• 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. .