• You. .
• Hello everyone and welcome to Friday Morning. .
• It's Stephen Whiteside here from .
• TheUpTrend.com. Well, it is Friday the 13th and there is a .
• statistical anomaly that tells us that Friday the 13th are typically bearish. .
• We'll just have to wait and see how that works out. In the pre market this morning .
• stock index futures are trading below fair .
• value, so we are looking for a little selling at the open on Friday morning. .
• Today is an interesting day for us. .
• It's a memorable day. .
• Our neighbor and good friend is turning .
• 102 today, so we're having a party for him this morning. .
• Having a party for him this morning .
• because he usually comes over at 10:30 for eleven z's. .
• And so when he shows up for his regular .
• visit, we're going to have a bunch of people here. .
• Not a big surprise party. .
• You don't want to surprise somebody too much who's turning 102. .
• But this man is incredibly active and still working. .
• He's got six books that he's working on at .
• the moment, so it's going to be an exciting day for us. .
• And I've never been to birthday party for .
• 102 year old before who is in very good shape. .
• Now, yesterday there was a little disturbance in the force. .
• We had bond yields shoot back up, we had the US dollar shoot back up. .
• Both of those are negative for stocks. .
• The VIX did not get back into the channel at the close. .
• It had a wild day and an outside reversal day. .
• But while it closed higher on the day, it .
• didn't close in the channel and certainly nowhere near the upper channel line. .
• So on Friday if the VIX were to close .
• above $18.88, that would be very bearish for the overall stock market. .
• Now, with the kefuffle in bond yields .
• yesterday, we did see a lot of bearish reversal days notice when we're looking at .
• the SP 500, the pros have not taken control so far. .
• So I was assuming we were going to get a rally into the middle of the month and .
• unless the pros come in and take control, that rally would fizzle. .
• Whether we come back down and retest or take out. .
• The recent lows, of course, is yet to be determined. .
• A market can move up and then just tread .
• water to work off some of the overbought condition. .
• But we've gone from extremely oversold to .
• extremely overbought on a short term basis. .
• Or our next target on the S&P 500 was 437.50. .
• We got as high as 437 34 yesterday, so .
• right up to our next price target, not enough to fill that open gap. .
• So some traders may be still interested in trying to fill the Open gap. .
• Now the spy was able to close above the upper channel line once again, so did not .
• close below the previous day's low, so no major damage was done on Thursday. .
• On Friday we're looking for a close below 426.70 to give us a new daily sell signal. .
• Not expecting that to happen from what .
• we're seeing in the pre market this morning. .
• Now, looking at the triple Q's, our next price target was 375. .
• That, of course, is still in play. .
• Again, we had an outside reversal day .
• yesterday, but did not close below the previous day's low. .
• So on Friday we're looking for a close .
• below $358.89. And again, not expecting that to happen on Friday. .
• And of course, if it doesn't happen, that .
• lower channel line is going to continue to move higher daily. .
• Now, what's not working right now? .
• Well, the Ishares for the Russell 2000 are back on a sell signal. .
• The Ishares for the micro cap sector have not generated a buy signal just yet. .
• So once again, when we move away from those big cap tech stocks, the rest of the .
• market is not doing very well at the moment. .
• Now, looking at the Ishares for the TSX .
• 60, our next mathematical target was $30.08. Of course, you've got to take big .
• round numbers into account and big round number right now would be $30. .
• Is that acting as resistance? .
• Well, the high of the day yesterday was 29 .
• .99. So, yes, $30 is acting as resistance at the moment. .
• Now, yesterday was a bearish reversal day .
• for the Canadian stock market, using the TSX 60 as our guide. .
• Notice the pros are not interested in taking control right now. .
• So I think this rally that we're seeing .
• right now is probably going to end fairly soon. .
• On Friday, we would need a close below $29.30 to give us a sell signal. .
• Not expecting to see that happen on Friday. .
• Now, crude oil was down yesterday. .
• It's up in the pre market this morning. .
• Now, even though crude oil closed lower yesterday, it was the energy stocks on .
• both sides of the border that actually led the market higher on Thursday. .
• Gold was also down slightly yesterday. .
• It's up in the pre market this morning, so .
• gold stocks should probably be up on Friday as well. .
• What didn't work yesterday? .
• Well, the biggest losers were home builders, which are back on a sell signal. .
• Now, that might reverse today depending on what bond yields do, but certainly the big .
• move in bond yields put downward pressure on home builders on Thursday. .
• And then biotechs were the next big losers from Thursday's trading action. .
• Now, the biggest loser on the S&P 500 from Thursday's trading action was hormel down .
• nearly 10% on the day, so certainly no change in trend there. .
• And then on the TSX it was K92. .
• Mining was down over 12%, and again, no change in trend there. .
• Now, we're watching Tesla closely. .
• Remember, Tesla has worked its way into this triangle, and so far we have not been .
• able to break out above the top of the triangle just yet. .
• So that's a nice downtrend line that's .
• holding us in check in the pre market this morning. .
• We are trading down another couple of dollars. .
• So that would be if we were to close .
• there, that would be seeing this stock down the last three days in a row. .
• We're looking for a close on Friday below .
• 251.65 to give us a new sell signal for Tesla. .
• Okay, folks, that is all for this morning's presentation. .
• Stock index futures are lower while commodities are higher this morning. .
• So we're looking for a mixed open on Friday morning. .
• The TSX may see a little more love than the US. .
• Market on Friday. .
• Have a great day, have a great weekend. .
• Next time you'll hear my voice is on Monday morning. .