Good Morning, everyone. Welcome to Friday morning. .
Stephen Whiteside here from theuptrend. com. .
In the premarket this morning, stock index .
futures are above fair value being led higher by the Nasdaq. .
Commodities are mixed with gold down while crude oil is higher on Friday morning. .
Let me first start off by apologizing. .
If you had trouble getting the reports .
last night, I also had trouble getting the reports. .
The problem has been recently fixed. .
I thought it was fixed before I went to bed. .
It wasn't fixed when I got up this morning. .
Something happened during the night and we've fixed it again. .
Hopefully, that fix will stay this time. .
But yeah, apologize about that. .
They are all up and running at the moment. .
The house of cards did not fall yesterday. .
Yes, the companies that we were watching in the premarket yesterday morning .
continued to trade lower throughout the day. .
We now have Tesla back on a sell signal. .
We have Netflix back on a sell signal. .
We also have Alphabet back on a sell signal and Amazon. .
We're what didn't roll over yesterday? .
Well, Apple is still on a buy signal at the upper channel line. .
We saw Meta trade into the channel and .
Microsoft also ended the day in the channel but not on a sell signal. .
Now, Shopify traded right down the lower channel line on both sides of the border, .
right on the edge of a new daily sell signal. .
Some of those stocks are trading higher in .
the premarket this morning, so not overly concerned at the open. .
Now, we're looking at the queues, we're .
looking for a close on Friday below $374.04. That would give us a sell signal. .
Now, the VIX traded higher yesterday but did not generate a buy signal, and that's .
why the rest of the market held up very well. .
We're looking for a close on Friday above $14.36. Looking at what didn't work .
yesterday, consumer discretionary, of course, those are the products you don't .
need during a recession, and semiconductors. .
Both of those sectors are back on sell signals as of Thursday's close. .
Now, the DOW continued to move higher yesterday, and some of the stocks that .
people have hated recently saw money flow into them on Thursday. .
We see the DAO is trading up to the next price target and is holding at the moment. .
It is trading slightly higher on Friday morning. .
Now, the reason the DAO was the big winner .
yesterday was Johnson & Johnson, and that looks like quite a surprise to investors. .
Then Goldman Sachs was up, making a new .
high for this move, taking out the previous highs on Long Goldman Sachs. .
Then Sirius Satellite Radio had a big update as well. .
And that was the big leader on the Nasdaq on Thursday. .
Now, we also saw money go into regional banks and Zions gapped higher yesterday. .
A lot of the stocks that we've been downplaying and that have .
not been performing well in 2023 saw money flow into them yesterday. .
Money did not come. .
I don't think money really came out of the market yesterday. .
I think it just moved from stock A to stock B. .
As long as that keeps going, then we're .
not going to see a major pullback in the market. .
Looking at what worked on the TSX, on the .
TSX 60, it was TC Energy was the big winner. .
On the TSX itself, it was SNC was the big winner. .
Looking at the iShares for the TSX 60, .
we're trying to get to 31.25. Maybe we can do that on Friday. .
Hopefully, you've got orders in to get filled at 31.25. If you're long the I .
shares, then looking at the SPY, we see a pull back yesterday. .
And yes, it did close below the previous day's low. .
The previous day was a very small bar, so not overly concerned so far. .
We're still hanging around our price .
target of 453.13, and hopefully you've locked in some profits there. .
And if you still have some shares left, .
then split those shares in half and put half of them up for sale at 468. .
75, and let's see what happens. .
Now, we've been talking about the crypto .
stocks this week with Bitcoin back on a sell signal. .
Coinbase is still trading up above the upper channel line. .
We saw Marathon has been in the channel .
for the past couple of days looking for a close below 1628 on Friday. .
Then we have new sell signals for Bitfarm for Galaxy. .
They're back on a sell signal, looking at .
Hive, looking for a close below $7.16. We actually closed at $7.15. .
Now, when you're in a situation like this where it doesn't look like we saw .
aggressive selling yesterday, you can always wait for the next close .
below the lower channel line if you don't want to bite the bullet .
and take the sell signal from Thursday as it is just at the lower channel line. .
Then similar situation for Hut 8 on both sides of the border. .
Let's finish off looking at commodities. .
We've got copper trading in the channel right now. .
On Wednesday, we dip below the lower channel line but came back on Thursday. .
Then looking at gold, gold pulled back yesterday. .
It's down a couple of dollars in the premarket this morning, we need a close .
below $1983.70 to give us a sell signal on Friday. .
Then looking at silver, silver is stuck up here at $25. .
We closed at $24.96 on Thursday. .
Then looking at crude oil, crude oil is dealing with 75. .
If we can take out this week's high, then .
78.13 would certainly be a legitimate target to the upside. .
Then we've got natural gas back on a buy signal. .
Now, this could be bullish. .
You see, we put in a higher low this week. .
And so if we can take out that high, that .
would certainly be very bullish for natural gas. .
If we could start putting in not only a higher low, but a higher high. .
Okay, folks, that is all for Friday. .
Friday's presentation. Have a great day. .
Try to stay cool. .
It's going to be a very hot weekend .
in the Southern US this weekend, so drink lots of water, stay away from carbonated .
beverages, and try to stay cool as you possibly can. .
The next time you'll hear my voice is on .
Sunday, and at that time, we'll take a look at the weekly charts. .