below $27.93. For the junior gold miners, we’re just nine cents away, looking for a close below $33.92. Then looking at gold stocks on the TSX, we had a big up move on Thursday and then opened sharply lower on Friday and looking for a close on Monday below $16.33 for the XGD. Then moving on to the price of silver. You can see on Thursday and Friday, pretty volatile days. We traded on both sides of the channel. On Monday, we’re looking for a close for the price of silver below $22.71. And similar situation for the silver miners. We traded down through the lower channel line on Friday, still looking for a close below $25.36 for the SIL. Moving on to the world of energy, and we saw big reversals here as well.

You can see on Monday, Crud Oil hit a new high for this move and then pulled back the rest of the week, ending the week on a sell signal. We were looking for a move up to 81.25. We couldn’t do to that, and now we’re looking to see if support will hold at 7,188. We’re currently trading below that, so we could be heading towards 68.75 on Monday. Looking at natural gas, no joy here. Looking for a close above at $2.23 on Monday to give us a buy signal. Our mathematical target to the downside is 1.95, but obviously, psychological support at $2 is holding us in check. Then looking at energy stocks, you can see the big down day we had on Thursday, we saw fall through the downside on Friday. So Canadian energy stocks are back on a sell signal. Looking at Wall Street, we had an inside day on Friday. We saw earnings out from some major energy stocks on Thursday and Friday helped hold up this particular ETF, unlike small caps, which ended the week on a sell signal, so did the energy equipment makers and the explorers all ending the week on a sell signal.

It was just some of those big cap US energy stocks, which are more global in nature than most of the Canadian energy stocks. Now, there’s a couple of stocks that I’m currently following very closely. First one is Boeing. It continues to hold the $200 level. I traded in the channel on Wednesday, Thursday, and Friday. And so on Monday, we’re looking for a close above $212.13 to give us a buy signal for Boeing. Looking down, if we start breaking down below last week’s lows, then 187.50 would be our next target to the downside. I’m also watching Apple closely. Currently, we’re on a sell signal right now. Had a wild day on Friday. We still ended the day closing lower on the day, but we ran down, actually traded below the 180 level for quickly reversing. On Monday, we’re looking for a close above 191.02 to give us a buy signal for Apple. Then looking at Tesla, remember, Apple is the most widely held stock in the world. Tesla is the most traded stock in the world. And You can see, if we go back to the bottom of the open gap here, the top of that is 193.

The first sign something new would be happening is a close above that level. We did trade above that level, but we haven’t closed above it. We ended Friday, even with Metta shooting through the sky. We still closed down .95 cents on Friday. Coming into Monday, we’re looking for a close above $200.10 for Tesla. If we take out the recent lows, then 171.88 That would be our next target to the downside. Still clustering around 187.50. We closed at 187.91 on Friday. Let’s finish off today’s presentation looking at two widely held Canadian stocks starting off with BCE. It wasn’t that long ago that we were looking at BCE potentially breaking out to higher highs. Unfortunately, this stock has rolled over. We were trying to get up to the 56.25 level. We failed at that a couple of months ago and got as high as 56.17. It’s always a good idea to put your orders in just below the price targets. You can see that we’re currently closing just above the 53.13 level. If we take out Friday’s low, then 51.56 comes into play. Then looking at the biggest bank in the country, the Royal Bank has been doing nothing for a while now.

You can see the pros have given up control. We’re currently on a sell signal. We’ve been in a tight trading range since early December and I really don’t know what’s going on here. Our current price target is 131.25. We closed at 131.22 on Friday. You can see two lines down takes us back to 125. That could be a potential target to the downside, but really, nobody’s doing anything with this stock at the moment, and that is a weird situation. Okay, folks, that is all for this morning’s presentation. Since I started the presentation, stock index futures have come back. They’re just slightly below fair value at the moment. Unfortunately, gold has not changed direction. It’s still down about $12 at the time of this presentation. Have a great day, folks. Next time you’ll hear my voice is on Tuesday morning.

Stephen Whiteside

TheUpTrend.com

Monday, February 5, 2024

Good morning, everyone, and welcome to Friday morning. It’s Stephen Whiteside here from theuptrend.com. In the pre-market this morning, ahead of employment numbers, stock index futures are up across the board being led higher by the Nasdaq. Now, we were expecting a jam-packed week with the Fed meeting, all the earnings coming out, the economic reports, and that’s exactly what we’ve gotten. Now, the VIX is on a buy signal right now, which is negative for stocks, but what we’ve been talking about, we really need to see a breakout above 15 before we’re We’re going to get overly concerned. Now, with all the earnings announcements, the Nasdaq 100 is being thrown around hard this week. It came down hard on Wednesday, giving us a sell signal. It came back on Thursday with an inside day. It was up $4.91. Yesterday, it is up another $4.55 in the pre-market this morning. If that’s the way the market ends, the day will be back on a buy signal. Now, at the same time, the world’s focused on what’s happening with technology stocks stocks in the Nasdaq. The US regional bank sector is being hit hard this week. Now, it’s not something we talk about very often, but remember, it was a year ago when Silicon Valley Bank unraveled, and that put enormous downward pressure on the North American markets.

We’ve got the regional banks on a sell signal. We’ve got US banks back on a sell signal. We even have insurance companies back on a sell signal. Just keep that in the back of your mind while everyone is focused on technology stocks. Now, the Dow is still on a buy signal. The S&P 500 is still on a buy signal. The Russell is still on a sell signal coming back into the channel yesterday. The Microcap stocks also came back into the channel on Thursday. There could be a possibility for new buy signals in both of those areas of the market. Now, technology stocks had an inside day. Again, they’re going to move up with Meta moving higher today. Semiconductors had a new low for this move, actually closed lower on the day on Thursday. Then looking at the meta itself, it’s still on a buy signal here. It is up sharply in the pre-market, up over 16%, heading towards $468.75. Then looking at Amazon, it is up in the pre-market this morning, and it is back on a buy signal as of Thursday’s close. It is trading up above our projected trading range. If you go to the weekly chart, you’ll see our next target on the weekly chart is $175.

Now, another stock that’s up in the pre-market this morning is advanced microdevices, and it is still on a buy signal, so that has not changed. Now, at the same time, the world is going to be focused on meta. We’ve got Apple trading lower in the pre-market this morning, heading down towards 181.25. If we start taking out the January lows, then 175 would be our next target to the downside. And then Tesla. Tesla was up on the day yesterday. It’s down in the pre-market this morning. You can see it’s clustering around 187.50. If we take out the January low, then 171.88 would be our next target. Now, broadly enough, with the Nasdaq moving up sharply on Thursday, it was not technology stocks that led the Nasdaq higher. The big winner on the Nasdaq was Constellation Energy, followed by Warner Brothers, followed by Dollar Tree, and then followed by Amgen, and finally, Charter Communications. Those were the big winners on the Nasdaq, and those are not big cap technology stocks. Let’s finish off this This morning’s presentation, taking a look at the world of commodities. We’ve got copper trading back into the channel. Could that be a lower high this week?

We’ll just have to wait and see if we could fall through to the downside. We’re still on a buy signal. Inside day for copper miners. Then looking at the price of gold, the futures contract ended the day up $3.70. Yesterday, we saw the GLD continue to move higher. Then we’ve got gold miners, whether you’re looking at the big caps or the small caps, they are back on a buy signal as of Thursday’s close. The price of silver had a wild day, traded down through the lower channel line, then came back, still on a buy signal here. Silver miners still on a buy signal, no change there. Then looking at the energy sector, the USO and gasoline are both back on sell signals as of Thursday’s close, joining natural gas already on a sell signal. That put downward pressure on the big cap energy stocks in the XLE. It also put downward pressure on the equipment makers and the explorers, all still on buy signals here. And the junior small cap energy stocks still on a buy signal, so no change in trend for the stocks themselves. Okay, folks, that is all for this morning’s presentation.

We do have employment numbers coming out at 8:30. It could change some of the market, but it looks like Metta is going to lead the Nasdaq higher on Friday morning. Have a great day. Have a great weekend. The next time you’ll hear my voice is on Monday morning.

0:00 – Pre-Market Analysis
0:32 – Earnings Reports Impact
1:30 – Stock Indexes Overview
1:48 – Technology Sector Stocks
2:03 – Meta Platforms Analysis
2:09 – Amazon Stock Insights
2:13 – AMD Financial Performance
2:17 – Apple Stock Update
2:21 – Tesla Market Movements
3:03 – Commodities Trading
3:29 – Copper Price Trends
3:43 – Gold Investment Strategy
4:01 – Silver Market Analysis
4:11 – Energy Sector Outlook
4:40 – Final Thoughts on Market Timing

Stephen Whiteside
TheUpTrend.com
Friday, February 2, 2024

This video has been translated into Arabic, Chinese, French, German, Hebrew, Hindi, Japanese, Korean, and Spanish.

Good morning, everyone, and welcome to Thursday morning, the first trading day of February. My name is Stephen Whiteside from theuptrend.com. In the pre-market this morning, stock index futures are above fair value. Commodities are mixed with gold, lower, while crude oil is higher in the pre-market on Thursday morning. Now, seeing the market to trade up in the pre-market on the first trading day of the month is not unusual. Of course, we’ve got that automatic money hitting the market, and traders don’t usually like to trade against that. Now, yesterday was a Fed day, and all we really know about Fed days is we expect volatility to expand after 2:00 PM, and that’s certainly what happened yesterday. Now, yesterday started off as an interesting day because the market actually gapped lower. This is an intraday chart of the Nasdaq 100. Then you can see once the Fed announcement came out, the market got bullish. Then once the Fed chairman started to speak, the market got very bearish and closed at the low of the day, taking out the low from the early morning session. So that is a bearish sign, and it equated into a sell signal for the Nasdaq 100.

Now, there’s Alphabet, which gapped lower. That’s what started things off in the morning. By the end of the day, Amazon was back on a sell signal, joining Apple already on a sell signal. Microsoft came down hard yesterday, landed right at the lower channel line, so a close below 397.01 would give us a sell signal on Thursday, and then that would join Tesla already on a sell signal. Still trading below last week’s low, and we’ll have to see if that can continue to hold on Thursday. Taking a look at the biggest loser on the Nasdaq 100 yesterday, it was Lululemon already on a sell signal, so no change in trend there. The biggest losing sector in North America on Wednesday was the regional bank sector. There’s a regional bank in New York which is having some trouble at the moment, and that put downward pressure on that sector. Now, with the Nasdaq 100 back on a sell signal, we also have a sell signal for the 2X Bull ETF and a new buy signal for the 2X Bear ETF. Now, technology stocks have been in a huge uptrend, and Any of the buy signals for the Bear ETF have not lasted very long.

That could happen again, but we can’t tell the future, so you still have to take the trade. Yes, the major uptrend in US technology stocks is still there. That has not broken, but this is a short term chart, and we’re trying to react to the market on a short term basis. Looking at the Canadian stock market for the month of January, it was up just under a third of a %. At the same time, the venture exchange ended the month down just under half a %. If you haven’t heard me say this before, the market is a lot more fun when the Venture Exchange is moving higher, and unfortunately, that’s not the case so far in 2024. Looking at the iShares for the TSX-60, we were down just under 1% yesterday, so looking for a close on Thursday below 32.03. With the futures trading up in the pre-market this morning, so far, it doesn’t look like that’s going to happen. Now, yesterday, the Canadian market was down across the board, and the biggest loser was Health Care. Of all these sectors, health care is probably the most irrelevant. It’s only a handful of stocks. There’s the health care index making a new low for 2024.

It was led lower yesterday by Tilray, making a new closing low for as well. Now, looking at the IT sector, technology stocks were down 1.19% on the day, still trading and closing above the upper channel line. We certainly didn’t get as hit hard as US tech stocks did. A lot of the Canadian ETFs that have a global view of technology stocks, including the TD Global Technology Leaders ETF, are back on sell signals as of Wednesday’s close. Then looking at financials. Financials did pull yesterday. We saw a weakness in US financials, and we were down 1.1% on the day. Looking for a close on Thursday below 47.55 to give us a sell signal for that ETF. Moving on to the world of commodities. We did have crude oil down a $1.97 yesterday. It’s up 65 cents in the pre-market this morning. Natural gas was up yesterday. It’s down slightly in the pre-market this morning. Energy stocks had an inside day on Wednesday. Then looking at gold, gold was up over $16 yesterday. It’s down over $17 in the pre-market. Now, that is a buy signal. If I was waiting to buy gold, I would sit on my hands this morning and wait for the next close above the upper chain line when I see that the commodity is down more than it was up yesterday.

There’s no reason to take a buy signal on Thursday morning. Silver was down 56 cents yesterday. It’s down another 36 cents in the pre-market. We may be heading towards a sell signal for silver. Gold stocks are still on a sell signal. No change in trend as of Wednesday’s close. Let’s finish off this morning’s presentation, taking a look at the TSX most actives from Wednesday’s trading action. Embridge made a new low for 2024 yesterday, while Manulife made a new high for 2024 on Wednesday. We saw the TD Bank pulled back all the way down to the lower channel line, so it closed below $81.46 would give us a sell signal on Thursday. Inside day for next Nexgen. Then we’ve got the Bank of Montreal back on a sell signal as of Wednesday’s close. Fairly quiet trading yesterday for Bitfarm, traded back in the channel, closing slightly higher on the day, just by a penny. We’re looking for a close below $2.89 on Thursday for Bitfarm. Inside day for the Bank in Nova Scotia on Wednesday, still on a buy signal. Then we’ve got Denison Mines trading above the upper channel line, still on a buy signal here.

No joy for the Royal Bank. The Royal Bank is still on a sell signal. That’s hard to believe that we’ve traded sideways for this length of time. Then looking at Cenovus, a quiet trading on Wednesday inside day, still on a buy signal. No joy for Sprott. Sprott Uranium, we’re looking for a close on Thursday above $31.72. Then the first gold stock to come up on the most active list was B2Gold, and it closed lower on the day, even though the price of gold It closed higher. It was down three cents, still on a sell signal. That would change on Thursday with a close above $3.88. From what we’re seeing in the pre-market this morning, we’re not expecting that to happen. Now, TELUS is back on a sell signal, and we had that big It’s not up in the telcos recently, but TELUS is back on a sell signal. Okay, folks, that is all for this morning’s presentation. So far, it looks like we’re going to see some buying at the open on Thursday morning, but we may see some selling in the gold sector on Thursday. Have a great day. And next time you’ll hear my voice is on Friday morning, and at that time, we’ll take a closer look at the US stock market.

Stephen Whiteside
TheUpTrend.com
Thursday, February 1, 2024