• 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. .