• Good Morning, everyone, and welcome to Tuesday morning. .
• It's Stephen Whiteside here from theuptrend.com .
• com. .
• In the premarket this morning, things are very quiet out there. .
• We don't expect that to last too long. .
• This is going to be a rather news intensive week. .
• We've got the Fed meeting, we've got economic numbers coming out, and we have .
• lots of earnings, so we are expecting a lot of price volatility. .
• That is not to be confused with the fear index or the VIX. .
• The VIX shows us how much investors are willing to pay to hedge their investments. .
• Right now, that indicator is still on a .
• sell signal, which is supportive for higher stock prices. .
• That could change on Tuesday if we close .
• above $14.23. You can see for the past month or .
• so that the pros in the public have been intertwined. .
• So we've been treading water for a while now. .
• If we look at the Fly Paper channel, you .
• can see it's continuing to move lower here. .
• And we know from experience that the market is not going to get overly .
• concerned if we continue to play under the Fly Paper channel. .
• It's when we start breaking out above it that things are going to get exciting. .
• Now, you've probably seen this headline .
• that the DOW is on its longest winning streak since 2017. .
• Does that have any significance? .
• And I would say no. .
• The DOW was on quite a winning streak coming into 2017. .
• And yes, we took a little break and pulled .
• back, but certainly not a major pullback to put previous support, and the market .
• continued to move higher after the pullback. .
• So does it have any major significance at this time? .
• No, it does not. .
• And of course, the DOW really doesn't have much significance at any time. .
• The media likes to cover the DOW because it is the oldest North American index. .
• And yesterday, it was the 93rd most actively traded ETF in the US. .
• And of course, I'm referring to the DOW Diamond. .
• So pros don't really follow the DOW or trade the DOW. .
• Or the most actively traded ETF for .
• Monday's trading action was the leveraged ETF for the Nasdaq 100, the TQs. .
• And yeah, we traded below the lower .
• channel line, but we did not close below it. .
• So looking for a close on Tuesday below .
• $42.67. Now, what really matters, of course, is the S&P 500. .
• We're still above the upper channel line, .
• still treading water up here at resistance at 453.13. That hasn't changed. .
• And over the past couple of days, we've seen a pullback in the Nasdaq. .
• The Nasdaq had a quiet day on Monday, .
• still trading in the channel, which of course is neutral. .
• And we're looking for a close on Tuesday .
• below 375.12. That would generate a new daily sell signal. .
• Russell 2000 holding up fairly well. .
• Then looking at the iShares for the TSX 60. .
• New high for this move. .
• We haven't taken out the highs from back in April. .
• Just yet. .
• In the US, the ishares for Canada have taken out those highs and have moved up to .
• the next price target at 35.94. We closed at 36.01 yesterday. .
• So we're still stuck to that price target. .
• You can see that if we continue higher from here, our playing field would go up .
• to 37.50. Next up, let's take a look at the world of crypto. .
• And last week we noted that Bitcoin had rolled over onto a sell signal. .
• It continued to move lower on Monday. .
• Now we've got Ethereum back on a sell signal as well. .
• Looking at some of the stocks in the crypto world, we've got Coinbase in the .
• channel looking for a close on Tuesday below 94.06. .
• Then looking at Marathon sitting right on .
• the edge of a new daily sell signal, we would need a close below 1637 on Tuesday. .
• Then looking at some of the stocks traded in Canada, we got .
• Bitfarm's on a sell signal, we've got Galaxy, we've got Hive, and we have a hot .
• eight on on both sides of the border already on a sell signal. .
• Next up, let's take a look at commodity prices starting with the USO, making a new .
• high for this move heading towards those highs from back in April. .
• Then the price of gasoline pushed through the April highs a long time ago. .
• Here we are gapping higher on Monday. .
• If you're the Fed and you're watching for indications of inflation settling down, .
• the price of gasoline is not helping with that story at all. .
• Then we've got natural gas on a buy signal, little tiny pullback on Monday. .
• Then looking at energy stocks, we saw a .
• new high for this move in Toronto and New York on Monday. .
• Then looking at the metals, starting with the GLD. .
• Back in the channel on Monday, looking for .
• a close below 181.09 to give us a sell signal. .
• For silver, we're looking for a close .
• below $22.26. Then looking at the stocks .
• themselves, we saw the GDX trade through the lower channel line for the .
• second day in a row but did not close below it. .
• And so we're looking for a close on Tuesday below $31.19. .
• In Toronto, we're looking for a close below $17.86. And then back to New York, .
• we're looking at the SIL, and we need a close on Tuesday .
• below $27.05 to give us a new daily sell signal. .
• Next up, let's take a look at the most .
• actively traded stocks in New York, starting with AMC. .
• Believe it or not, it was the most actively traded stock yesterday. .
• We're on a buy signal. We popped. .
• If you had an order in at 4.69, it got .
• filled at the open, which was way up there at 5.84. Congratulations. .
• Then if you had an order in at 5.47, it also got filled at the open yesterday. .
• We did not hit our next price target of 6.25, got as high as .
• 6.23. You know that there was some sell orders in up there just under .
• 6.25. Then looking at Tesla, still on a sell signal, no change there. .
• Then we had a new high for NIO. .
• Our next price target was 11.72. We closed at 11.73. Then looking at Bank of America, .
• we ran up to our next price target of 32 .81. The high yesterday was 32.85. So .
• chit ching, you got to lock in some profits. .
• Then Rivian, it's up sitting up at the top of the panic zones, treading water up .
• here, waiting for some news to come out to decide which way they want to go next. .
• Of course, this is not the time to be jumping into this stock. .
• Then AT&T coming off a lower low panic selling last week. .
• We are back on a buy signal as of Monday's close. .
• Does that mean much? .
• Well, you're probably going to get a trade up to the trend line or up to the fly .
• paper channel, but I wouldn't expect much more from this stock at this time. .
• Then looking at Ford, you can see that .
• we're projecting right down towards the $11 level. .
• Of course, the market is going to try to find support at the highs from back in the .
• spring, so I wouldn't get overly bearish on Ford just yet. .
• A projection is a projection, and of .
• course, it doesn't know what it doesn't know. .
• Let's finish off today's presentation taking a look at the TSX most active's. .
• Embridge made a new high for this move, third day of a buy signal. .
• If you look across the bottom here, you'll see a series of higher lows. .
• Now we're breaking out. .
• So our next target, of course, is the high from back in early June. .
• Then looking at TC Energy, very bearish chart here. .
• We ended Friday on a buy signal. .
• You come in Monday, you check the prices .
• in the premarket, and you see that we're going to gap lower. .
• That's a big red flag. .
• Then look at this, we put in a high, lower .
• high, lower high, low, lower low, lower low. .
• That's a very bearish chart. .
• Then Manulife heading up. .
• We hit our next price target and closed above it. .
• Now we're looking to see if we can move up .
• to 26.56. Then a new high for Athabasca Oil Sands. .
• We're looking for a move up to 371 as our next target, and then possibly 391. .
• Then looking at Suncor, we're back on a buy signal. .
• This is a much more bullish chart than TC Energy. .
• We put in a low, higher low, higher low, .
• put in a high, higher high, and now a higher high. .
• When you look at this little area here, it's looking pretty bullish. .
• Now we need to take out the highs from early June. .
• If we can do that, look up two lines, that takes you up to 4, 375. .
• That is our playing field going forward. .
• Then looking at Baytex Energy, we're breaking out towards the 5.08 level. .
• Then if we can take that out, then 5.47 comes into play. .
• Okay, folks, that is all for this morning's presentation. .
• So far, it looks like we're going to have a fairly quiet open on Tuesday. .
• We've got the Fed meeting coming up and .
• lots of earnings this week, so lots for the market to digest. .
• Enjoy the rest of your day. .
• Next time you'll hear my voice is on Wednesday morning. .