Hello, everyone. It’s Stephen Whiteside here from theuptrend. com. In this presentation, we’re going to take a look at the Magnificent 7 plus 1. We’ll start off looking at the weekly queues. The QQQ’s Trust (QQQ) had an inside week. They were up nearly 4% on the week after last week’s big disappointment. Now, on a bullish note, yes, it was up on the week, but it didn’t take out the previous week’s low, so that might be a bullish sign going forward. The chip sector really led the market higher, up over 9% on the week. Again, not back on a buy signal just yet, but we did not take out the previous week’s low, and it was an inside week. So inside weeks are weeks of indecision. The market is really trying to figure out which way it wants to go next. But you’ve got some bullish signs here and certainly a lot of new daily buy signals. So for the triple queues, we’re back on a buy signal as of Friday’s close. For the SMH, Semiconductors ETF, we’re also back on a buy signal as of Friday’s close. Now, there is an ETF for the Magnificent Seven called MAGS, and it hasn’t been around that long.
It’s not in our database, but I thought I’d take a look at it. Technically, it is also back on a buy signal as of Friday’s close. Now, if you haven’t been with us before, the uptrend provides seven daily, seven weekly, and one monthly chart for each symbol in our database. Depending on if you’re a short-term trader or a long-term investor, you can find charts that are going to help support your trading strategy. Now, in this presentation, I’m going to be switching back from daily and weekly charts for each symbol. We’ll do the symbols in alphabetical order, starting off with Alphabet (GOOG). On the daily chart here, you can see that over the past week, we actually dipped below the lower channel line a couple of times, did not close below it. Of course, closing below it for the first time would give us an official sell signal. We’ve been on a buy signal, so back here at the start of March, we certainly popped higher on Friday, and we actually popped above our projected trading range on the daily charts. Now, when you get a chart like this, you want to know what the next targets are, you can simply do the math, just split the difference between these and add it above, or a shortcut would be to go to the weekly chart.
Now, this weekly chart is from the previous week, from a week ago, Friday. At that time, if we could break through 162.50, then 175 was our next target to the upside. We move ahead a week to this Friday, and that’s exactly where we got to. We traded a bit above 175, and we closed just below it at 173.69. If we can trade above 175, then 187.50 would be our next target to the upside. Looking down on our weekly chart, you can see we’d have to close below 146.17 this coming Friday. Not expecting that to happen. If it doesn’t happen, then that lower channel line is going to continue to move higher weekly. Then moving on We’re on to Amazon.com (AMZN). And looking at a weekly chart, you can see we actually broke through the previous week’s low. That’s bearish. We came back up into the channel, right up to the upper channel line. We’re on the edge of a new weekly buy signal. Moving on to daily chart You can see the Fly Paper channel. The market looks like it’s buying the dip here. You can see we got very oversold this week and on Thursday, and the market took it back up on Friday.
We traded down to the 100-day moving average, and we’re back above the 50-day moving average, so all of that looks bullish. On the daily chart, on Monday, we’re looking for a close above $181.29 to give us a new daily buy signal. Our next target is 187.50. If we can take up the high from April, just above that level, then $200 would be our next target to the upside. Looking down, we were projecting lower prices here, but it looks like the market’s taking care of that, and we’re heading back up. Now, notice how strong Amazon has been. Then, of course, compare that to Apple. Apple (AAPL) is still very broken. You can see the elongated Pressure Zone down here. You can see we’ve made a series of lower highs and lower lows, and we recently made a lower low. So this is all still looking pretty bearish. You can still get a short term rally out of it, even though we’re not expecting it to go very far. You can see we’re struggling here. We’re still on a sell signal. That would change on Monday with a close above $169.98. Next up, we’re looking at Meta Platforms (META), and Meta broke down this week and traded down below the FlyPaper channel.
So now the Fly Paper channel is going to act as resistance. It’s a pretty ugly move for Meta, and it’s clinging to the 100-day moving average and has for the past two days. When we look down, $406.25 is our next target. But if we look to the left here, you can see the big open gap. And so what the market gave us, it took away this week, and the bottom of that gap is $400.50. So we may still be heading down to those levels to fill that gap, but we’ll just have to see there’s a gap above and a gap below, and it’s anybody’s guess which way We’re headed next. Now, looking at the Daily Right Side chart, we came in to Thursday already on a daily sell signal. We need to get up over $495 to give us a buy signal on Monday. Certainly don’t expect that to happen. That upper channel line is going to continue to move lower daily. Now, looking at a daily chart of Microsoft (MSFT), we traded up to the upper channel line on Friday, did not close above it. We’re still looking for a close above $412.50 to give us a new daily buy signal for Microsoft.
We traded down below the 100-day moving average, came back up and traded up to the 50-day moving average on Friday. And looking at a weekly chart of Microsoft, again, this is bearish. We took out the previous week’s low, came back. Yes, we were up on the week, 1.8% on the week, but it’s still a bearish sign when you take out the previous week’s low. Then looking at price targets, we’re stuck at the 406.25 level. That has been a price target for a while now. If we can take out the recent high, then 437.50 would be our next target to the upside. But Microsoft is certainly struggling at the moment. Now, NVIDIA (NVDA) was up on Friday. It’s back on a daily buy signal and bounced off the Fly Paper channel. That’s where you would expect people to continue to buy the dip. When we look at price targets here, we traded up to 875. We closed at 877.35 on Friday. 937.50 would be our next target to the upside. We traded above that several times. We actually made a high back here at the start of March, and then a lower high, and then we’ve made a lower high in April.
This is still looking pretty bearish. The sentiment hasn’t changed just yet. The fact that we got a couple of days of upward movement really doesn’t negate what’s been going on over the past couple of months. The market wants to go up to a thousand. Let’s see if we can get buyers to come back in on Monday and continue this rally. Looking at a weekly chart of NVIDIA, 875 is our next target. We’re there now, and $1,000 is our next target above that. Basically, an inside week for NVIDIA, and an inside week is a week of indecisions. Now, looking at the weekly rightside chart for NVIDIA, we actually closed right above the upper channel line. So technically, that’s a weekly buy signal. It was actually a week of indecision. We didn’t take out the previous week’s low, so that’s good for the Bulls, but we didn’t take out the previous week’s high, which is good for the bears. So it’s still a mixed picture here, even though we are back on a daily and weekly buy signal for NVIDIA. Next up, we’re looking at Shopify (SHOP), which is our plus one here. It’s Canada’s biggest technology stock.
It’s traded in New York, and in New York, we’re coming in on Monday on a buy signal right now, which hasn’t got us anywhere. The market’s actually traded lower since we got the buy signal, and we’re looking for a close on Monday below $70.20 in New York. We’re boxed in here between 75 above and 87.50 below, looking for a breakout of that range. You can see the 200-day moving average in New York is holding us in check at the moment. We did get a bearish reversal signal after the buy signal. The next day was a bearish reversal signal. So far, two things haven’t happened. We haven’t been able to take out that high, and the pros have not come in to take control. That’s also true for Shopify (SHOP.TO) traded on the TSX. It’s looking like a very weak buy signal here at the moment. Now, year to date, Shopify is down a little over five and a half % so far, year to date. In Toronto, we’re looking for a close on Monday below 96.26. Now, compare Shopify to Tesla. Tesla (TSLA) is still down over 32 %, even though it’s on its third day of a buy signal.
And looking for a close on Monday below $154.13. This is still looking very weak, a series of lower highs and lower lows, trying to break out above 171.88. If we can do that, then 187.50 is our next target. You can see that we failed to get there over the past couple a couple of months. It’s going to be a struggle, but let’s see how bullish the market wants to be going into month-end. Month-end usually has a bullish bias to it. Automatic money is going to hit the market over the next couple of days. Typically, traders don’t like to trade against that. It doesn’t guarantee success, but it usually dampens any downward pressure on the market unless there’s a global catastrophe, which, of course, you can’t plan for. Now, looking at the moving averages, you can see that we haven’t even got to the 50-day moving average yet for Tesla. And of course, we’re projecting higher prices here. We’ll just have to see how that works. And of course, the fly paper channel is going to be a big wall of resistance as Tesla tries to continue to move higher from here. Now, Friday was a bullish reversal day for Tesla, so that’s one for the Bulls.
But again, the pros are nowhere near taking control on Monday. Looking at a weekly chart of Tesla, to see long term money come back into Tesla, This week, we’d be looking for a close above 187.28. And of course, if that doesn’t happen, that upper channel line is going to move down weekly. Okay, folks, that’s all for this weekend’s presentation. It’s a real mixed picture. It’s one thing to know that the queues and the semiconductors are back on a daily buy signal, but it would be nice if Apple, Shopify, and Tesla would start picking up the pace and get with the program. Yeah, we got a couple of buy signals there, but there’s really no upward momentum at the moment. We are coming into month end. It could be bullish, but a lot of times, if there’s negative pressure, at least it takes some of the downward pressure off. We’ll just have to see how month end turns out this month. Okay, that’s all for today’s presentation. Hey, when I was a kid, I always imagined being a superhero. Maybe you did when you were a kid as well. Unfortunately, I haven’t become a superhero in all these years, but I certainly I feel like a superhero when I donate blood.
If you want to get that feeling as well, if you start donating blood, or if you currently donate blood, please remember, we give discounts to blood donors. If you want more information about that, just go to our homepage. On the menu on the right, there’s a page talking all about our blood donation rewards program. Enjoy the rest of your weekend. Next time you’ll hear my voice is on Monday morning. Thank you for watching today’s presentation. If you found this video useful, please Please consider hitting the Like button, sharing it, and subscribing to our channel to ensure you never miss a video. We look forward to having you join us for our next Daily Market Update.
Stephen Whiteside
TheUpTrend.com
Sunday, April 28, 2024
