Hello, everyone, and welcome to Thursday morning. It’s Stephen Whiteside here from theuptrend.com. Well, we are coming into month end and that is usually bullish for the market. But today we’ve got a whole bunch of economic numbers coming out at 8:30 this morning that could certainly rattle the market. Now, at the time of recording this video, we do have stock index futures trading down across the board. We’ve got one stock that is certainly in the news this morning. We’ll take a look at that in a second. Now, the VIX recently made a lower high, so that is bullish for the market. Things would change on Thursday if we closed above 13.41, but that’s a pretty bullish sign for the market. Now, next week is a holiday shortened week on both sides of the border and a lot of people will just be taking the week off. Remember, kids are now out of school, so parents are going to take every opportunity to get the kids out somewhere. And next week is the start of that. So things could be fairly quiet next week. Now, I don’t know our schedule yet. We haven’t worked that out just yet.
We’ll be doing a week update on the weekend and then next week will probably be closed a couple of days. We’ll just have to wait and see. Now in the news this morning, Micron is down in the pre market and that looks like it’s going to end the day on a sell signal. We’ve had lots of opportunities to take money off the table for Micron. Now, yesterday morning we knew that FedEx was going to pop. And if you had any orders in at any of our price targets, those got filled with the open up there at $288.43. Now FedEx actually ran all the way up and did not hit our price target of 296.88. It got as high as 296.86. So somebody had an order in up there holding FedEx back. But yeah, congratulations to anyone holding FedEx coming into yesterday’s trading action. Now, the Canadian market was rather interesting yesterday. It was led higher by miners. And First Quantum was the big winner. And then in percentage terms, it was Kinross. Kinross still on a buy signal. That would change on Thursday with a close below $10.25. And then Teck. Teck’s been on a sell signal for a while now, it traded up into the channel.
So a close on Thursday above 66.41 would give us a new buy signal for tech. Now, I haven’t talked about bitcoin or ethereum in a while, and that’s because they’re still on sell signals. Next time you’ll hear me talk about them is next time that they’re back on buy signals. Now, we had a wild move in the bBnd market yesterday. There’s the 30 year Bond coming right down to the lower channel line and Bond yields moving up to the upper chain line. So if bonds continue to move lower, that could put upward pressure on bond yields and of course that could put downward pressure on the stock market. Looking at currencies, we saw the US Dollar Index making a new high for this move yesterday, coming up towards the highs from back in April. Now the Japanese yen is in the news. It’s hit a new 38 year low against the US dollar on Wednesday. And looking at the daily Panic Zone chart for the japanese yen, you can see the elongated Pressure Zones across the bottom of the screen that tells you that this particular symbol is broken and not looking for a lot from the japanese yen anytime soon.
Now, the euro, on the other hand, is coming down to potential support at the April lows. When we look at the Panic Zone chart for the Euro, you can see there’s a nice rhythm to it. And we come down to the bottom of the Panic Zones, Pressure Zone forms, and then we look for buying opportunities. And that setup is just starting to develop. Now, of course, we have no reason to buy the Euro coming into Thursday’s trading action. Now, the Canadian dollar has been in a range since the start of April and we’re just trading below the middle of that range right now. The Aussie dollar has been in a range as well since the start of May and has is sitting right on the middle of that range. So pretty tight range for the Aussie dollar. So both the Aussie and the Canadian dollar holding up fairly well against the us dollar at the moment. Let’s finish off looking at those big cap tech stocks everyone’s following. And looking at the Nasdaq 100 ETF, we were up less than a quarter of a percent yesterday. Very quiet trading day on Thursday, unlike the Magnificent Seven ETF, which hit a new high up over one and a half percent.
And there’s a couple of stocks that had a lot to do with that. And no, Nvidia was not one of them. Now, looking at Apple, Apple was up on Wednesday, closing above the upper channel line. So that’s bullish for that stock. We had a big update yesterday for Amazon and if we look back, Amazon was trying to hold 181.25 as support. It found 187.50 as resistance. And then our next price target was 193.75. And yesterday we hit that price target. So congratulations if you had an order in up there, it got filled yesterday. Now after making a new high on Tuesday, we saw Alphabet pull back slightly on Wednesday. Again, a very quiet day for Alphabet on Wednesday. We had Meta move up yesterday, hasn’t taken out that recent high just yet. Then looking at Microsoft, it was only up a little over a quarter of a percent on the day, but did make a new high. Then we had Nvidia trading back into the channel on Wednesday. A close above 129.44 would give us a buy signal on Thursday. Currently Nvidia is trading down in the pre market on Thursday morning. Now Shopify is holding its own.
It’s still in the channel. In the US. We’re looking for a close below 63.46. In Canada, we’re looking for a close on Thursday below 8710 to give us a new cell signal for Shopify. Then last up this morning we’re looking at Tesla. And Tesla finally broke out above $187.50 in a big way. It ran up but did not get up to test the high from back in late April. So that is still potential resistance for Tesla. Now our next mathematical target is 20 313, but you also have to always account for big round numbers and so $200 is coming up and could potentially act as resistance. We’ll just have to wait and see what Tesla decides to do next. Okay folks, that is all for this morning’s presentation. So far it looks like we’re going to see some selling at the opening. At the same time, we have all those economic numbers coming out at 830. That could certainly change the direction of the market. Have a great day folks. Next time you’ll hear my voice is on Friday morning.
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Stephen Whiteside
TheUpTrend.com
Thursday, June 27, 2024
