- Good morning, everyone, and
welcome to Friday Morning. .
- It's Stephen Whiteside here from .
- theuptrend.com. Now, back in March, we had
the big decline in regional banks, and .
- that put downward pressure on financial
sectors in markets around the world. .
- Since then, the market has been mostly .
- focused on the nice, bright,
shiny objects in the tech sector. .
- Those big caps tech stocks such as
NVIDIA are still holding up fairly well. .
- That's holding up the Nasdaq 100, which
dipped into the channel yesterday. .
- So we may see a sell signal in the Nasdaq .
- 100 on Friday with a close below
358.97 for the triple Q's. .
- Now, regional banks made the big decline
in March, seemed to stabilize, then .
- continue to trade lower in May,
and they've come back in June. .
- But that has come to an end. .
- So in the month of June, we ran back up to .
- previous resistance and
started to pull back. .
- I guess the big $64,000 question is, will .
- we hold the lows from May
or will we continue lower? .
- Now, if we go back a month, we started to .
- break out above a downtrend line, and our
target would have been the Fly Paper .
- channel, which was continuing
to move lower daily. .
- And then here's the current chart. .
- We moved up to the Fly Paper channel, .
- started to pull back, and now we're
breaking down below an uptrend line. .
- And so that is a bearish sign. .
- So we're looking to see if we can move
back down to test the recent lows. .
- Looking at US bank stocks, the major
banks are back on sell signals right now. .
- Canadian Financials, Canadian banks, .
- you'll notice that we recently put in a
lower high, so that's a very bearish sign .
- ran up to fill an open gap
and started to pull back. .
- Looking at Canadian banks. .
- Bank of Nova Scotia, CIBC National Bank, .
- Royal Bank, and now the TD Bank, which
is also now back on a sell signal. .
- What's holding up?
The Bank of Montreal did trade through the .
- lower channel line yesterday,
but did not close below it. .
- So looking for a close below 117 .
- .05 on Friday to give us a sell
signal for the bank of Montreal. .
- Looking at us. .
- Banks, and we're looking
at the major ones here. .
- Bank of America, bank
of New York, citigroup. .
- JPMorgan, wells Fargo. .
- All back on sell signals. .
- We also have Goldman Sachs, which is
on its third day of a sell signal. .
- So not a pretty picture here. .
- Let's finish off this morning's .
- presentation, taking a look
at credit card stocks. .
- And American Express is more of a bank .
- than a credit card company, but
it is back on a sell signal. .
- We've got Capital One
on a sell signal now. .
- Discovery, Mastercard and Visa are still
on buy signals, so looks like the credit .
- card companies are holding up much better
than the banks at the present time. .
- Okay, folks, that is all for
this morning's presentation. .
- Have a great day. .
- Next time you'll hear my
voice is later this morning. .