Stock Market Timing Television - 06272023

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00:00:00

Good morning, everyone. Welcome to Tuesday morning.
00:00:02

It's Stephen Whiteside here from the uptrend.com.
00:00:05

In the pre market this morning, things are fairly quiet.
00:00:08

Stock index futures are mixed with the.
00:00:10

Dow lower, while the S&P 500 and the Nasdaq are slightly higher.
00:00:14

Now, we may see some weakness this week.
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Not expecting a lot of aggressive selling.
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We are coming into month end, quarter end, we've got a couple of holidays
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and that all of those usually have a bullish bias to them.
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Now, the VIX traded up to the upper channel line yesterday, so looking for.
00:00:33

A close on Tuesday above $14.52 to give us a buy signal.
00:00:38

That of course,
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would be in line with what's happening in the major indices right now.
00:00:43

We've had the Dow down for six. Days in a row.
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It's down again this morning.
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That has a lot to do with Walgreens, which is down over 7% in the pre market.
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Already on a sell signal.
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The biggest losers over the past week.
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Have been Intel, Goldman, Sachs and Boeing.
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Those have been the biggest losers on the Dow.
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That's one of the reasons the Dow.
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Has been down six days in a row.
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Now we do have the S&P 500
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and the Nasdaq both back on sell signals as of Monday's close.
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Joining the TSX already on a sell signal.
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The TSX had a big update yesterday.
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Got some help from commodities.
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Energy stocks were up, gold stocks were up,
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but I think it was really the financials with the banks up yesterday.
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Now no changes in trend there.
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We just had a really good Monday.
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We'll have to see if there's any continuation this week.
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Now, Tesla is back on a sell signal as of Monday's close, and we have an open gap.
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The bottom of that open gap is at 235.23.
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So that could certainly be the next area of support on the way down.
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Then looking at Nvidia, it is back.
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On a sell signal as well.
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And you can see the open gap is much farther away than what Tesla.
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Is dealing with now.
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Microsoft also back on a sell signal.
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So some of the big caps are starting to roll over, joining a lot
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of other technology stocks that have already.
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Been on sell signals,
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including Advanced Micro Devices, BlackBerry, Alphabet, and we've got Roku.
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All on sell signals already.
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Then looking at Apple, apple still on a buy signal here.
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No change in trend.
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We closed down yesterday after making a new high.
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Looking for a close on Tuesday below 182.79 to give us a sell signal for Apple.
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124.73 to give us a sell signal for Amazon.
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Amazon hit our next price target yesterday of 131.25.
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So congratulations.
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If you got an order filled at that level, then.
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Still waiting for Meta.
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Looking for a close on Tuesday below 273.64.
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For shopify in New York, we're looking for a close below 62.22, in Toronto.
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We're looking for a close below 82.76.
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Let's finish off with commodity prices and crude oil.
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It's really, really sloppy here.
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Looking, you know, if we take a
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look at the pros and the public,
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you can see they've been intertwined for over a month now.
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So it's really not a market that you want to get involved in.
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If you want to get back into.
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Crude oil, I'd wait until we see.
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A breakout of the recent high or
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the recent low before I would put new money into crude oil.
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Looking at gasoline just as sloppy.
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Back on a sell signal here, so that's counterintuitive.
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We are coming into the summer driving season.
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We should continue to see upward pressure on gasoline prices.
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Natural gas new high for this move.
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Hit our next price target of 780.
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So congratulations if you got some orders filled there.
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If we look up, we can see 9.38 as our next
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target above that and there's a big open gap over here.
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So if we can start breaking out.
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Above 7.81, then 9.38 can certainly come into play.
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Looking at gold, a quiet day yesterday.
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Inside day for the price of gold holding 178.13.
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If that breaks, 175 is our next target.
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Gold was down slightly last time I looked this morning.
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And there's the price of silver moving up yesterday.
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We need a close above 21.51 on Tuesday to give us a buy signal.
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Not expecting that to happen.
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Okay, folks, that is all for this morning's presentation.
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Looking for a fairly quiet day.
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Hope you have a quiet day as well.
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Next time you'll hear my voice is on Wednesday morning.

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