In this Friday morning update, Stephen Whiteside from TheUpTrend.com provides an overview of stock market trends and key developments influencing North American and global markets. While U.S. markets were closed for the Jimmy Carter Memorial, Canadian markets saw minimal movement despite higher trading in commodities. Whiteside highlights critical market indicators, such as the VIX, bond yields in North America and China, and the status of major tech stocks, including Apple, Amazon, Broadcom, Alphabet, and Tesla. Many stocks and ETFs are exhibiting bearish trends, with the pros losing control and prices projecting downward.
He also discusses chart patterns like triangles and reversal days, suggesting potential breakout or breakdown points for investors to watch. Whiteside emphasizes the importance of timing and trend-following for successful stock market investing. He concludes with projections for the Magnificent Seven stocks, including Meta, Microsoft, Nvidia, and Shopify, noting critical support and resistance levels that could signal shifts in market momentum.
Stephen Whiteside
TheUpTrend.com
Friday, January 10, 2025
