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00:00:00Good morning, everyone. Welcome to Thursday morning.
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00:00:02Stephen Whiteside here from TheUpTrend.com in the pre market this morning.
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00:00:06Stock index features are above fair value.
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00:00:09European and Asian markets were lower overnight.
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00:00:12Commodities are mixed with both crude oil
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00:00:15and gold trading lower on Thursday morning.
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00:00:19Let's start off this morning's presentation.
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00:00:21Looking at the VIX or the fear index.
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00:00:23We finally closed in the Channel.
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00:00:25Haven't done that in a few weeks.
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00:00:27So there's certainly the mathematical
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00:00:29possibility of a buy signal on Thursday with a close above 27.05.
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00:00:34We're not seeing any indication of that in the pre market this morning.
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00:00:39The Dow diamonds closed in the Channel yesterday looking for a close below
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00:00:43320.55 on Thursday to give us a sell signal.
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00:00:47Biggest loser on the Dow is Disney.
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00:00:49We talked about that in the pre market yesterday and followed by Chevron.
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00:00:53So energy stocks across the board were hit hard on Wednesday.
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00:00:58And we have lots of new sell signals in the energy sector.
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00:01:03Looking at the SPY ETF, we're still on a sell signal that would
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00:01:06change on Thursday with a close above 382.62.
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00:01:10And one of the biggest losers
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00:01:12on the S&P 500 was Occidental Petroleum, down 9.22% on the day.
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00:01:18So energy stocks getting hit hard.
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00:01:20Then, looking at the QQQ's,
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00:01:22we are still on a sell signal here, looking for a close above 273.57.
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00:01:29One of the biggest losers on the Nasdaq was Tesla.
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00:01:33Tesla making a new low yesterday.
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00:01:35And so 187.50, no longer acting as support.
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00:01:38Our next mathematical target is 156.25, with 150 just below that.
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00:01:45And of course, 150 would be big psychological support.
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00:01:50Apple made a new closing low yesterday.
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00:01:53Not a new low, but a new closing low.
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00:01:55So at 4:00 p.m.
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00:01:56Yesterday, the pros were convinced this is the right place to close the stock.
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00:02:01Our next target to the downside for Apple is 131.25 and then 125.
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00:02:08And I've talked about that number before.
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00:02:10If we look at the weekly chart,
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00:02:11you can see 125 is also our next target to the downside.
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00:02:17Now, if you look across the top of the screen, and you may only see this
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00:02:20on a weekly chart, of course you can see the high that we put in.
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00:02:24We had a nice run into year end last year.
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00:02:27We put in a high,
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00:02:28and then we put in a lower high in the spring, then a lower high in the summer.
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00:02:33And not sure, but this could be the lower high from the fall of 2022.
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00:02:39Of course, we saw a series of lower lows
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00:02:42up until the summer, and we haven't made a new lower low yet.
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00:02:46But that is a very bearish chart pattern
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00:02:48to see those lower highs across the top of the screen.
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00:02:52Then Amazon, of course, is in the news.
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00:02:54It made a new low yesterday.
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00:02:56It's the first stock to lose a trillion dollars in market value.
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00:03:01So that's something I'm sure they're proud of.
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00:03:03Our next target to the downside is 81.25.
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00:03:06That is also the bottom of our projected trading range on the daily charts.
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00:03:11Now of course, if we keep trading below
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00:03:13that level, then of course we can flip over to the weekly chart.
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00:03:16Now, this chart hasn't been updated since
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00:03:18last Friday, but you can see our next target to the downside is $75.
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00:03:24Looking at ARK Innovation.
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00:03:26I was trying to hold $34 for the longest time, but yesterday it broke down.
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00:03:30So look for lower lows for ARK Innovation.
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00:03:33Next target to the downside is 31.25.
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00:03:38Then looking at the I shares for the TSX 60, we closed back in the Channel
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00:03:42yesterday, looking for a close on Thursday below 29.59.
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00:03:47And of course, a lot of that had to do with the energy sector.
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00:03:50There's the I shares, energy ETF back on a sell signal.
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00:03:54As of Wednesday's close,
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00:03:56the biggest loser on the TSX 60 was Tourmaline, down sharply yesterday, down
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00:04:036.25%. And then on the TSX Composite Index,
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00:04:08it was Convergent Technology, down over 13% on the day.
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00:04:13Now, Bitcoin, of course, is in the news.
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00:04:15It got trampled once again on Wednesday.
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00:04:17Both Bitcoin and Ethereum sold off sharply yesterday.
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00:04:21And of course, a lot of the Bitcoin
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00:04:23related stocks such as Robin Hood were also down over the past couple of days.
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00:04:29Let's finish off looking at commodities.
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00:04:31We've got a new sell signal for the USO.
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00:04:34For the UGA for the UNG.
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00:04:37All back on sell signals as of Wednesday's close.
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00:04:42The metal is holding up a bit better.
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00:04:43We've got a bearish reversal signal
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00:04:45for Gold, but it did not close below the previous day's low.
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00:04:49But we're certainly stuck here at Resistance at 159.39.
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00:04:54Palladium still on a sell signal.
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00:04:56No change there.
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00:04:57Platinum still on a buy signal.
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00:04:59Looks like it may be putting in a top here.
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00:05:01And Silver also had a reversal day,
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00:05:04but once again did not close below the previous days low.
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00:05:08Okay, folks, that is all for this morning's presentation so far.
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00:05:12It looks like we're going to have a fairly quiet open on Thursday morning.
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00:05:16Have a great day.
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00:05:17Next time you'll hear my voice is Friday morning.