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

Hello, everyone. It’s Stephen Whiteside here from theuptrend.com with this weekend’s edition of Stock Market Timing Television. Well, it’s Sunday, August 27, the last Sunday of August, and the market is still chasing that big shiny object, which is Nvidia. We did trade up just above $500 before reversing. It wasn’t an aggressive sell off.

We still closed higher on the day, and we’re looking to see if we can hold 437.50 as our current level of support. Looking at the weekly Right Side chart, you can see that this coming Friday, we’re looking for a close below 409 to give us a new weekly sell signal for Nvidia. Now looking at a weekly chart of the SPY, we did trade higher on the week just by a little over three quarters of a percent. It was an inside week for the overall stock market. You can see on our weekly Panic Zone chart the early warning signal that went off a couple of weeks ago.

We’re trading lower. We’re still projecting lower prices here. Looking at the daily Fly Paper Channel chart, you can see we traded halfway down the Fly Paper channel before finding some support. So we have a nice triangle. So looking for a breakout or a breakdown of this triangle, we’re currently oversold down at the bottom of the screen here, but not aggressively oversold.

So we haven’t seen any panic selling in the S&P 500 so far. Coming into Monday’s trading action, we’ll be looking for a close on Monday above $443.69 to give us a new daily buy signal for the SPY. Looking at the VIX. The VIX had an inside week. It’s still on a weekly buy signal that is supportive for lower stock prices.

So on a long term basis, we’re still bearish on a short term basis, we’re bullish, as the VIX has now generated a new daily sell signal that would change on Monday with a close above $17.40. So we’ve got a new sell signal in the VIX coming into the end of the month and coming into a three day long weekend. Both of those have a bullish bias to them. So even if we get bad news this week, it will be dampened because of the seasonal tendencies coming into month end and coming into a three day long weekend. Now, we need to do a little reality check here.

There is two completely different markets going on in 2023. Of course, we know about the Nasdaq 100 and the big cap tech stocks that are leading the market higher. So currently 73% of the Nasdaq 100 is actually positive for the year. The Nasdaq 100 is currently up 36.71%, being led higher by Nvidia and Meta. And of course, these two stocks are also in the S&P 500.

So they’re also propping that index up in the other direction. JD.Com is down 53.17%. Then we’ve got Moderna down 41.28%. And of course, in previous years, Moderna has been a big winner, but not in 2023. Then looking at the S&P 500, we only have 55% of the stocks on the S&P 500 currently positive for 2023.

Year to date, the S&P 500 is up 15.4%, so much less than the Nasdaq. Now the stocks that are leading the Nasdaq higher are also leading the S&P 500 higher, but on the downside, its Advanced Auto Parts is down 56.42% on the year. And then we’ve got Enphase Energy, which is down 53.17% so far this year. Then looking at the Dow, well, the numbers are a little easier here because there’s 30 stocks in the Dow 30. And with 16 winners and 14 losers, you’ve got one stock that is tipping the scale over from the losers to the winners.

So 53% of the Dow 30 stocks are currently positive for the year. Year to date, the Dow is only up 3.63%. So certainly, a huge difference between the Dow and the Nasdaq. The biggest winner on the Dow is Salesforce up 57.98%, followed by Apple up 37.47%. On the losing side, it’s Walgreens Boots down 32.39%, followed by MMM, down 17.49%.

Then looking at the Canadian market, again, similar to the S&P 500, we got 55% of the stocks on the TSX composite positive for the year. Year to date, we’re only up 2.33%, so less than the Dow. The biggest winner on the TSX composite is Celestica up 94.43%, followed by SNC-Lavalin up 79.88%. Now, what hasn’t been working on the TSX in 2023? Well, Telus International is down nearly 55%, and Aritzia is down nearly 48% on the year.

Then last up, we’re looking at the TSX 60. 58% of the stocks in the TSX 60 are positive for 2023, while the TSX 60 is only up 1.57%. So far for the year biggest winner, where we’re looking at Uranium up 61.29%, followed by online shopping with Shopify up 60.75%. What’s not working? Nutrien down 16.13%.

And then we’ve got Rogers Communications down 15.72%. Okay, that’s all I wanted to take a look at this weekend going forward for the week ahead. I wouldn’t be surprised if it was a positive week going into month end and the long weekend at the same time. It’s still pretty messy out there. We’re looking at to see what happens to Nvidia this week.

Does it continue to pull back or does new money come in and push it back to retest the $500 level? We’ll just have to wait and see. There was a lot of volatility on Friday with news out of Jackson Hole, but at the end of the day, the market was positive, so we could see a positive week for the week ahead. That’s probably not going to change things on a long term basis. I would imagine the market’s gonna make new lows in September and October, and then we’ll get ready for the end of year rally.

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

Stephen Whiteside

Sunday, August 27, 2023

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

Good morning, everyone, and welcome to Friday morning. It’s Stephen Whiteside here from theuptrend.com. In the premarket this morning, stock index futures are higher. The market’s being led by the Dow, while the Nasdaq is dragging its feet this morning. In the world of commodities, we’ve got crude oil higher while gold is down a dollar in the premarket. Now, yesterday was all about the big shiny object about NVIDIA, and it looked like it was going to be a buy the rumor, sell the news type situation. That’s what I said the other day, so I didn’t want to chase it and I thought it would probably turn out like Amazon did, and Amazon is back on a sell signal right now. We did pop at the open and not as high as we were trading in the premarket. In the premarket, we were trading around 506, 508 when I was looking and we ended the day just creeping over the $500 level before pulling back. We’ve been seeing the pros selling at the close, the public buying at the open. We’ve had a couple of bearish reversal days. Unfortunately, we actually ended the day higher. It’s not a true bearish reversal day.

We didn’t close lower on the day. We didn’t close below the previous days low. It’s wishy washy at the moment, but it does look like we put in a major top. We’ll just have to see what the market does over the next few days. And of course, we’re coming in to the end of the month and the long weekend. Now, at this time yesterday morning, we were looking at the Royal Bank trade up into the channel. It didn’t get that high after the market opened. But while we were looking at the Royal Bank to help push the TSX higher, after that, the TD came out and did push the TSX lower yesterday. So the Royal Bank could only do what it could do. The biggest loser on the TSX 60 yesterday was First Quantum followed by the TD Bank and then followed by Shopify. Shopify needs a close below 7,340. A lot of the signals that were generated on Tuesday were actually unwound yesterday. Then looking at the Tillray, it is back on a sell signal and biggest loser on the TSX. On the Dow 30, it was Boeing followed by Walgreens Boots. Then on the Nasdaq-100 and the S&P 500, the biggest loser was Dollar Tree followed by Advanced Micro Devices.

Those were the biggest losers yesterday. Looking at the VIX, it had another wild day. It actually traded below the lower channel line before reversing and closing higher on the day. On Friday, we’re looking for a close below $15.93. We had a bearish reversal day last week. It took us up to the 18.75 level before reversing. Yesterday, we were down to 15.63. The market is going to continue sharply lower if the VIX can break out above the 200 day moving average. Moving on to the major stock market indices and looking at the semiconductor ETF, we’re still waiting for a buy signal here. We had a wild day yesterday outside reversal day for the Semiconductors. Technology stocks generated a buy signal on Wednesday. We had a lot of reversals yesterday, including with Apple. And so looking for a close below 166.78, we actually closed at 167.01, so not enough to give us a Sell signal. There’s Communication Services, a lot of tech stocks in that sector as well, but still no joy here. We’re still on a Sell signal. Then looking at the QQQ’s, the QQQ’s did a complete outside reversal yesterday, looking for a close below 362.62, and we closed at 361.22. So back on a Sell signal, we go.

The Dow broke down yesterday, making a new low, another wild day there. We had a wild day for the S&P 500, no joy, still on a sell signal. Russell 2000, the Microcaps, still on a sell signal, no change there. On the TSX, the TSX Composite actually had an inside day on Thursday, while the TSX 60 traded a little higher above the previous day’s high and then pulled back and closed lower on the day. Looking at Canadian financials, looking pretty similar to the TSX 60 itself, you can see we traded above the previous day’s high before pulling back, closing lower. Similar situation for Canadian banks. Looking at US financials, we traded up into the channel and then closed lower on the day. Banks, on the other hand, both the big banks and the regional banks actually ended the day slightly higher on the day. Certainly no change in trend. Looking at the TSX most active starting at the top with Manulife up second day in a row. Not enough to give us a buy signal right now, but a nice bounce off the recent low, which was higher than the low from June. That could be a bullish set up going forward, but we don’t have enough to do anything on Friday morning.

Looking at Enbridge still on a Sell signal, no change there. Second day of a Sell signal for Cenovus. Then looking at TC Energy, no change in trend there. Then looking at BC, BCE is back on a buy signal as of Thursday’s close. Then looking at Barrick, did not generate a buy signal over the past couple of days, closing lower on Thursday. Then looking at the US most actives, and we’ve covered some of them so far, but there’s Tesla. Tesla still in the channel. A no change in trend for Tesla still waiting for a buy signal. Palantir had a big reversal day yesterday, still on a sell signal. Johnson & Johnson has been week all week, no change there. Apple back on a sell signal as of Thursday’s close. Then looking at Amazon still on a sell signal, still waiting to see if we can close the open gap. Then looking at Intel, Intel did not generate a buy signal this week, back below the lower channel line. Then Ford still on a sell signal. General Motors still on a Sell signal. Rivian still on a sell signal. No change there. And last up my favorite car company would be Toyota, but it’s a hard stock to trade.

It’s a Japanese based stock, of course, and all the information is coming out of Japan, which means that what we see over in North America is a delayed reaction to what’s already happened in Japan. And that’s why you get a lot more gaps on the screen than you would for a North American based stock. So it’s a hard stock to trade, still my favorite car company, but not going to trade it. Okay folks, that is all for this morning’s presentation. Stock index futures are trading slightly higher in the premarket this morning. We’re waiting for news out of Jackson Hole to push the market one way or the other. The type of buying we’re seeing in the premarket this morning is just a little cleanup from yesterday. It is certainly not going to change the market’s direction on Friday. Enjoy the rest of your day. Enjoy your weekend. Next time you’ll hear my voice is on Sunday.

Stephen Whiteside
Friday, August 25, 2023

Hello everyone and welcome to Thursday morning. It’s Stephen Whiteside here from theuptrend.com in the pre market this morning things are very bullish. Everybody’s following nvidia higher. Nvidia popped after earnings last night and that has certainly put a bit into technology stocks on Thursday morning. It looks like the TSX might get a little love on Thursday as well.

The Royal Bank had an inside day yesterday. It’s in the pre market this morning in New York, currently trading up around that level. So not enough to give us a buy signal, but certainly enough to start to turn the Canadian financial sector around. Looking at the VIX, the VIX traded down yesterday, not enough to give us a sell signal, but the VIX is starting to break down below that uptrend line. We were hoping the VIX would continue to break out above the Fly Paper Channel and it never did that.

It did trade above it. And then of course, if we was really going to take the market down, we would have expected the VIX to start trading above the May highs and that didn’t happen. You can see traders use the 200 day moving average as their stopping point. And so the market’s not going to have a more aggressive sell off unless the VIX starts breaking out above the 200 day moving average. Now this time of year should be bullish for the market.

We are coming up to month end. We’re coming up to a three day long weekend. Both of those have a bullish bias and so traders don’t usually like to trade against that unless something terrible happens. Looking at the major exchange traded funds for the major indices starting off with the Sox index or the semiconductors, we certainly traded higher yesterday up over 2%, right on the edge of a new daily buy signal. The Nasdaq 100 is back on a buy signal.

Still waiting for more effort from the S&P 500 which it looks like we’re going to get on Thursday. And then really the Dow is a real laggard at the moment and it’s trading lower last time I checked in the pre market. Looking at the TSX, we traded up to the lower channel line yesterday. There could be a buy signal for the TSX on Thursday if other financials move up with the Royal Bank looking for a close for the Ishares for the TSX 60 above $30.52 on Thursday. Then looking at what worked yesterday, well it was all about infotech but materials following up fairly closely.

Energy was the only laggart and it was down slightly on Wednesday. There’s the Infotech index moving up. It was Bit Farms was the big winner in percentage terms. Of course. The big elephant in the room is Shopify, which is now back on a buy signal.

Then looking at the energy sector, it pulled back closed in the middle of the channel. The worst performing energy stock on the TSX was Birchcliff Canadian Financials had an inside day on Wednesday being led up by Brookfield, which also had an inside day. Gold stocks are back on a buy signal. The big winner on the TSX yesterday was WesDome. At the same time, Barrick, which traded through the upper channel line but did not close above it.

So we’re still waiting for a buy signal for Barrick with a close on Thursday above $21.87. Looking at the US. Market, the big winner again was Infotech, as you would expect, followed by Communication Services. And down at the bottom is Energy, which was down just a third of a percent yesterday. There’s technology stocks moving up.

Back on a buy signal, still waiting for semiconductors. Microsoft is back on a buy signal. Netflix is back on a buy signal, but Tesla is not. Still waiting for a close on Thursday above 237.99. And from what we’re seeing in the pre market, we’ll probably see that on Thursday.

Looking at the ARK ETFs, none of them generated a buy signal on Wednesday. It looks like the market wants the Industrials, which we need to close above $54.25 on Thursday. Peloton continued to move lower. It looks like it’s going to be a penny stock in the not so distant future. Looking at energy stocks still on a sell signal here we’ve got Hess making a new low for this move.

We saw a new low from Occidental and a new low for this move. For Exxon, taking out the previous week’s low. Foot Locker continued to move lower. What an interesting chart pattern. We traded sideways for months, gapped lower.

Traded sideways for months, gapping lower. And I guess we’re going to trade sideways for months before continuing to gap lower. A couple of other retail stocks, Abercrombie and Finch, gapped higher yesterday, continuing the trend. It looks like Nordstrom might have put in a new low yesterday and reversed. So we’ll be watching that stock to see if it can take out that open gap that was created just a couple of days ago.

And my favorite company, Costco, still on a sell signal. No change from Wednesday’s trading action. Let’s finish off with commodities. And we had crude oil, gasoline and natural gas all trade down. Natural gas trying to hold this level.

Then looking at the metals, we have gold back on a buy signal, joining silver, which generated a buy signal a couple of days ago. And we’ve also got the silver miners back on a buy signal. Looking at the other metals, we’ve got palladium and platinum both on buy signals at the moment. Okay, folks, that is all for this morning’s presentation. Looks like we’re going to have quite a bullish day on Thursday.

Enjoy your day. Next time you’ll hear my voice is on Friday morning.

Stephen Whiteside
Thursday, August 24, 2023

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

Hello everyone, and welcome to Wednesday Morning. It’s Stephen Whiteside here from TheUpTrend.com. Well, we’re coming up to 08:00 A.M. on the East Coast and stock index futures are above fair value. The market’s rather mixed.

We’ve got Nvidia up slightly while Tesla is trading lower in the pre market. Now, yesterday we saw the US dollar index and bond yields continue to move higher. That’s not going to help the stock market over the long term. Everybody’s still watching the big shiny object which is Nvidia. Nvidia pulled back yesterday after running up and retesting the July high.

We’ve got earnings coming up for Nvidia and that is certainly going to add some volatility to the market. Now, Nvidia is the Apple of 2023 and Apple is still on a sell signal, so that has not changed. Now, while everybody’s looking at Nvidia up at all time highs, a lot of the market is looking down sharply at the moment. And the biggest concern, of course, is the financial sector. And financials made a new low yesterday.

US banks, US regional banks both made new lows yesterday. Now when we look at individual symbols, they’re going to look a lot weaker than these charts. And of course, when you’re looking at an ETF, things are smoothed out because the ETF contains a basket of stocks. Yesterday I mentioned Goldman Sachs is a stock that I follow closely and it wasn’t looking very healthy. It actually made a new low on Tuesday.

Then look at Citigroup. And of course we expect any of these stocks to try to hold support at recent lows. So the July low is taken out, the June low is taken out, the May low is taken out. We’re just heading lower at the moment. There’s no major areas of support ahead of us in the short term.

Then looking at the big regional bank Trust, it’s a regional bank holding company and it made a new low yesterday. New low for Capital One Financial. Then looking at insurance, the Travelers Group. And then looking at Charles Schwab. Now Charles Schwab came down to fill the open gap and tried to find support there for a couple of days, and then yesterday that support broke.

So looking for lower prices here, then looking at the Canadian side, not looking any healthier here. There’s the TSX Financials, TSX Banks looking to try to find some area of support here. When we look at the bank of Montreal, we’re right down at the early June, late May lows. Then looking at Bank of Nova Scotia, which on the way up, when these banks were rallying, the Bank of Nova Scotia looked the weakest and now it’s looking the weakest on the way back down, breaking down through the June lows, we’ve got the Royal Bank heading down towards the May lows. It had a nice run up.

Now it’s having a great rundown. And the TD Bank, which looked the strongest on the way up, is still holding up fairly well. Now, speaking of insurance companies, we’ve got Manulife and SunLife looking fairly weak. Manulife’s trying to find footing at the June lows. SunLife said goodbye to those June lows a long time ago and heading down to see if we can hold support at the May lows.

Then what didn’t work? Well, Nuvia is the biggest loser in the Canadian financial sector, down, I think, 47% in the last month. What’s working? Well, the Berkshire Hathaway equivalent in Canada, Fairfax, is positive for the month of August and it was up yesterday. Now, a close below yesterday’s low would generate a new sell signal for Fairfax.

Then looking at the VIX, and the VIX is still on a buy signal here trading in the channel. If we want the stock market overall to start making lower lows, we need the VIX to break out above the top of the range right now, which is right at the 200 day moving average. Now, looking at the major index ETFs that we fall, they’re all on sell signals right now. We’ve got the Ishares for the TSX 60 making a new closing low yesterday. The Dow had an inside day on Tuesday.

SP 500 traded up into the Channel before reversing, as did the Nasdaq. So the Nasdaq is the closest to generating a buy signal on Wednesday. And of course, depending on what Nvidia does, that could certainly happen. It could also happen for semiconductors, which also moved up into the Channel yesterday and then pulled back. Looking at the commodity world, we saw the price of gold move up yesterday, just $3, and the price of silver continued to move higher.

Now, that hasn’t really helped silver stocks, they were up yesterday, but no new trend. No new trend for the XGD and no new trend for the GDX so far. Then looking at the energy sector, we had crude oil pullback slightly. We’ve got natural gas making a new low for this particular move. And we saw Canadian energy stocks pull back still on a buy signal, while US energy stocks are still on a sell signal from five days ago.

And let’s finish off today’s presentation looking at the world of bitcoin. Bitcoin made a new closing low for this move yesterday, as did Ethereum. And then all the bitcoin related stocks are still on sell signals. No change in trend for bit farms, for Coinbase, for Hive, for Hut 8, or for Marathon. No changes of trend at all.

And still looking very weak. And they all look like they’re going to head lower from here. Okay, folks, that is all for this morning’s presentation. The world awaits Nvidia and Jackson Hole Nvidia is certainly going to add some volatility to the market. Whether it’s going to change the overall direction of the market.

I’m not sure of the damage that higher yields and higher interest rates are doing on many sectors of the market is probably not going to be undone by one earnings report. And you can certainly see how broad the damage is from financials to the cryptocurrency market, they’re all being hit at the moment. Enjoy the rest of your Wednesday. Next time you’ll hear my voice is on Thursday morning.

Stephen Whiteside
Wednesday, August 23, 2023

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

Hello, everyone, and welcome to Tuesday morning. It’s Stephen Whiteside here from theuptrend.com. In the premarket this morning, stock index futures are above fair value. So far, it looks like we’re going to see some buying at the open on Tuesday morning. Now, yesterday was all about the Nasdaq and it was really overdone, but it is what it is. So the Nasdaq move higher. So far, support at 13,125 is holding. The biggest reason the Nasdaq popped yesterday was NVIDIA, which is up over 8%. No justification for that move, and I certainly wouldn’t chase it up here. Earnings are coming out later this week, and it looks like it’s going to be a buy the rumors, sell the news type situation. Of course, I could be wrong, but up at these levels, it’s not worth chasing NVIDIA. Now, a lot of the other tech stocks also moved higher. We had Tesla up as well. Tesla is getting pretty close to a buy signal here. We’re looking for a close above $240.23 on Tuesday for Tesla. Need a little more work for Apple and Meta. Microsoft traded up into the channel yesterday, so a close above 325.49 would give us a buy signal on Tuesday and no joy for Shopify.

Now the Dow dragged most of yesterday. And if you’re watching the news or listening to the news on the radio, of course, they’re going to focus on the Dow. Now the Dow dragged yesterday because of Johnson & Johnson, but it really doesn’t affect Johnson & Johnson shareholders. They’re spinning off a company. So while the stock was down, it really doesn’t hurt the wallets of Johnson & Johnson shareholders. Now, when we look at sector activity, the majority of sectors in the US were actually down yesterday. It was Infotech, of course, was the big leader. That’s also true in Canada, where only two of the sectors were up yesterday, Infotech and Materials. Otherwise, the rest of the market was down. Now, one stock that stood out to for me on Monday was Goldman Sachs, which continued to move lower. It has now filled the open gap. We’re still projecting lower prices here, but obviously, the support from the lows in late June and early July down at 312.50, that’s going to be a big area of support and certainly a big tell for the market if Goldman Sachs were to break through that. So far, 320.31 is holding and that gap has now been filled.

So we’ll have to see if Goldman Sachs can turn around at this point. Now, what didn’t work yesterday or what didn’t move in favor of the stock market moving higher was interest rates. The five-year yield, the 10-year yield, and the 30-year yield all moved up on Monday, and that’s not going to help the stock market over the long term. So we’ll just have to see how long yesterday’s enthusiasm lasts. Currencies, we saw the US dollar index pull back ever so slightly just five ticks, and we saw the euro move up as well, but certainly no major changes in trend for either of those currencies. Now moving over looking at commodity prices, we saw the price of crude oil trade up into the channel, but then pulled back and closed slightly lower on the day. We saw a little move up in natural gas, but no change in trend. The price of wheat, which people continually ask me about, is pretty stable right now. It’s still on a sell signal, still trading below the lower channel line. We recently put in a double top. Will we put in a double bottom? Well, we should be able to find that out over the next few days.

Then looking at copper, it moved up yesterday. That helped some of the mining stocks. We also saw gold move up, but not that much. Silver is back on a buy signal. But if we take a look at gold, you can see we’ve made a series of major lower high and a lower low recently, so that is still very bearish. We are coming down to the bottom of the panic zones, a pressure zone is starting to form. Major support is not that far away back down at the lows from late February. And if those don’t hold at the 1875 level, if we look on the weekly chart here, you can see 1750 would be our next target below that. And of course, that would match up with our longer term projections on the weekly panic zone chart. Those haven’t happened yet. We haven’t broken down, and silver is turning around and heading back up. That could help pull the price of gold up, and we would certainly take a buy signal in gold if it were to happen in the not so distant future. Okay, folks, that is all for this morning’s presentation. Have a great day.

Next time you’ll hear my voice is on Wednesday morning.

Stephen Whiteside
Tuesday, August 22, 2023

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

Hello, everyone. It’s Stephen Whiteside here from theuptrend.com. I hope you’re having a wonderful weekend. It is Sunday, August 20th, 2023. Now, for the last month, we’ve been trying to bring you in for a soft landing. It all started a month ago where we were posting images of the percentage of stocks currently trading above their 20-day moving average. We did that for the TSX, the S&P 500, and the Nasdaq 100. At that time, we were up at the top of the range. It’s typically where the market starts to pull back. As I showed that it doesn’t pull back automatically. Sometimes it takes several weeks before the market realizes where it has gotten itself to and then starts to pull back. What has happened in the last month? Well, when we were up there, I was saying the air was pretty thin and it’s hard to take a buy signal up at those levels. I know that lots of new buy signals came up. Most of them have now failed. Not all of them, but most of them have. One of that we were watching closely was Amazon, which gapped higher and has now come back and almost filled the open gap, but it certainly didn’t continue to move higher from the time that it popped.

Here we are today. We’ve come down over the past couple of weeks, and this is the TSX, the percentage of stocks currently trading above their 20-day moving average. We are coming down to the bottom of the range. And what we’re looking for is a move down below 20%. Now, that is not an automatic buy signal, but it certainly tells us that this is the time in place we should start looking for the market to start to reverse. So no matter how much bad news there is out there, this is the time you look for buy signals, no matter how much bad news is out there. Now, it was three weeks ago that the VIX gave us a weekly buy signal. And that would change this coming Friday if the VIX were to close below $13.79. And what do you do when the VIX gives a buy signal? Well, the first thing you do is you stop buying. You might not necessarily have to sell things, and over time, you may have to sell things. And that has certainly been the case for the major technology stocks that we follow. But you certainly want to stop buying until things start to settle down.

Now, the VIX on a daily chart made a new high on Friday. Things would change on Monday if the VIX were to close below $15.33. Now, I’ve been waiting for the VIX to break away from the Fly Paper channel, and so far it has not done it. It has poked its head out above the fly paper channel, but we’re still stuck to it. You can see the low on Friday is still attached to the fly paper channel. We traded through the 200 day moving average on Friday, but did not close above it. And we hit our next price target of 18.75. So we may have seen the bottom for this move in the market on Friday. Only time will tell. I’m not going to do anything based on that information, but I’m certainly mentally prepared to take action if the market wants to reverse from where we are right now. Now, in preparation for bringing you in for a soft landing, we were watching the weekly bearish reversal signals. And for the SOX index, which has been very important in 2023, especially within NVIDIA, five weeks ago, we got our first bearish reversal signal. Then two weeks later, we got our second bearish reversal signal.

Five weeks ago, we got a bearish reversal signal for the Nasdaq, for the Nasdaq 100. Four weeks ago, it was the DOWutilities. Three weeks ago, it was the DOW itself, then the DOW Transports, and the Russell 2000 and the TSX60 also generated a bearish reversal week. Now, all of those are still in play. They mark the top for each of those indexes. Now, we’re watching to see how low the market will go. Now looking at the TSX60, we are looking to see if we could break out above 1250. That didn’t happen. We also noted that we made a high, a lower high, and now we’ve put in another lower high. That’s a very bearish sign. Now we’re going to have to see what happens on the downside. Do we start to make lower lows or does support, especially at the 1156.25 level, does that hold? Now, it’s been a rough time for the Canadian stock market. While we’ve had energy stocks continue to move higher, a lot of the mining sector has continued to move lower, including the gold sector. As you can see, we’re trying to hold support right along 260. We closed at 260.05 on Friday.

If we start to break down and the lows from earlier this year don’t hold us any longer, then it wouldn’t be too surprising to take a run at the lows from last fall. Just keep an eye on the gold sector and see if the market can get its act together and turn around from this point, or if we continue to make lower lows from here. Let’s finish off with a quick look at technology stocks. We’re going to use daily charts here. The Apple made a new low on Friday. Now, we did see a lot of bullish reversal signals on Friday. A lot of money came into the market late in the day, turned the market around, giving us bullish reversal signals. But what you’ll note is that we did not close above the previous day’s high. So as bullish reversal signals go, it wasn’t a very impressive Friday. Even though we had a lot of signals, they weren’t very impressive. There’s Amazon coming down and it’s almost filled the open gap. But you can see that the day it popped on earnings and then ever since it’s been starting to fade down and we are on a sell signal right now.

Meta has continued to move lower, making a new low on Friday. It landed on our next price target of 281.25, closed at 283.25. If we take out Friday’s low, a move down to 250 would not be surprising. Then looking at Microsoft, new low on Friday hit our next price target of 312.50. So hopefully, you locked in some profits. If you’re short Microsoft, hopefully you had an order in down there and it got filled on Friday and you got to buy back part of your position. Then, invidia hasn’t been selling off aggressively over the past couple of weeks. It’s still on a sell signal. Invidia, earnings come up very soon, and that will certainly be an extremely volatile day for the market. Then, Shopify in New York and Shopify in Toronto both made new lows on Friday. We’ve broken through 75, heading towards 68, 75. The top of the open gap has been broken, so the bottom of the open gap is above the 62.50 level, that could be a target. Then, of course, our mathematical target is 62.50. Last up is Tesla. Tesla made a new low on Friday, and we got down and traded below 218.75.

If you had an order to buy shares back at 218.75, those got filled. Now we’re looking to see if we continue to move lower from here. Of course, 200 is going to act as psychological support. If that breaks, then 187.50 would be our next target to the downside. Now, as the percentage of stocks trading above their 20-day moving average continues to move lower, a couple of things we need to be aware of: we are coming up to the end of the month and there’s a bullish end of the month bias. We’re also coming up to the September long weekend, and that also has a bullish bias to it. So I wouldn’t be surprised if you were to see the market start to move up from here and then continue to move lower in September into October and that’s where we could get our major buying opportunity to run up into year end. But right now, none of that has happened just yet. We’re coming into Monday’s trading action on a lot of sell signals, a lot of downtrends, a lot of new lows were made on Friday. And that’s what’s happening with the market. And until the VIX starts to turn around, I’m not going to get overly excited about looking up.

I’m going to continue to look down from here. Enjoy the rest of your weekend. Next time you’ll hear my voice is on Tuesday morning.

Stephen Whiteside
Sunday, August 20, 2023

Hello, everyone. Welcome to Friday morning. I hope everyone’s had a wonderful week. It’s been very profitable for those of you that have been along the Bear ETFs this week, and that looks like it’s going to continue on Friday. Currently, the Dow futures are down another just under 200 points.

Looking at the VIX, the VIX made a new high, new closing high yesterday, looking like it’s going to break out and make a higher high on Friday. Things would change on Friday if we closed below $15.10. We only had a couple of major trend changes this week, but for the most part, things have been going in the previous direction. Whether you’re looking at the US. Dollar, it moved up again yesterday, so the trend is still intact.

Bonds continue to move lower on Thursday. Bond yields continue to move higher. The price of gold continued to move lower on Thursday. Crude oil has pulled back and is on a sell signal. We are looking at resistance up here, and it looks like it couldn’t break out and make higher highs.

We also saw a natural gas pull back. So that has very little to do with what happened to the TSX this week. You look at the TSX 60, we made a new low yesterday. We moved up and filled the open gap and then pulled back fairly quickly. And that had a lot more to do with financials and bank stocks than the energy sector.

And certainly the miners have been down this week as well. If you’ve been following us, we’ve talked about the fact that the Bank of Nova Scotia looked like it was the weakest on the way up, and it is the strongest on the way down. And so the weakest stock has been taken to the woodshed, as opposed to the strongest bank stock, which has barely fallen so far. So shorting the TD Bank not a good thing. Shorting the Bank in Nova Scotia has been a good thing.

So what worked on the way up is also working on the way down. Looking at the Dow, the S&P 500, the Nasdaq, and the Semiconductors, they all made new lows on Thursday, so no change in trend there. And then looking at commodity stocks, the Canadian energy sector still holding up. The US. Energy sector saw some weakness on Wednesday, generating a new sell signal and then a move up on Thursday.

So the market still loves energy stocks, certainly when you compare those to anything technology related. And then gold stocks have been on a sell signal since July, and that continues on Thursday, where we made a lower low. Now, if you’re not playing the Bear ETFs right now, well, shame on you. Anybody who’s done a one on one tutorial with me, I’ve walked through the importance of having a balanced portfolio. So it’s 2X ETFs in Canada, 3X ETFs in the US.

And they are working well at the moment. Okay, that’s all I wanted to cover this morning. The webinar we did the other day. I’m editing that video. It’ll probably be out by the end of the day, but otherwise looking for lower stock prices and higher prices for our Bear ETFs on Friday.

Enjoy the rest of the day. Enjoy your weekend. Next time you’ll hear my voice is on Sunday.
Stephen Whiteside
Friday, August 18, 2023

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

Hello, everyone. It’s Stephen Whiteside here from theuptrend.com with this weekend’s edition of Stock Market Timing television. Let’s start off a little housekeeping. I won’t be doing any premarket videos this week, so the next time we’ll be analyzing the stock market together is going to be a week from today or next Sunday, Sunday, August 20th. Let’s start off with looking at the US $ index. It moved up once again for the third week in a row, and that is not helping the stock market at the moment. We also bonds close lower. The 30-year bond had an inside week. The 30-year bond yield had an inside week and moved up. We’re still looking to see if we can retest the highs from late in 2022. Looking at the VIX, the VIX pulled back this week into the channel, so certainly a possibility of a weekly sell signal this coming Friday if the market wants to move higher from here. Of course, the seasonality of August is to the downside, so we’ll just have to wait and see how things work out. But this coming Friday, we’ll be looking to see if the VIX closes below $13.72. Now, when we look at the daily charts for the VIX, you can see we traded down to the lower channel line two days in a row.

We’re still looking for a close on Monday below $14.81. Now, if you’ve been with us over the past month or so, we’ve been looking to see if the VIX could break out above the daily Fly Paper Channel. And yeah, on one day it certainly did that and then hit the 200 day moving average and came right back down. So right now we’re still stuck in the Fly Paper Channel looking to see if we can break down, if we can break out over $18, that would certainly be a very bearish sign for the stock market. Looking at the TSX, the TSX was actually up on the week, up 1.04 % and certainly a big winner when you compare it against the rest of the North American market. For the month, we’re still down on the month and still dealing with resistance at 31.25. So looking at a weekly price target chart, you can see we’ve been finding support for the last two weeks down to the 30.47 level. The market gave us a bearish reversal signal last week. We were looking for fall through to the downside to lock that signal in. So far that hasn’t happened, but what also hasn’t happened is we have not taken out the high from the previous week.

So looking to see if we can break out above 31.25 this week and take out above 31.25 this week and take out the high at 31.32. And if we can do that, then we would expect to move up to the 32.03 level. How are we going to be able to do that? Well, on the back of energy stocks. And if we can get crude oil to break out above resistance, we may be able to see energy stocks go back and retest the high from back in October of 2022. Looking at the US market and just looking at some monthly charts here, we’re down on the month for the S&P 500 for the Nasdaq. But so far, they’re still having inside months. So no major breakdown yet, unlike semiconductors, which have broken down, and technology stocks. So when you take those two out of the equation, you can see that what led the market higher, is starting to break down. So semiconductors were down over five %. The technology sector as a whole was down a tick under two and a half %, both back on weekly sell signals. Now, the energy sector in the US was the best performing sector, just like in Canada.

Again, we may be able to see a move up to back to the highs from late 2022 if we can get crude oil to continue to move higher. Now, taking a look at technology stocks, not all of them have broken down just yet. Apple is on its second week of a sell signal, so no change in trend there. Amazon still holding on. It had the big pop. I didn’t think it was going to be able to move higher from where it popped, and so far that is the case. But we certainly don’t have a sell signal for Amazon. Meta still trading and closing above the upper channel line, so no change in trend there. Unlike Microsoft, which is back on a sell signal as of Friday’s close, Amazon having an inside week, no change in trend there. Big down week for Invidea, and that helped push the semiconductors lower. On Friday, we’re looking for a close below $400.06 to give us a sell signal for Invidea. Shopify on both sides of the border has been on a sell signal since last week, so second week of a sell signal for Shopify. And then looking at Tesla down 4.42 % holding just above the lower channel line, so looking for a close this coming Friday below $240.08. Now, keeping with the technology stock theme, we haven’t talked about the ARK Invest ETFs in a while, and the best performing one this year is the Internet or web-related ETF, which is currently up over 50%.

Still on a buy signal here. We’re looking for a close this coming Friday below 57.32. As one would expect, we ran into the Fly Paper Channel and stopped. We became overbought. We got the Market Thermometer Indicator up to a 10, and now we’re starting to pull back. I’ve said lots of nasty things about ARC. It’s all related to money management, not to their stock picking skills. I’d still keep track of the stocks they’re following. That is still a good thing. But from where we are right now, we still need to go up over 100 % to get back to where we started to break down below the weekly Fly Paper Channel. And then, of course, we can go back to the all time high. And that’s still 200 % away from where we are right now. So money management skills, zero; stock picking skills, probably a 10. The fintech is up over 47 %. Again, we’ve run into the Fly Paper Channel. We were overbought. Now we’re starting to pull back. Then the ARKInnovations ETF, their main ETF, barely got into the Fly Paper Channel. It is currently up over nearly 37 %. Again, we became overbought.

Now we’re pulling back. Looking at the industrial innovation, or this would be the robotics ETF, it started to break out or trade above the Fly Paper Channel, never broke away from it. I traded up to the previous high and found resistance there. We are starting to pull back, not by a lot. Then looking at the space ETF, up 18 % change so far this year. Then looking at the laggart of the bunch is the genomics ETF, which is just under 13% at the present time. Again, same story, ran into the Fly Paper Channel, started to pull back. Now we’re waiting to see how low we can go and to see if there’s any low risk buying opportunities that’s set up in the not so distant future. Let’s finish off looking at commodities and lumber. Nothing going on there. Inside week for lumber. Almost an inside week. Yeah, that’s an inside week for wheat. Wheat still is in the news all the time. There’s really nothing going on there. Copper pulled back. It is back on a sell signal as of Friday’s close. That’s not good for mining stocks. Then, of course, we had gold down $29.50 on the week, still holding the low from a couple of months ago.

Silver was down over 4% on the week. Remember, silver generated a bearish reversal signal a month ago and was not able to trade through it. Then looking at the energy sector, crude oil still stuck at resistance. Remember, ‘81.25 was the top of our projected trading range on the daily charts. Coming over to the weekly charts, ‘87.50 is our next target. If we can break away from ‘81.25, so far we have not been able to do that. Natural gas finishing the week up nearly seven and a half %. Hopefully, we can get some upward momentum to continue. And last up, we’re looking at natural gas. Natural gas up nearly seven and a half % this week sitting right on the upper channel line. Hopefully, we can get something going on here with natural gas, and that would certainly help quite a few of the energy stocks to continue to move higher from here. Okay, folks, that is all for this weekend’s presentation. Enjoy the rest of your weekend. Enjoy your week. The next time you’ll hear my voice to talk about the stock market is going to be next Sunday.

Stephen Whiteside
Sunday, August 13, 2023

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

Well, good morning, everyone. Welcome to Friday morning. It’s Stephen Whiteside here from theuptrend.com. In the premarket this morning, things are fairly quiet. Yesterday, we were waiting for CPI numbers. This morning, we were waiting for PPI numbers. Just like yesterday, the volatility will expand after those numbers come out. Yesterday was a rather wild day. We did have the Dow up over 400 points, and then it ended the day almost unchanged. You can see how wide the bar was for the VIX, and we were closed slightly lower yesterday. Looking for a close on Friday below 14:75, that would put us back on a bullish tone and we’d start looking for buying opportunities. As I’ve mentioned several times over the past month, I’m really looking for a breakout above the Fly Paper Channel. The market has had times of stress over the past six months in which we traded up into the Fly Paper Channel and quickly reversed. And that, of course, is bullish. If we can start breaking down and get a new sell signal for the VIX, that would certainly be bullish. If we start breaking out above the Fly Paper Channel, that, of course, would add to the bearishness.

Looking at the bond market, the 30-year bond had a wild day, traded right up to the upper channel line, then came right back down and closed below the lower channel line. We saw just as much volatility in the yield, and the yield came up, filled an open gap, and looks like it wants to go back up and retest the recent high. Of course, that’s not good for the stock market if that happens. A couple of stocks in the news yesterday, both Ford and GM were down sharply yesterday and made new lows for this move. Then we had Disney. Disney was the big winner on the DAO and the S&P 500 yesterday. Nice big update. I don’t think there’s much left to go on the upside for Disney. 93.75 is our first mathematical price target, and that’s where we topped out back in June. Just above that is the bottom of the open gap at 95.11. That is certainly a possibility that we go up and retest that area. You can see that Disney has been following the moving averages quite well. The 50 day moving average acted as a resistance here and here and now we’ve moved up to the 100 day.

Is the 200 day, is that going to be resistance? Well, it certainly was back in May. The 95.11 area is certainly a legitimate target to the upside and a legitimate area of resistance. Looking at what worked on the TSX, well, it was the Brookfields were the big winners on the TSX yesterday, followed by Shopify. Shopify can’t really notice what happened there, up nearly two and a half %. Of course, Shopify is a very volatile stock and had an inside day yesterday, so we’re really not going to notice yesterday’s price action unless we break out above the previous day’s range. What didn’t work on the TSX? Well, it was Canadian Tire, gapping sharply lower yesterday. Looking at the major ETFs that we follow, there’s the Dow Diamonds trading up through the upper channel line, then closing down at the lower channel line. Certainly, a possibility of a buy signal on Friday if the market wants to turn around. There’s the S&P 500 closing almost unchanged on the day. Similar situation for the Nasdaq-100. Probably the biggest headline from Thursday’s trading action, the SOX or the semiconductors making a new low for this move on Thursday. Looking at the TSX, it had a wild day traded up through the upper channel line, then closed just below where it opened.

I guess the big headline from the Canadian market on Thursday was we filled the open gap. Now we’re going to have to see how the market moves next. We certainly have a possibility of a buy signal on Friday, but also the fact that we filled the gap may be the last move to the upside at this point. What worked on the TSX? Well, it was Telecom. Stocks were the big winners. The big losers was healthcare. There’s only a couple of stocks in the healthcare index. When I first started, before I had the Uptrend, I had a website called Just Biotechs, and I think we had 40 Canadian biotechs that we were following at that time. All of those companies are basically gone. There’s just a couple left. The biggest stock by percentages from Thursday’s trading action was Tillray, which is down over eight and a half % on the day. Then, of course, the biggest company is Bausch, which was down two and a half %, making a new low for this move. Looking at commodities, we saw a small pullback in crude oil yesterday, small pullback in gasoline, and a bigger pullback in natural gas.

If you were trading natural gas, if you had an order in at 7:81, well, guess what? That got filled at 8:05. That was the opening price on Wednesday, and then we had a nice big pullback on Thursday. We’re still on a buy signal here that would change on Friday with a close below 7:10. Then looking at energy stocks on the TSX, very small pullback there, very small pullback in New York. So no change in trend for the energy sector. Looking at the precious metals, we had a gold move lower yesterday. Silver closed slightly higher on the day, but you wouldn’t really notice it. And then looking at the stocks, the GDX was up slightly yesterday. We had the XGD up slightly yesterday and the SIL, Silver Miners down slightly on Thursday. Let’s take a look at those most actively traded stocks. We’ll use the same list we used yesterday morning just for comparison, and we’ll start off by looking at the US most actives. Let’s do a little chart workshop this morning. For each symbol in our database, we have 15 charts. When you’re first investigating a symbol, you probably want to look at all 15 charts.

Start with the monthly, work through the seven weekly, and get to the seven daily and decide whether you want to trade this stock, invest in this stock, hold it for the long term, short term, whatever you want to do, you need to do that research ahead of time. Then when it’s in your portfolio, if you’re actively managing it, then you want to look at as few charts as possible because you don’t want to have analysis paralysis. I have a custom view that includes three charts for when I’m analyzing my particular portfolio. We start off with a Panic Zones chart. What we’re looking for is either low risk buying opportunities where the stock is at the bottom of the Panic Zones and a Pressure Zone is starting to form. Or in this case, the market is coming off an overbot situation, and we know it’s overbot when it trades up to the top of the Panic Zones. So that’s overbot. Then you’re looking for early warning signals, and that’s how most symbols look right now. They’re coming off the top of the Panic Zoness and you’ve got new early warning signals. And so when I bring up my portfolio, the first thing I’m going to do is just hit the down arrow key and walk through all of my stocks.

I’m going to spend a split second on each one because I’m looking for major changes. Here’s a stock that’s had a major change this week. Here’s the early warning signal. The chart started to turn red, which would have meant sell signal. Here’s where the first sell signal came in, or the most recent sell signal, excuse me. You would have sold there. If you shorted the stock, you would have shorted it at the open the next day. Otherwise, you’re out of this stock and now you’re watching it continue to move lower. Wednesday, we saw panic selling. Yesterday was an inside day. Two things have worked out here. We are below the bottom of the Panic Zones, so that’s panic selling. And we have a new Pressure Zone forming. Now, the third part of the equation, of course, is now we need to see money come back into this stock and for it to start to move back up. We’re certainly not seeing that on Friday morning. Now, to generate a buy signal on Friday, we’re looking for a close above 37.70. Since we had a huge gap down, we’re nowhere near that at the moment, but that upper channel line is going to continue to move lower daily.

So to get a new buy signal in this stock, unless something amazing happens like somebody offers to buy the company today, we’re not going to see any upward momentum that would be enough to generate a buy signal for some time. That may take several weeks, it may take a month. We’ll just have to wait and see or it may never happen. So maybe the stock is heading towards bankruptcy. I have no idea. It’s still a $30 stock, so people aren’t thinking that way at the moment. But what I can tell you is we made a high here, then we made a recently a lower high. We made a low here, and now we’re making a lower low. So I would expect that pattern of lower highs and lower lows to continue. Advanced micro devices, this one’s a little interesting and it’s one I follow, and so I’m not happy about it. But the stock is currently broken. Typically, you see selling and you get down to the bottom of the Panic Zoness and it pressures on forms and the stock starts to move back up. Of course, there’s no guarantee just how far the stock is going to move after you have a low risk buying opportunity.

For Advanced Micro Devices, we had a high here. We pulled back, Pressure Zone started to form. We were expecting it to move back up and retest the recent highs. The rally failed very quickly. Then we set up another opportunity where we should have moved up. That has failed so far. We’ve been treading water for the past month. That open gap was filled, but people still are sorry or have memories of that open gap. It’s acting as a magnet at the moment, even though it’s filled. It’s no longer an open gap. We looked at the pros in the public the other day, and they’ve been intertwined for weeks now. Nobody has any real conviction of where Advanced Micro Devices is going to go next. Lucid, nothing going on with this stock at the moment. Pen, interesting. We popped, ran up into the open gap and have pulled back. That looks like it was a one day event, not something I would have chased. We need to close on Friday below $25.01, and that’s probably likely to happen. We came down, looks like want to fill that gap. We may see a sell signal for Pen on Friday.

Tillray had a big up move. Hopefully, you’ve taken some money off the table on the way up, and now you’re watching it come back down. On Friday, we need to close in New York below $2.27, and that could happen. The stock has been very volatile over the past couple of days, so we’ll just have to wait and see. Then Amazon popped last week. It’s up through the top of the Panic Zoness. I said I wouldn’t chase it, and it hasn’t come back down to fill the gap yet, but I’m really not expecting it to be able to move past last week’s high anytime soon. Then if we go back up, there was no trend changes from Thursday’s trading action. We just continue to scan up till we get back up to Palantir. Fairly quiet trading day for Neo, still on a sell signal, no change there. Inside day on Thursday for Apple, no change there. Then looking at NVIDIA, we made a lower-low yesterday, certainly not as aggressive as the selling we saw on Wednesday. Rivian made a new low yesterday, no change there. Fairly quiet trading on Thursday for Tesla. Then looking at Palantir, fairly quiet trading for Palantir on Thursday with an inside day looking to see if we can hold the $15 level on Friday.

Next up, let’s walk through the TSX most actives, and we’re going to use the same list that we used yesterday morning. Now, as I mentioned earlier, we’re going to use the same stocks that we looked at yesterday morning. Again, I’m using a custom view of my portfolio here. You can create a custom view using any charts that you want. I just like to look at three. Remember, I’m managing a portfolio, I’m not doing analysis. This is just an example. We’re using the most actively traded stocks from Wednesday’s trading action. The first thing I’m looking for, of course, is an early warning signal. There’s only three charts in this particular view. Just hitting the right arrow key moves me through the charts for this particular symbol. And of course, hitting the down arrow key is going to take me from symbol to symbol. Looking at B2gold, there was the last early warning signal. Then the chart started to turn from blue to red. We are down at the bottom of the Panic Zoness, currently ranked as zero, and there’s a Pressure Zone forming. As you can see, the stock is not held in high regard at the moment.

The elongated Pressure Zone across the bottom of the screen tells us that the stock is broken. It’s making a series of lower highs and lower lows. Now, if you want to own this stock, well, we’ve got a ways to go. On Friday, we’re looking for a close above $4.47. That’s not likely to happen and that upper channel line is going to continue to move lower daily. Where is our next price target? 391 is our next price target. Now, as I continue to scroll down, what I’m looking for, of course, is new early warning signals. Close below the previous days low is not a healthy sign, but it is not a sell signal by itself. We’re just going to scan down. No new early warning signal for Crescent Point. We had an inside day yesterday. 11:33 was our next price target. Then if we continue to move higher, the top of our projected trading range is 11.72. There’s Manulife. We’re back on a buy signal as of Thursday’s close. If we can get out above resistance, that would be 26.56. This is not a trade I’d be that interested in taking. We’re already up at the top of the Panic Zoness.

We’re coming up to resistance at 26.56. That held us in check last couple of weeks ago. It also held us in check back in April, so that’s a major area of resistance. Not sure we’re going to be able to get through it in the month of August. If we were coming into this and the overall market momentum was up, if the VIX was on a sell signal, I’d be more bullish about some of these opportunities. But when you look at manual life, we’re already up at the top of the Panic Zones. So not something I would want to chase. Again, no new early warning signal. Canadian Natural Resources currently ranked at 10, very quiet trading yesterday. Our next price target is $84.38. Then looking at Athabasca, there’s a new early warning signal up there. We made a high, had a pullback yesterday, so looking for a close below $3.51 on Friday, not expecting that to happen. We were trying to get up to 391. So far, we have not been able to do so. Then, that tillray has pulled back over the past couple of days, so hopefully, you’ve been able to lock in some profits along the way.

We’ve had two early warning signals recently and it looks like we want to pull back. There’s an open gap way down here and there’s no indication. We’re going to head back down to that level at this particular time. On Friday, we’re looking for a close below $3.01 to give us a sell signal for till rate. Then let’s finish off with Enbridge. It’s the second day of a buy signal here, so not expecting to be able to break out above $50. That acted as resistance back in July, and I would expect that to continue to act as resistance going forward. Okay, folks, that’s all for this morning’s presentation. Ppi numbers just came out. They were a little hotter than expected. Stock index futures first reaction is to the downside, but not by much. Dao future is currently down 50 points, so not a lot of reaction from the numbers so far. But just like yesterday, we’re expecting volatility to expand throughout the day. Enjoy the rest of your Friday. Enjoy your weekend. Next time you’ll hear my voices on Sunday. Next week, I won’t be doing any premarket videos. I will be working on some new tutorials, and we won’t be posting those publicly.

Again, enjoy the rest of your day, and we’ll talk to you again on Sunday.

Stephen Whiteside
Friday, August 11, 2023

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

Well, happy Thursday everyone. It’s Stephen Whiteside here from the uptrend.com in the pre market this morning. Stock index futures are trading above fair value. They’ve been above fair value since after the close on Wednesday night.

The VIX pulled back slightly yesterday, closing just below the upper channel line, looking for a close on Thursday below $14.65. I’m making this video ahead of the CPI numbers which come out at 830 this morning, and then we have PPI numbers coming out on Friday, so both of those numbers could certainly cause volatility to expand dramatically. The Dow has been holding up fairly well over the last week. No major sell off there. The Pros are still in control, unlike the S and P 500, which made a new closing low for this move on Thursday.

Didn’t close below the previous day’s low. The Pros are just starting to give up control. The Nasdaq on the other hand, did close below the previous day’s low, making a new low for this move and the Pros are giving up control. Now. The TSX is interesting.

We’ve been on a sell signal for a week now and have traded up back up to the lower channel line on Wednesday. And the Pros are still in control here. So looks like investors are a little more optimistic on the Canadian market than the daily charts would give it credit for. Let’s take a quick scan of the ten most actively traded US stocks from Wednesday’s trading action. Now this list is filled with a lot of technology related stocks and of course they’re not looking well at the moment there’s.

Palantir down a little over 10% on the day. We had Tesla making a new low for this move, down a tick over 3%. Then Rivian was down nearly 10%. Big down move for Nvidia, down nearly 5% on the day. So finally breaking down Apple, no joy there.

Then looking at Nio, we’re back on a sell signal as of Wednesday’s close. Then looking at Roblox, we are down nearly 22% on the day. The Pros gave up control on this stock a few weeks ago. Compare that to Advanced Micro Devices. We’ve been treading water here for a month now and you can see that the pros and the public are intertwined, so they really don’t know which way the stock is going to go next.

Then Lucid traded up through the upper channel line yesterday, did not close above it, so still waiting for a buy signal there. Penn Entertainment on the other hand, had a big pop yesterday. Gambling stock, you can see it traded up into the open gap and pulled back. Not something I would chase then Tilray Tilray’s been on a buy signal for a couple of weeks now. Inside day on Wednesday.

Then Amazon. Amazon popped last week. I said I wasn’t going to chase it. It’s slowly starting to pull back. Let’s finish off today’s presentation.

Taking a look at the TSX most actives from Wednesday’s trading action. The New York list that we just looked at did not contain any commodity related stocks, but the TSX list certainly does. Starting off with Suncor making a new high for this move. B2 Gold making a new low, then Baytex making a new high, new high for Cenovus , new high for Crescent Point. Then we had Manualife traded back in the channel.

Once again, did not close above the upper channel line, looking for a close on Thursday above $26.13. Then Tourmaline making a new high for this move, new high for Canadian Natural Resources. Then we had a new high for Athabasca Oil Sands pulled back close slightly lower on the day. Then Tilray also pulled back a bit inside day for Tilray after making a new high on Tuesday. Okay, folks, that’s all for this morning’s presentation.

Obviously, we have to get through these inflation numbers on Thursday and Friday. The markets are up in the pre market this morning. Dow up 160 points. The market’s being led higher by the Nasdaq, which is up 1% at the moment. And so we’ll just have to see how the market reacts to these numbers.

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

Stephen Whiteside
Thursday, August 10, 2023