S&P 500 Hits 5K! Is 5156 Next?

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Good morning, everyone. Welcome to Friday morning.

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It's Stephen Whiteside here from . TheUpTrend.

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com In the pre market this morning, things are fairly quiet.

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Stock index futures are slightly above fair value.

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Commodities are mixed with crude oil higher, while gold is slightly lower.

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On Friday morning.

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Now, the VIX is still on a sell signal that's supportive for higher stock prices.

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The first sign something new is happening is if the VIX were to close above 14.

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02, based on the recent trading activity, we really need to see the VIX breakout

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above 15 before the market is going to take any notice.

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Now, one of the things that has been a

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concern for the market has been the regional banking sector, and it actually

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closed slightly higher yesterday after making a new low on Wednesday.

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Now, there's a lot of stocks falling out

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of the sky right now based on their earnings results.

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And we saw PayPal and SAnap drop recently.

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This morning we've got Expedia trading down over 15% in the pre market.

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We also have Pinterest trading lower.

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Currently it's trading just below the lower channel line.

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So there is a chance that Pinterest may come back during the day for Expedia.

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Not sure that's going to happen.

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Then taking a look at what's working in

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the opposite direction, Cloudflare had a great day yesterday.

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If you've got an order in at $93.

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75 or at $100, it'll probably get filled this morning as Cloudflare is trading up

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at the 113 level at the time of this video.

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Then looking at the S&P 500, it touched 5000 yesterday before a slight pullback.

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It is trading higher in the pre market this morning.

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If we're going to break away from 5000,

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then our next target to the upside is 5156.

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25.

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Now, while all that's going on, remember that the seasonality of the VIX from this

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point on is to move sharply higher into the month of March.

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And that, of course, could put enormous

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downward pressure on the stock market if that were to happen.

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And of course, from what we're seeing this

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morning, that isn't happening on Friday morning.

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Then looking at the Nasdaq, new high for the Nasdaq yesterday, a couple of laggards

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that we've been watching closely may be coming back.

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We've got Apple trading in the channel.

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It poked through the upper channel line on Wednesday.

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On Thursday there was a small pullback, looking for a close on Friday above 190.

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And then for Tesla trading in the channel

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for the past couple of days, looking for a close above 192.

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97.

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If that were to happen, then of course,

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our first target would be the top of the open gap.

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Now looking at the Dow 30.

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New high for the Dow 30 yesterday.

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Very quiet trading across all the major indices on Thursday.

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Now, some of the winners in the Dow right now.

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We've got American Express, we've got Salesforce.

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We've got Disney popping the other day holding those gains.

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We've got Home Depot up in the top right hand corner.

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Small pullback yesterday for Merck.

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We've got Microsoft making a new high.

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We've got a small pullback for Procter and Gamble.

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Small pullback for Walmart on Thursday after hitting a new high on Wednesday.

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Then we've got the Travelers Group trading sideways right now.

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A close below 210 .

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64 would give us a sell signal on Friday.

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Really just stuck to the 212. 50 level.

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If we can make a new high here, then 225 comes into play.

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And of course, if we pull back, then 200 would be our next target to the downside.

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Similar situation for Goldman Sachs.

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It's been in a tight trading range since early December.

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Looking for a breakout of the January high

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or a breakdown of the January low to tell us which way this stock wants to go next.

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Pretty amazing to see a big, huge international banking company like this

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trading sideways, treading water for so long.

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Then we're looking at Visa, Visa closing in the channel yesterday.

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A close below $273.

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06 would give us a sell signal on Friday.

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Then looking at Boeing now we saw Tesla break 200 and continue lower.

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Boeing so far has been able to hold 200.

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It is on a buy signal right now, but not going anywhere.

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A close below 205.

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32 would give us a sell signal on Friday.

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Now we have a short term buy signal right now.

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The pros have not come in to take control.

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If we want to see long term investors come

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back, more conservative investors, then we're looking for a close above 220.

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Then looking at Cisco. No joy there.

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No joy for Intel and no joy for three m.

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Some of the laggards of the Dow still on sell signals at the present time.

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And you'd think with the Nasdaq and tech

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stocks doing so well that Cisco and Intel would be doing better.

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But there are, of course, individual company stories that can hold stocks back.

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Let's finish off.

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Looking at the world of commodities and a new low for copper yesterday.

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Gold pulled back.

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It's still on a buy signal here. No change.

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Silver came back on Thursday, trading up into the channel.

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And then we've got crude oil back on a buy signal.

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At the same time, natural gas making a new low of course, the current warm weather

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that we're having is not helpful for natural gas prices and then some winners

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in the commodity world that we don't usually take a look at.

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But if anybody's trying to fight

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inflation, these charts aren't going to help.

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Where we've got live cattle making a new high for this move, new high for cocoa.

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So watch out, chocolate bars could be going up in price.

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Then we've got cotton making a new high for this move.

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New high for lumber on Thursday before pulling back slightly.

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And then OJ making a new high on Thursday.

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Also pulling back at the end of the day.

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Let me slip in one more chart before we go.

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I actually had chills go up my spine when I looked at that Cisco chart.

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It just brought back memories.

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If you remember back in 2000, Cisco was

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the Nvidia of its day and it traded up and came down sharply afterwards.

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And no guarantee Nvidia is going to do exactly the same thing.

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But it's interesting that in all this

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time, in 24 years, Cisco has not gotten back to those Dot Com bubble highs.

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We are in an AI bubble right now.

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That's exactly what's happening.

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And at that time, Cisco was the backbone of the Internet.

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And as far as I know, Cisco is still the backbone of the Internet.

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That has not changed.

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But certainly the opportunities for the stock have changed over time.

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So just to keep that in the back of your mind, we certainly have to.

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Don't do anything.

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There's no information here to act on on Friday.

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I am just reminiscing.

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Okay, folks, that's all for this morning's presentation.

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That's all for me for this week.

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So far, it looks like we're going to have a quiet and positive open on Friday.

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It'll be interesting to see on which way of 5000 the stock market ends the week.

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Enjoy your weekend, folks.

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And it looks like it's going to be nice, warm weather for the weekend.

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And of course, we've got the Super bowl coming up.

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Have a great day, folks.

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And the next time you'll hear my voice is on Monday morning.

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