• Good morning, everyone, and welcome to Monday morning. .
• It's Stephen Whiteside here from .
• theuptrend.com. Well, in the pre market, things are fairly quiet. .
• Stock index futures and crude oil are .
• trading below fair value, while gold is trading higher. .
• Now, US markets are closed. .
• There is electronic pre market trading, but the markets are closed today, which .
• means Canadian markets are going to be very thinly traded. .
• So I wouldn't react too much to anything that happened .
• in the canadian market on Monday without any adult supervision from the US market. .
• We will post canadian charts tonight. .
• But again, I wouldn't overreact to .
• anything that happens in the canadian market on Monday. .
• Now, starting off looking at the VIX, when we look at the weekly VIX chart, we're .
• still on a sell signal here that's supportive for higher stock prices. .
• Things would change this coming Friday if the VIX were to close above 15.13. Then .
• looking at a daily chart of the VIX, we want to remain short term bullish on the .
• market unless the VIX closes above 13.63 on Tuesday. .
• Next up, let's take a look at the winners and losers from last week. .
• And the best performing sector in North America was canadian technology stocks. .
• And the big winner there was Aritzia, followed by Shopify. .
• In the US, it was us technology stocks .
• being led higher by Juniper Networks and then Palo Alto. .
• What didn't work last week? .
• Well, Canadian Marijuana stocks were down nearly 5%. .
• And then we had US Oil and Gas equipment .
• companies, and then we had US Regional Banks. .
• Those were the biggest losers from last week's trading action. .
• Let's finish off this morning's .
• presentation, looking at some monthly charts. .
• And typically we post the monthly right side chart every weekend. .
• But today I uploaded monthly price target charts. .
• Now, we don't do these often. .
• The reason for that is a lot of the symbols in the database do not have enough .
• data to actually create these charts, so we don't update them that often. .
• But I wanted to update them this weekend .
• because we do have some areas of the market hitting resistance. .
• And this could be the time and place where the market starts to pull back. .
• You can see, for example, the DOW is up at 37,500. .
• We closed at 37,592 on Friday. .
• Then looking at the S&P 500, our next target is 5000. .
• So the market still may want to take us up to that level. .
• You can see the Nasdaq Composite is at 15,000 on Friday. .
• We closed at 14,972 and change. .
• Then looking at the Russell 2000, what do you know? .
• 2,000 is acting as resistance and we've pulled away from that. .
• So in 2024, the Russell is actually down .
• 3.75% after the first two weeks of trading. .
• Then looking at the TSX, you can see 21,250 is our next target. .
• We're trading just below that at the moment. .
• Then looking at the TSX, 60, 1250 is our .
• big number, and we're closing and trading just above that right now. .
• So there is a possibility we could pull away and head up towards the 1375 level. .
• Then looking at the Venture Exchange. .
• And I want to watch this one closely, .
• because it could tell us a lot about what's going to happen in 2024. .
• What's happening so far in 2024 is a .
• handful of sectors are pushing the markets higher, but it's not the whole market. .
• And when we look at the venture exchange, .
• of course, these are mostly micro cap resource stocks. .
• And in 2023, 2022, they haven't done very well. .
• They peaked back at the end of 2020. .
• And so we are in a tight range here. .
• We're finding support down at the 500 .
• level, and we're finding resistance at 625. .
• So we've been in this range for over a year, nearly two years now, and we'll be .
• looking to see if we can break out of this range. .
• If we can start breaking out above 625, .
• that would certainly be an indication that the rally is starting to broaden out, and .
• that would be very bullish for the overall market. .
• Of course, if we start breaking down below .
• 500, heading towards 375, that would be very bearish for the overall market. .
• So we'll just have to see how things work out going forward. .
• But we are up at major areas of resistance .
• for the DOW and for the Nasdaq and for the Russell 2000 and for the TSX. .
• And this is the time and place where the market may want to pull back. .
• So we'll just have to wait and see. .
• As I mentioned, a lot of the symbols in .
• the database don't have enough data to produce monthly price target charts. .
• Yes, they can produce other monthly charts, but not the price target charts. .
• And so here's an example. .
• Any of the Arc etfs do not have enough historical data, then we can look at a .
• company like Apple, which certainly does, and you can see 200. .
• If we break out above 200, then 225, 250 could be the next targets in 2024. .
• And, of course, if we break down 150 and 5125 could certainly be areas of support. .
• Then looking at Tesla, we've run up to 250. .
• We've pulled back. And so far in 2024, Tesla is down nearly .
• 12%, and we've worked ourselves into a nice little triangle here. .
• There's something for the bull, a series of higher lows. .
• And there's something for the bears, a series of lower highs. .
• And so we're going to be watching, the .
• whole market is going to be watching to see if we break out of this triangle. .
• And so far, right now, it looks like we're .
• going to break down below the uptrend line. .
• And if that happens, of course, that's bearish for the market. .
• Looking for support at 187. 50. .
• If that breaks, then we're looking for support at 125. .
• And you can see at the end of 2022. .
• So a little over a year ago, we were trading down below 125. .
• Okay, folks, that is all for this morning's presentation. .
• Again, us markets are closed. .
• Expecting a very quiet day in the canadian markets. .
• Have a great day. .
• Next time you'll hear my voice is on Tuesday morning. .