- Hello everyone, it's Stephen Whiteside
here from theuptrend.com with this .
- weekend's edition of Stock
Market Timing Television. .
- Now, it looked like it was going to be a .
- pretty flat week for the
market up until Friday. .
- And Friday's big up move certainly
helped the indexes going into the close. .
- We're looking at the weekly chart for the .
- Ishares for the TSX 60, up 2.43%,
still on a weekly sell signal. .
- No, no change there. .
- No change for the SPY ETF. .
- It was up 1.48% on the week, and the .
- queues for the Nasdaq
were up just under 1%. .
- Still trading below the
lower channel line. .
- So certainly no change in trend there. .
- The winners and losers were the
same on both sides of the border. .
- We had gold stocks lead the TSX higher up
8.63% on the week, while energy stocks .
- went in the opposite direction,
down 4.21%. In the US. .
- It was the Sau, up over 9% on the week. .
- And then within the energy sector, we had .
- the oil and gas explorers
down 3.18% on the week. .
- So still no change in trend .
- Still on a weekly sell signal. .
- Looking at the daily charts, you can see
the big up move on Friday for the TSX and .
- the TSX 60, both trading
up into an open gap. .
- So we'll have to see how the market deals
with the top of that open gap on Monday. .
- Then you see the Dow moving up back
on a buy signal as of Friday's close. .
- We also saw the S&P 500
back on a buy signal. .
- The Nasdaq 100 just on the edge of a new
buy signal, while the composite index and .
- the Russell 2000 both ended
Friday on buy signals. .
- Now, still looking at daily charts,
here, what worked on the US. .
- Markets on Friday. .
- It was the chip sector, up 4.6%.
And what worked on the Dow? .
- Well, it was Intel up 4.25% on the
day, so Intel has come back nicely. .
- Remember, Intel was the absolute
dog of the Dow in 2022. .
- It was the biggest loser on the Dow, so it
could be a dog of the Dow type trade where .
- people are going back and buying the
worst performing stocks from 2022. .
- What worked on the TSX on Friday? .
- Well, it was base metals. .
- And the biggest winner there was
HUDBay, up over 9% on the day. .
- Now, speaking of dogs of
the Dow, dogs of the TSX. .
- The biggest loser in 2022
on the TSX 60 was Shopify. .
- Shopify is back on a buy signal as of
Wednesday's close, but certainly no follow .
- through to the upside
on Thursday or Friday. .
- Looking at commodity prices,
no trend changes this week. .
- We still have crude oil on a sell signal
down 5.39%. Natural gas making a new low, .
- down another 15.56%.
Then we've got copper. .
- Copper is trying to break
out above recent highs. .
- No joy there, but still on a buy signal. .
- Gold made a new high this
week, hit 1875 on Friday. .
- So that could be the end
of this particular move. .
- We'll just have to wait and see. .
- First thing I'd be looking for is a
close below this week's low next week. .
- That would be the first sign
something new is happening. .
- Now. .
- There is a bit of disturbance in the
metals as we saw silver make a new high .
- for this move and then
closed lower on the week. .
- So we weren't able to hit $25. .
- And that price action actually gives
us a Bearish Engulfment signal. .
- Remember, the price action of this week .
- engulfed the previous week's price
action and we closed lower on the week. .
- So that's how you get a .
- Bearish Engulfment signal
looking at the VIX. .
- The VIX is still on a weekly sell signal
that is supported for higher stock prices. .
- Looking for a close above 25. .
- 42 this coming Friday to
give us a sell signal. .
- And we came down hard on Friday. .
- We are back on a sell signal that's
supported for higher stock prices that .
- would change on Monday
with a close above 22. .
- 94. .
- Let's just finish off with one more
chart, and that is the Fed balance sheet. .
- You can see the nice bull market that
we had up until the start of 2022. .
- Then the Fed started reducing
their balance sheet. .
- Until this trend changes direction, the .
- stock market will be able to go up,
but not for any length of time. .
- And so, yes, we will see many buying .
- opportunities for short term trades, but I
don't think we're going to see a lot of .
- long term action to the upside until this
trend starts to change direction and the .
- Fed starts to release more
money to the banking system. .
- Okay, folks, that is all for
this weekend's presentation. .
- It was all about Friday. .
- Let's see if we can get some momentum and
some continuation to the upside on Monday. .
- Enjoy the rest of your weekend. .
- The next time you'll hear my voice this
week is going to be on Wednesday morning. .
- Thank you. .