Stock Market Timing 09222023

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. Well, in Thursday’s trading action, not only did we get a Tesla sell signal, we also got a Meta sell signal. On Thursday, we saw a big spike in the VIX. We also saw the US dollar make a new high, and we saw all the bond yields pop yesterday. That’s probably not good for the economy and possibly not good for the stock market either. We’ll just have to wait and see. The DOW has traded back down to the August lows, unlike the S&P 500, which broke through them yesterday. Our next mathematical target is 421.88. Then the Nasdaq is holding up a little better, still trading above the August lows, unlike the semiconductors, which broke down a few days ago, the iShares for the Russell 2000, microcap stocks all well below those August lows. Then looking at the TSX, the iShares for the TSX 60 were down sharply, one of the biggest drops we’ve seen in a long time for the TSX on Thursday. We’ve got financials that rolled over. One of the biggest reasons the TSX was down sharply yesterday, energy stocks, second day of a sell signal, and then gold stocks traded down to the lower channel line but did not generate a sell signal just yet.

Next up, let’s take a look at the TSX most actives and a whole bunch of new sell signals here, including for TC Energy, which joins Canadian Natural Resources, which has been on a sell signal for over a week now. Then PowerCorp came down and generated a sell signal. Not a stock we usually see at the top of the most active list, but notice the lower high here. That’s a bear sign going forward. Cenovus, a second day of a sell signal for Cenovus . TD Bank came down hard back on a sell signal. Lundin Mining has been on a sell signal all week. Then we’ve got Suncor back on a sell signal as of Thursday’s close. Then Bank of Nova Scotia came down hard yesterday back on a sell signal. We’ve got Manulife Financial back on a sell signal. I was talking about how well the insurance companies have done over the past month, and that has come to an end as of Thursday’s close. Pembina Pipeline down hard yesterday. It looks like it came down a lot, but it’s only 1.82 %. It’s just the way this particular stock trades that makes it look like it was a huge move down, but in percentage terms, not too bad.

Unlike Air Canada, which was down another 2.34 %, so Air Canada has been on a sell signal since the middle of July. Let’s finish off this morning’s presentation, taking a look at the most actively traded US stocks from Thursday’s trading action, starting with Tesla. Tesla back on a sell signal as of Thursday’s close, joining Palantir, which traded down to the August lows yesterday. Then we had a big gap down for Amazon, which has now filled the open gap from early August, and at the same time creating a new gap that we’ll have to deal with on the way back up. Apple moved lower yesterday, still on a sell signal here, trading slightly higher in the premarket this morning. Then a new low for Advanced Micro Devices and a very bearish chart. Since we peaked back in June, we’ve made a series of lower highs. And so that is, of course, a very bearish chart pattern. NIO has been on a sell signal since early August. No change there. A fairly quiet day for Intel yesterday compared to a lot of other stocks. Nvidia made a new low for this move, still holding on to the August lows.

If those break, then 375 would be our next target. Then 375 would take us down to the top of an open gap, and the bottom of that gap is down here, the 3.12.50 area. That would be quite a move down for not only NVIDIA, butfor the overall stock market, if that were to happen. Ford is back on a sell signal as of Thursday’s close. And then one of the DAO components, Cisco, gapping sharply lower yesterday. And of course, we filled a gap yesterday so that is no longer in play and we can continue to move lower from here on Friday. Then American Airlines, just like Air Canada, has had a rough couple of months. This sell signal started back in July. And then last up, we’re looking at Meta. Meta is back on a sell signal, joining the rest of its big cap tech stock brothers. And we’re all back on the sell signal as of Thursday’s close. Okay, folks, that is all for this morning’s presentation. Have a great day. Next time you’ll hear my voice is on Monday morning.

Stephen Whiteside
Friday, September 22, 2023

Stock Market Timing 09212023

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

Good morning, everyone, and welcome to Thursday morning. It’s Stephen Whiteside here from theuptrend.com. Well, the futures are trading lower this morning and markets are down around the world. We are expecting some selling at the open on Thursday morning. Now, the VIX popped yesterday. It had a wild day. It traded down to the lower channel line and then closed above the previous day’s high, giving us a buy signal. That, of course, is not good for the stock market going forward. Now, gold popped yesterday, but unfortunately, while it was up over $13 yesterday, it’s down over $24 in the premarket. And that’s also true for silver. Now, gold came into yesterday on a buy signal, unlike silver, which ended the day on a buy signal. And of course, if you’re going to trade silver, you’re going to ignore that buy signal and wait for the next close above the upper channel line based on what we’re seeing in the premarket this morning. Now, sticking with commodities, we saw crude oil pull back yesterday. It is down again in the premarket this morning. So looking at the USO, we need a close below 79.08 on Thursday to give us a sell signal.

That would join gasoline, which ended Wednesday on a sell signal. And we’ve got natural gas sitting right on the lower channel line. So any lower close today would generate a sell signal for natural gas. Looking at the major stock market indices, we’ve got the S&P 500 and the Nasdaq 100 both making new lows for this move, joining the semiconductors, which also made a new low for this move. And as we mentioned earlier, the semiconductors have broken down below the August lows. Looking at the iShares for the TSX60, we’re back on a cell signal as of Wednesday’s close. So that was a quick up and down move. And then looking at what’s really been working lately, and that’s the insurance sector. And that is true on both sides of the border. Whether you’re looking at the Great West Life or Manulife or Sun Life, they’re all still doing very well. And then looking at AIG on New York. Then we’ve got Chubb, then MetLife, all examples of insurance companies doing well at the moment. So this is certainly not the time and place to be buying insurance stocks. If you’ve been trading them higher, of course, you want to make sure you’ve locked in some profits because it looks like we’re probably coming to the end of this move for the insurance sector.

What didn’t work yesterday? Well, on the TSX-60, the big loser was Shopify. On the TSX, it was Newvy. On the Dow 30 and the Nasdaq-100, it was Intel. Then on the Nasdaq-100 right behind Intel, we had Google back on a sell signal as of Thursday’s close. The big loser on the S&P 500 was Zebra Technologies. Let’s finish off this morning’s presentation, taking a look at some of those big cap tech stocks we’ve been following. Apple had a big reversal day on Wednesday. It is trading lower in the premarket this morning, so no change in trend there. No change in trend for Microsoft. The big down day on Wednesday. Then looking at NVIDIA, new closing low for this move for nVidIA, we’re not too far away from retesting the August low. Then we’ve got to Meta still on a buy signal. That would change on Thursday with a close below 298.68. And then last up, we’re looking at Tesla. Tesla is still on a buy signal. That would change on Thursday with a close below 260.44, and we are trading below that level in the premarket this morning. Okay, folks, that is all for this morning’s presentation.

So far, the market looks like it wants to do some selling at the open on Thursday morning, but we do have some economic numbers coming out at 8:30, including jobless claims, which could certainly change the direction of the market before it opens at 9:30. Now have a great Thursday, folks. Next time you’re going to hear my voice is on Friday morning.

Stephen Whiteside
Thursday, September 21, 2023

Stock Market Timing 09202023

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. In the premarket this morning, stock index futures are fairly quiet. They’re slightly above fair value. Commodities are mixed. Not a lot of movements in the premarket this morning. We are waiting for the Fed announcement this afternoon, and that’s when we expect volatility to expand dramatically. Now, we are focused on Amazon generating a sell signal. It’s just another one of the big cap tech stocks that are starting to roll over. Of course, this all started a couple of weeks ago when Apple fell out of the sky. Apple is still on a sell signal. That would change on Wednesday with a close above $180.02. So far in the premarket, Apple is down about 50 cents last time I checked. So certainly, there’s no direction in the premarket this morning. Now, Apple is part of the Dow 30. The Dow rolled over yesterday, and it is back on a sell signal. So if we look at the rest of the tech stocks in the DOW, you can see that Salesforce coming into today already on a sell signal. That is also true for Cisco.

Ibm has been on a sell signal for a few days now. Then we’ve got Intel joining the party with Amazon rolling over on Tuesday. Now looking at some of the other big tech stocks, we’ve got Microsoft on a sell signal right now. We’ve got Netflix on a sell signal. We’ve got NVIDIA still on a sell signal, having an inside day on Tuesday. Then we talked about Shopify yesterday rolling over. It continued to move lower and that put some downward pressure on the TSX on Tuesday. Now we still have a handful of big cap tech stocks that are still on buy signals right now, including Alphabet, which made a new high on Monday and pulled back slightly on Tuesday. Now we do have Meta and Tesla both trading in the channel right now. If we generate sell signals this week, that would give us a lower high for both of those stocks, which, of course, is a bearish chart pattern. You’ll notice on Tesla, we’ve got an open gap there that is currently acting as support, and we’ll have to see if that continues to hold. Now, yesterday, I talked about the tail of two markets. We’ve got the Canadian market trying to punch through summer highs while the US market is trying to hold summer lows.

Looking at the iShares for the TSX-60, it looks like resistance at 31.25 is held us in check. Now we’re coming down sharply. We’ve filled that open gap and it looks like we want to continue to go lower here. We need to close on Wednesday below $30.67 for the iShares for the TSX60. Now last week when this popped, I said I wasn’t that confident in this move because the market was being led higher by very defensive sectors, which don’t usually lead the market anywhere. But that’s what happened last week. And yesterday, it wasn’t just tech stocks that pulled us back. We saw gold stocks trade back in the channel and we saw energy stocks trade down to the lower channel line. In both cases, we’re still on buy signals coming into Wednesday’s trading action, but that could certainly change on Wednesday. Now, looking at the US market, the Dow rolled over yesterday. It is back on a sell signal as of Tuesday’s close. It looks like we put in a lower high last week and we’re a day or two away from retesting the summer lows, unlike the S&P 500 or the Nasdaq 100, which are both already on sell signals and certainly well above their August lows.

Now, when you look at the rest of the US market, it doesn’t look as pretty. We’ve got the iShares for the Russell 2000 dipping below the August lows. That is no longer an important level of support. You can see the August lows broke a while ago for the microcap sector, Semiconductors, and the DOW Transports. Now, Wednesday is going to be all about bond yields. We saw bond yields move up on Tuesday for the five-year, and the 10 year, and the 30 year. Of course, the 30 year holding back a bit. It’s the shorter term yields that are moving up faster than the longer term yields at the moment. It’ll be interesting to see how the market reacts to the Fed meeting this afternoon. Let’s finish off looking at commodities. We’ve got copper back below the lower channel line. We traded through the upper channel line for two days but did not catch a buy signal. Unlike the price of gold, which is still on a buy signal, so it ended the day just up 30 cents, so not a lot of enthusiasm for gold right now. Silver traded up to the upper channel line before closing lower on the day.

On Wednesday, we’re looking for a close above 23.70 to give us a buy signal for silver. Then Crudol made a new high yesterday before reversing, and it reversed off our next price target of 90.63, got as high as 90.75 before pulling back. We’re still on a buy signal here, not concerned about a sell signal on Wednesday. Then looking at natural gas, we’re looking for a close on Wednesday above $3.05. You can see that 293 is acting as support. Looks like we’re putting in a nice base there, and wouldn’t be surprised if we could get things started and take another run at the summer highs over the next few weeks. Let’s finish off looking at the VIX. And the VIX traded through the Upper channel line for the second day in a row, but did not close above it. So on Wednesday, we’re looking for a close above $14.59 to give us a buy signal. We’re finding support here just above the 12.50 level, and we’ve got resistance at 18.75. In the month of August, we did trade through the top of the fly paper channel, but we didn’t break away from it. We found resistance at the 200-day moving average.

If the market is going to have a major correction in September or October, we need the VIX to start trading above that 200-day moving average, and we’re not expecting that to happen on Wednesday. Okay, folks, that is all for this morning’s presentation. Stock index futures are where I left them when I started the presentation. Looking for volatility to expand dramatically after 2:30 this afternoon. Enjoy the rest of your day. Next time you’ll hear my voice is on Thursday morning.

Stephen Whiteside
Wednesday, September 20, 2023

Stock Market Timing 09192023

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

Good morning, everyone, and welcome to Tuesday Morning. It’s Stephen Whiteside here from theuptrend.com. In the pre market this morning, stock index futures are slightly above fair value. It should be a fairly quiet day. This is the first day of the two day Fed meeting and we expect volatility to expand dramatically after 02:00 P.m.

Wednesday afternoon. Now, the VIX traded up to the upper channel line yesterday, but closed near the low of the day. Looking for a close on Tuesday above $14.61. The Dow closed up by a penny yesterday and still on a buy signal here, while the S&P 500 and the Nasdaq 100 are still on sell signals. Now, this really is a tale of two markets as the US market is trying to hold on to the summer lows.

We can see that in the Ishares for the Russell 2000, but that is not true for the Ishares for the micro cap sector that has already broken through the summer lows. Trying to find support back at the lows from May. Then looking at semiconductors, you can see we’re barely holding on to the August lows here. That is also true for the regional banks and banks themselves, while the retail stocks are starting to slip below the August lows. Then looking at the Canadian market, we’re trying to punch through the summer highs and so far we’re stuck at resistance.

That’s also true for the TSX 60. So we saw pullbacks in both of those yesterday. We saw a pullback in mid cap and small cap stocks. And as you can easily see here, we put in a lower high, a lower high. And now we’re going to see if we start to put in lower lows.

That would be bearish. And the venture exchange, which is on a buy signal since last Thursday, was up slightly on the day on Monday. Then looking at what didn’t work yesterday on the TSX, it was the infotech sector rolled over and it was led lower by Shopify. So Shopify had a nice pop. We were buyers there.

We sold half our position here, another half here, and now we’re left with the remaining position and we’re going to get kicked out today at the open and we’re still going to get kicked out with a profit on this trade. Next up, let’s take a look at commodity prices. And we’ve got one trend change from Monday’s trading action. The USO made a new high yesterday. We saw gasoline pull back for the second day in a row.

Still on a buy signal here. We had natural gas move up yesterday. Still on a buy signal. No change there. Now we have the GLD back on a buy signal as of Monday’s close.

Joining Palladium and Platinum already on buy signals, still waiting for Silver. And you can see there’s a nice gap just above us that could hold us in check. Otherwise we’re looking for a close for the SLV above 21.41 on Tuesday to give us a buy signal. And then Copper pulled back yesterday. Copper is still on a sell signal.

No change there. Moving on, let’s take a look at the TSX most active, starting with the TC Energy, which had a bearish reversal day yesterday. Then we had an inside day for Suncor. Then Canadian Natural Resources. Still on a sell signal here.

Looking for a close on Tuesday above 87.61. Then looking at manual. Life Manulife had an inside day. We’re stuck at Resistance at 26.17. Our next target is 26.56.

And if you go to the weekly chart, you can see that that is also a weekly target. And that is where we peaked back at the start of 2023. Then looking at the TD Bank, a small pullback there, trying to get over 84.38. Then looking at CIBC, we’re trying to break out above the high from late August. So far, we’ve been unable to do that.

Then Denison Mines made a new closing high yesterday. Then Tilray had a big pullback. You’ll also see that in the US. Market. And then we’ve got Air Canada making a new low for this move on Monday.

Let’s finish off today’s presentation. Looking at the most actively traded US. Stocks, starting with Tesla. Tesla traded back into the Channel yesterday. A close below $258.08 would give us a sell signal on Tuesday.

Apple moved up yesterday. We’ve got a nice open gap there on our way to a buy signal. We are looking for a close on Tuesday above $180.39. Tilray rolled over yesterday, just like on the TSX. So we’re back on a sell signal as of Monday’s close.

Advanced Micro Devices bouncing off the August lows, closing slightly higher on the day. No change in trend. No change in trend for Nvidia, which closed up $0.66 yesterday, making a big reversal day, but not closing above the previous day’s high. Then looking at Ford back in the Channel, looking for a close below $12.20 on Tuesday to give us a sell signal. For Amazon,

we would need a close below 138.34. Then we’ve got Marathon closing just down $0.01 on the day. No change in trend there. Then Palantir still treading water here. Looking for a close below $15.11 on Tuesday.

And then a big reversal. Big loser on the Dow on Monday was American Express. Looking for a close on Tuesday below 158.61. Then we saw a new low for Boeing. And we saw a new low for this move for Home Depot.

Starting to break down below the August lows. Okay, folks, that is all for this morning’s presentation. Not looking for a lot of excitement on Tuesday. Of course, the excitement will all begin after 02:00 P.m. Wednesday afternoon.

Have a great day. Next time you’ll hear my voice is on Wednesday morning.

Stephen Whiteside
Tuesday, September 19, 2023

Stock Market Trends- 09182023

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

Good morning, everyone. Welcome to Monday morning. It’s Stephen Whiteside here from theuptrend.com. Well, last week was an interesting week. It turned out to be an inside week of the previous week, which was also an inside week. So two inside weeks in a row for the S&P 500 and for the Nasdaq 100. Price activity contracted last week and we’re looking for a breakout of not last week’s high or low or the previous weeks, but we have to go back three weeks and we’re looking for a breakout or a breakdown of that bar to tell us which way the market wants to go next. An inside week, just like an inside day is a pause. It’s a time of indecision where the market really doesn’t know where it wants to go next. It’s looking for a clue and that clue may come this week from the Fed, which meets on Tuesday. Then, of course, the announcement comes out on Wednesday. Now, the commodities, on the other hand, helped the TSX move up. It was up five days in a row last week and traded right back up to previous resistance. You can see that this level has held us in check all year.

We were able to trade a slightly above it back in the start of the year and we’re going to be looking to see if we can take out the early 2023 highs and that would open up a move up to 21,250 on the TSX. Looking at the VIX, it was down slightly on the week. It’s still on a weekly sell signal that is supportive for the market going higher on a long term basis. That would change this coming Friday if the VIX were to close above $16.70. Now, if you’re trading the market on Monday, we’re looking for the VIX to close above $14.67. It made a new low on Friday, then it reversed and closed higher on the day back in the channel. We did see some selling in the U. S. Markets on Friday. Now, if the stock market is going to have a major correction in September or October, as these are seasonally weak times for the stock market historically. We’re going to need to see the VIX start breaking out above the 200 day moving average. That’s what held us in check back in August. So far, we’re nowhere near that level.

We’re still trading below the 100 and 50-day moving averages. The options market is not overly concerned about the stock market going forward at this time. Now, what might not be good for the stock market right now is the US dollar index continues to move higher. We also saw bond yields move up last week. That open gap is not holding us in check any longer. We are now trading above it. The trend for bond yields and interest rates is still pointing higher. Now everybody’s expecting the Fed to pause. I’m not sure they should given the fact that inflation is still out of control for a lot of people. Of course, their models do not directly reflect how the consumers have to deal with inflation. But we saw crude oil continue to move up last week up another three and nearly a half %, 3.45 % on the week. We’re continuing to move higher on crude oil. Now, the price of gold also moved up last week, just $3.50, but that was enough to help the Canadian stock market. We also saw the price of silver, which reversed on the week, had a bullish reversal week and closed higher on the week.

So both of those commodities helped the Canadian stock market moved higher. Now, speaking of inflation, we saw cattle, live cattle make a new high last week. We also saw a new high for cocoa. We also saw a new high for frozen orange juice and for the price of sugar. So it’s pretty obvious that some commodity traders haven’t got the memo from the Fed to help fight inflation. Now, on the other hand, we traders have been very supportive of the Fed and we made a new loaf for wheat on Friday. Remember when Russia invaded Ukraine, the price of wheat popped dramatically as the world was concerned about the global wheat market being disrupted by the war in Ukraine. All of those fears have seemed to have dissipated and not really an issue at the moment. Now looking at the seasonality chart for the S&P 500, you can see that we historically peak in the middle of the month and sell off going into the end of the month. Did that start on Friday? Well, only time will tell. This week may start out quiet, but it may end rather violently, either to the upside or to the downside, depending on what the Fed does on Wednesday.

Now what didn’t work last week? Well, in the US market, it was home builders back on a weekly sell signal. We had Biotechs down last week, so they’ve been on a sell signal for a few months now. Semiconductors have been on a sell signal for over a month. Then we’ve got industrials on the second week of a sell signal for industrials. What worked? Well, in the Canadian market, it was base metals were up nicely followed by marijuana stocks. Marijuana stocks is not a big component of the Canadian stock market. And then we’ve got utilities up nicely, almost trading up to the upper channel line. So we don’t have far to go to generate a weekly buy signal for utilities. And then we’ve got information technology, which was up just under one % on the week. Now looking at the energy sector, energy stocks on this side of the border moved up last week. We’re stuck here, trapped, holding on to the 17.19 level. We’re trying to break out above the high from early 2022. That’s holding us in check right now. If we can start breaking out above that high, then 18.75 comes into play for the XEG.

Now looking at the XLE in New York, we did make a new high for this move last week before pulling back, just four cents. We’re trying to break through the 93.75 level, which is held us in check for in 2022. We got as high as 93.69. So getting pretty close to that 93.75 level, if we can take that out, then $100 does come into play or resistance could do what it’s supposed to do, which is hold us in check. This might be the time and place where energy stocks start to top out. Let’s finish off today’s presentation looking at some numbers for Monday. We’ve already looked at the VIX. The iShares for the TSX is up five days in a row last week. We need a close blow of $30.56 on Monday. Not expecting that to happen, of course, and that lower channel is going to continue to move higher daily. Well, where did we end the day on Friday? Well, our next price target was $31.25, and we closed at $31.25. Now, if we can move higher from here, then 31.64 is our next price target. Now, the S&P 500 ended Friday on a sell signal.

And so we’re coming into Monday with a new sell signal for the S&P 500. Things would change on Monday with a close above $448.51 for the SPY. In the premarket this morning, we are trading lower. Looking at our price targets, you can see that 453.13 held us in check in the month of August, and now we’re going to look to see if 437.50 can act as support in the month of September. Then looking at the Nasdaq-100, the Triple Qs ended Friday on a sell signal looking for a close on Monday above 376.23. Not expecting that to happen from what we’re seeing in the premarket this morning. Now we’re starting to move down from 375. We haven’t really broken away from it just yet. The high on Friday was 376.32, so we haven’t broken away. If we start to break down below the previous week’s low, then 359.38 would be our next target to the downside for the triple queues. Then looking at semiconductor, semiconductors are starting to close just below the $200 level. If we take out the August lows, then 187.50 is our next price target for the semiconductor ETF, which is the XSD.

Okay, folks, that is all for this morning’s presentation, expecting to see a little selling at the open at the same time. Commodity prices are moving up slightly on Monday morning. Have a great day. Next time you’ll hear my voice is on Tuesday morning.

Stephen Whiteside
Monday, September 18, 2023

Stock Market Trends- 09152023

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

Hello, everyone, and welcome to Friday morning. It’s Stephen Whiteside here from theuptrend.com. In the premarket this morning, stock index futures and commodities are trading above fair value. So far, it looks like we’re going to see some buying at the open at 9:30 Friday morning. Now, today is a quadruple witching day, which means the stock index futures and options expire today for the month of September. This happens once a quarter where everything lines up on the same day. It used to be a huge event back in the 90s, but since a lot of traders got caught on the wrong side of this day, they’ve learned to unwind their positions ahead of today’s event. It is happening. It is an event, but it’s not as big an event as it used to be back in the 90s. Now, so far this week, we are still trading within last week’s range for the S&P 500 and for the NASDAQ. That means that if we end this week within the range, that this will be the second inside week in a row. Overall price action has been contracting over the past couple of weeks, which when volatility contracts, and we’re talking about price volatility, not options pricing, but when price volatility contracts, it will expand at some point and we’ll have to wait and see whether it expands to the upside or to the downside.

Now looking at options pricing, we can see the VIX has made a new low yesterday and the upper channel line has also moved lower. And so on Friday, we’re looking for a close on the VIX above $14.81 to give us a buy signal. And if that were to happen, that would be very negative for the stock market. But so far, it does not look like that’s going to happen on Friday. Now we’ve got the major US auto companies in the news this morning due to strike action. And there’s a Ford on a buy signal coming into Friday. General Motors is also on a buy signal. As you can see, the market wants Ford more than they want GM right now. Now, compare those two charts to their Japanese counterparts, whether we’re looking at Honda or Toyota, it’s a totally different world. Then, of course, we’ve got Tesla. Tesla made a new closing high for this move on Thursday. Now the world is still focused on inflation and crude oil is still not helping with crude oil making a new high once again on Thursday. That helped energy stocks move up on both sides of the border.

On the TSX, it was a Tamarack. On the US, Diamondback Energy had a great day making a new high for this move. Looking at the iShares for the TSX 60, they popped yesterday and ran right up and made a new closing high for this move. 31.25, of course, is resistance for the iShares for the TSX60. Now, the big move that we saw yesterday was led by real estate, which is rather unusual. That doesn’t happen very often, followed by industrial materials, and then utilities. Utilities, of course, is a defensive play. Then we see energy down the bottom there. Everything was up yesterday, which is also something unusual, but that’s exactly what happened. There’s real estate popping. Not only was it a big day, but the sector is back on a buy signal, being led higher on Thursday by Interrent, which actually traded out and closed above the July highs, which is a bullish sign. Then looking at industrial, which also popped and is also back on a buy signal, and that sector was led higher by Ballard Power. Then in the materials world, it was Mag Silver was the big winner on Thursday. Now, what happened yesterday to the commodity stocks didn’t really reflect what the commodities were actually doing.

Their silver making a new low yesterday before coming back up to the $23 level. You can see that gold made a new low for this move yesterday before coming back and closing slightly higher on the day. It is trading higher in the premarket this morning. Now looking at the gold and silver stocks, the GDX is back on a buy signal as of Thursday’s close, while the XGD is still waiting for close above $17.08. Then looking at the SIL, we’re looking for a close on Friday above $25.81. Then looking at the DAO, it is back on a buy signal as of Thursday’s close, joining the S&P 500 and the Nasdaq still on buy signals. Both are still waiting to take out the recent highs. And then looking at the semiconductors, chips traded back into the channel on Thursday. There’s an open gap to get through. And then we’re looking for a close above 207.64 on Friday to give us a buy signal. Now, Apple still on a sell signal, no change in trend there, and then no change in trend for NVIDIA, still on a sell signal closing slightly higher on Thursday. Now, what worked in the US?

Well, just like in Canada, it was real estate followed by utilities and then materials. Those were the big winners. For real estate, we are back on a buy signal as of Thursday’s close. The big winner was Boston Properties, still not on a buy signal. We need to close above 66:65 on Friday to give us a buy signal there. Then looking at utilities, what we’re on our fourth day of a buy signal for utilities and the big winner on Thursday was Consolidated Edison. Then looking at materials, we are back on a buy signal as of Thursday’s close. The big winner there was Mosaic, which is also back on a buy signal as of Thursday’s close. Okay, folks, that’s all for this morning’s presentation. Have a great day. Have a great weekend. I will not be doing a presentation over the weekend. Next time you’ll hear my voice is on Monday morning.

Stephen Whiteside
Friday, September 15, 2023

Stock Market Trends- 09142023

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

Good morning, everyone, and welcome to Thursday morning. It’s Stephen Whiteside here from theuptrend.com. I’m recording this video ahead of all the economic numbers that are coming out at 8:30 this morning. We’ve got inflation with PPI numbers, we’ve got retail sales, and jobless claims all coming out at 8:30. Ahead of those economic numbers coming out, stock index futures are positive. We’ve got crude oil and natural gas trading higher, while gold is slightly lower ahead of the economic numbers. Now, the VIX closed lower yesterday still in a downtrend that is supportive for higher stock prices. Looking for a close above $14.97, so our upper channel line has finally broken the $15 level. Looking at the currencies, the US dollar index was basically unchanged yesterday, still on a buy signal. The euro was unchanged on the day. Then looking at bond yields, we saw them pull back from recent highs on Wednesday, still on a buy signal here for the five-year, 10-year, and the 30-year. It looks like the open gap is holding the 30-year in check. Moving from bond yields to commodities, the price of gold slipped yesterday. It’s slipping an equivalent amount this morning ahead of the economic numbers.

We’ve got the price of silver making a new low, bouncing off $23 on Wednesday. While silver made a new low, crude oil made a new high before pulling back slightly, stuck here at $87.50, and then natural gas had an inside day closing slightly lower on the day. Then looking at the TSX, the iShares for the TSX60 generated a buy signal yesterday. It’s got to be one of the weakest buy signals. The market was actually led higher by consumer staples and utilities. And those are two very defensive sectors. So it’s bizarre to see the TSX generate a new buy signal based on movements in those two sectors. Looking at the Dow, no change in trends still on a sell signal. S&P 500 still on a buy signal. Nasdaq still on a buy signal. And as you can see, the market is not trending at the moment. On the other side of the coin, we’ve got the semiconductors closing down just a couple of pennies on Wednesday, so no change in trend for semiconductors. Next up, let’s take a look at the US most active from Wednesday’s trading action. Tesla had an inside day, no change in trend there trying to get up over 281.25. You can see we peaked above that level in July.

That will be a major target. But there’s an open gap between where we are and where the high was from July. We’ll have to see how the market handles that. Then a stock I’ve never looked at before, Grab Holdings actually rolled over and generated a sell signal yesterday. Then looking at Apple, new closing low for Apple for this move, still on a sell signal, of course. We’re closing below 175, haven’t last week’s low. You can see the August low is just below there. We’re one day away from retesting the August low. If that breaks, then 168.75 is our next target. Ford made a new high for this little move here and the reverse, so bearish reversal day for Ford. Then looking at Amazon, new 52 week high for Amazon. Then we’re looking at American Airlines, new low for American Airlines, gapping lower. Advanced Micro Devices, not trending at the moment. It’s still on a buy signal here, but any movement, any close below yesterday’s low would give us a sell signal on Thursday. Then looking at NVIDIA, still on a sell signal, no change there. No change for AMC, still struggling down here at the lows.

Then we’ve got Bank of America, second day of a buy signal with a pullback on Wednesday. Then looking at NIO, still on a sell signal, that would change on Thursday with a close above $10.75. Looking at the TSX most active, starting with Enbridge, Enbridge trading up into the channel, a close above 46.79 would give us a new buy signal on Thursday. Then TC Energy, still on a buy signal. No change in trend, no real trend at all. Then looking at Suncor, still on a buy signal, no change there. Then we got the TD Bank back on a buy signal as of Wednesday’s close. Then looking at Canadian Natural Resources, still on a sell signal, that would change on Thursday with a close above $88.36. Then big down day for Birchcliff just fell out of the sky yesterday. If you were trading this stock, if we go back in time, our targets were 8.20, 8.40, and 8.59, we hit those three targets. You had lots of time to take money off the table. What do you know? We came right down and bounced off the 8.01 level, and that was our low of the day yesterday.

8.01 was the target, and that’s what we hit on the way down. Then looking at the Baytek, still on a buy signal, no change there. Then no change for Crescent Point, we’re still on a sell signal here. That would change on Thursday with the close above $11.43. Then looking at manual life. No change there, still on a buy signal. Air Canada, still on a sell signal making a new low on Wednesday. Then the first most actively traded gold stock yesterday was B2gold. It traded through the upper channel line but did not close there. A close above $4.22 would give us a new buy signal for B2gold. And then last up, we’re looking at Denison Mines making a new high for this move. So no change in trend for Denison Mines. Okay, folks, that is all for this morning’s presentation, waiting for those economic numbers to come out at 8:30. And yesterday, I expected lots of volatility after the inflation numbers came out didn’t happen. That may change on Thursday. Have a great day. Next time you’ll hear my voice is on Friday morning.

Stephen Whiteside
Thursday, September 14, 2023

Stock Market Trends- 09132023

Good morning, everyone, and welcome to Wednesday morning. It’s Stephen Whiteside here from theuptrend.com. In the premarket this morning, ahead of the inflation numbers that come out at 8:30, things are fairly quiet, not a lot of commitment either way. Of course, once those inflation numbers come out, we expect volatility to expand, have no idea which way the market is going to go after those numbers come out. So far, the VIX is still on a sell signal this week, which is supportive for higher stock prices. That would change on Wednesday if the VIX were to close, not trade, but close above $15.07. Now, how the Fed calculates inflation and all the things they’re looking at, I’m not sure how they couldn’t determine that inflation is still a major issue and they should raise rates. But the way that they look at the numbers and how they weight things, of course, changes over time. They could see something and just put a different weighting on it than the rest of us would. But when we look at commodity prices, we’ve got crude oil making a new high yesterday, gasoline up testing the recent high. Even natural gas came back yesterday, and we’re looking at the UNG, and it recently made a lower-low.

Now we’ll have to see if it can break this short term pattern here and make a higher high, which would be short term bullish for natural gas. Now looking at some longer term commodity charts, looking at the bacon, you can see we’re up at the highs of 2023. We’ve got hamburger up at the highs of 2023. We’ve got cocoa or chocolate up at the highs of 2023. That’s a similar situation for underwear or cotton. Then we’re looking at frozen concentrated orange juice up at the highs of 2023, and the price of sugar up at the highs of 2023. So all that is very inflationary. Of course, how the Fed looks at it is not the same as how you and I would look at it. Some commodities that are not up at the top of the range for 2023: coffee is actually down near the lows of 2023, and so is the price of lumber. Well, what worked on Tuesday? Well, it was the energy sector on both sides of the border. Looking at individual stocks, the biggest winner on the TSX 60 was Suncor. On the TSX itself, it was Vermilion. Looking at the S&P 500, when we’re looking to energy stocks, the big winner was Occidental, followed by Marathon.

Marathon had a big reversal day yesterday. If you’re trading marathon, I want to sit on my hands for a day and see what happens next, see if we can get another confirming close above the upper channel line. Now, ahead of the energy stocks on the S&P 500, the biggest winner was Zion followed by PNC, followed by Keycorp. Those were the biggest winners on the S&P 500. Now, those big gains were not enough to take the ETF back on a buy signal. We’re still waiting for a buy signal for regional banks and banks to join the SPYDR Financial ETF already on a buy signal. That has more to do with broker dealers, but especially the insurance companies, which are trading back up at the recent highs. Looking north of the border, the TSX Financial Index is sitting right on the edge of a new buy signal. Banks moved up yesterday. They’re getting pretty close to a buy signal. Then the big winner yesterday was the National Bank, and then we had the Royal Bank both trade up and closed in the channel. So we’re one trading day away from a possible buy signal. And just like in the US, insurance stocks are holding up very well north of the border, whether you’re looking at Manulife or SunLife.

Now, I always talk about Fairfax being Canada’s version of Berkshire Hathaway and it is still holding up very well, not looking as good as Berkshire Hathaway itself, which made a new high yesterday. And Berkshire Hathaway is listed as an insurance stock, so that matches up pretty well with the insurance index. Looking at the major index ETF, starting with the iShares for the TSX60, we hit the upper channel line yesterday. So looking for a close on Wednesday above $30.65. Then looking at the NASDAQ 100, trading in the channel yesterday, no change in trend there. Unlike semiconductors, which made a new closing low for this move. Then looking at the DOW still on a sell signal, no change there. We’ve traded through the upper channel line two days in a row, but have not closed above it. Then looking at the S&P 500, we traded down yesterday still in the channel. We’re looking for a close on Wednesday below 4:44.86. Now you can break up the S&P 500 several ways. One way is to look at the equal weighted version, so not giving your stocks like Apple overweighting. Each stock is equally weighted within the index. It is on a sell signal right now.

So is the low volatility. So this is 100 stocks out of the S&P 500 with the lowest volatility. They recently made a new low before moving back up into the channel. And then the high beta stocks are also on a sell signal. That has a lot to do with one stock, and that was Apple, which plunged last week. You can see when the ETF rolled over and you can see Apple are rolling over there as well. So Apple was down yesterday. Looking at the rest of the high beta stocks that we follow, we’ve got Alphabet still on a buy signal, no change there. Amazon having an inside day. Then we saw Meta pull back closing in the channel. We also saw Microsoft close within the channel. No change in trend for NVIDIA had an inside day on Tuesday. And no change in trend for Tesla, which made a new high for this move. And that shows up as a bearish reversal day. But remember, we did not close below the previous day’s low, so not overly concerned about that bearish reversal signal just yet. And you can see that we’re getting pretty close to getting to that open gap up here, which could certainly be a target, whether it’s the bottom or the top.

But we may see Tesla trade up to those levels on Wednesday. Last up, let’s take a look at what’s going on with the hard stuff. Things that if it drops on your foot is going to hurt. Copper traded up into the channel for the second day in a row, so no change in trend there. A small pullback. Gold was down yesterday. Silver was up slightly on Tuesday. It is still stuck to the 20, 23, 43 level, so that’s still holding us in check. Then looking at the gold miners in the channel once again, no change in trend for the GDX or the XGD or Silver Miners. No changes in trend from Tuesday’s training action. Okay, folks, that is all for this morning’s presentation. Normally, I tell you to think about donating blood. If you’re in the US right now, there is a crisis going on. There’s been a whole bunch of climate disasters over the past month or so. And if you have the time, please consider donating blood. I’ve heard people complain about the waiting time to donate blood. I don’t ever experience that. We make appointments and I’ve never had any trouble. I’ve donated over 50 times and I’ve never once had to wait for more than five minutes from my appointment time.

So I don’t understand how the system works in the US. I’ve never had any personal experience with it. But if you are south of the border, please considering donating blood not only for somebody else’s wellbeing, but it’s important for your own personal wellbeing as well. Have a great day, folks. Next time you’ll hear my voice is on Thursday morning.

Stephen Whiteside
Wednesday, September 13, 2023

Stock Market Trends- 09122023

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

Good morning, everyone, and welcome to Tuesday Morning. It’s Stephen Whiteside here from theuptrend.com in the pre market this morning, things are fairly quiet. Stock index futures are slightly below fair value, being led lower by the Nasdaq. In the world of commodities, things are mixed.

Crude oil and natural gas are up slightly, while we’ve got Gold down $11 in the pre market on Tuesday morning. Now, we don’t have any major comic numbers coming out this morning. Unlike the rest of the week. The VIX had an inside day on Monday, so we’re looking for a close above $15.19 to give us a buy signal on Tuesday. That, of course, would be negative for stocks.

Lot of news out regarding Apple on Monday, but didn’t really move the stock much. They’re still trying to close that open gap. We are up another dollar in the pre market. Last time I checked, Monday was all about Tesla. Tesla, I guess, got an upgrade on old news, but there it is popping higher, and that helped lead the Nasdaq higher yesterday.

Looking at big cap tech stocks, we’ve got Amazon trading up sharply yesterday, up to the previous high. Now, our mathematical target was 143 75. We got as high as 143 62. Is that significant? Well, the previous high was 143 63.

So hopefully you had an order in just below that level, and it got filled on Monday. So congratulations. Looking at meta. Meta was up yesterday, coming up to the 312 50 level. Microsoft was up on Monday.

No change there. Big move up for BlackBerry on Monday. And this will probably scare a lot of investors to just not just trade and not follow BlackBerry anymore. We had a huge move down last week. Now another huge move up this week.

Not enough to give us a buy signal on the TSX. We’re still looking for a close on Tuesday above $7.17. Shopify was up yesterday, so still closing above the upper channel line. No change there. What didn’t work on Monday?

Well, Nvidia was down. It’s still on a sell signal. No change there. And we still have semiconductors on a sell signal. Starting to break down below last week’s low.

Now in the pre market this morning, Oracle is in the news and it made a new high for this move yesterday, up challenging the previous high. But in the pre market this morning, we’re trading off sharply, trading down here at 114 and change level. So we’ll have to see how the market deals with it when the market opens. Looking at the rest of the major index ETFs, we’ve got the Dow trading higher yesterday, not enough to give us a buy signal. We still have the S&P 500 on a buy signal.

The ishares for the TSX 60. No joy. They were up yesterday, not enough to give us a buy signal. That would change on Tuesday with a close above $30.64. Now, what really worked on monday were the marijuana stocks and starting off with the ETFs, the alternative Harvest ETF was up over 17%, while the Horizon’s Marijuana Life ETF was up over 8% on the day.

Now, looking at the stockhouse bullboards, you can see the two most popular stocks that traders there follow is Tilray and Canopy Growth, and they ended up being two of the most actively traded stocks on Monday. Tilray in New York is up testing last week’s high. Our next mathematical target is 352. If you want higher targets, you can go take a look at the weekly charts. If we look at Canopy Growth, which I believe was the most actively traded stock on the TSX on Monday, was up over 81% on the day, and you certainly don’t see that very often.

Our next two targets were 156 and 195 and then 234. We hit 234 yesterday and pulled back slightly. If we can take that out, then 273 is our next target on Tuesday. And then CureaLeaf Holdings was up nicely yesterday, up over 13%, heading towards 742. That’s our next target.

We got as high as 732 on Monday. Let’s finish off this morning’s presentation taking a look at the world of commodities. Starting with the energy sector. Both crude oil and natural gas had a small pullback on Monday, unlike the stocks, which were hit a lot harder. Looking at the XEG in Toronto, you can see we traded it down to the lower channel line yesterday, so a close below yesterday’s low on Tuesday would give us a sell signal.

A little more room to go for the XLE in New York. We’re closing at the upper channel line now on the TSX, the most actively traded energy stock on Monday was Canadian Natural Resources, trading down to the lower channel line and closing just below it. So we’re back on a sell signal for Canadian Natural Resources, unlike Suncor, which traded down to the lower channel line yesterday, so a close below yesterday’s low would give us a sell signal on Tuesday. In New York, ConocoPhillips traded down to the lower channel line, so looking for a close below 119.60. And diamondback also traded down to the lower channel line, looking for close on Tuesday below 151.80.

Then looking at gold and silver. Starting with the price of gold, we were up 4.50 yesterday. We’re down $9 – $10 in the pre market this morning, so no joy. There certainly no joy for the price of silver. And then we don’t have any buy signals for the major gold and silver ETFs.

Whether you’re looking at the GDX gold miners ETF we traded up into the channel yesterday, a close above 29.04 would give us a buy signal on Tuesday. Looking in Toronto for the XGD, we’re looking for a close above $17.11, and then looking at the silver miners closing at the lower channel line. So not expecting a potential buy signal on Tuesday, we would need a close above 25.98. Not expecting that to happen. Now, the most actively traded gold stock on the TSX was B2Gold closing right at the upper channel line.

So any higher close on Tuesday would give us a buy signal. Kinross was the next most actively traded stock on the TSX inside day yesterday. No change in trend. Of course. In New York, the biggest gold miner in the US is Newmont.

It traded up into the channel, so looking for a close above 39 30. Now B two gold and Kinross are also the most actively traded stocks in the US. Followed by Barrick in New York. We need a close above $16.15 to give us a buy signal on Tuesday. Not expecting that to happen.

Okay, folks, that is all for Tuesday morning. Stock index futures are still slightly below fair value, so so far it does not look like we’re going to see a lot of buying at the open on Tuesday morning. Have a great day. Next time you’ll hear my voice is on Wednesday morning.

Stephen Whiteside
Tuesday, September 12, 2023

Stock Market Trends – Weekend Edition 09102023

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 your ten second market update. If you’re a long term investor, all you really need to know is that it was an inside week. Now, if you don’t know what an inside week is, it’s similar to an inside day. It’s where the trading activity fit within the previous bar’s range. So in this case, the S and P 500 traded within the the previous bar’s range.

So the last trading week of August and what we’re looking for now is we’re looking for a breakout above the previous week’s high or a breakdown below the previous week’s low. An inside week, an inside bar is a bar of indecision. It’s a pause, it’s a break. The market just wants to wait and get more evidence that they should be bullish or they should be bearish. Now, in September, there’s usually a bearish bias to the month.

So at some point I think we’re going to break down below the previous week’s low. Now, when we look at the VIX, the VIX also had an inside week. So a week of indecision. Again, we’re looking at for a breakout or breakdown. And if you look at this daily chart, you can see where the recent low was and the recent high.

On Thursday, we traded above the upper channel line but did not close there. So now on Monday, we’re going to be looking for a close above $15.32 to give us a new buy signal for the VIX. And of course, if that were to happen, that would probably be negative for the stock market. Now, as we’ve discussed previously, the months of September and October are not usually good for the stock market. There’s usually additional volatility.

If we’re going to see a significant sell off in September and October, we need the VIX to start punching out above the 200 day moving average. And as you can see, it’s been a while since we’ve done that. So in August, the 200 day moving average held us in check. Will it do so again in September? We’ll just have to wait and see.

But if you’re expecting a significant sell off, that’s going to be the first clue that it’s starting, will be if we start punching out above the 200 day moving average. Now, if you’ve been with us for any length of time, you’ve heard me say that news is noise, it’s a constant chatter. For some people, news is very important. For me, it doesn’t really matter if I’ve got business television on, I usually have the volume off. There’s a handful of people I turn the volume on for or go looking for their interviews afterwards.

But I’m really not going to react to the news at all because there’s absolutely no guarantee how the market will react to news. The fact that there’s a positive number or somebody beats expectations, that’s no guarantee the stock’s going up and there’s absolutely no rule, no guarantee that if there’s negative news, if a company disappoints, if economic numbers are worse than expected, there’s no guarantee the market’s going down. Every situation is different. None of them can be replicated. People think that if the bond yields cross, that’s a bad thing.

And sometimes it is, sometimes it isn’t. So I want to react to how the market reacts to the news, not how I think the market should react to the news. Now. The US. Dollar index continued to move higher.

Sometimes that’s good for the stock market, sometimes that’s bad. Right now, I think it’s putting a little pressure on the stock market. When we look at the metals, the price of copper came down, so it’s still not trending higher at the moment. The price of gold was down $24.40 on the week, but still, like the rest of the market, pretty quiet. Some more aggressive selling in the price of silver, which was down 5.65% on the week.

Then when we look at the energy sector, this isn’t good for fighting inflation to see crude oil continue to move higher. It was up another $2.10 on the week. When we look at the price target chart, it looks like 87 50 is not really that significant. If we go back, there’s more resistance at 93 75. We peaked at $100 back at the start of 2022 and got up as high as the 100 and 625 level.

So not expecting a lot of long term resistance at 87 50. Certainly there’s some short term resistance, but not long term resistance. So we could see crude oil continue to move sharply higher from where we are right now. Natural gas, on the other hand, is still just treading water for some reason. In 2023, nobody wants to bid up natural gas, but that could change by the time the year ends.

Then looking at the iShares for the TSX 60, it was an inside week. Yes, we pulled back. That didn’t close below the previous week’s low. Then looking at the Dow, you can see we dipped down to the lower channel line, SP 500 we talked about earlier. The Nasdaq 100 also had an inside week.

What didn’t have an inside week? Well, semiconductors. The chip sector closed below the previous week’s low. That’s not a bullish sign. Now, I’ve been talking about financial services in the banking sector, not an area I actively trade.

I have a couple of stocks that I follow, but I’m really not overly interested in this sector myself. But many people are, especially long term investors trying to generate dividend income. And you can see it was a very quiet week for the Spyder Financials. We saw banks trade down and close just above the lower channel line, while the regional banks actually generated a weekly sell signal. So they’re back on a weekly sell signal.

When we look at the US. Insurance companies, they had an inside week, and they’re holding up much better than the banks themselves. Then looking at the Canadian market, looking at the TSX Financial Index, it had an inside week. Banks, on the other hand, closed below the previous week’s low. So that’s not a good sign.

Now, for the markets to really turn around, we’re going to want to see the banks turn around. And you can see the Royal Bank is dealing with the summer lows at the moment. And you can see we peaked here at the start of the year. Banks usually get money coming into them during RSP season. And then we made a lower high, a lower high, we made a low and a lower low.

And now it’s going to be really interesting for the year end to see if that low can hold or if we break that. That’s probably not going to be a good sign going forward. And then a much weaker looking chart. Bank of America again, we want to get these banks back on buy signals. That would be a sign that the overall market is fairly healthy as opposed to the current market that we’re in, where it’s really just the tech stocks holding the market up.

Let’s finish off this weekend’s presentation, looking at four tech stocks that we love to follow. Two of them are on sell signals, two of them still on buy signals. Apple rolled over on Wednesday, continued to move lower on Thursday, and was up ever so slightly on Friday, up $0.62. So they tried to fill the open gap. You can see we’re holding support at 175.

We traded below it on Thursday. If we take out the low and then we’ll try to hold, use the August low as support. Otherwise we’re heading down to 168 75 and then probably 162 50. Looking at NVIDIA . NVIDIA rolled over on Thursday, generating a sell signal on Friday.

It was fairly quiet trading. We didn’t take out Thursday’s low, but we still closed lower on the day. And then looking at shopify. Shopify hit the upper channel line on Friday, looking for a close on Monday below 87.02, and then for Tesla. Tesla still on a buy signal here.

Things would change on Monday if Tesla were to close below $241.80. Of course, in both cases, if they don’t close below those levels on Monday, those lower channel lines are going to continue to move higher daily. The Shopify one is going to move faster than the Tesla lower channel line will. Okay, folks, that is all for this weekend’s presentation. Enjoy the rest of your weekend.

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

Stephen Whiteside
Sunday, September 10, 2023