• Good morning everyone and welcome to Monday Morning. .
• It's Stephen Whiteside here from theuptrend.com in the pre market this .
• morning, stock index futures are above fair value, commodities are mixed with .
• gold slightly higher, while crude oil is lower in the pre market on Monday morning. .
• Now, I don't usually do the weekend video on Monday morning, but we've had a family .
• medical emergency last week and unfortunately it is not local. .
• So I've had to travel a bit over the past few days and it's still an emergency. .
• We're still dealing with it, so I'm not sure how many videos I'll be able to do .
• this week, but we'll just see how that works out. .
• Now this week could turn out to be a volatile week. .
• We've got lots of economic numbers coming out. .
• We've also got the Fed meeting, so the .
• market will be on guard for whatever the Fed does this week. .
• Starting off looking at the VIX. .
• The VIX made a new low last week, so .
• options traders are still not stressed about anything that's going on. .
• Things would change this week if the VIX .
• were to close above $19.98 this coming Friday. .
• Now, coming into Monday's trading action, looking at the daily chart of the VIX, you .
• can see we're looking for a close on Monday above 16.22. Looking at a weekly .
• chart of the S and P 500, we closed up just under half a percent. .
• So very quiet week last week. .
• Looking at the S&P 500 on the daily chart, we're stuck at 429. .
• 69 and we closed just above that on Friday. .
• If we can continue higher from here, then 437. .
• 50 is both a daily and a weekly target. Now. .
• Right now we're still dealing with the .
• high from last summer, so we're still trading under that. .
• If you look at the high from last week, it was 431. .
• 99. So we did trade slightly above that level, .
• but we haven't been able to close above it just yet. .
• So still watching that high from last .
• summer to see if the S&P 500 can take it out. .
• What worked last week? .
• Well, some of the biggest losers of the year were the biggest winners last week. .
• We saw retail was the biggest sector in the US, followed by regional banks which .
• actually traded above the upper channel line last week. .
• So both of those sectors coming back. .
• Then looking at the Nasdaq 100, we closed just down $0.15 on the week. .
• So again, it was a very quiet week for the Nasdaq. .
• We're trying to break out above 359. .
• 38 on the daily chart. .
• If we can do that, then 375 comes into .
• play, which is not only a daily, but a weekly price target. .
• And as you can see, the Nasdaq has dealt .
• with that resistance from the highs from last summer. .
• We did that a couple of weeks ago. .
• Now we're moving up to the highs from back .
• in early 2022, which is just below the 375 level, so we're not near that level yet, .
• so we don't really have to focus too much on it. .
• Now. .
• In the previous couple of weeks it was Nvidia that led the market higher and we .
• had a small pullback in Nvidia down 1.42%, so not that big a deal. .
• Did not close below the previous week's low this week. .
• On the other hand, we're being led higher .
• by Tesla, which is up over 14% on the week. .
• Our next price target on both the daily and weekly charts is 250. .
• We traded just above that at 252. .
• 42 and then came back down. .
• We're still trading below 250 in the pre market this morning. .
• Even though we're trading higher, we're still below 250. .
• If we can take 250 out, then 281. .
• 25 would be our next target on the weekly chart. .
• And looking at the daily chart for Tesla, .
• you can see we gapped higher on Friday, so we're nowhere near the channel lines, .
• nowhere near an ultimate sell signal at the moment. .
• Hopefully you were able to lock in some profits at 250. .
• Looking at the Canadian market, it's not looking very healthy at the moment. .
• Not a big sell off. .
• Last week we were down just a little over 1%. .
• We had an inside week for gold stocks down over 2% on the week. .
• Then we had materials down, we had the .
• financial sector, we had banks lower, we saw industrials pull back over two and a .
• half percent, we had telecom stocks down a little over 1%. .
• And then even technology stocks pulled back. .
• We saw the technology index pull back a little over half a percent. .
• And at the same time a lot of the gains in .
• that technology sector are on the back of shopify, which was up 4.64% on the week. .
• Didn't break out to a new high just yet, that still could happen. .
• Let's finish off looking at commodities .
• and we had copper up trading into the channel last week. .
• Gold was up on the week, but having an inside week, so no change there. .
• A little more strength than silver trading up into the channel and we're still .
• looking for close this Friday above 24 91 to give us a buy signal for silver. .
• Then we saw pork products move up, while .
• we saw pullback in the beef sector with live cattle pulling back. .
• So there's certainly a spread trade there to buy pork and sell beef this summer. .
• Then looking at cocoa, making a new high .
• so could put some pricing pressure on chocolate. .
• Then looking at lumber, very quiet week inside week for lumber, no change there. .
• Then last up looking at the energy sector, we had crude oil down 1.74% on the week, .
• it's down about that much again in the pre market this morning. .
• And last up we've got natural gas up on the week 3.78%, but of course that's not a .
• lot for natural gas and you can barely notice it on the chart. .
• Still trading and closing below the lower channel line. .
• Okay, folks, that's all for this morning's presentation. .
• Looks like we're going to see a higher open at 930 Monday morning. .
• Enjoy the rest of your day. .
• Next time you'll hear my voice is undetermined at the moment. .
• Hopefully it'll be Tuesday morning. .