- Good morning, everyone.
Welcome to Thursday morning. .
- Stephen Whiteside here from TheUpTrend.com
in the pre market this morning. .
- Stock index features are above fair value. .
- European and Asian markets
were lower overnight. .
- Commodities are mixed with both crude oil .
- and gold trading lower
on Thursday morning. .
- Let's start off this
morning's presentation. .
- Looking at the VIX or the fear index. .
- We finally closed in the Channel. .
- Haven't done that in a few weeks. .
- So there's certainly the mathematical .
- possibility of a buy signal on Thursday
with a close above 27.05. .
- We're not seeing any indication
of that in the pre market this morning. .
- The Dow diamonds closed in the Channel
yesterday looking for a close below .
- 320.55 on Thursday to give us a sell signal. .
- Biggest loser on the Dow is Disney. .
- We talked about that in the pre market
yesterday and followed by Chevron. .
- So energy stocks across the board
were hit hard on Wednesday. .
- And we have lots of new sell
signals in the energy sector. .
- Looking at the SPY ETF,
we're still on a sell signal that would .
- change on Thursday
with a close above 382.62. .
- And one of the biggest losers .
- on the S&P 500 was Occidental
Petroleum, down 9.22% on the day. .
- So energy stocks getting hit hard. .
- Then, looking at the QQQ's, .
- we are still on a sell signal here,
looking for a close above 273.57. .
- One of the biggest losers
on the Nasdaq was Tesla. .
- Tesla making a new low yesterday. .
- And so 187.50,
no longer acting as support. .
- Our next mathematical target is 156.25,
with 150 just below that. .
- And of course, 150 would be
big psychological support. .
- Apple made a new closing low yesterday. .
- Not a new low, but a new closing low. .
- So at 4:00 p.m. .
- Yesterday, the pros were convinced this
is the right place to close the stock. .
- Our next target to the downside
for Apple is 131.25 and then 125. .
- And I've talked about that number before. .
- If we look at the weekly chart, .
- you can see 125 is also our
next target to the downside. .
- Now, if you look across the top
of the screen, and you may only see this .
- on a weekly chart, of course you
can see the high that we put in. .
- We had a nice run into year end last year. .
- We put in a high, .
- and then we put in a lower high in the
spring, then a lower high in the summer. .
- And not sure, but this could be
the lower high from the fall of 2022. .
- Of course, we saw a series of lower lows .
- up until the summer,
and we haven't made a new lower low yet. .
- But that is a very bearish chart pattern .
- to see those lower highs
across the top of the screen. .
- Then Amazon, of course, is in the news. .
- It made a new low yesterday. .
- It's the first stock to lose
a trillion dollars in market value. .
- So that's something I'm
sure they're proud of. .
- Our next target to the downside is 81.25. .
- That is also the bottom of our projected
trading range on the daily charts. .
- Now of course, if we keep trading below .
- that level, then of course we can
flip over to the weekly chart. .
- Now, this chart hasn't been updated since .
- last Friday, but you can see our
next target to the downside is $75. .
- Looking at ARK Innovation. .
- I was trying to hold $34 for the longest
time, but yesterday it broke down. .
- So look for lower lows for ARK Innovation. .
- Next target to the downside is 31.25. .
- Then looking at the I shares for the TSX
60, we closed back in the Channel .
- yesterday, looking for a close
on Thursday below 29.59. .
- And of course, a lot of that had
to do with the energy sector. .
- There's the I shares,
energy ETF back on a sell signal. .
- As of Wednesday's close, .
- the biggest loser on the TSX 60 was
Tourmaline, down sharply yesterday, down .
- 6.25%. And then
on the TSX Composite Index, .
- it was Convergent Technology,
down over 13% on the day. .
- Now, Bitcoin, of course, is in the news. .
- It got trampled once again on Wednesday. .
- Both Bitcoin and Ethereum
sold off sharply yesterday. .
- And of course, a lot of the Bitcoin .
- related stocks such as Robin Hood were
also down over the past couple of days. .
- Let's finish off looking at commodities. .
- We've got a new sell signal for the USO. .
- For the UGA for the UNG. .
- All back on sell signals
as of Wednesday's close. .
- The metal is holding up a bit better. .
- We've got a bearish reversal signal .
- for Gold, but it did not close
below the previous day's low. .
- But we're certainly stuck
here at Resistance at 159.39. .
- Palladium still on a sell signal. .
- No change there. .
- Platinum still on a buy signal. .
- Looks like it may be
putting in a top here. .
- And Silver also had a reversal day, .
- but once again did not close
below the previous days low. .
- Okay, folks, that is all for this
morning's presentation so far. .
- It looks like we're going to have
a fairly quiet open on Thursday morning. .
- Have a great day. .
- Next time you'll hear
my voice is Friday morning. .