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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
