• Good Morning, everyone, and welcome to Tuesday morning. .
• It's Stepfen Whiteside here from theuptrend. .
• com. In the premarket this morning, we've got .
• stock index futures and commodities trading lower this morning, .
• so we are looking for a little settling at the open on Tuesday morning. .
• Well, in 2023, neither the US market or .
• the Canadian markets are following the seasonal patterns at the moment. .
• Yesterday was officially a golf day for the Canadian market. .
• US markets were closed. .
• If we look at the ishares for the TSX 60, .
• which are normally the most popular ETF in Canada, on Friday, we had .
• nearly three and a half million shares traded. .
• Yesterday, it was just over 600,000. .
• So you know that Bay Street was empty yesterday. .
• Interesting when you look at this chart, .
• you can see that the top of that open gap has been holding us in check. .
• Yes, we've traded slightly above it. .
• We haven't closed above it just yet. .
• So unfortunately, that open gap is holding us in check, looking for a close on .
• Tuesday below $30.21 to give us a sell signal. .
• Now, a quick look at the US market. .
• The VIX is still on a sell signal that would change on Tuesday with a close above .
• $15.14. And that would turn us from short term bullish to short term bearish. .
• Now, Friday was a bearish reversal day for the US market. .
• But if we look at the DOW, you can see we .
• didn't close below the previous day's low, so no major damage was done. .
• On the S&P 500, we had an inside day, bearish reversal day for the Nasdaq. .
• Again, we didn't close below the previous .
• day's low, unlike the chip sector, which actually did. .
• And so the chips have been leading the US .
• markets higher, and we'll have to see if that continues. .
• Now, we've been watching the Regional .
• Banks closely, not for investment opportunities, but just to keep an eye on .
• them and see if the financial crisis is over. .
• I would say it isn't. .
• Yeah, we've moved off the bottom, but we haven't really gotten anywhere. .
• We're still trading at levels that we started to see back in early March. .
• So resistance is still holding us in check at 43.75. Yeah, we've traded above it .
• slightly, but we haven't broken away from it. .
• So that is a sign of caution for the market. .
• And then the most actively traded stock on .
• Friday was once again Tesla, which put in a new high. .
• And again, we'll be watching Tesla closely every day. .
• Next up, let's take a look at the major .
• Canadian leveraged ETFs, and we don't follow all of them. .
• Some of them are very thinly traded. .
• The TSX bull is still on a buy signal that .
• would change on Tuesday with a close below 18.27. And for the bear ETF, we're looking .
• for a close above 7.10 on Tuesday to give us a buy signal. .
• That is certainly possible. .
• Now, not expecting any trend changes in .
• the US market for the S&P 500 or for the Nasdaq on Tuesday. .
• Need to get a little closer to those .
• channel lines before we're concerned about a change in trend. .
• Now, Energy stocks. .
• The bull gave us a sell signal last week. .
• The bear gave us a buy signal. .
• No trend has really started just yet. .
• And then looking at the gold miners, the bear ETF still on a buy signal. .
• Gold is trading lower this morning, so I .
• would expect this ETF to continue to move higher on Tuesday. .
• And then, of course, looking at the bull .
• ETF, we need to close on Tuesday above $14.17. Not expecting that to happen given .
• what we see in the pre market for stocks and for the price of gold. .
• Next up, let's take a look at the Canadian financial sector. .
• Yes, we do have the financial index and the bank index both back on buy signals. .
• Unfortunately, the bank index has run into the top of the open gap. .
• Yeah, we traded above it, .
• so it has been filled, but it's still acting as resistance up here at 3,800. .
• Now, the most actively traded financial stock for Monday's trading action was .
• Manulife, which is still holding support at $25. .
• If that breaks, then $24.22 is our next target to the downside. .
• Now, the national bank had a nice pop, but unfortunately, it ran into resistance at .
• 100, and the pros still have not taken control. .
• We have the TD Bank, which is also dealing with an open gap, and you can see there at .
• 81.25, the top of the gap is just below that, and that's holding us in check. .
• Again, we've had a buy signal here. .
• Things are blue, but the pros still have not taken control. .
• At least they're not fighting us, but .
• unless they take control, the trend is not going to last very much longer. .
• Power Corp was the next most actively traded financial. .
• Yes, it generated a buy signal on Thursday. .
• Unfortunately, it pulled back on Monday. .
• So a close below 34.90 on Monday would give us a sell signal. .
• Again, the pros have not taken the bait so far. .
• And last up, Bank of Nova Scotia. .
• It's been treading water for quite a while. .
• Pros in the public are intertwined. .
• We're stuck in a range here, so we're looking for a breakout of the range. .
• You can see the 100 day moving average has been holding us in check. .
• We've got the 200, the 100, the 50, and the 10 day moving averages here. .
• So it is the 100 day moving average that .
• has held us in check for the past month or so. .
• And if you want to give the stock a bit more breathing room, then look for a .
• breakout above $68 to tell us that new money is coming back into this stock. .
• Let's finish off today's presentation taking a look at Canadian Gold stocks and .
• starting off with the TSX Global Gold Index. .
• It had an inside day on Monday. .
• We saw a new closing low yesterday for Barrick. .
• We've got Agnico Eagles still on a sell signal inside day yesterday. .
• Inside day for B2 Gold. .
• Then we had a lower close yesterday for Franco Nevada. .
• Kinross has been holding up very well over the past couple of weeks treading .
• sideways, looking for a close on Tuesday above $6.55 to give us a buy signal. .
• New gold inside day on Monday, no change .
• there, no change for Wheaton, still on a sell signal. .
• Now, not all gold stocks are on sell signals. .
• The major ones are. There's a lot of other ones that are not. .
• I thought this one was interesting, Sentera. .
• You can see that it traded up to the top of the open gap and pulled back. .
• It hasn't started to fall apart just yet. .
• But if the top of the open gap is going to .
• act as resistance, maybe the bottom of this gap here is going to act as support. .
• We'll just have to wait and see. .
• But not all gold stocks are on sell signals, but certainly the major ones are. .
• And last up for the price of gold itself, .
• we're looking for a close on Tuesday above $1983.60. So far, that's not what's .
• working out in the premarket as gold is down about $6 last time I checked. .
• Okay, folks, that is all for Tuesday morning. .
• Looking for a lower open on Tuesday. Have a great day. .
• Next time you'll hear my voice is on Wednesday morning. .