• Good morning, everyone, and welcome to Monday morning. .
• It's Stephen Whiteside here from TheUpTrend. .
• com I'll keep this video very short. .
• I know a lot of people have trouble adjusting to the time change on Monday .
• morning, and so I won't keep you too long at all. .
• Now, this is a make or break week for the market. .
• The market had a huge shift on Friday, a lot of bearish reversal signals, and so .
• we're looking to see if the market continues to push down from here. .
• Looking at a weekly chart of the VIX, .
• we're still on a sell sell signal that's supportive for higher stock prices. .
• So right now, coming into Monday's trading .
• action, we're still long term bullish on the market. .
• That would change if the VIX were to close above 15. .
• 28 this coming Friday. .
• Now, on a short term basis, we have been .
• short term bearish for the last couple of days as the VIX has been on a buy signal. .
• That would change on Monday if the VIX were to close below 13. .
• 70. .
• Now, on Friday, we had a huge move in the .
• market to the downside and a big bearish reversal day. .
• Lots and lots of bearish reversal signals from Friday's trading action. .
• Now, these signals come up all the time. .
• And the first thing we look for, of .
• course, is did we close below the previous day's low? .
• And looking at NVIDIA, you can see that that is certainly the case. .
• Now, NVIDIA was down over $51 on Friday. .
• It's up $10 in the pre-market last time I checked. .
• So there is an immediate rush to sell the stock on Monday morning. .
• We'll just have to wait and see how the day closes. .
• But on Monday, we're looking for a closed below $814. .
• 11. And as I mentioned, there was an enormous .
• amount of bearish reversal signals on Friday. .
• Amd was another stock that hit a new high .
• and reversed and closed below the previous day's low. .
• And so there was a lot of wide bar days on Friday, and that is quite a concern. .
• Certainly no sell signals, but of course, you've been taking money off the table as .
• these stocks have been rising, so you're not overly concerned at the moment. .
• There's the SMH for the semiconductor sector, and as you .
• can see, the whole sector rolled over on Friday. .
• Now, looking at a weekly chart of the S&P 500, you're not going to see a lot of .
• major changes from last week's trading activity. .
• We're going to be watching the daily charts closely. .
• You can see for the SPY, we're still trading above the upper channel line. .
• The Nasdaq traded into the channel, looking for a close on Monday below $436. .
• 58 to give Give the triple Q's a new daily sell signal. .
• Now, the iShares for the TSX-60 made a new .
• high on Friday, closed slightly lower on the day, so no major change there. .
• Commodity stocks helping the TSX up last week. .
• Now, the big winner from last week's .
• trading action was actually the gold miners. .
• In the US, they were up 8. 45%. .
• In Canada, they were up 7. .
• 76%. .
• We also saw silver miners up over 6%, .
• nearly 7% on the week, and copper miners had a nice big week. .
• Those were the major winners last week, which is quite unusual for the market. .
• Very helpful for the Canadian market, not that helpful for the US market. .
• Now, the big losers were pharmaceuticals and biotechs in the US. .
• In Canada, the big loser was actually the .
• energy sector, which wasn't down that much. .
• So you can see we're up at a resistance here at the 17. .
• 19 level, looking for a move up to 18. 75. .
• If we can take out the highs from last summer. .
• And so far, we have not been able to do that. .
• And that was previous resistance from the .
• previous year, from October of the previous year. .
• So that is long term resistance for the Canadian energy sector. .
• For the USA energy sector, we were up over 1% on the week. .
• We're stuck here at 87. 50. .
• You can see that last summer we were up at the 93. .
• 75 level. That could happen this year as we head .
• towards summer, starting to come out of the winter, heading towards summer. .
• 93. 75 would be our next target for the XLE. .
• Now, we're almost done here. .
• As I mentioned, I'm going to keep this one very short. .
• I'm watching a couple of stocks very closely. .
• Apple had a positive day on Friday, holding support at 168. .
• 75. .
• If that breaks this week, then we're looking for a move down to 162. .
• 50. Then looking at Shopify on the TSX, and we .
• traded through the upper channel line on Friday. .
• A close above $104. .
• 53 on Monday would give us a new buy signal. .
• Still trying to hold $100 as support. .
• And then looking at Tesla. .
• Tesla had a down day on Friday. .
• It didn't break down below the previous day's low. .
• We are looking to hold support here at the at the 171. .
• 88 level. If that breaks, then 156. .
• 25 would be our next target to the downside. .
• It would be very bullish for the market if .
• these stocks were to turn around and start moving higher. .
• So far, from what we're seeing in the .
• pre-market on Monday, This morning, that's not likely to happen on Monday. .
• We do have all three of these stocks .
• actually trading slightly higher last time I checked in the pre-market. .
• And last up this morning, looking at the .
• cover from this week's Barons, Bet on the Bull. .
• Barons has a history of making huge, huge mistakes when it comes to market calls. .
• And so a lot of people are wondering, is this the top for the market? .
• If Barrens is telling you to bet on the bull, this is probably the time that the .
• market will start to turn around and head lower. .
• Okay, folks, that is all for this morning's presentation. .
• Have a great day. .
• Next time, you'll hear my voice is on Tuesday morning. .
• And at that time, I'm going to take a closer look at the Canadian gold sector. .