Hello, everyone, and welcome to Thursday morning. It’s Stephen Whiteside here from theuptrend.com. In the premarket this morning, stock index futures are mixed. We’ve got the exact opposite this morning of Wednesday’s trading action. We’ve got the Nasdaq futures trading higher. Little selling in the Dow in the S&P 500 this morning with those Nasdaq futures trading higher. If you’ve got any new sell signals from Wednesday’s trading action, you’re going to get to sell into strength at the open on Thursday morning. We’ll start off taking a look at the us market this morning and then we’ll finish off looking at the Canadian market. And at the end, we’ll take a quick look at commodity prices, starting with the VIX. We had a big update yesterday. We’re starting to break out above the 200 day moving average. And so that’s where you’re going to get the rest of the market’s attention. I think what happened yesterday certainly got a lot of people’s attention, but at the same time, you know, we still had the Dow trading higher, making new highs on Wednesday. So the big loser from Wednesday was semiconductors. And we’ve got a new sell signal for the Nasdaq 100.
We’ve got a new sell signal for the Magnificent Seven ETF. So we saw selling in all of those areas yesterday. Looking at Apple, it is still on a buy signal here, looking for a close on Thursday below $225.32. Apple is currently trading slightly higher in the pre market. And we also have Tesla still on a buy signal. That would change on Thursday with a close below $237.80. And Tesla is trading slightly higher on Thursday morning. Now, looking at the Dow, it made a new high yesterday, being led higher by Johnson and Johnson, Cisco, Chevron and JP Morgan. Those were the big winners on the Dow from Wednesday’s trading action. The S&P 500 pulled back into the channel yesterday looking for a close on the spy for Thursday below $554.69. The mid cap, small cap, micro caps all did well yesterday. All held up very well. No aggressive selling there just yet. Looking at us financials, they made a new high on Wednesday. We also saw regional banks make a new high. So huge move up for regional banks over the past couple of weeks. So obviously the cloud is starting to move away from that particular area of the market.
Moving on to the Canadian market. The iShares for the TSX 60 had an inside day on Wednesday. So a day of indecision. We saw the financials make a new high and close just slightly lower on the day. No major change there. New high for Canadian banks on Wednesday so no change in trend. Now we did have manual life rollover so it is back on a sell signal. The Royal Bank made a new high yesterday, ran up to our next price target of 153.13. If we can keep going, 156.25 is our next target. And then we saw the TD Bank make a new high for this move on Wednesday. We also saw the TSX or the TMX group also make a new high on Wednesday before pulling back. Just closing down $0.04 on the day. Now what worked yesterday? Well, communication services, those are the telecom stocks, were the big winner. Infotech was the big loser. So a complete reversal of what’s been happening over the past couple of months. Looking at the telecom or the communication services sector. Nice big update being led higher by Cogeco. That stock was up over 10% on the day.
Then looking at BCE had a nice day. We’ve got Quebecore barely generating a buy signal here. Then we had Rogers continuing to move higher and tell us continuing to move higher. Now looking at what didn’t work. While Infotech had a big reversal day, it made a new high on Tuesday, pulled back on Wednesday and we talked about Shopify in the pre market yesterday. Not something I wanted to chase and it was trading slightly lower in the pre market. But as you can see, we are back on a sell signal as of Wednesday’s close. So complete reversal for Shopify. If you’re coming into Thursday’s trading action, we’re looking for a close again above $91.48 to give Shopify a new daily buy signal. Celestica rolled over yesterday. It is back on a sell signal as of Wednesday’s close. BlackBerry had an inside day on Wednesday looking for a close on Thursday below $3.31. If we can start breaking out above 352 then 391 comes into play and the that is certainly a legitimate target to the upside for BlackBerry. Last up this morning, taking a look at commodities, we had a nice reversal in crude oil yesterday, looking for a close above $81.76 on Thursday to give us a buy signal.
No joy for natural gas. Making a new low for this move on Wednesday. Looking at copper, still on a sell signal. No change. No change in trend for gold. It was a bearish reversal day on Wednesday, but did not close below the previous day’s low, trying to get to $2,500. That is our next mathematical target and it’s certainly a big round number. Unfortunately, silver is back on a sell signal as of Wednesday’s close. Okay folks, that is all for this morning’s presentation. Looks like some people want to do a little bargain hunting in the tech sector on Thursday morning. If the stocks that you follow from Wednesday generated sell signals, well, you get to sell into some strain strength on Thursday morning. Have a great day. Next time you’ll hear my voice is on Friday morning.
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Stephen Whiteside
TheUpTrend.com
Thursday, July 18, 2024
