• 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. .