• Good morning everyone and welcome to Friday Morning. .
• It's Stephen Whiteside here from the uptrend.com in the pre market this .
• morning, stock index futures are trading above fair value. .
• We do have some economic numbers coming out at 8:30. .
• That could certainly change that. .
• We also have gold trading higher on Friday morning. .
• I printed off a couple of weekly charts this morning just to see where we were. .
• And for the week, the Dow is up just .16 percent or 55 points. .
• The S&P 500 is up .02% and possibly putting in a bearish reversal week. .
• We just have to see how Friday ends then. .
• Looking at the Nasdaq 100, a little more strength there, up a quarter of a percent. .
• Now last week we put in a bearish reversal .
• week, so that signal is going to stay there until we close above last week's .
• high, which of course we haven't done so just yet. .
• Then the TSX not looking very good here. .
• Possible bearish reversal week. .
• We're down zero .79%, so less than 1%. .
• But we ran up to resistance and looks like .
• that resistance is still holding us in check. .
• And if we look at the pros and the public across the bottom, starting with the Dow S .
• and P 500, Nasdaq 100, and then looking at the TSX, you can see the TSX is the .
• weakest of the major indices that we follow. .
• Now looking at the fear index, it had a wild day yesterday. .
• It got pushed down to new lows on US GDP news and then ran right up and ended the .
• day on a buy signal off of news from the bank of Japan. .
• Now we are still under the Fly Paper .
• Channel, so nobody's going to get overly anxious just yet. .
• The VIX is starting to trend higher. .
• We'll have to see if that trend continues on Friday. .
• And of course, if we start breaking out above the Fly Paper channel, that would .
• certainly be a big negative sign for the market. .
• Now it was news from the bank of Japan .
• that caused the market to shake in the afternoon. .
• The Japanese yen moved up. .
• We saw huge moves in other currencies, .
• including the US dollar index, which traded all the way down to the lower .
• channel line yesterday before breaking out above this week's high. .
• Similar situation in the opposite direction for the euro. .
• So a lot of movement there. .
• And then we saw bond yields, whether .
• you're looking at the five, the ten or the 30 year bond yields, all moved up .
• yesterday and that's what shook the market. .
• Looking at the price of gold, it was down yesterday over $24. .
• It is up $9 last time I checked in. .
• The pre market price of silver also came down back on a sell signal. .
• And so when we look at the Dow, the Dow .
• traded down to the upper channel line yesterday, so holding up fairly well. .
• Looking for a close on Friday below 349.35 then looking at the SPY, we're looking for .
• a close on Friday below 450.53 to give us a sell signal for the Nasdaq 100. .
• And again, we're looking to see if we can .
• break out above last week's high to get rid of that bearish reversal signal. .
• We're still on a buy signal here that .
• would change on Friday with a close below 375.64. .
• Semiconductors still on a sell signal, no change there. .
• There is news in the semiconductor sector .
• this morning with intel coming out with earnings. .
• And of course, the numbers I'm going to .
• talk about are old by the time you see this video. .
• But we're coming into Friday on a buy signal. .
• We're trading up over 7% in the pre market. .
• And if we look at our next price target, we are trading above that right now. .
• So if you've got an order in at 35.94, that's going to get filled at the open. .
• Our next mathematical target is 37.50, but .
• we're trading just under the high from back in June of 37.11. So I wouldn't have .
• had an order in at 37.50. I would have had it in just below the 30 7.11 area, and .
• that could possibly get filled this morning after the market opens. .
• Now, the TSX pulled back yesterday. .
• It closed below the previous day's low, which is not a good sign. .
• And so on Friday, we're looking for a .
• close below 30.95. We are trading higher in the pre market this morning, so we'll .
• have to see how the market reacts after those economic numbers come out. .
• Again, we're coming up to month end, so .
• automatic money is going to hit the market. .
• That usually provides a cushion if there is any significant bad news. .
• Now, I got a question yesterday about Ark .
• Innovations and the ETFs have traded with the market. .
• No doubt about it. .
• They've had a nice move up on Ark Innovations. .
• You can see across the bottom of the .
• screen when we had low risk buying opportunities. .
• I've got no problem with anybody trading any of the Arc Innovations ETFs. .
• My criticism has always been about her .
• money management skills and the fact she gave up all of this profit. .
• The ETF was trading up at 160. Yesterday .
• , it closed at 46.80. That's where my criticism is. .
• Her stock picking skills are pretty incredible. .
• She's somebody interesting to follow. .
• But she did leave all that money on the table. .
• Looking at commodity prices, crude oil .
• made a new high for this move, heading up to the highs from back in April. .
• We've got gasoline making a new closing .
• high yesterday, not a good sign for the inflation picture. .
• And natural gas pulled back yesterday. .
• It's back on a sell signal. .
• Natural gas, of course, known as the hardest thing to trade. .
• Looking at the TSX energy sector, we ran .
• up to our next price target at 15.63. This is where we topped out in April. .
• We pulled back that gave us a bearish .
• reversal signal, did not close below the previous day's low. .
• So not overly concerned just yet. .
• Similar price pattern for the US. .
• For the spider ETF. .
• We're trying to get to 87. 50. .
• We're able to do that in April. .
• We were not able to do that yesterday. .
• And again, while prices reversed, we didn't close below the previous day's low. .
• Always one of the first things I look for. .
• Now, the GLD rolled over yesterday, .
• joining Palladium already on a sell signal. .
• Platinum is back on a sell signal, so is the price of Silver. .
• And then we've got gold stocks in the GDX rolling over. .
• Back on a sell signal. .
• The SIL is back on a sell signal and the .
• XGD is back on a sell signal as of Thursday's close. .
• Let's finish off with a quick look at technology stocks starting on the TSX. .
• BlackBerry is still on a sell signal. .
• Constellation Software still on a buy signal. .
• That would change on Friday with a close below yesterday's low. .
• Lightspeed still on a sell signal. .
• Shopify still on a sell signal. .
• No change there. .
• Now, Apple reversed yesterday, still on a .
• buy signal here that would change on Friday with a close below 191.76. Amazon .
• drove up to the upper channel line yesterday before reversing and closing .
• just up a dime on the day, so no change in trend. .
• Meta, of course, was the big news .
• yesterday, but that is a very bearish looking bar. .
• We did trade higher and then came back. .
• We actually closed below our price target, .
• 311.10. And that's a bearish sign of bearish reversal day for Meta for sure. .
• And if we look at what the pros and the .
• public are doing, they're not going in the right direction right now. .
• So, looks like we had some short covering .
• yesterday and then some selling going into the close. .
• Similar situation for Alphabet. .
• On Thursday, it popped, on Wednesday, it got some fall through to the upside at the .
• open, but then ended the day just up $0.13. So we ran up, hit our next price .
• target at 131.25, and that is holding us in check at the moment. .
• Yesterday was a bearish reversal day for .
• Alphabet, and you can see the pros and the public not going in the right direction. .
• Now, Microsoft made a new low for this move, as did Netflix. .
• Nvidia traded through the upper channel .
• line during the day, but came back and closed in the channel. .
• So no buy signal just yet for Nvidia. .
• That could change on Friday with intel trading up in the pre market. .
• And last up, Tesla ended the day lower still on a sell signal. .
• Things would change on Friday for Tesla with a close above 277.33. .
• Okay folks, that is all for this morning's presentation. .
• Have a great day. .
• Next time you'll hear my voice is on Sunday. .