Hello, everyone, and welcome to Monday morning. It’s Stephen Whiteside here from theuptrend.com. In the pre market this morning, things are fairly quiet. We don’t have any major economic numbers coming out this morning. So so far, it looks like the market wants to have a fairly quiet open on Monday morning.
Now, coming into Monday’s trading action, the VIX is still on a daily sell signal that’s supported for higher stock prices. That would change on Monday if the VIX were to close above 13.02. Now, in this presentation, we’re going to be looking at a lot of symbols that are making new all time highs. The Bitcoin and Ethereum are both down sharply on Friday, and so they are not going in the same direction as the stock market. Now, of course, you can play the other side of Bitcoin and trade the inverse ETF, which is doing quite well at the moment.
When we look at Bitcoin related stocks, Microstrategy has been on a sell signal for a while. Now. HUT 8 made a new closing high on both sides of the border on Friday. Now, unlike the rest of the market, this group of stocks is still hitting higher highs, and that’s unfortunate. It doesn’t look like it’s pulling the rest of the market with it.
But there we have the Nasdaq 100, up over 1% on Friday, getting very close to our next price target of $500. That’s a big round number, and it certainly not a guarantee that we’re going to top out here, but we’ll just have to wait and see. Then looking at the Magnificent Seven ETF, it was up nearly 2% on Friday, getting pretty close to our next price target of $50. Then walking through the individual stocks, starting with Apple. Apple was up nicely on Friday, over 2% hit our next price target of 225.
Now, this is the top of our projected trading range on the daily charts. It’s not a guarantee that this is as high as we’re going to going to go. It’s just the projection that we had based on the previous trading action. So here we are. We can add the difference between 212.50 and 225.
That gives us 237.50, and that’s the same as our next weekly price target. Then looking at Amazon, Amazon stuck here at 200. If we can start breaking out above 200, then 206.25 and 212 50 would be our next targets for Amazon. Then looking at Alphabet, it was up nearly 2.5% on Friday, starting to break out above 187.50. $200 is our next price target.
For Alphabet. Then we had Meta up nearly 6% on Friday and Meta has a pretty sloppy chart. The last buy signal was back here. Then we went up, traded sideways, broke out, traded sideways, broke out. And we’ve taken out the high from back in April.
So a lot of money came into meta on Friday. We started to trade above the 531 25 level, but haven’t broken away from it just yet. So 562.50 is our next target to the upside for Meta. Then looking at Microsoft, we were up nearly one and a half percent on Friday, up to our next price target. 468.75 was our next price target.
468 35, as high as we got on Friday. We’re two price targets away from 500. Maybe the market wants to head all the way up there then. Looking at Nvidia, we’re currently on a buy signal, but had a small pullback on Friday. Things would change on Monday with a close below 122.26.
We ran up to the 137 50 level a couple of weeks ago and quickly reversed. So if you had an order in up there, it got filled. If we can take out that high, then 150 comes into play. If we take out this low, 112.50 and $100 would be our next targets to the downside. And you can see a nice open gap over here that could potentially be a target, but we’re not heading in that direction just yet.
Then looking at Shopify, we’re still on a buy signal on both sides of the border. In the US, we’re looking at resistance at 68.75. You can see back here that acted as support. And then on the canadian market, 93.75 is our next target. And you can see it acted as support back here.
Resistance here. If we can take that out, that $100 certainly comes into play. And last up, Tesla, the big winner. Last week, up another 2% change. On Friday, Tesla was trading in a tight range.
We were looking for a breakout above 187.50. Once that happened, the stock took off. And here we are up at 250, closing at 251.52. Our next target is 265.63. If Tesla traders want to continue higher from here.
Okay, folks, that is all for this morning’s presentation. This is a time and place to be locking in some profits and taking money off the table. It is not the time and place to be putting money into the market. Anytime you take money off the table, you don’t want to completely liquidate a position. We don’t know exactly how high the market’s going to go.
What we do know is that stocks usually fall faster than they rise. So it’s a lot easier to sell into strength than it is to sell into panic. And that’s why we try to take money off the table as we are moving up, not as we are moving down. So, yep, things look pretty good this morning. It’s fairly quiet out there.
We’re looking to see if the queues can hit 500. That could be possible on Monday. Enjoy the rest of your day. Next time you’ll hear my voice is on Tuesday morning. And at that time, we’ll take a closer look at the Canadian stock market.
Stephen Whiteside
TheUpTrend.com
Monday, July 8, 2024
