Hello everyone, and welcome to this .
weekend's edition of Stock Market Timing Television. .
Well, it looks like a nice snowy evening out there. .
Stock index futures have opened for trading. .
They are down just slightly below fair value. .
But certainly there's no disturbance in the force on Sunday evening so far. .
Things, of course, can start to change once the Asian markets start to open up. .
The big news on Friday was Netflix, which pulled the markets higher, and the markets .
basically ended very positively going into Friday night. .
So there's Netflix gapping higher. .
Now, if you were trading Netflix, you still have a partial position. .
You probably got rid of some at 312 50 on Thursday. .
It wasn't looking very good. .
We were coming back down to the 312 50 level. .
But of course, if you had orders in the .
market up there at 343 75, they got filled on Friday. .
So congratulations. .
Now you want to make sure you've got an .
order in to sell another partial position up there at 375. .
And of course, I, you know, strongly recommend that you if you're going to put .
an order in up at that level, you put it in below the 375 level, .
say 374 50, something around that, just to play it safe. .
But we'll just have to wait and see. .
Of course, on the other side, if Netflix turns down from here, then we'll use the .
right side chart to liquidate the remainder of an open position in Netflix. .
Now, Netflix is part of the communications .
services sector, and it led the markets higher on Friday. .
And of course, this sector includes Meta .
and Google, as well as a lot of other communications companies. .
Now, Netflix is in the Nasdaq. .
It certainly led the Nasdaq higher. .
Netflix is also in the S&P 500. .
And up at the top of the winners list on .
the S&P 500 were a lot of consumer financial iwinner'snstitutions. .
So SVB was the big winner. .
It was up over six and a half percent, .
filled that open gap, and then started to pull back. .
300 can still act as resistance. .
We traded through it for a few minutes, and our next mathematical target is 312. .
50. .
We certainly traded above that level back in October. .
In a lot of cases, investors just want to .
get rid of their money when they see it up to an open gap .
a lot of people just give up. .
And so this is an inflection point. .
This is a time and place where we find out if this nice up move off the 218. .
75 level has attracted new money, or is .
this just old money trying to get out up at these levels? .
We'll just have to wait and see a couple .
of more financial institutions that did really well on Friday. .
SYF had a nice day on Friday. .
Noticed Thursday, though, was a rather shaky day. .
Traded right down to the previous low .
before reversing and then closing right in the channel. .
So we did not get a sell signal on Thursday. .
Friday, nice big update. .
Similar situation for a signature bank .
trading all the way down to the lower channel line on Thursday. .
And then nice big move up on Friday. .
And then Capital One Financial again .
traded through the lower channel line on Thursday, didn't close below it. .
And on Friday we had the nice big move up back up to the high from Wednesday. .
Now looking north of the border, it wasn't financial institutions or streaming .
services that led the market higher, it was Shopifybut . .
So that would be Ecommerce and then it was uranium with Cameco. .
Now Cameco broke out above the recent high .
and tagged our next price target up there at 35. .
94. Congratulations. .
If you had an ordering up at that level now with part of your remaining position, .
you want to put an order in up just under 37. .
50. .
That's our next price target to the upside. .
Let's take a break from daily and weekly charts and look at the monthly chart. .
We've just finished the third week of January and the TSX is having a nice start .
to the year, but has not broken out and made new highs for this move. .
We're looking right now with the gains of .
5.77%. Then you can see it's a nice inside month for the Dow, just 69%. .
Then we've got the S&P 500 also having an .
inside month up 3.47%. And then looking at the Nasdaq, the Biggest Loser is now the .
biggest winner, but it's kind of ha100-weekaveragesrd to notice. .
So we are up 6.21% at the moment. .
So let's talk about the big pothole that .
everyone's watching there's, the big downtrend line on the weekly chart here. .
We're trading up to that line right now. .
The bulls are saying, hey, no, we just made a recent higher low. .
That has got to be bullish. .
Well, everybody's waiting to see if we can make higher highs. .
And of course we're also stuck at the moving averages. .
So on the weekly chart, the 50 and the 100 week moving average have converged and .
that's where we're finding resistance right now. .
On the daily charts, we ran up to the 200 .
day moving average during the week and then pulled back. .
So the market is waiting to see if we take .
another run at that moving average or if we have failed. .
And that's it for the time being. .
We certainly had a nice recovery day on .
Friday, but as you can see, we did not break out and make any new ground. .
Now, mathematically speaking, our next target is 40 62 50. .
So 4000 is a big round number and we have been able to trade above that. .
And so that may not be such an important number right now. .
We're also looking at the high, the recent high, which is up there at 4089 50. .
So those are two numbers that we're going .
to be keeping an eye on this week to see if the market gets back up over 4000. .
And then what does it do once it gets back over 4000? .
Next up, let's take a look at the VIX. .
And the VIX has been supported for higher stock prices for a while now. .
That would change this coming Friday if we were to close above 24 48. .
And you can see that the VIX also had an inside week looking at a daily chart. .
And last weekend we talked about the fact .
that we had traded below 1875, but had not broken away from that level just yet. .
So we traded back into the channel this .
week and now you can see the range has shrunk. .
We were originally looking at $25 on the high end down to 1875. .
Now we've got 21 88 acting as resistance. .
So it's 1875 to 21 88. .
And of course, if we break out above 21 88, that would certainly give us a daily .
buy signal if we closed above the 21 35 level on Monday. .
And of course, if that doesn't happen on .
Monday, that upper channel line is going to continue to move lower daily. .
Next up, we're looking at commodity prices .
and we got crude oil back on a weekly buy signal as of Friday's close, joining .
gasoline, which is on its fourth week of a weekly buy signal. .
And then natural gas continued to move lower down another nearly 7% on the week. .
Looking at the metals, the GLD made a new .
high for this move, moving up towards the 181. .
25 level. .
There's an open gap over here that we've basically closed. .
Now we're looking to see if we can get up to 181. .
25. .
We've got palladium holding 156. 25. .
We've got platinum stuck at 100, coming back down to 93.75 during the week. .
So we're looking to see if 93. .
75 can hold. .
If we take out 100, then 106.25 comes into play. .
Then looking at silver, silver is stuck in .
an open gap, which of course now has been filled. .
But there's a lot of resentment at that price level. .
A lot of people feel screwed. .
And so now we're up in that price level. .
And unlike gold, which has continued to move higher, we've got silver stock. .
If silver can take out the high from a couple of weeks ago, then 23. .
44 does come into play. .
We're almost done. .
The last thing I wanted to focus on was the ARK Innovations ETFs and its holdings. .
Now, if you take a car, say a $40,000 car and you have an accident and your .
insurance company writes it off, if you take it to the wreckers and they give you .
$500 for it and then the wreckers turn around and sell it. .
For more than that, it is still a car that .
has been written off, even though the value does increase in price. .
And so here we're seeing a whole bunch of .
very positive articles about the ARK Innovations and about Cathie Wood and .
about how well she's doing in 2023, well, that really doesn't matter. .
It's very hard to see on the chart how well she's doing. .
She does have some winners. .
And we've seen exact science move up nicely over the past couple of weeks. .
We've seen the tenx genomics move up over the past couple of weeks. .
We've even got Coinbase back on our weekly buy signal. .
At the end of the day, it's still a car .
wreck, and Tesla is one of her biggest holdings. .
And woo it's up two weeks in a row, that is not a significant trend. .
We'll just have to wait and see if anything develops over time. .
But, yeah, she's getting a lot of positive .
media right now, but remember, she drove the train off the tracks. .
And, yeah, mathematically speaking, she is doing really well in 2023. .
As long as you didn't know her in 2022. .
Okay, folks, that is all for this evening's presentation. .
Stock index futures are slightly below fair value, and so that tells us there .
hasn't been any scary news that's come out over the weekend. .
Enjoy the rest of your weekend. .
The next time you'll hear one of our voices will be Tuesday morning. .
Thank you. .