Good Morning, everyone. Welcome to Friday morning. It’s Stephen Whiteside here from theuptrend.com. In the premarket this morning, stock index futures are slightly above fair value. DOWfutures currently up 130 points. The DOWis leading the markets higher in the premarket this morning. I see gold is down in the premarket while crude oil is slightly higher. Let’s start off today’s presentation taking a look at some weekly charts. I printed these off this morning just to see how the week was doing so far. And as we come into Friday, the S&P 500 is having an inside week. It’s down 0.14 %, so almost unchanged on the week. It is making up for that in the pre market this morning. Then the ishares for the TSX 60 are down a little over half a %, still having an inside week. Who’s not having an inside week? Well, the Nasdaq is continuing to make higher highs here, heading towards the highs from last summer. Then looking at gold, gold is having an inside week, down $4.30. It’s down again in the premarket, still trading above 2,000. And after the big bar that we saw last week, crude oil is having an inside week.
It’s down 0.26 %, and it’s making up for that in the premarket this morning. So crude oil could end the week unchanged. What’s probably not as big a news story as it should be is the price of copper breaking down. You can see that we were holding support for a while and then this week we finally broke down. So not a good sign for the global economy to see copper leading the markets lower. Now, moving on to daily charts, the VIX had an inside day on Thursday looking for a close below 16.87 on Friday. There’s the DOW making a new low for this week on Thursday. The S&P 500 had an inside day looking for a close on Friday above 4.12. 98. Then looking at the Nasdaq making a new high on Thursday. Canadian tech stocks made a new high on Wednesday. Very small pullback on Thursday. Chip sector, nothing going on there at the moment. Then looking at the iShares for the TSX 60, we dip below the lower channel line. Looking for a close above 31.51 on Friday to give us a buy signal. The price of gold traded down. It’s trading down in the premarket this morning.
Looking for a close below 2011.80 on Friday. Then looking at gold stocks, the GDX and the XGD both ended Thursday on a sell signal. Next up, let’s take a look at some big cap tech stocks starting with Apple. Apple made a new high on Thursday of 174.59. We’re trying to get to 175 to lock in some more profits. Then looking at Advanced Micro Devices, we made a new high on Thursday. That was at 99.94. Trying to hit $100, maybe we can do that on Friday. Then looking at Amazon, our next target was 112.50. We hit that yesterday, got as high as 113.28. Then looking at BlackBerry on the TSX, we made a new high yesterday. We hit the 7.03 price target. Congratulations, you got to take money off at 6.25, 6.64 and now 7.03. Yesterday was a bearish reversal day, so we’ll have to see what happens to BlackBerry on Friday. Then looking at Alphabet, new high for this move yesterday. We are looking to get to 118.75, got to 117.92. Getting pretty close to our price target. Then looking at Meta, looking for a close below 230.01 on Friday. Then we’re looking at Microsoft, looking for a close below 302.48. We hit 312.50 so congratulations, you’ve got to lock in some profits.
Then Peloton was in the news. They’ve got a recall over two million bikes because they’ve got a problem. That is a huge, huge logistical and costly problem for the company. Down only 8.9 % yesterday, making a new low for this move for Peloton. Then looking at Shopify. Shopify popped the other day. I’m not going to chase stocks that popped like this. I see that the stock has continued to trade higher. It got up and hit 87.50 the other day and then has started to pull back. So that’s probably the end of the move for Shopify at this time. You can see the bearish reversal day on Tuesday. So we’re looking to see if we could get fall through to the downside. Yesterday we didn’t, but we’re still stuck at resistance. Then looking at Tesla. Tesla has been trading water since it generated a buy signal. We’re looking for a close on Friday below 163.40. 175 is our next price target. Then, of course, we’ve got the open gap above that. If we can take out the open gap, then 187.50 comes into play. We’re still having trouble getting over the 50 day moving average and the Flypaper Channel.
But probably most importantly, the Pros have not taken control. So a lot of times you can get a buy signal and the trend can start. But unless the Pros come in and take control, the trend will not continue for very long. So that’s disappointing that the Pros have not come back to take control of Tesla. And finally, this morning we get to say goodbye to Bed Bath & Beyond this weekend. Anytime you bring up a panic zone chart and you see elongated pressure zones across the bottom of the screen, that’s a pretty good indication that the stock is broken and the stock market actually hates this particular stock. Now for Bed Bath & Beyond, we had a couple of short squeezing as the Reddit users ganged up on the short sellers and put squeezing on which caused the stocks to this particular stock to jump dramatically. You can see the Pros gave up control in early February and the stock continued to move lower. Looking at weekly chart, you can see that we had some great run ups all the way up towards $30. Of course, anytime that you’re taking a trade like that, you want to use our price target charts and lock in profits along the way.
You could have locked in profits at 18.75, $25, and they would have looked pretty good compared to where the stock is trading now. Of course, if you hadn’t have taken money off the table, you would have actually ended the weekly trade on with a loss. But if you had have taken money off the table along the way, you would have been extremely happy with how things turned out. So here we are. We’re getting to remove Bed Bath & Beyond from the database this weekend, and we’ll also be taking out a bunch of other stocks as well that have not performed at all over the last six months. Enjoy the rest of your day. It’s a beautiful day out there where I am. Have a great weekend. And the next time you’ll hear my voice is on Sunday.
Stephen Whiteside
TheUpTrend.com
