Good morning, everyone. Welcome to Thursday morning. .
It's going to be a quick update this morning. .
We've got a bunch of economic numbers coming out at 8:30 this morning that could .
dramatically change the direction of the market. .
So far, things are fairly quiet. .
Dow future is slightly below fair value. .
Nasdaq and S&P 500, slightly above fair value. .
Now, looking at yesterday morning's .
action, we were waiting for Microsoft to start trading in the pre market. .
Yesterday morning, it was trading down in the channel. .
And as I mentioned yesterday, we don't care how it opens, we care how it closes. .
It opened lower, it traded lower. .
It traded below the lower channel line .
down to last week's low and then reversed going into the close. .
So we recovered most of the losses intraday. .
Still closed lower on the day for the .
second day in a row, but still closed above the upper channel line. .
So no sell signal there. .
Now Tesla is out with earnings. .
It's up in the premarket this morning. .
So our next mathematical target is 156. 25. .
We're trading up at 154 and change at the .
moment, so there's a good chance you could get an order filled up there at 156. .
25 on Thursday. .
Looking at Shopify on the TSX, nice big move up yesterday. .
Started to trade above the 200 day moving average. .
It hasn't broken away from it yet. .
Hit our next price target of 62. 50. .
That was the top of our projected trading range. .
If we continue higher from here, then 68. .
75, of course, would be our next target. .
And then if you look at the weekly chart, that is $75. .
But we're not there yet. .
Looking at what worked yesterday while it was the gold miners on both sides of the .
border, and the silver miners did very well on Wednesday. .
Looking at the VIX, the VIX is still oversold. .
We've got a pressure zone forming. .
Unfortunately, last time we had a pressure zone forming, we didn't get a lot of lift .
off, so we'll have to see what happens this time. .
We traded up to the upper channel line .
yesterday before coming down and closing below the lower channel line. .
So a round trip there on Wednesday. .
Looking for a close on Thursday above .
20.99. That's the first sign something new might be happening. .
The Pros took control last week on that .
big reversal day, but then gave up control again. .
And it does not look like they want to take control on Thursday. .
The range has tightened. .
Of course, we've talked about this that we tried to trade below 1875 for one day and .
came back, and now 21 88 is acting as resistance. .
And so we're looking for a breakout of that range. .
Of course, everybody will notice if we .
start breaking out above the moving averages or the fly paper channel. .
That certainly hasn't happened yesterday .
and not expecting it to happen on Thursday. .
Looking at the I shares for the TSX, 60. .
We traded just almost unchanged yesterday. .
Just down two cent on the day. .
So looking for a close on Thursday below 30. .
91 to give us a sell signal and trying to hit the next price target of 31. .
64. .
It's been hard to do over the last couple of weeks. .
The high yesterday was 31. .
53, so we almost hit it. .
We'll probably hit it on Thursday. .
Looking at the SPY ETF, almost unchanged yesterday. .
Just up $0.15 on the day. .
Looking for a close on Thursday below 391. .
23. .
Our next mathematical target, of course, is 406.25. Still having trouble with $400. .
That big .
Round number $400.35, that was the closing price yesterday. .
Then looking at the Nasdaq 100, we closed down for the second day in a row. .
Big reversal off the intraday lows, though. .
Looking for a close on Thursday below 276. .
72. .
And we're looking to see if we can break .
out above the top of the fly paper channel. .
That would be something new. .
And of course, the market will be looking .
to see if we can take out the recent high here. .
And that would certainly be a bullish sign if we could do that. .
Looking up the Ishares for the Russell 2000, still dealing with 187. .
50. We closed at 187. .
45 yesterday, so we have traded above the 187. .
50 level, but we haven't been able to break away from it just yet. .
193 75 would be our next target if we could do that. .
And then looking down on Thursday, we need .
to close below 182.15 for the Ishares for the Russell 2000. .
Okay, folks, that's all for this morning's presentation. .
The deck chairs are going to be shuffled quite a bit after 8:30. .
So just if you've got any orders to be filled this morning, .
please wait and see what the open is going to look like before you take action. .
If you have some new signals from yesterday, you may not need to execute .
them, depending on what the futures do this morning after 08:30. .
A.m. Have a great day, folks. .
Next time you'll hear my voice is on Friday morning. .