• 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. .