- Good morning, everyone, and
welcome to Thursday morning. .
- It's Stephen Whiteside
here from theuptrend.com. .
- In the pre-market this morning, stock .
- index futures are above fair value
being led higher by the Nasdaq. .
- Commodities are mixed with gold higher .
- while crude oil is
lower in the pre-market. .
- Now, we do have a jobless claims that
housing starts coming out at 8:30 this .
- morning, and they could certainly add
to the pre-market volatility. .
- Now, looking at the VIX, the
VIX is still on a buy signal. .
- That's bearish for stocks. .
- Things would change on Thursday if the VIX .
- were to close below 12.98.
Now, in North America, we are enjoying .
- watching our major indices
hit all-time highs. .
- At the same time in China, the
market is continuing to collapse. .
- Waps in 2024. .
- Probably not a good omen
for the rest of the world. .
- We've got this particular ETF breaking
down below our projected trading range. .
- When we look at the Daily Fly Paper
channel chart, you can see there was some .
- Optimism back in July of last year, but
for the most part, the Fly Paper channel .
- acted as resistance and
continues to point lower. .
- So not a good sign, probably not a good .
- sign for the rest of the world in 2024,
but we'll just have to wait and see. .
- Now, Wednesday was a losing day on the .
- North American markets, and the markets
were led lower by silver miners, followed .
- by gold miners, the GDX, the XGD, and then
Copper miners were not too far behind. .
- And of Of course, if you've got all these .
- mining stocks moving lower,
that's going to put pressure on the .
- Canadian market, and the TSX is back on
a sell signal as of Wednesday's close. .
- The biggest loser was First Quantum,
and we're still on a buy signal here. .
- Things would change on Thursday. .
- Tuesday, if we close below 12.37. .
- And then Pan American Silver was down over
6%, nearly 7% on the day, gapping lower, .
- heading down to the lows
from back in November. .
- Then looking at the TSX 60, we're back on
a sell The biggest loser was .
- Imperial Oil, which was down over 4%
on the day, back on a sell signal. .
- Of course, the biggest gold stock is .
- Barrick, and Barrick
gapped lower on Wednesday. .
- And you can see it's trying to hold
the lows from back in November. .
- Now, the Dow is already on a sell signal. .
- The biggest losers yesterday
were Walgreens and Caterpillar. .
- Caterpillar back on a sell signal. .
- The biggest winner was Boeing, which, of .
- course, has been dragging the
Dow down over the past week. .
- It had an inside day. .
- It's trying to hold $200. .
- If we go back a few weeks and if we were
shorting a Boeing, we would have told you .
- to take profits at 234.38 and then 218.75.
That would have been your playing field. .
- We actually gapped down below 234. .
- 38, and then that acted as resistance. .
- And then our next stop was 218.75. And .
- then we gapped lower
down to the 203.13 level. .
- There's Obviously going to be
psychological support at the $200 level. .
- If we continue lower from here, then
187.50 is our mathematical target, but we .
- also have to look back, and there's an
open gap that hasn't been filled yet. .
- And then we're probably using the high .
- from back in October as
an area of support at the moment. .
- And so there is some obstacles in the way .
- before we get to 187.50. And of course,
Boeing could start to head up from here. .
- That's the first sign that something new .
- is happening if we fill that open gap,
which is just below the 218.75 level. .
- Then looking at the S&P 500,
we're still on a buy signal. .
- That would change on Thursday with a close
below 471.45. The biggest loser was .
- Albemarle, and it has
continued to move lower. .
- It's been on a sell signal
since the start of the year. .
- Then looking at the Nasdaq,
we're still on a buy signal here. .
- That would change on Thursday with a close .
- below 403.21. The biggest loser
on the Nasdaq 100 was CrowdStrike. .
- Then looking at the Magnificent
Eight, they're still holding up. .
- We've still got Alphabet on a buy
signal, Amazon on a buy signal. .
- In both cases, we traded down to
the lower channel line yesterday. .
- We did not close below it. .
- Apple's still on a sell
signal, trying to hold 180. .
- 181.25 is our mathematical
level of support. .
- If that breaks, then $175
is our next target to the downside. .
- And Of course, if you follow back, what .
- was previous resistance back in
October is currently acting as support. .
- Then looking at Meta, Meta is
still on a buy signal here. .
- No change, no change for Microsoft. .
- No change for NVIDIA. .
- Nvidia is now up at our next price target
of 562.50. If we can continue higher from .
- here, then 593.75 would
be our next target. .
- And then Shopify trading down into the .
- channel yesterday on both sides of
the border, still on a buy signal. .
- And then last up, we've got Tesla making a .
- new closing low for
this move on Wednesday. .
- Okay, folks, that is all for
this morning's presentation. .
- So far, the market looks like it wants to .
- be buying some tech stocks
on Thursday morning. .
- At the same time, We do have those
economic numbers coming out at 8:30 that .
- could certainly change the
direction of the market. .
- Have a great day, folks. .
- The next time you'll hear my
voice is on Friday morning. .