Good morning everyone, and welcome to Friday morning. It’s Stephen Whiteside here from theuptrend.com. In the pre market this morning, stock index futures are down across the board. Commodities are mixed with crude oil higher, while gold is slightly lower on Friday morning.
Now I’m doing this video ahead of the payroll numbers that come out at 830 this morning and they could certainly add to the pre market volatility. Looking at the VIX, we’re going to remain short term bearish on the market as long as the VIX does not close below 12.77 on Friday. Now the DOW 30 and the TSX 60 are still holding up. No change in trend for either of those. The S&P 500 already on a sell signal, no change there.
Big reversal day yesterday for the energy sector on both sides of the border. We’re still on buy signals, no change there. Then looking at technology stocks with the Nasdaq 100 continuing to move lower, the Equal Weighted and the Next Generation are both down as well. Not as much yesterday as the Nasdaq 100, but chip stocks continue to lead the tech sector lower with semiconductors down 1.73% on the day. Then looking at the big elephant in the room, Apple.
Apple continued to move lower on Thursday, making a new low for this move. Looking at Canadian Infotech, we actually closed higher yesterday. Didn’t get any help from BlackBerry but did get a lot of help from Shopify which was up on the day after making a new low for this move. Now looking at the TSX, most actives from Thursday’s trading action, we’ve got the TD Bank still on a buy signal, no change there. TC Energy continued to move higher on Thursday.
Baytex had a pullback, still on a buy signal, no change there. Then we had Cenovus come down and Cenovus is now back on a sell signal as of Thursday’s close. Bank of Nova Scotia still on a buy signal here, that would change on Friday with a close below $62.80. Then Manulife still on a buy signal, that would change on Friday with a close below $28.77. New high for this move for Suncor ran up, hit the next price target of $45.31.
Congratulations if you’re long. Suncor. Then looking at Enbridge, new high for Enbridge on Thursday. Looking at First Quantum, a small pullback yesterday, down just 1.81% on the day. So no major change there. And then Bitfarms, Bitfarms been trading around the lower channel line for the last couple of days.
Looking for a close on Friday below $3.71. Let’s finish off this morning’s presentation. Taking a look at the US most actives from Thursday’s trading action and Quantumscape. The battery company had a huge update, up over 40%. Obviously you’re not going to chase that.
Then Tesla had an inside day. No change there. Marathon digital still on a buy signal here. That would change on Friday with a close below $22.92. Then we saw Walgreens gap lower on the day.
Trying to recover going into the close, but still a big loss for Walgreens. Back on a sell signal. Advanced Micro Devices, no change in trend there. Amazon, no change in trend. No change in trend for Ford.
Then we’ve got Pure Storage. And on Tuesday, Pure Storage actually ended on a sell signal. You come in the next morning, you check the spread in the pre market, you find out it’s going to open up up there so you don’t take that sell signal. So no change in trend for Pure Storage. Then we’ve got intel still on a sell signal, no change there.
Pfizer, still on a buy signal, no change there. And then we’ve got Palantir still on a sell signal, making a new low for this move on Thursday. So no change in trend for Palantir. Okay folks, that is all for this morning’s presentation. So far.
It looks like the market wants to do a little selling, but that could change when those employment numbers come out at 830. Have a great day, have a great weekend. Next time you’ll hear my voice is on Monday morning channel.
0:00 – Stock Market Introduction
0:24 – VIX Volatility Index Analysis
0:33 – Stock Indices Overview
0:43 – Energy Sector Stocks
0:51 – Technology Stock Trends
1:13 – Apple Stock Update
1:35 – TSX Active Stocks
2:45 – US Market Active Stocks
3:59 – Stock Market Timing Conclusion
Stephen Whiteside
TheUpTrend.com
Friday, January 5, 2024
