• Good morning, everyone, and welcome to Monday morning. .
• It's Stephen Whiteside here from TheUpTrend. .
• com. In the premarket this morning, things are .
• fairly quiet, stock index futures are flat. .
• Little more activity in the commodity sector. .
• We do have crude oil trading higher, while .
• gold is down another $15 in the premarket on Monday morning. .
• Now, as expected, the month of September turned out to be a down month. .
• Let's do a quick review. .
• The iShares for the TSX 60 closed down only 3.23 %. .
• But the TSX hasn't gone anywhere this year. .
• In fact, the year to date is up a little less than 1 %. .
• And so the iShares for the TSX 60 closed just below the lower channel line. .
• But again, we've been just treading water in 2023. .
• Now the Dow was down 3.7 %, the S&P 500 was down 5.08 %, the Nasdaq 100 was down .
• 5.22%. Now we saw a pullback in most of the big cap tech stocks that we follow and .
• Apple being the biggest one was down nearly 9 % for the month. .
• Tesla held up fairly well, down 3.05 %, .
• while Shopify was down over 17 % for the month. .
• Now, it's hard to notice that big a move on this chart considering that .
• Shopify has been so volatile over the past couple of years. .
• Now, a couple of stocks to watch in October, Meta had an inside month and .
• actually closed slightly higher on the month. .
• On the other hand, we saw NVIDIA, which .
• also had an inside month, was down nearly 12%. .
• Again, still having trouble up at the $500 .
• level that is continuing to act as resistance. .
• The high for the month was $498. .
• The second month in a row, we haven't been able to break through $500. .
• It was a fairly volatile month. .
• It was an inside month. .
• In both cases, both stocks had inside months or months of indecision. .
• It's going to be very important in October .
• to see which way these particular stocks break either to the upside .
• or if October is going to be a bad month, they're going to break to the downside. .
• Now, what didn't work in September? .
• Well, the price of gold had a hard time .
• and was down over 5%, down nearly $100 for the month. .
• The price of silver was down to $2.36 for the month, down nearly 10 %. .
• So both of those commodities put pressure .
• on the commodity related stocks and silver miners were the big losers down nearly 10 .
• % for the month, while gold stocks on the TSX were down .
• 7.69 %, and gold stocks in New York were down 8.03 %. .
• That's where we saw a lot of weakness in the month of September. .
• With what's going on in the premarket this morning, that doesn't look like it's going .
• to change on the first trading day of October. .
• Now moving on from monthly charts to daily charts, let's take a look at the .
• opportunities that are in front of us on Monday. .
• Still short the iShares for the TSX60, that would change on Monday with a close .
• above $30.31, not expecting that to happen. .
• Of course, if it doesn't happen, that .
• upper channel line is going to continue to move lower daily. .
• If we take out last week's low then 28.91 .
• and 28.52 are the next targets to the downside. .
• Looking at the SPY, looking for a close on Monday above .
• $435.91. If we take out last week's low then 414.06 and 406.25 come into play. .
• Then looking at the Nasdaq 100, we were .
• able to drive up into the channel on Friday, but not close in the channel. .
• Looking for a close on Monday above $364.06 to give us a buy signal. .
• Potential area resistance is the top of the open gap there at 364.46 that could .
• act as a price magnet and a level of resistance. .
• Now, if we take out last week's low, then .
• I move down to 343.75 and 335.94 come into play. .
• Looking at the TSX most active starting with Baytex, made a new high on Friday. .
• A close below $5.62 on Monday would give us a sell signal. .
• Our next price target is 6.25. Tc Energy, nothing going on there, stuck .
• at 46.88. If we start to continue to move lower this week, then 43.75 would be our .
• next target, which would be the low from July. .
• Then looking at the TD bank, still the strongest bank of the group, looking for a .
• close on Monday above 82.77. This is looking pretty bullish. .
• In August, we made a high. .
• In September, we made a higher high. .
• In August, we made a low, then a series of higher lows. .
• So it's looking pretty bullish for the TD Bank. .
• Then looking at the Canadian Natural Resources. .
• As I mentioned last week, we are up the top of the Panic Zones here. .
• These continuation trades are very risky and you don't want to be jumping in up at .
• these levels if you weren't in from the start back here. .
• Now on Monday for Canadian Natural .
• Resources, we're looking for a close below 85.63 to give us a new sell signal. .
• Looking up our next target, if we take out last week's high, is 93.75. Then .
• looking at Athabasca Oil Sands, a new high for this move. .
• Our next target to the upside is $4.69. Looking at the most actives from Friday's .
• trading action in New York, we're starting off with Tesla, looking for a close on .
• Monday above $257.17. We're working ourselves into a corner here. .
• The market is going to be looking to see .
• if we break out or break out of this nice triangle that's forming. .
• You can see that we're in the middle .
• exact middle of the trading range we've been in for the last month. .
• We closed at $250.22, so not a big .
• bias to the upside there, $0.22 over $2.50, no big deal. .
• Then looking at Carnival, wild day on Friday, trading up through the upper .
• channel line before closing lower on the day. .
• We're looking for a close above $14.75 on Monday to give us a buy signal. .
• Otherwise, 12.50 is our next target to the downside, followed by 10.94. .
• Then looking at Palantir, Wild Day on Friday made a new high for this move and .
• then reversed and actually closed higher by just 23 cents. .
• We're trying to get to 17.19, that's our next mathematical target for Palantir, and .
• then 18.75. Looking at Ford, Ford is still on a sell signal here. .
• It's treading water. .
• A close above 12.61 would give us a buy .
• signal on Monday, and our next price target to the is $13.28, otherwise, we'd .
• be looking for support once again down at the $11.72 level. .
• Then last up this morning is Amazon. .
• Amazon traded up on Friday, looking for a .
• close on Monday above $133.24. Again, if that doesn't happen, that upper .
• channel line is going to continue to move lower daily. .
• If we take out last week's low, then .
• 118.75 would be our next target to the downside for Amazon. .
• Okay, folks, that is all for this morning's presentation. .
• Still looking for a quiet open on Monday morning. .
• Have a great day. .
• Next time you'll hear my voice is on Tuesday morning. .