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Good morning, everyone. Welcome to Friday morning. It’s Stephen Whiteside here from theuptrend.com in the pre market. This morning we’ve got bank earnings out, and JPMorgan trading higher is helping the Dow, which is currently up 140 points. Otherwise the rest of the market is fairly flat.
So we’ve got earnings out from JPMorgan, from Wells Fargo, and from Citigroup. They’re all positive. Wells Fargo is the up, the most in percentage terms in the pre market. But all three stocks are trading higher now. The US dollar index continued to move lower yesterday.
We had a nice big move up in silver stocks. Once again, they led the North American markets higher. And there’s the price of silver jetting out above the June high, heading towards the highs from back in May. Looking at the VIX, second day of a sell signal here was up slightly on the day. A close above $15.02 on Friday would certainly be a wake up call.
There’s the Ishares for the TSX 60 moving up to the previous high on the back of rising commodity prices. Then we’ve got an inside day for the Dow. So the Dow may have put in a double top. We’ll just have to wait and see. It is trading higher in the pre market this morning.
S&P 500 made a new high yesterday. Looking for a move up to 453 13. That’s our next target. And for the triple Q’s, we’re looking for a move up to 390 63. If we can break away from 375, looks like we’re still stuck at that level.
Then looking at semiconductors, next target is 237 50. Now looking at the TSX most actives. Nice big move up for Hut 8 yesterday, it was most actively traded stock. Canadian Natural Resources making a new high. Then we’ve got Enbridge back on a buy signal.
New high for TD Bank, breaking out above the May highs. Then TC Energy still waiting for a buy signal there athabasca trading up at the highs from back in April. Then looking at the Royal Bank, a new high for this move. We saw Cenovus dip into the channel and then ended the day closing higher. Then looking at Suncor trading right down to the lower channel line yesterday, but coming back, closing at the upper channel line.
So a close below 38.43 would give us a sell signal on Thursday. Then looking at Bit farms. New high for Bitfarms from Thursday’s trading action. Looking at the US most active. And right at the top of the list is Tesla.
Once again having another very quiet day. Then looking at Rivian, we reversed after making a new high. Then looking at Marathon, a new high for Marathon, new high for Coinbase. Yesterday, a nice big update. Then Amazon second day of a buy signal, making a new high reversal day for Neo.
You can see it shows up on the nightly reports as a bearish reversal day. Still way above the upper channel line. So not overly concerned then looking at palantir trading up at the previous highs before pulling back. Looks like all the bitcoin related stocks did very well on Thursday. There’s Riot up just under 15% on the day.
Lucid does pulled back over the past couple of days looking for a close on Friday below 6.94 to give us a sell signal. And then there’s Ford. Ford sitting at the upper channel line. A close below 14.85 would give us a sell signal on Friday. Okay folks, that is all for this morning’s presentation so far.
It looks like we’re going to have a fairly quiet open at 930 Friday morning. The next time you’ll hear my voice is on Sunday. Have a great day, have a great weekend and we’ll talk to you again soon.
Stephen Whiteside
Friday, July 14, 2023
