• Hello, everyone, it's stephen Whiteside here from theuptrend.com with this .
• weekend's edition of stock market timing television. .
• Well the market had a pretty good week. .
• It digested the Fed announcement and continued to move higher. .
• It is certainly out of sync with the .
• seasonality charts and we use these as a guide. .
• You don't use them to actually trade place trades in the market. .
• It just using a seasonality chart right now. .
• The seasonality chart tells us we should .
• be making seasonal lows and that is certainly not the case at the moment. .
• Now we did have a bearish reversal day on .
• Friday for a lot of areas of the market, but it wasn't a major sell off. .
• So we did see some profit taking that could be the catalyst for more .
• selling this week, but we don't have any evidence of that right now. .
• It is still the technology sector leading the market higher and tech stocks are back .
• up at highs that we haven't seen since late 2021. .
• So we are up at major resistance right now .
• and it'll be interesting to see how the market deals with that going forward. .
• Chip stocks are still leading the way up nearly three and a half percent. .
• AI stocks were up nearly four and a half percent on the week. .
• Now looking at the VIX of the Fear Index, .
• we made a new closing low on Friday, so we're going to remain long term bullish on .
• the market as long as the VIX does not close above $19.29 this coming Friday. .
• If you're trading the market on Monday, we would remain bullish on the market as long .
• as the VIX does not close above $15.14 on Monday. .
• Looking at the Canadian market, the TSX had an inside week. .
• It closed higher but still on a weekly sell signal. .
• We saw financial stocks, we saw bank .
• stocks both move up but still on sell signals. .
• Then we saw the energy sector close down a .
• little over 2%, so still treading water here. .
• And then we had gold stocks down .88% on the week. .
• So yeah the financials were higher, but we saw commodity stocks trade lower. .
• Then looking at the Nasdaq, new high for .
• the Nasdaq, we're trading up to the 375 level. .
• If you look to the left you can see the .
• Nasdaq started to fade just below that level back in early 2022. .
• And then looking at the SPY, we're up .
• 2.22% on the week, starting to trade above the 375 level. .
• 453.13 is our next target to the upside. .
• We did trade above that level back in the .
• spring of 2022, but that's where we topped out. .
• So we'll have to see how the S&P 500 deals with this going forward. .
• Then looking at the Dow, the Dow .
• unfortunately is still stuck at resistance, which it's been dealing with .
• for basically over a year now, up at the 343.75 level. .
• So we're looking to see if we can take out the high from back in late 2022. .
• That'll be interesting to see if that happens. .
• Regional banks pulled back this week, not a lot, but we had a couple of good up .
• weeks for US regional banks and we still are waiting for a weekly buy signal. .
• Then looking at mid cap, small cap stocks, .
• they still traded higher, but there's not a lot of enthusiasm. .
• We did have a couple of really good weeks and then things started to fade this week .
• and that's probably not a good sign for the market going forward. .
• Then looking at the Canadian market, mid caps, small caps and micro caps are all .
• still on weekly sell signals, so no change in there. .
• Obviously there's a big difference between the Canadian and US markets. .
• A lot more technology stocks in the US, a .
• lot more resource stocks in the Canadian market. .
• Now looking at those big cap stocks, .
• you've got Apple making new highs this week, you've got Meta making new highs up .
• over 6%, you've got Microsoft up nearly 5%, you've got Nvidia up over 10%. .
• Then you've got Tesla continuing to move .
• higher up 6.6%, filling that open gap and trading above the 250 level. .
• So 281.25 would be our next profit target for Tesla. .
• Let's finish off with commodities. .
• We saw copper trade up into the channel, .
• so there's a possibility of a buy signal for copper this week. .
• No joy for gold, no joy for silver, both had inside weeks. .
• We also had an inside week for palladium, and then platinum made a new low for this .
• move, so no change in trends for any of the metals. .
• And then looking at the energy sector, we .
• saw crude oil make a reversal this week, it closed in the channel. .
• So looking for a close this coming Friday .
• on the USO above 66.69 to give us a buy signal. .
• Gasoline. .
• Unfortunately, it's on its second week of a buy signal and that's not something you .
• want to see going into the summer driving season. .
• And then last up, we've got natural gas up .
• 15.59% on the week, still on a weekly sell signal. .
• That would change this coming Friday if we .
• closed above $7.24. Okay folks, that is all for this weekend's presentation. .
• Enjoy the rest of your weekend. .
• Next time you'll hear my voice is on Tuesday morning. .