- Hello, everyone, and
welcome to Tuesday morning. .
- It's Stephen Whiteside here from the .
- uptrend.com in the pre market this
morning, things are below fair value. .
- Dow future is currently
down 90 points overnight. .
- Asian markets were higher, while European .
- markets which are still open,
are currently trading lower. .
- Commodities are all trading higher in the
pre market this morning, so we may see .
- some selling at the open
on Tuesday morning. .
- One of the stocks in the
news this morning is 3M. .
- It's already on a sell signal. .
- It's down over 4% last time I checked. .
- So it's trading back down at the
lows that we saw just two days ago. .
- Looking at the Ishares from yesterday's .
- trading action, up a little
over half a percent. .
- New high for this move for the Ishares. .
- Looking at the Dow Diamonds, still looking .
- for a close above 338 on Tuesday
to give us a buy signal. .
- The SPY ETF made a new high
for this move yesterday. .
- I remember last Thursday we did trade down .
- and trade under the lower channel
line, but we did not close below it. .
- And so we're still on a buy signal here. .
- Trying to get over 400. .
- Still having some resistance there. .
- The close yesterday was $400.63. So that .
- is still acting as price
magnet and resistance. .
- We are trying to get to 406.25.
That's our next mathematical target. .
- And you can see that's where we peaked
back in late November and early December. .
- Now looking at the moving averages, a lot
of people are excited that the SPY ETF is .
- starting to trade above the
200 day moving average. .
- But remember that we've done that
previously in 2022 and each time we did .
- it, it was an indication that the
chapter was coming to an end. .
- It has not been an indication
of a new chapter starting. .
- So we'll just have to wait and see. .
- There's no reason to abandon any
position on Tuesday morning. .
- Now, looking at the queues, they were the .
- big winners yesterday at over 2%,
making a new high for this move. .
- We're trying to get up to 296.
88. .
- That's our next mathematical target. .
- And that would take us up towards the
200 day moving average for the queues. .
- Now within the queues, the big winner was .
- the chip sector and the chips were
up over 5% on the day on the Dow. .
- Intel was the big winner
on the Dow yesterday. .
- I would strongly recommend that you don't .
- follow intel, intel's
a last-century Westernstock. .
- You should be following Advanced Micro
Devices, Western Digital or Nvidia. .
- Those would be my top
picks for the chip sector. .
- In the Canadian market, Infotech was up .
- nearly 3%, led higher by Shopify,
which was up over 8% on the day. .
- If you had an order in at 56.Shopify
25, it got filled yesterday. .
- Congratulations. .
- Now we're trying to get up to 62. .
- 50, but you can see that back in late
November we peaked just below that leve,l. .
- And of course if you're trading Shopify,
you know what that level is don't you? .
- Looking at the moving averages, we are
coming up to the 200 day moving average. .
- That could act as resistance and that's
trading right around $60 at the moment. .
- Nuvei has made a new high on Monday
and we are trying to get to 46. .
- 88.
That is our next price target. .
- If we can take that out then
$50 does come into play. .
- And then Light Speed Communications made a .
- new high for this move, is
trying to get up to 25. .
- But we know from .
- recent history that we flared out
before we got up to that level. .
- So isn't this interesting? .
- You know, you can look here, there's a .
- high lower high, lower high, lower high
and then a lower low and now we're trying .
- to come up and see if we can
put in some higher highs here. .
- That would certainly bring more
investors into this particular stock. .
- And of course our next target is $25. .
- Looking at commodities and we'll
look at the metals this morning. .
- Copper had a small pullback yesterday .
- still trading above the upper
channel line as is BHP. .
- And then we saw Southern copper trade into .
- the channel yesterday but did
not close in the channel. .
- So this looks like the weakest one. .
- So with the possibility of a sell signal
on Tuesday, we'd need a close below 71 95. .
- And then looking at Teck, still trading .
- above the upper channel
line, so no change there. .
- Looking at Gold, gold
was up $4.30 yesterday. .
- BarriNewmontck is on a sell signal right .
- now, trading back in
the channel yesterday. .
- Looking for a close on
Tuesday above 25 77. .
- We closed at 25 69. .
- So it's not going to take a lot to
get Barrick back on a buy signal. .
- And you can see that Newmont Gold
Corp is still on a buy signal. .
- So no change in trend there. .
- Now silver on the other hand has been
trading sideways for over a month now and .
- nobody wants to pay $25
for silver right now. .
- Isn't that interesting? .
- But nobody is aggressively
selling it either. .
- So yesterday was an inside
day for Pan American Silver. .
- Still on a buy signal here, no change and .
- no change in trend for Wheaton making a
new closing high for this move on Monday. .
- Looking at my five stocks, no change in .
- trends on Monday we had
Apple make a new high. .
- We're trying to get to 143. .
- 75. .
- We've got an order in just below that
and hopefully that'll get filled today. .
- Then we're looking at Amazon and Amazon, .
- we're trying to get it to
$100 and it just won't go. .
- The high that it's been recently was 99.
32. .
- We did that last week and so we are
still trying to hit $100 for Amazon. .
- The CME Group not doing well right now. .
- It's been in the channel for the past
couple of days testing the lower channel .
- line, looking for a close
on Tuesday below 173. .
- 96. .
- So you can see we're
stuck at the 175 level. .
- Notice that since we came into this range .
- months ago, we've got a high
there and we've got a low here. .
- We're still trading within that range, so
there was no way to tell ahead of time. .
- I've always said that if you've got a
group of stocks or ETFs, one of them is .
- going to disappoint you and you're just
not going to know which one it is. .
- A lot of times that disappointment is .
- choppy trading where a trend
doesn't last very long. .
- In other examples, such as this
one, we just don't trend at all. .
- We're just stuck trading sideways here. .
- So we have traded around the 50 day moving .
- average for the last week or so, trying to
get up to the 100 day and then possibly .
- the 200 day, but the 50 has
been holding us in check. .
- We did pop up to the 100 day back in .
- December, but it's still looking like
a really hard slog at the moment. .
- And then of course, there's the flypaper .
- channel, which has been holding
us in check for all of 2022. .
- Then looking at Goldman Sachs. .
- Goldman Sachs, one of the reasons the Dow .
- is on a sell signal, it is
still on a cell signal itself. .
- Put in a bullish reversal day yesterday, .
- but didn't close above
the previous day's high. .
- So we're still waiting for a
close on Tuesday above 357. .
- 84. .
- And you can see our price targets here. .
- We've just put in a recent lower low. .
- We put in a lower high
there and a lower low here. .
- So overall, it's still
a very bearish pitcher. .
- If we start trading below
yesterday's low, then 328. .
- 13 and 312. .
- 50 start to come into play.
Last up. .
- Looking at Visa. .
- Visa made a new high for
this move yesterday. .
- We've got orders filled up at 225. .
- We're up at the top of our projected
trading range, and that certainly doesn't .
- mean we can't continue to
move higher from here. .
- The easiest way to get the next price .
- target is just take the differences
between the numbers you see on the screen. .
- And so if we just take 1250 and
add it to 225, we get 237 50. .
- That is a reasonable target to the upside
if Visa starts to break out above 225. .
- Now, as another reference point, you can
look at the weekly chart, and of course, .
- this hasn't been updated
since last Friday. .
- Our next mathematical target
on the weekly chart is 226. .
- 56 and you can see that
previously acted as resistance. .
- Then if we continue on looking up on our .
- weekly chart on our way to
237 50, you can see that 234. .
- 38 is our next target. .
- And if you go back here, you'll see that .
- there's lots of history along that
particular price target line. .
- So that is certainly a legitimate
price target to the upside for Visa. .
- Okay, folks. .
- That is all for this morning's
presentation so far. .
- It looks like we may see a little selling .
- at the open, but certainly no panic
in the market on Tuesday morning. .
- Have a great day, folks. .
- Next time you'll hear my voice
is on Wednesday morning. .
- Thank you. .