• Good morning, everyone. .
• Welcome to Friday morning. .
• It's Stephen Whiteside here from theuptrend.com. .
• Well, in the premarket this morning, things are fairly quiet. .
• We don't have any major economic numbers coming up this morning. .
• Stock index futures and commodities are .
• above fair value, so we are looking for some buying at the open on Friday morning. .
• Well, history was made on Thursday as the .
• S&P 500 put in a new high for 2023, taking out the old high and heading .
• towards 421.88. If we can take that out, then 429.69 comes into play. .
• Now, over the past five trading days, .
• there's been 206 new 52 week highs on the S&P 500 or 42 %. .
• At the same time, 133 stocks or 27 % of the S&P 500 has made 52 week lows. .
• Again, this is really all about technology stocks. .
• Looking at technology stocks, you can see the Nasdaq 100 also made a new high for .
• 2023 on Thursday, heading towards 343.75 on the triple Qs. .
• And if we can take that out, then 359.38 comes into play. .
• Now, looking at the Nasdaq 100, it's a little different than the S&P 500. .
• We've seen 56% of the Nasdaq 100 stocks make new 52 week highs over the past week. .
• At the same time, only 17 % of the Nasdaq 100 has made new 52 week lows. .
• Getting a bigger bang focusing on the technology sector than the overall market. .
• Now, the chip stocks have done really well this week and looking at the .
• SPDR Semicondactor ETF, we're heading towards 200. .
• Then looking at Apple, Apple actually hit 175 yesterday. .
• So ching, we finally got to lock in some profits. .
• Apple has not broken away from 175 yet. .
• It closed at 175.05 yesterday. .
• So that is still resistance. .
• So we don't worry about the next targets to the upside just yet. .
• Then Amazon is another stock I'm long and we're trying to get to 118.75. Got as high .
• as 118.60 yesterday, so did not lock in profits just yet. .
• A couple of ETFs people were asking me about yesterday. .
• Cloud computing hit its next price target .
• of 17.58. It closed at 17.61. Then autonomous vehicles, 23.44 was our target. .
• It closed at $23.42. The high of the day .
• was 23.46. So if you had an order in up there, that got filled yesterday as well. .
• Now, ARK Innovation's ETF, it was pointed .
• out to me yesterday that yes, this ETF is up 25.22 % year to date. .
• So that's quite incredible. .
• It's just behind the triple Qs, which are up 26.66% year to date. .
• Now, we've been seeing lots of pops and drops over the past couple of weeks, and .
• there's Netflix driving up to the previous highs. .
• And so if you had an order in at 359.38 or 375, both of them got filled yesterday. .
• So congratulations. .
• Then looking at NVIDIA, NVIDIA hit 312.50, actually got as high as 318.28 yesterday. .
• We have not broken away from 312.50 yet, .
• so the current price targets on the daily charts have not expanded. .
• If we go to the weekly chart, you can see this chart was published last weekend. .
• 312.50 was our next target, so we know we've hit that. .
• Then above 312.50 is 343.75, and that's where we topped out back in late 2021. .
• Then looking at Tesla, our next .
• mathematical target is 187.50. We still have not broken away from 175. .
• The low of the day yesterday was 172.45, and then we've got that open gap. .
• So the high yesterday was 177.06, the top of that open gap is .
• 177.65. So we'll see how the market deals with that on Friday. .
• Now, looking at the VIX, the VIX is back .
• on a sell signal which is supportive for higher stock prices. .
• You can see that on Friday we need to close up there at above 1827. .
• Not expecting that to happen based on what .
• we're seeing in the premarket this morning. .
• We're getting down to the previous low at 1563. .
• If that breaks, then 12.50 would be our next target to the downside, and that .
• would certainly be supportive for higher stock prices. .
• Now, a lot of people ask why I don't .
• follow the VIX for the Nasdaq, why I focus on the VIX for the S&P 500. .
• Well, you can see this is a pretty spastic chart. .
• It's always been this way. .
• Sometimes when people see this chart on .
• the website, they email and say that, Hey, do you know you've got bad data? .
• Well, no, that's just the way this works. .
• If you go to the CNBC website, this is what it looks like this morning. .
• So our data is not bad. .
• It's just the way this particular index .
• looks and it's not something that I like to follow. .
• It can be all over the place and I'd rather stick to the VIX for the S&P 500. .
• Moving on to the Canadian market. .
• Yes, the technology index is doing well. .
• Remember, these are weighted. .
• The bigger the stock, the more influence it has on the index. .
• So it doesn't mean that all stocks in this particular index are up at these levels. .
• The rest of the Canadian market is not doing as well. .
• The TSX is on a sell signal right now, so is the TSX 60. .
• The reason for that, of course, is that .
• energy stocks have not been doing well lately. .
• They could come back on Friday with crude oil trading higher this morning. .
• Then we've got financials which are just .
• treading water, having an inside day yesterday. .
• Then the price of gold has been coming down this week and we see the gold stocks .
• made a new low yesterday and mining stocks made a new low for this move as well. .
• So that's why the Canadian market is not .
• in sync with the US market at the present time. .
• Now, looking at the Canadian tech stocks, Absolute Software popped last week and .
• just another one of those stocks that popped. .
• Congratulations if you owned that stock, I .
• wouldn't be sitting around doing anything I would have sold by now. .
• It's probably not going to go anywhere from here, so no reason to hang around. .
• Then BlackBerry made a new high for this move. .
• The price targets for BlackBerry have started to expand as the stock has started .
• to trade and continue to hold up in a new level. .
• Remember, the previous price targets were .
• based on this range, this high to this low and then to this high. .
• So you had price targets based on that .
• price action, and then we started to break out above that. .
• So 7.42 was our next price target, got as high as 7.44 yesterday on the TSX. .
• Then looking at CGI, we made a new high yesterday. .
• Then looking at Lightspeed, here's another stock that popped and dropped. .
• You can see the nice move up. .
• We made a new high for this move and then came right back down the next day. .
• So unfortunately, that's been happening a .
• lot and that's just the mood that the market is in at the moment. .
• Not much you can do about it. .
• Nuvei made a new low for this move yesterday. .
• Another stock that generated a buy signal. .
• You came in the next morning, saw that it was going to open way down here. .
• So you didn't take the buy signal. .
• And I have no idea why it dropped so much .
• right after Ryan Reynolds started promoting this particular company. .
• Open Text made a new closing high yesterday for this move. .
• Another stock that made a new low here for this particular move. .
• And then the next morning it just popped higher and has not pulled back since. .
• Then Shopify, we talked about this one. .
• It generated a sell signal. .
• You came in the next morning and saw that it was going to open up way up here. .
• And so you waived off that sell signal and we're still on a buy signal. .
• Things would change for Shopify on Friday .
• with a close below 79.40. Then looking at Telus International, it is in the InfoTech .
• Index and it made a new low on Thursday for this particular move. .
• Okay, folks, that is all for Friday morning's presentation. .
• So far it looks like we're going to see some buying at the open on Friday morning. .
• Have a great day. Have a great weekend. .
• It's a long weekend here. .
• The Canadian markets will be closed on Monday. .
• Us markets will be open. .
• We will do a video over the weekend. you. out.. .