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Good Morning, everyone. Welcome to Friday morning. Stephen Whiteside here from theuptrend.com. In the premarket this morning, stock index futures are above fair value being led higher by the Nasdaq. Commodities are mixed with gold down while crude oil is higher on Friday morning. Let me first start off by apologizing. If you had trouble getting the reports last night, I also had trouble getting the reports. The problem has been recently fixed. I thought it was fixed before I went to bed. It wasn’t fixed when I got up this morning. Something happened during the night and we’ve fixed it again. Hopefully, that fix will stay this time. But yeah, apologize about that. They are all up and running at the moment. The house of cards did not fall yesterday. Yes, the companies that we were watching in the premarket yesterday morning continued to trade lower throughout the day. We now have Tesla back on a sell signal. We have Netflix back on a sell signal. We also have Alphabet back on a sell signal and Amazon. We’re what didn’t roll over yesterday? Well, Apple is still on a buy signal at the upper channel line. We saw Meta trade into the channel and Microsoft also ended the day in the channel but not on a sell signal.
Now, Shopify traded right down the lower channel line on both sides of the border, right on the edge of a new daily sell signal. Some of those stocks are trading higher in the premarket this morning, so not overly concerned at the open. Now, we’re looking at the queues, we’re looking for a close on Friday below $374.04. That would give us a sell signal. Now, the VIX traded higher yesterday but did not generate a buy signal, and that’s why the rest of the market held up very well. We’re looking for a close on Friday above $14.36. Looking at what didn’t work yesterday, consumer discretionary, of course, those are the products you don’t need during a recession, and semiconductors. Both of those sectors are back on sell signals as of Thursday’s close. Now, the DOW continued to move higher yesterday, and some of the stocks that people have hated recently saw money flow into them on Thursday. We see the DAO is trading up to the next price target and is holding at the moment. It is trading slightly higher on Friday morning. Now, the reason the DAO was the big winner yesterday was Johnson & Johnson, and that looks like quite a surprise to investors.
Then Goldman Sachs was up, making a new high for this move, taking out the previous highs on Long Goldman Sachs. Then Sirius Satellite Radio had a big update as well. And that was the big leader on the Nasdaq on Thursday. Now, we also saw money go into regional banks and Zions gapped higher yesterday. A lot of the stocks that we’ve been downplaying and that have not been performing well in 2023 saw money flow into them yesterday. Money did not come. I don’t think money really came out of the market yesterday. I think it just moved from stock A to stock B. As long as that keeps going, then we’re not going to see a major pullback in the market. Looking at what worked on the TSX, on the TSX 60, it was TC Energy was the big winner. On the TSX itself, it was SNC was the big winner. Looking at the iShares for the TSX 60, we’re trying to get to 31.25. Maybe we can do that on Friday. Hopefully, you’ve got orders in to get filled at 31.25. If you’re long the I shares, then looking at the SPY, we see a pull back yesterday.
And yes, it did close below the previous day’s low. The previous day was a very small bar, so not overly concerned so far. We’re still hanging around our price target of 453.13, and hopefully you’ve locked in some profits there. And if you still have some shares left, then split those shares in half and put half of them up for sale at 468.75, and let’s see what happens. Now, we’ve been talking about the crypto stocks this week with Bitcoin back on a sell signal. Coinbase is still trading up above the upper channel line. We saw Marathon has been in the channel for the past couple of days looking for a close below 1628 on Friday. Then we have new sell signals for Bitfarm for Galaxy. They’re back on a sell signal, looking at Hive, looking for a close below $7.16. We actually closed at $7.15. Now, when you’re in a situation like this where it doesn’t look like we saw aggressive selling yesterday, you can always wait for the next close below the lower channel line if you don’t want to bite the bullet and take the sell signal from Thursday as it is just at the lower channel line.
Then similar situation for Hut 8 on both sides of the border. Let’s finish off looking at commodities. We’ve got copper trading in the channel right now. On Wednesday, we dip below the lower channel line but came back on Thursday. Then looking at gold, gold pulled back yesterday. It’s down a couple of dollars in the premarket this morning, we need a close below $1983.70 to give us a sell signal on Friday. Then looking at silver, silver is stuck up here at $25. We closed at $24.96 on Thursday. Then looking at crude oil, crude oil is dealing with 75. If we can take out this week’s high, then 78.13 would certainly be a legitimate target to the upside. Then we’ve got natural gas back on a buy signal. Now, this could be bullish. You see, we put in a higher low this week. And so if we can take out that high, that would certainly be very bullish for natural gas. If we could start putting in not only a higher low, but a higher high. Okay, folks, that is all for Friday. Friday’s presentation. Have a great day. Try to stay cool. It’s going to be a very hot weekend in the Southern US this weekend, so drink lots of water, stay away from carbonated beverages, and try to stay cool as you possibly can.
The next time you’ll hear my voice is on Sunday, and at that time, we’ll take a look at the weekly charts.
Stephen Whiteside
Friday, July 21, 2023
