- Good morning, everyone and welcome to Thursday morning. .
- It's Stephen Whiteside here from theuptrend.com. .
- With today's .
- look at North American stock market .
- Trends. In the pre-market this morning, stock index, Futures have been up all morning. .
- Now, the S&P 500 was down a little over 30 points yesterday. .
- It's up about 20 points in the pre-market this morning. .
- So, we're not making any new Headway this morning, but at least we're not trading lower on Thursday morning. Wednesday, was an interesting trading day. .
- There was a lot of Promise throughout the day and then it all faded away going into the close with a lot of Market on close orders. .
- On Wednesday at the big winner, for the DOW and the S&P 500 was Salesforce which popped at the open. .
- With a big open Gap. .
- There .
- we are .
- trying to get to 187.50. .
- We were not able to do that, just $3 and change away. We may be .
- able to hit that on Thursday. .
- The VIX for the S&P 500, for the NASDAQ. .
- and for the Russell 2000 .
- closed lower. .
- That's all supportive for higher stock prices. .
- So maybe we can deal with this resistance that we've been dealing with for the past couple of days on Thursday. .
- If we can break out above some of the resistance .
- I'll be showing you, that could start the next leg up for the market. .
- Look at the SOX index were dealing with 3125. .
- We did hit 312.50 yesterday. .
- Got as high as 312.65. .
- So, if you aren't ordering at 312.50, congratulations, it got filled. .
- Then look at the ishares for the Russell 2000. .
- If you had an ordering it 187.50, that got filled a couple of days ago. Ahen look at the SPY ETF for the S&P 500. .
- We're trying to get to 421.88. .
- That is our next price Target. .
- Unfortunately, we're stuck at the lows from March. .
- Speaking of the lows, for March, we haven't got there yet for the iShares for the TSX, 60. .
- We're trying to get to 32.03. .
- I think we got as high as 31.88 the other day, so that hasn't worked out. .
- But we did get up to the lows of March. For the TSX itself, we hit our next price Target on Monday. .
- S far .
- we have not been able to break out about that. .
- And, of course, that price Target lines up with the lows from March. Looking at crude oil. .
- We had that Wild day on Tuesday and then an inside day on Wednesday. .
- We are trading lower in the pre-market this morning. .
- Somewhere between 2.5% and 3%, That won't be enough to give us a Sell signal. .
- On the right side chart. .
- We need to close blow 97.36. .
- Of course, we've mentioned before that .
- if you're training crude oil, you probably don't want to use this chart. .
- You want to probably take a more conservative, look at the market and use the midterm chart. L Loking at are big winners from May, Cenovus Energy continue to move higher, a new closing high for Cenovus Energy and a new .
- closing .
- high for Devon Energy on Wednesday. Continuing with commodities, the price of gold traded through the lower channel line on yesterday, but then closed up on the day. .
- It is currently trading higher in the pre-market .
- this morning. .
- Now, the price of gold is stuck in a range between 1812, 50 and 1875. .
- If we can break out above 1875, then 2,000, certainly comes into play. .
- If we break down below 1812.50, then we're looking down to 1687.50. .
- Now, for those of you who are bullish and we are on a buy signal right now, .
- so we want to be bullish. .
- Unfortunately, we're stuck at the 200-day moving average and do we got to get up and over all of the moving average resistance. .
- And so far, we have not been able to get up over the 200-day, moving average resistance. .
- Speaking of gold and gold stocks. .
- We had Yamana Gold
pop the other day on a takeover offer. .
- Our next Target was 7.03. .
- If you had an order in to sell at 7.03, it got executed at the open at 7.33. .
- So congratulations! And where do we get to when we traded up, into the open Gap and reversed, .
- even with that the Takeover offer. And where did we end up yesterday? Right at our price target of 7.03. .
- Now, of course, the other side of the trade is a gold fields. A .
- We knew it was going to Gap lower the other day. .
- So if you saw that buy signal, if you were waiting to buy gold fields and you saw that buy signal, of course, you come in, you check the pre-market activity. .
- And you would just wave that off. Yesterday was fairly quiet day for gold fields, the stock had an inside day or a day of indecision. .
- The Gold Miners ETF GDX is still on a buy signal, but on the TSX, the ishares for the TSX .
- Global gold index are on a Sell signal. Second day of a Sell signal for that stock. .
- Now, I understand the Gold Fields is in both of these ETFs, but that seemed to hurt the Canadian .
- one more than the US ETF. .
- Looking at the Big Cap Tech stocks we like to follow. .
- Apple is still on a buy signal. .
- But unfortunately, it's stuck at 150. .
- And where is 150? Well, that would be the March low. Then looking at Shopify. Shopify Iin .
- Canada generated a Buy Signal the other day. .
- And we talked about the fact that it was a very weak buy signal. .
- And, of course, it happened .
- when there was no adult supervision from the US market. .
- So the US listing for Shopify, there's still no buy signal there yet. .
- The Canadian listing .
- is trading back in the channel .
- yesterday down 3.69%. .
- So no major selling so far for Shopify. .
- Still treading water here, waiting for something to happen. .
- Tesla is still on a buy signal. Tesla is having trouble at 7:50. .
- And of course, where is 750? Right at the March lows. .
- So what was previously support, often acts as resistance on the way back up. And of course, if we can start breaking out above 750, .
- well, guess what? 875 is our next Target. And that previously acted as support and that is going to be a huge Wall of Resistance, .
- If we can continue higher above 750. .
- okay folks, that's all for this morning's presentation. .
- Have a great day. .
- Next time you hear my voice is on Friday morning. .