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My name is Steven Whiteside from the uptrend, with today's
My name is Steven Whiteside from the uptrend, with today's look at North American stock market
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Stock index, Futures are slightly above fair-value, but we're not
Stock index, Futures are slightly above fair-value, but we're not expecting them to stray too far
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As we are starting the first of a two-day fed
As we are starting the first of a two-day fed meeting and of course, things are generally fairly quiet until 2 pm
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Wednesday afternoon and that's when we expect price volatility to
Wednesday afternoon and that's when we expect price volatility to expand dramatically for Monday turned out to be another aggressive day of selling
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It wasn't that long ago that we got new early
It wasn't that long ago that we got new early warning signals on the Panic Zone, charts of course, that doesn't guarantee the Market's going to drop
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And of course I we were looking to see if
And of course I we were looking to see if the market could take out resistance and that didn't happen
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And then finally, on Thursday, the market started to roll
And then finally, on Thursday, the market started to roll over and generated a new daily sell signal for
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Now, that was a bit out of sync with the
Now, that was a bit out of sync with the market, over the last couple of weeks, we saw the Vic's continue to make new laws for this move, but we couldn't get the stock market to
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It was stuck at resistance, so the Vicks finally got
It was stuck at resistance, so the Vicks finally got down to 24 and stopped, and then on Friday is actually closed about the Opera Channel line
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So, a day behind the stock market this time, and
So, a day behind the stock market this time, and then we continue to head higher yesterday
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And course, our next stop could be the 3750 level,
And course, our next stop could be the 3750 level, which would take us back up to the February March highs
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And, of course, we're expecting the market to get up
And, of course, we're expecting the market to get up over 45, before we see a significant bottom, of course, the vix ETF sahra playing catch-up to the stock market, and they also moved up on Friday
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Giving us a Buy Signal, they continue to move higher
Giving us a Buy Signal, they continue to move higher on Monday whether you're looking at the Vic's, why or the HUV trading on the TSX over the weekend? We were looking at the major indices to
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Of course that would be very bullish if we could
Of course that would be very bullish if we could find support there and could possibly lead to a double bottom
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Check the Canadian Market has still has that the energy
Check the Canadian Market has still has that the energy premium, but it started to evaporate on Monday as the energy stocks started to roll over
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we broke down below that yesterday and fact of you
we broke down below that yesterday and fact of you can see the S&P 500 spider ETF has Gap
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Lower the past couple of days and that is some
Lower the past couple of days and that is some of very aggressive selling
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Our next downside Target for the spider ETF on both
Our next downside Target for the spider ETF on both our weekly and daily chart is 375
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And the answer is a, very enthusiastic know, we saw
And the answer is a, very enthusiastic know, we saw the xbb, the TLT, the MB for emerging-market bonds, and the J&K for Junk bonds all head aggressively lower on Monday
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Looking at currency is the US dollar Index is in
Looking at currency is the US dollar Index is in the news, making a new high yesterday
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It's not only on the back of a falling Euro,
It's not only on the back of a falling Euro, but other major currencies, including the Canadian dollar have been selling off over the past few days
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It's just important to note that energy stocks have rolled
It's just important to note that energy stocks have rolled over on both sides of the border
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We talked about gold over the weekend and gold stuck
We talked about gold over the weekend and gold stuck in a Range, 1875 on the top, 18 1250 on the bottom, on Friday, we close at 1875 and twenty cents
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Of course, if we could continue to move higher in
Of course, if we could continue to move higher in the 1930, 750, would be our next Target
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So just that $8 away from support, and the $8
So just that $8 away from support, and the $8 away from breaking support
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As I am doing this presentation, let's go finish off
As I am doing this presentation, let's go finish off with Bitcoin and Bitcoin sold off aggressively yesterday
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Our next Target to the downside for Bitcoin is psychological
Our next Target to the downside for Bitcoin is psychological Target would be twenty thousand if that breaks than 18,000
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750 would be our next Target to the downside in
750 would be our next Target to the downside in the bottom of our projected, trading range for aetherium, it also sold off on Monday
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We would expect there would be some psychological support at
We would expect there would be some psychological support at $1,000 if that breaks than $93750
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Our next Target to the downside, of course, along with
Our next Target to the downside, of course, along with the cryptocurrencies moving lower, some of the cryptocurrency stocks have also been sold off
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So coinbase was down yesterday I coinbase has Banana in
So coinbase was down yesterday I coinbase has Banana in the, in the gutter for quite a while
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Now it's been making a series of lower highs and
Now it's been making a series of lower highs and lower low, so that shouldn't be a surprise to anyone and then Canada
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You've got a hot date, came into Monday's, trading action
You've got a hot date, came into Monday's, trading action already on a cell signal and of course, the stock has been devastated
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And you can see, we started off at $18 up
And you can see, we started off at $18 up at the top of the screen and where all the way down at $2
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So yeah, these stocks have been in a major downtrend
So yeah, these stocks have been in a major downtrend for quite a while so nothing really new happened to them on Monday
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Next time, you'll hear my voice is on Wednesday and
Next time, you'll hear my voice is on Wednesday and at that time we'll take a look at some of the leveraged ETFs
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00:00:04Good morning everyone, and welcome to Tuesday Morning.
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00:00:07My name is Stephen Whiteside from theuptrend.com, with today's look at North American Stock Market Trends.
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00:00:12In the pre-market this morning
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00:00:15Stock index Futures are slightly above fair-value, but we're not expecting them to stray too far.
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00:00:20As we are starting the first of a two-day fed meeting and of course, things are generally fairly quiet until 2 pm
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00:00:28Wednesday afternoon. And that's when we expect price volatility to expand dramatically. Monday turned out to be another aggressive day of selling.
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00:00:38It wasn't that long ago that we got new early warning signals on the Daily Panic Zone charts. Of course, that doesn't guarantee the Market's going to drop.
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00:00:46It does tell us to be aware of our surroundings and look for signals.
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00:00:52And of course we were looking to see if the market could take out resistance, and that didn't happen.
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00:00:57And then finally, on Thursday, the market started to roll over and generated a new daily sell signals for
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00:01:04the major indices and major sub-sectors.
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00:01:07And, of course, we've seen the market head lower ever since.
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00:01:11Now, the VIX was a bit out of sync with the market over the last couple of weeks. We saw the VIX continue to make new lows for this move, but we couldn't get the stock market to
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00:01:21make new highs.
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00:01:22It was stuck at resistance, so the VIX finally got down to 24 and stopped. And then on Friday it actually closed above the Upper Channel line.
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00:01:31So, a day behind the stock market this time, and then it continue to head higher yesterday.
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00:01:37We ran up to the 34.38 level, which is back to the april-may highs.
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00:01:43And course, our next stop could be the 37.50 level, which would take us back up to the February-March highs.
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00:01:50And, of course, we're expecting the market to get up over 40, before we see a significant bottom. Of course, the VIX ETF's played catch-up to the stock market, and they also moved up on Friday
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00:02:04giving us a Buy Signal. They continue to move higher on Monday. Whether you're looking at the VIXY or the HUV.TO trading on the TSX.
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00:02:18Over the weekend we were looking at the major indices to see if the market might find support at the May Lows.
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00:02:21Of course that would be very bullish if we could find support there. And could possibly lead to a double bottom.
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00:02:28For the Ishares for the TSX 60 the magic number was $30.07.
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00:02:33Well yesterday, we actually traded through that level.
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00:02:36But came back and close to just above it at $30.14.
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00:02:40So, so far, that is a holding the Canadian Market in Check.
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00:02:43The Canadian Market still has that the energy premium, but it started to evaporate on Monday as the energy stocks started to roll over.
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00:02:55Now, looking at the ishares for the TSX
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00:02:5760, our next Target to the downside is $29.69.
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00:03:02Looking at the SPY ETF for the S&P 500.
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00:03:06Our magic Number was $380.54.
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00:03:08We broke down below that yesterday, and fact of you can see the S&P 500 SPY ETF has gapped
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00:03:15lower the past couple of days. That is some of very aggressive selling.
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00:03:20Our next downside Target for the SPY ETF on both our weekly and daily chart was 375.
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00:03:28And that's exactly where we landed at the close on Monday.
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00:03:32Looking at our next downside target for the SPY ETF,
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00:03:36it's $359.38.
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00:03:39Looking at the QQQ's for the NASDAQ 100.
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00:03:41We are looking to see if $280.21
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00:03:45would hold.
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00:03:46It did not and our next Target to the downside for the QQQ's is $265.63.
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00:03:54Now, if anyone asked you, is it time to hide in bonds?
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00:03:58The answer is a very enthusiastic NO. we saw the XBB.TO, the TLT, the EMB for Emerging-Market bonds, and the J&K for Junk bonds all head aggressively lower on Monday.
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00:04:12Looking at currencies. The US dollar Index is in the news, making a new high yesterday.
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00:04:17It's not only on the back of a falling Euro, but other major currencies, including the Canadian dollar have been selling off over the past few days.
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00:04:26Looking at Commodities.
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00:04:29I won't go through them all this morning.
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00:04:30It's just important to note that energy stocks have rolled over on both sides of the border.
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00:04:35So, in Canada, the TSX Energy
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00:04:38Index was down a little over 3% In the US.
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00:04:41the Energy Select Sector SPDR Fund (XLE) was down over 5% on Monday.
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00:04:46We talked about gold over the weekend. Gold is stuck in a Range, 1875 on the top, 1812.50 on the bottom. On Friday we closed at 1875.20.
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00:04:58Of course, if we could continue to move higher, our next target would be 1937.50.
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00:05:03Unfortunately, we had a huge reversal day on Monday.
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00:05:07Gold was down $55 and closed at 1820.
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00:05:12So just that $8 away from support, and the $8 away from breaking support.
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00:05:18We will have to see how things move over the next couple of days.
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00:05:22Right now in the pre-market, gold is up $3
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00:05:26as I am doing this presentation. Let's go and finish off with Bitcoin. Bitcoin sold off aggressively yesterday.
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00:05:34Our next Target to the downside for Bitcoin is a psychological Target of $20,000. If that breaks then $18,750
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00:05:42would be our next Target to the downside and the bottom of our projected trading range. Etherium also sold off on Monday.
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00:05:50We would expect there would be some psychological support at $1,000 if that breaks then $937.50.
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00:06:00would be our next Target to the downside.
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00:06:00Of course, along with the cryptocurrencies moving lower, some of the cryptocurrency stocks have also been sold off.
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00:06:09Coinbase was down yesterday. Coinbase has been in the gutter for quite a while.
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00:06:15It's been making a series of lower highs and lower lows, so that shouldn't be a surprise to anyone. And then in Canada
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00:06:22you've got a Hut 8 Mining (HUT.TO), which came into Monday's, trading action already on a sell signal. And of course, this stock has been devastated.
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00:06:29And you can see, we started off at $18 up at the top of the screen and where all the way down at $2.
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00:06:36So yeah, these stocks have been in a major downtrend for quite a while. So nothing really new happened to them on Monday.
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00:06:44Okay, folks, that is all for this morning's presentation.
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00:06:48Enjoy the rest of your day.
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00:06:49Next time, you'll hear my voice is on Wednesday and at that time we'll take a look at some of the leveraged ETFs.