• It's. Good morning, everyone. .
• Welcome to Friday morning. .
• It's Stephen Whiteside here from TheUpTrend.com In the pre market this .
• morning, stock index futures are down across the board. .
• Dow futures currently down about 200 points. .
• So we're definitely looking at some selling this morning. .
• Now, if things turn around, some of these .
• technology charts could give buy signals, but probably not on Friday. .
• Now, the reason we're looking at the .
• technology sector this morning is we may have put in a bottom. .
• Looking at the Canadian technology sector, .
• you can see that the index has held the August lows, unlike the Nasdaq 100, which .
• has dipped through the August lows, but hit our next price target and bounced. .
• And now we're up to the previous price target at the 359.38 level. .
• Coming into Friday's trading action. .
• We've had a couple of quiet days, we've had a couple of inside days, and now we're .
• looking to see if we can take out the upper channel line on Friday. .
• You can see that we have traded into the open gap. .
• We haven't filled it yet, so that is still a potential area of resistance. .
• So looking for a close on Friday above 360 213. .
• Now, year to date, the Nasdaq 100 is up nearly 35%. .
• And right now we're using the bottom of the Fly Paper channel as support. .
• You can see we're nicely oversold down here. .
• So this is the time and place where we could see a rally. .
• Now compare the Nasdaq 100 to the Russell 2000. .
• We're nowhere near a buy signal coming into Friday's trading action, well below .
• the Fly Paper channel, and we're down nearly 2% on the year. .
• So when you take away those seven big cap .
• tech stocks, the rest of the market has not performed at all in 2023. .
• Now, what hasn't worked? .
• Well, the biggest loser has been the .
• regional banks in the US , Down over 30% year to date. .
• Now. I always look at the VIX. .
• It's the first thing I look at every day to see what the options traders are doing. .
• And they're still on a buy signal right now. .
• That would change on Friday if the VIX were to close below $16.75. .
• Now, there is a VIX for the Nasdaq, and I don't look at it that often because it .
• does this a lot, and that's not really that useful. .
• But right now we're in an uptrend looking .
• very similar to the VIX for the S and P 500. .
• Things would change on Friday if the VIX for the Nasdaq were to close below $21.25. .
• Now, looking at those big cap tech stocks, we have four out of the seven back on buy .
• signals right now, including Alphabet, but not Amazon. .
• For Amazon, we're still trading below the lower channel line. .
• And then Apple is back on a buy signal as .
• of Thursday's close, joining Meta already on a buy signal for Microsoft, we're .
• looking for a close above $320.83 on Friday. .
• We do have Nvidia on a buy signal right now. .
• We also have Tesla on a buy signal. .
• So four out of the seven big cap tech .
• stocks are now back on buy signals, and that is a majority. .
• Now seeing four out of the top seven .
• technology stocks with buy signals is not enough to get things started. .
• We need the technology ETFs to start .
• showing some buy signals, and so far, that is not the case. .
• Starting off with semiconductors, it looks like we're finding a base here, but we .
• haven't seen enough upward momentum to give us a buy signal just yet. .
• Looking at robotics, no change there. .
• No change for XT. .
• Then we've got cloud computing making a new low yesterday. .
• We've got autonomous vehicles with an inside day on Thursday. .
• Then looking at cybersecurity, no change in trend there. .
• Then Mobile Payments, had a fairly quiet day. .
• Looking at robotics, no change there. .
• And then looking at the SPDR Technology .
• ETF, looking very much like the Nasdaq 100 trading up into the channel for the past .
• few days, but not enough to give us a buy signal. .
• We're still looking for a close above 166 on Friday to give us a buy signal. .
• And you can see that that open gap is .
• currently acting as resistance, and it looks like it has now been filled. .
• Taking a look at the Ark Invest ETFs, no change there for any of these ETFs. .
• There's Genomics making a new low on Thursday. .
• The innovation ETF, no change there. .
• Fairly quiet trading for the Industrial. .
• And then Space and Internet, no change for either of those. .
• So we've got all the major technology ETFs .
• still on sell signals, so no change coming into Friday's trading action. .
• Let's finish off with a look at a couple of the tech stocks. .
• I follow closely. .
• There's Advanced Micro Devices on a buy signal right now. .
• BlackBerry, huge down day for BlackBerry on Thursday. .
• This looked kind of weird. .
• We went up, we gapped down, we came up, .
• filled the open gap, and then came right back down. .
• I kind of thought that this was kind of strange to see this big price movement. .
• Then the gap filled, and then we retreated once again. .
• So BlackBerry making a new low on Thursday. .
• Then Salesforce, still on a sell signal, no change there. .
• No change for Cisco, no change for DocuSign. .
• And then we've got intel has traded above .
• the upper channel line for the past couple of days, but has not closed above it. .
• So on Friday, we're looking for a close .
• above $35.98. Then looking at Lightspeed, no change there. .
• No change for Netflix, no change for PayPal. .
• Then looking at Roku. .
• We've been in the channel all week, and .
• now we're looking for a close above 71 .65 on Friday to give us a buy signal. .
• And last up this morning, shopify on the .
• TSX, we're looking for a close on Friday above $74. .
• 09. .
• Okay, folks, that is all for this morning's presentation. .
• Looks like we're going to see some selling at the open on Friday morning. .
• Have a great day. .
• Next time you'll hear my voice is on .
• Monday morning, Canadian markets will be closed. .
• On Monday. US. .
• Markets will be open. .