Good Morning, everyone, and welcome to Friday morning. It’s Stephen Whiteside from the uptrend.com with today’s look at North American stock market trends. In the premarket this morning, stock index futures and commodities are trading up above fair value. That has a lot to do with Apple. We’ll take a look at that in a second. What we’re seeing in the premarket is certainly not going to unwind the damage that has been done so far this week. Let’s start off today’s presentation looking at some premarket activity. Today it’s all about Apple. Now, Apple traded through the lower channel line yesterday, did not close below it. So we’re coming into Friday still on a buy signal, currently trading above the recent high from the other day up at 169.48. Of course, that number is fluctuating every second. If we can get over 170, then 175 comes into play. We recently took some money off the table at 168. 75. Would love to sell some more shares at 175. Now, Shopify was up in the premarket yesterday. It performed a lot better after the market opened than it was doing in the premarket. Now we came into Thursday’s trading action on a new sell signal from Wednesday’s close on both the New York and Toronto listing.
Of course, if you had an order in to sell, if you actually took that sell order, you would have got filled at the open on the TSX. That was $73 yesterday. If you waived off that sell order, sell signal because you saw that the stock was trading higher in the premarket, then of course you may have had some price targets in. This is the chart from the day before. Our next price target was 68.75 followed by the high from early February at 73.03. You may have put an order in up there or you may have put your next order in at 68. 75. I hope you had orders in at both places. Then our next target above that was 81.25. Of course, looking three lines up from where we’re trading on Wednesday, that is certainly expecting a very aggressive move. What do you know? We almost hit 81.25, got as high as 81.20. If you had an order at 68.75 or 73.03, they certainly got filled at the open. We actually opened at 73 and then very quickly those two orders got filled. Your order at 75 got filled, but if you had an order in at 81.25, we’re still waiting to fill that and that could happen on Friday.
Now, the midterm chart, of course, gives you a little more breathing room and compare that to the right side chart, you wouldn’t have got all the way down to the lower channel line from Wednesday’s trading action. We did indicate that we’re potentially going to see some weakness there. That, of course, has completely reversed and now we’re looking at strength to the upside. Now, Regional Banks continued to move lower yesterday. They were down 5.45 % and making a new low for this move. Looking at our panic zone chart, of course, we look for shorting opportunities off the top of the panic zones. We don’t look for shorting opportunities down here. That’s when you often see short squeezing take place because the public gets interested in shorting down here. They don’t get interested in shorting up here. This is where you make all the money. This is where you take on all the risk. Now, when we look at this regional bank ETF, you can see that we were expecting a bottom here, and the chart started to turn blue, but we couldn’t get more money to come back in, which is a good thing as this particular ETF has continued to move lower, it looks like we’re setting up to create another Pressure Zone here.
So we may be getting close to the bottom, but we’re still seeing aggressive selling. Pacwest was down over 50 % yesterday, making a new low for this move. Now, we don’t cover all of the Regional Banks that are publicly traded. We try to focus on the ones that were included in any of the major indices or ETFs. We see Comerica down again yesterday, down over 12 %. We’ve got Zion Bancorp down over 12 %. Bank of California made a new low for this move yesterday, down nearly 7 %. Now, looking at the VIX, the VIX continued to move higher. It is back on a buy signal as of Thursday’s close. It is the Nasdaq that’s still holding the market up. It is still on a buy signal coming into Friday’s trading action. And of course, it is moving up in the premarket for the triple Qs. We’re looking for a close below 316.02 on Friday. Next up, let’s take a look at the most actively traded stocks from Thursday’s trading action. We have already looked at a couple of them. Starting off in New York, we’re looking at Advanced Micro Devices. And this is the chart from the second.
We actually closed just above the upper channel line. We were looking for a close above 89.78. We closed at 89.91. So that’s a buy signal, except you come in the next day and you see that we’re going to open up below the lower channel line, so you don’t take that buy signal and so you’re still sitting short Advanced Micro Devices. Yesterday was a wild day. We traded up, we traded above the upper channel line, but settled down just above the lower channel line. So we’re still looking for a close on Friday above 89.44. Looking at PacWest, we already talked about this stock. Then we’ve got Tesla. Tesla has been trading water for a couple of weeks now. Looking for a close on Friday above 166.71 to give us a buy signal. Shopify, we’ve already looked at. Then we’ve got Bank of America making a new low for this move, but not a new low altogether. Then we’re looking at Ford still on a sell signal that would change on Friday with a close above $12.08. Then we’ve got CBS or what’s now called Paramount gapping sharply lower yesterday, closing right at the low of the day.
So investors very angry at this particular stock. Then we’ve got Apple, which we talked about. Then we’re looking at SoFi, making a new low for this move before recovering, actually closing up on the day. Then we’ve got KeyCorp, again, another one of the Regional Banks making a new low for this move. Then Wells Fargo making a new low for this move. And our last stock in this list is Carnival, currently on a buy signal, had a wild day yesterday, closed in the channel, looking for a close below $9.12. Next up, let’s take a look at the TSX most actively traded stocks from Thursday’s trading action. Starting off with Embridge. Embridge is on a sell signal but is not going down easily. Closing back in the channel yesterday, looking for a close on Friday above 53.66. Then looking at Shopify, we talked about this earlier. Then next up, we’re looking at Suncor, making a new low for this move, taking out the low from March. That’s a bearish sign. Then looking at K 92, back on a buy signal as of Thursday’s close. Then we’ve got Barrick making a new high for this move, hitting our next price target at 28.13. Now we’re up at the top of the projected trading range.
You can either do the math or go to the weekly chart. This chart was published last weekend, so we hit 28.13 yesterday. Now 31.25 is our next target to the upside. Is that a legitimate target? Well, it was where we peaked out back in the spring of 2022, so it’s certainly a legitimate target to the upside. Looking at the TD Bank, and of course, we talked about the fact that short sellers have been targeting the TD Bank. Well, they’ve been targeting it in vain. We traded higher yesterday, traded through the upper channel line, did not close there. We need to close on Friday above 82.55 to give us a buy signal. Cenovus Energy making a new low yesterday before recovering, actually closing up two cents on the day. Then we’re looking at both manual life and Sun Life, both back on sell signals as of Thursday’s close. Athabasca Oil Sands making a new low for this move. Also seeing a new low for Canadian Natural Resources and a new low for CIBC, which is now starting to trade below the low from March. Okay, folks, that’s all for me for this morning. Next time you’ll hear my voice is on the weekend.
Have a great day, have a great weekend, and we’ll talk to you again soon.
Stephen Whiteside
TheUpTrend.com
