Stock Market Timing Television - 07252023

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Good Morning, everyone, and welcome to Tuesday morning.

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It's Stephen Whiteside here from theuptrend.com

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com.

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In the premarket this morning, things are very quiet out there.

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We don't expect that to last too long.

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This is going to be a rather news intensive week.

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We've got the Fed meeting, we've got economic numbers coming out, and we have

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lots of earnings, so we are expecting a lot of price volatility.

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That is not to be confused with the fear index or the VIX.

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The VIX shows us how much investors are willing to pay to hedge their investments.

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Right now, that indicator is still on a

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sell signal, which is supportive for higher stock prices.

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That could change on Tuesday if we close

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above $14.23. You can see for the past month or

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so that the pros in the public have been intertwined.

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So we've been treading water for a while now.

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If we look at the Fly Paper channel, you

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can see it's continuing to move lower here.

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And we know from experience that the market is not going to get overly

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concerned if we continue to play under the Fly Paper channel.

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It's when we start breaking out above it that things are going to get exciting.

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Now, you've probably seen this headline

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that the DOW is on its longest winning streak since 2017.

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Does that have any significance?

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And I would say no.

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The DOW was on quite a winning streak coming into 2017.

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And yes, we took a little break and pulled

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back, but certainly not a major pullback to put previous support, and the market

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continued to move higher after the pullback.

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So does it have any major significance at this time?

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No, it does not.

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And of course, the DOW really doesn't have much significance at any time.

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The media likes to cover the DOW because it is the oldest North American index.

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And yesterday, it was the 93rd most actively traded ETF in the US.

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And of course, I'm referring to the DOW Diamond.

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So pros don't really follow the DOW or trade the DOW.

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Or the most actively traded ETF for

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Monday's trading action was the leveraged ETF for the Nasdaq 100, the TQs.

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And yeah, we traded below the lower

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channel line, but we did not close below it.

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So looking for a close on Tuesday below

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$42.67. Now, what really matters, of course, is the S&P 500.

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We're still above the upper channel line,

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still treading water up here at resistance at 453.13. That hasn't changed.

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And over the past couple of days, we've seen a pullback in the Nasdaq.

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The Nasdaq had a quiet day on Monday,

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still trading in the channel, which of course is neutral.

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And we're looking for a close on Tuesday

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below 375.12. That would generate a new daily sell signal.

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Russell 2000 holding up fairly well.

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Then looking at the iShares for the TSX 60.

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New high for this move.

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We haven't taken out the highs from back in April.

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Just yet.

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In the US, the ishares for Canada have taken out those highs and have moved up to

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the next price target at 35.94. We closed at 36.01 yesterday.

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So we're still stuck to that price target.

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You can see that if we continue higher from here, our playing field would go up

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to 37.50. Next up, let's take a look at the world of crypto.

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And last week we noted that Bitcoin had rolled over onto a sell signal.

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It continued to move lower on Monday.

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Now we've got Ethereum back on a sell signal as well.

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Looking at some of the stocks in the crypto world, we've got Coinbase in the

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channel looking for a close on Tuesday below 94.06.

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Then looking at Marathon sitting right on

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the edge of a new daily sell signal, we would need a close below 1637 on Tuesday.

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Then looking at some of the stocks traded in Canada, we got

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Bitfarm's on a sell signal, we've got Galaxy, we've got Hive, and we have a hot

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eight on on both sides of the border already on a sell signal.

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Next up, let's take a look at commodity prices starting with the USO, making a new

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high for this move heading towards those highs from back in April.

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Then the price of gasoline pushed through the April highs a long time ago.

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Here we are gapping higher on Monday.

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If you're the Fed and you're watching for indications of inflation settling down,

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the price of gasoline is not helping with that story at all.

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Then we've got natural gas on a buy signal, little tiny pullback on Monday.

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Then looking at energy stocks, we saw a

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new high for this move in Toronto and New York on Monday.

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Then looking at the metals, starting with the GLD.

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Back in the channel on Monday, looking for

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a close below 181.09 to give us a sell signal.

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For silver, we're looking for a close

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below $22.26. Then looking at the stocks

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themselves, we saw the GDX trade through the lower channel line for the

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second day in a row but did not close below it.

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And so we're looking for a close on Tuesday below $31.19.

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In Toronto, we're looking for a close below $17.86. And then back to New York,

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we're looking at the SIL, and we need a close on Tuesday

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below $27.05 to give us a new daily sell signal.

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Next up, let's take a look at the most

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actively traded stocks in New York, starting with AMC.

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Believe it or not, it was the most actively traded stock yesterday.

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We're on a buy signal. We popped.

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If you had an order in at 4.69, it got

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filled at the open, which was way up there at 5.84. Congratulations.

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Then if you had an order in at 5.47, it also got filled at the open yesterday.

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We did not hit our next price target of 6.25, got as high as

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6.23. You know that there was some sell orders in up there just under

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6.25. Then looking at Tesla, still on a sell signal, no change there.

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Then we had a new high for NIO.

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Our next price target was 11.72. We closed at 11.73. Then looking at Bank of America,

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we ran up to our next price target of 32 .81. The high yesterday was 32.85. So

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chit ching, you got to lock in some profits.

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Then Rivian, it's up sitting up at the top of the panic zones, treading water up

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here, waiting for some news to come out to decide which way they want to go next.

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Of course, this is not the time to be jumping into this stock.

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Then AT&T coming off a lower low panic selling last week.

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We are back on a buy signal as of Monday's close.

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Does that mean much?

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Well, you're probably going to get a trade up to the trend line or up to the fly

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paper channel, but I wouldn't expect much more from this stock at this time.

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Then looking at Ford, you can see that

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we're projecting right down towards the $11 level.

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Of course, the market is going to try to find support at the highs from back in the

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spring, so I wouldn't get overly bearish on Ford just yet.

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A projection is a projection, and of

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course, it doesn't know what it doesn't know.

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Let's finish off today's presentation taking a look at the TSX most active's.

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Embridge made a new high for this move, third day of a buy signal.

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If you look across the bottom here, you'll see a series of higher lows.

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Now we're breaking out.

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So our next target, of course, is the high from back in early June.

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Then looking at TC Energy, very bearish chart here.

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We ended Friday on a buy signal.

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You come in Monday, you check the prices

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in the premarket, and you see that we're going to gap lower.

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That's a big red flag.

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Then look at this, we put in a high, lower

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high, lower high, low, lower low, lower low.

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That's a very bearish chart.

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Then Manulife heading up.

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We hit our next price target and closed above it.

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Now we're looking to see if we can move up

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to 26.56. Then a new high for Athabasca Oil Sands.

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We're looking for a move up to 371 as our next target, and then possibly 391.

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Then looking at Suncor, we're back on a buy signal.

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This is a much more bullish chart than TC Energy.

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We put in a low, higher low, higher low,

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put in a high, higher high, and now a higher high.

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When you look at this little area here, it's looking pretty bullish.

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Now we need to take out the highs from early June.

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If we can do that, look up two lines, that takes you up to 4, 375.

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That is our playing field going forward.

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Then looking at Baytex Energy, we're breaking out towards the 5.08 level.

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Then if we can take that out, then 5.47 comes into play.

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

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So far, it looks like we're going to have a fairly quiet open on Tuesday.

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We've got the Fed meeting coming up and

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lots of earnings this week, so lots for the market to digest.

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Enjoy the rest of your day.

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Next time you'll hear my voice is on Wednesday morning.

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