- Good Morning, everyone, and
welcome to Friday morning. .
- It's Stephen Whiteside
here from theuptrend. .
- com. .
- In the premarket this morning,
things are very quiet. .
- The market is waiting for employment
numbers coming out at 8:30 this morning, .
- and those numbers will certainly
add some volatility to the market. .
- Now, the market was again focused on
interest rates on Thursday, where we saw .
- another pop in bond yields and bonds
continue to move lower this week. .
- So the market is very concerned about the
July Fed meeting, and there's currently .
- just under a 90 % chance of a quarter
to a half point rate hike in July. .
- That's what the market is
anticipating right now. .
- We got a big pop in the VIX yesterday, so .
- it is back on a buy signal that, of
course, can be negative for stocks. .
- We closed right at the first price target,
looking for a move up to 18.75, and then .
- we'll look to see if we can challenge
the recent highs from the month of May. .
- Looking at what worked yesterday and what .
- didn't work, well, nothing
worked in the Canadian market. .
- Biggest loser was health care followed
by energy, followed by info tech. .
- In the US, info tech actually
lost the least amount. .
- Those big cap tech stocks are
still holding the market up. .
- Biggest loser in the US on
Thursday was the energy sector. .
- We did see the QQQ's pull
back into the channel. .
- They were down just a little over
three quarters of a %. .
- On Friday, we're looking for a close
below 363.47 to give us a sell signal. .
- Semiccondctors gapped lower yesterday,
sitting right on the lower channel line. .
- So we're looking for a close below 214.09 .
- on Friday to give us a sell
signal for the chip sector. .
- Lots of areas of the technology sector
have rolled over, whether you're looking .
- at robotics or AI, they
have rolled over already. .
- We're just waiting for those big cap tech
stocks that the market likes to follow to .
- roll over, and that has
has not happened yet. .
- Canadian InfoTech is back on a sell
signal as of Thursday's close. .
- We're looking at the DOW Diamond's back
on a sell signal as of Thursday's close. .
- S&P 500, still looking for a close below
436.65 on Friday to give us a sell signal. .
- Then looking at the iShares for the TSX .
- 60, we closed one penny below
the lower channel line yesterday. .
- So we are technically back on a
sell signal as of Thursday's close. .
- Of course, the biggest loser in the .
- Canadian market on Thursday
was the energy sector. .
- Looking at the iShares for the energy .
- sector, still looking for a
close below $14.19 on Friday. .
- Moving on, let's take a look
at the TSX most active. .
- I'm going to use the same list that we .
- used yesterday morning, which is I think
more valuable for training purposes. .
- TD Bank sold off yesterday. .
- It came down to the upper channel line .
- while Bank of Nova Scotia
zoomed right past the lower channel line .
- and is back on a sell signal
as of Thursday's close. .
- Looking at TC Energy, we needed a close .
- below 52.35. We closed at 52.39, so just
five cents away from a sell signal. .
- We've got Enbridge back on a sell signal. .
- We've got Canadian Natural
Resources back on a sell signal. .
- No change for HUT 8. .
- A slight light pull back there
after making a new high. .
- Then looking at Manulife, we are back on
a sell signal as of Thursday's close. .
- Remember, we were watching Manulife
to see if it would hold 25. .
- Once that broke, we looked for
a move down to the next line. .
- We turned around, came back up. .
- What was previously support
is now acting as resistance. .
- It'll be interesting to see if the market .
- will hold the low from
a couple of weeks ago. .
- Looking at Crescent Point, we need a close
on Friday below $8.67. No change there. .
- Algonquin Power looking for a
close below $10.80 on Friday. .
- Then Osisko Gold, which was the big loser
on the previous day, actually closed .
- higher on the day, having an
inside day or a day of indecision. .
- Then looking at a couple of other big cap
gold stocks that we looked at yesterday, .
- we've got Barrick, we closed at 21.70. We
were looking for a close below .
- 21.77. So we are back on a sell
signal as is Agnico Eagle. .
- Moving on to the US most active,
starting off with Tesla. .
- Small pull back there, no
change in trend, of course. .
- We saw a new high for Rivian. .
- The top of our projected trading range was
21.88, got as high as 21.77 yesterday. .
- And of course, there's no guarantee that .
- the top of our projected trading
range is going to hold us back. .
- Then we've got NIO pulling back into the .
- channel, a close below 918 on
Friday would give us a sell signal. .
- No change in trend for Carnival, small .
- pullback yesterday, closing just
above the previous day's low. .
- Then looking at Lucid, .
- when you compare this chart to this chart,
of course, this one's a little weaker and .
- it looks like we might be
putting in a lower high. .
- We ran up, filled the open gap
and have started to pull back. .
- Looking looking for a close
below 6.37 on Friday. .
- Then for pull back to the upper channel
line, looking for a close below .
- 14.52. Then we've got AMD still on
a cell signal, no change there. .
- Close above 115.48 would give
us a buy signal on Friday. .
- Then Apple pulling back intra day, but
then actually closing higher on the day. .
- So looking for a close below 187.75
on Friday to give us a sell signal. .
- Once Apple and Tesla go, then the rest of
the market is going to sell off sharply. .
- That hasn't happened yet. .
- Then we're looking at a marathon, a small
pullback there after making a new high. .
- Then we've got Palantir trading in the .
- channel looking for a close
below 14.74 on Friday. .
- Let's finish off today's
presentation looking at commodities. .
- Crude oil was down slightly yesterday. .
- It is up slightly in the
premarket this morning. .
- Gasoline was up yesterday. .
- Natural gas sitting right on the edge of a
new daily sell signal looking for a close .
- below 7.04. We closed at 7.04. Natural gas
is trading up slightly in the premarket. .
- Then the GLD was down yesterday looking .
- for a close above 179.12 on
Friday to give us a buy signal. .
- No change for Palladian or
for Platinum on Thursday. .
- Then silver slipped and we are looking for
a close below 20.84. We closed at .
- 20.83. The SLV back on a sell
signal as of Thursday's close. .
- Okay, folks, that is all for
this morning's presentation. .
- Waiting for those employment numbers to
come out at 8 30, and then we should .
- expect volatility to
expand in the premarket. .
- Have a great day and next time
you'll hear my voice is on Sunday. .