• Hello, everyone. .
• It's Stephen Whiteside here from TheUpTrend. .
• com. .
• In this presentation, we're going to focus on the Magnificent Seven stocks, but we're .
• going to start off by taking a look at the VIX and then looking at the major ETF's, .
• and then we'll work our way down to the individual stocks themselves. .
• Now, we saw fear rise this week, and we've got the VIX back on a daily buy signal. .
• Of course, that's negative for stocks now coming into this week, the VIX was already .
• on a weekly buy signal, and it hadn't shrugged off the, the volatility .
• that we saw back in August. .
• And so we came into this week long term bearish on the market, certainly willing .
• to give the market the benefit of the doubt that it could continue to move .
• up into the middle of September. .
• Seasonality wise. .
• We look for some selling in September into October, and then hopefully we can .
• catch a ride up into the year end. .
• Now, what did we know and when did we know it? .
• Well, on our daily Panic Zone chart for the Nasdaq 100, you can see the last time .
• an early warning signal went off and we started to move lower from that point. .
• More significant, though, is back in the summer and for all of 2024, we were .
• looking for a move up to $500, and we got that in July and then started to sell off. .
• We came back up and only made it to the lower target, the 484. .
• 38 level. .
• And so, you know, anytime you put in a lower high, that's not .
• usually pretty for the market. .
• Now, we've already broken through our first target to the downside. .
• So 437. .
• 50 would be our next target to the downside for the Nasdaq 100. .
• Now, while we were up hitting resistance, we also put in a bearish reversal day, and .
• that's usually, that can usually mark the top of a move in the market. .
• Now, here we are. .
• The Nasdaq 100 is on a sell signal right now and made a new low .
• for this move on Friday. .
• I don't know what strategies you're employing, whether you're short the Nasdaq .
• itself, your long puts, short calls, or if you're short the Magnificent Seven .
• ETF itself, which was down 3. .
• 89% on Friday. .
• Of course, the 2X bull ETF's are all on sell signals. .
• The 2X bears are back on buy signals right now. .
• The 3X bull ETF's are back on sell signals. .
• The 3X bears, of course, are back on buy signals. .
• There's individual sector ETF's as well. .
• For technology, it could be long the bear for that sector. .
• Of course, there's always the 3X Fang ETF, which was up nearly 12% on Friday. .
• So a nice move there. .
• Of course, for all of these ETF's we have profit targets and so you should .
• have got an order filled at 28. 13. .
• Next target to the upside is 31. 25. .
• You want to put an order in up there ahead of time, of course. .
• And if it was me, I'd probably put it at 31. .
• 19 instead of the 25. .
• Put it a little less than the target itself. .
• Now, looking at the Magnificent Seven stocks, they're still heavily .
• weighted in the major indices. .
• They're still the biggest publicly traded companies in the world. .
• I think Apple is the most widely held company and the most .
• valuable at the moment. .
• Of course, it was Nvidia for the longest time. .
• And then that has recently changed as chip stocks have started to sell off. .
• I think Apple's nearly 500 times the value of American Airlines. .
• So it's quite a big force in the market and being widely held. .
• If Apple starts to sell off aggressively, it's included in just about every .
• index, ETF and mutual fund out there. .
• So it could dramatically pull the market down. .
• Now so far Apple has been holding up fairly well. .
• It's been on a sell signal for four days now. .
• It's still stuck to 225. .
• The high of the day on Friday was 225. 24. .
• If it takes out Wednesday's low, then look for a move to down to 212. .
• 50 as our next target and then ultimately down to 200. .
• Now, Amazon flip flopped this week, but probably the most important thing on this .
• chart is the fact that it put in lower highs. .
• So we had a high back in the start of July, then low at the end of July, then .
• another lower low in August, and now another lower low in September. .
• Now we're looking down. .
• If we take out the recent low at 168 75, then 162. .
• 50 would be our next target. .
• Then looking at Alphabet, new low for Alphabet. .
• They're heading down towards 150. .
• If that breaks, 137. .
• 50 would be our next target. .
• Then looking at Meta, Meta's put in a double top here. .
• It came down aggressively on Friday, hit the $500 level and closed at $500. .
• 27. If we take out 500, then 468. .
• 75 would be our next target. .
• Then looking at Microsoft, Microsoft broke down below 462. .
• 50 on Friday. .
• We're still stuck to it, 390. .
• 63 is our next target. .
• To the downside then looking at Nvidia, Nvidia had a very bad week still .
• trading and closing above $100. .
• The low on Friday was $100. 95. .
• That's a big psychological number for the market. .
• If Nvidia starts breaking down below that, the low from a few weeks .
• ago, it is down at 90. 69. .
• If that breaks, then 87. .
• 50 would be our next target and then possibly down to 75. .
• But we haven't broken 100 yet, so don't get overly excited just yet. .
• Now, this is the Magnificent Seven list. .
• But we do add shopify in to give the list a little Canadian flavor. .
• It is the fourth biggest company in Canada by market cap at the moment. .
• And it's not a company that's going to change the world. .
• It's just a shopping cart, basically. .
• But here we are looking at the New York listing. .
• It's been down sharply this week. .
• Broke down below 68. 75. .
• If we want to keep going. .
• Of course we've got 62. .
• 50, but then we've got the bottom of the open gap there. .
• That could act as a potential area of support. .
• We're starting to break down below the 200 day moving average. .
• You can see we ran up and found resistance at the high from the start of March. .
• That's also true for the TSX listing. .
• And there we are starting to break down below the two to day moving average. .
• And the low from or the top of that open gap is at 87. .
• 42. .
• And that could certainly be an area of support looking at Tesla. .
• Tesla had a wild couple of days after generating a buy signal on Wednesday. .
• It ran up, hit our next target of 234. 38. .
• So hopefully you got to sell 50% of your position at that level. .
• And then we came down hard on Friday. .
• We're still on a buy signal here. .
• We need a close on Monday below $210. 29. .
• We closed at $210. .
• 73. .
• So just above the lower chain line. .
• If we take out the recent low there at 203. .
• 13 and then the psychological number of 200, then 187. .
• 50 comes into play for Tesla. .
• Well, what a difference we can make. .
• You know, a week ago we were looking at the Dow and the TSX hitting new all time .
• highs, and a week later we've got the market heading being sharply lower, .
• being led lower by the chip sector. .
• This is a seasonally weak period for the market. .
• But I thought the market, given what happened last week, that we'd probably go .
• into the middle of the month before we started to see any aggressive selling. .
• Obviously I was wrong. .
• The charts were right. I was wrong. .
• We've got the VIX on a daily and a weekly buy signal right now. .
• The first thing I'm going to be looking for is to see a sell .
• signal in the daily Vixen. .
• That would tell me that the tone of the market is about to start to change. .
• We certainly don't have that going into Monday's trading action, so we're going .
• to look for continued weakness this week. .
• Enjoy the rest of your day, enjoy your weekend, and we'll talk to you again soon. .