Hello, everyone, and welcome to Friday morning. .
It's Stephen Whiteside here from theuptrend.com. .
In the premarket this morning, stock index .
futures and commodities are trading above fair value. .
So far, it looks like we're going to see .
some buying at the open at 9:30 Friday morning. .
Now, today is a quadruple witching day, which means the stock index futures and .
options expire today for the month of September. .
This happens once a quarter where everything lines up on the same day. .
It used to be a huge event back in the .
90s, but since a lot of traders got caught on the wrong side of this day, they've .
learned to unwind their positions ahead of today's event. .
It is happening. .
It is an event, but it's not as big an event as it used to be back in the 90s. .
Now, so far this week, we are still .
trading within last week's range for the S&P 500 and for the NASDAQ. .
That means that if we end this week within .
the range, that this will be the second inside week in a row. .
Overall price action has been contracting over the past couple of weeks, which .
when volatility contracts, and we're talking about price volatility, not .
options pricing, but when price volatility contracts, it will expand at some point .
and we'll have to wait and see whether it expands to the upside or to the downside. .
Now looking at options pricing, we can see the VIX has made a new low yesterday .
and the upper channel line has also moved lower. .
And so on Friday, we're looking for a .
close on the VIX above $14.81 to give us a buy signal. .
And if that were to happen, that would be very negative for the stock market. .
But so far, it does not look like that's going to happen on Friday. .
Now we've got the major US auto companies .
in the news this morning due to strike action. .
And there's a Ford on a buy signal coming into Friday. .
General Motors is also on a buy signal. .
As you can see, the market wants Ford more than they want GM right now. .
Now, compare those two charts to their Japanese counterparts, whether we're .
looking at Honda or Toyota, it's a totally different world. .
Then, of course, we've got Tesla. .
Tesla made a new closing high for this move on Thursday. .
Now the world is still focused on inflation and crude oil is still not .
helping with crude oil making a new high once again on Thursday. .
That helped energy stocks move up on both sides of the border. .
On the TSX, it was a Tamarack. .
On the US, Diamondback Energy had a great day making a new high for this move. .
Looking at the iShares for the TSX 60, .
they popped yesterday and ran right up and made a new closing high for this move. .
31.25, of course, is resistance for the iShares for the TSX60. .
Now, the big move that we saw yesterday .
was led by real estate, which is rather unusual. .
That doesn't happen very often, followed .
by industrial materials, and then utilities. .
Utilities, of course, is a defensive play. .
Then we see energy down the bottom there. .
Everything was up yesterday, which is also .
something unusual, but that's exactly what happened. .
There's real estate popping. .
Not only was it a big day, but the sector .
is back on a buy signal, being led higher on Thursday by Interrent, .
which actually traded out and closed above the July highs, which is a bullish sign. .
Then looking at industrial, which also popped and is also back on a buy signal, .
and that sector was led higher by Ballard Power. .
Then in the materials world, it was Mag Silver was the big winner on Thursday. .
Now, what happened yesterday to the .
commodity stocks didn't really reflect what the commodities were actually doing. .
Their silver making a new low yesterday before coming back up to the $23 level. .
You can see that gold made a new low for .
this move yesterday before coming back and closing slightly higher on the day. .
It is trading higher in the premarket this morning. .
Now looking at the gold and silver stocks, the GDX is back on a buy signal as of .
Thursday's close, while the XGD is still waiting for close above $17.08. .
Then looking at the SIL, we're looking for a close on Friday above $25.81. .
Then looking at the DAO, it is back on a buy signal as of Thursday's close, joining .
the S&P 500 and the Nasdaq still on buy signals. .
Both are still waiting to take out the recent highs. .
And then looking at the semiconductors, .
chips traded back into the channel on Thursday. .
There's an open gap to get through. .
And then we're looking for a close above 207.64 on Friday to give us a buy signal. .
Now, Apple still on a sell signal, no .
change in trend there, and then no change in trend for NVIDIA, still .
on a sell signal closing slightly higher on Thursday. .
Now, what worked in the US? .
Well, just like in Canada, it was real .
estate followed by utilities and then materials. .
Those were the big winners. .
For real estate, we are back on a buy signal as of Thursday's close. .
The big winner was Boston Properties, still not on a buy signal. .
We need to close above 66:65 on Friday to give us a buy signal there. .
Then looking at utilities, what we're on our fourth day of a buy signal for .
utilities and the big winner on Thursday was Consolidated Edison. .
Then looking at materials, we are back on a buy signal as of Thursday's close. .
The big winner there was Mosaic, .
which is also back on a buy signal as of Thursday's close. .
Okay, folks, that's all for this morning's presentation. .
Have a great day. Have a great weekend. .
I will not be doing a presentation over the weekend. .
Next time you'll hear my voice is on Monday morning. .