• 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. .