• Good morning, everyone, and 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. .
• While commodities are higher, gold's up $35 in the pre-market on Friday morning. .
• Now, looking at the VIX, the VIX is still on a sell signal. .
• That's supportive for higher stock prices. .
• We've got some other things that are not .
• supportive for higher stock prices going on at the moment. .
• We're looking for a close on the VIX above .
• 1371 on Friday to turn us from being short term bullish to being short term bearish. .
• Now, J. P. .
• Morgan is out with earnings this morning, and the stock is up in the pre-market this .
• morning, so we're still on a buy signal here. .
• No change in trend. .
• Then looking at the US dollar index, we .
• wanted to generate a sell signal here and start trending lower. .
• That hasn't started yet. .
• Then looking at bond prices, we're looking for bond prices to move up. .
• They closed higher yesterday, but still, we don't have a new uptrend for the bond .
• market, which would equate to a downtrend for bond yields. .
• Again, we don't have that just yet. .
• Now, we're still looking at a very mixed market here. .
• Yes, the Dow and the S&P 500 and the .
• Nasdaq 100 are on buy signals, but much of the rest of the market still has not .
• participated in this recent rally over the past couple of days. .
• You can see the iShares for the Russell .
• 2000 making a new low for this move on Thursday. .
• That's also true for the iShares for the Microcap Sector. .
• Now, looking at semiconductors, we're still on a sell signal here. .
• No change. .
• It looks like that open gap acted as .
• resistance, and so far, that is keeping the semiconductors in check. .
• Now, banks are coming out with earnings. .
• The US S&P Bank Index is still on a sell signal, so no change there. .
• Then looking at the Canadian market, the .
• TSX and the TSX-60 both traded down to the lower channel on Thursday. .
• So certainly a mathematical possibility of a sell signal on Friday. .
• Looking at the Canadian Financials, they .
• rolled over yesterday, joining Canadian Banks already on a sell signal. .
• And we have all of the major Canadian banks on sell signals except two. .
• So there's the Bank of Montreal, the Bank of Nova Scotia, CIBC. .
• Then we're looking at the National Bank .
• still on a buy signal, and the Royal Bank still on a buy signal. .
• That would change on Friday with a close below $133.30. .
• And if that were to happen, the Royal Bank would join the TD Bank already .
• on a sell signal, coming down quite hard on Monday. .
• Now, I think a lot of people are fairly bullish at the moment. .
• They're watching some tech stocks lead the market higher. .
• But as we saw, looking at the Russell 2000 .
• and the microcap sector, not everybody's participating in the current rally. .
• And when we look at the ARK Invest ETFs, whether you're looking at the Fintech, .
• we're looking at Genomics, the Innovations ETF, Industrial Innovations, the Internet .
• or Space, none of these ETFs have come back on buy signals this week. .
• So hopefully next week, this rally can .
• start to broaden out If we get the bonds and the US dollar moving in the .
• right direction, so far, that is not the case. .
• Okay, folks, that is all for this morning's presentation. .
• I'm going to put this out a little before .
• the inflation numbers come out at 8:30 30 this .
• morning, so we could see some additional volatility. .
• But so far, it looks like the major stock market indices want to open lower, while .
• commodities want to open higher on Friday morning. .
• Have a great day, folks. Have a great weekend. .
• The next time you'll hear my voice is on Monday morning. .
• Good morning. .