Tesla Breaking $200 01252024

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Good morning, everyone, and welcome to Thursday morning.
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It's Stephen Whiteside here from theuptrend.
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com.
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In the pre-market this morning, stock index futures are mixed.
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The S&P 500 and Nasdaq and the TSX are trading higher, while the Dow is trading
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lower, and that has something to do with Boeing.
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Boeing is trading down once again on bad
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news and still holding the recent lows, so that hasn't broken just yet, but
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certainly, we're not heading towards a buy signal on Thursday 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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That would change on Thursday with a close
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above 13.99. Once again on Wednesday, the Nasdaq made a new high for this move.
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We saw Netflix Gap higher on Wednesday off better than expected results.
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Then we had ASML up nearly 9%, then
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Advanced Micro Devices up nearly 6% on the day.
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Then looking at the Canadian infotech
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sector, it closed down slightly after making a new high.
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Now, Shopify was down a few pennies, but
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it had more to do with Blackberry, which rolled over, unfortunately.
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We are back on a sell signal as of Wednesday's close.
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Looking at the Magnificent 8, we had a new
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high yesterday for Alphabet, a new high for Amazon.
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Not a new high for Apple, but a new high
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for this move before reversing and closing lower on the day.
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Did not close below the previous day's low, so not overly concerned just yet.
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Then We've got Meta making a new high.
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We've got a new high for Microsoft.
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We had a new high for NVIDIA.
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We also had a new high for Shopify before
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rolling over and closing slightly lower on the day on both sides of the border.
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Now, while all that was going on, Tesla
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actually made a new closing low for this move going into earnings.
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If you sold Tesla, if you sold it short,
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it was up here, and you could have sold it short at 250.
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At that time, we were looking down two
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That would be our playing field at 234.38 and then 218.75. Now, we've hit both of
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those targets, so you still have some shares left, and your next price target
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would have been 203.13, and we are trading below that level in the pre-market.
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Of course, as we're coming down to a number like 203.13, you've got to assume
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that the market would try to hold psychological support at 200.
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Now, we know that that didn't hold back in
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October, where we got down to 194.07. So while we're trading below the 194.07 in
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the pre-market, once the market opens, it may try to hold that level.
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We'll just have to wait and see.
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Now, below where we're trading right now in the pre-market is our next mathematical
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target, which is both a daily and a weekly price target.
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So it'll be interesting to see if Tesla can hold that level.
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Obviously, we're getting down to where we're seeing Panic Selling right now.
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We're currently ranked as zero, so we are
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oversold coming into today's trading action.
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We are creating a Pressure Zone down here,
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so we certainly want to take a buy signal when it presents itself, but it is
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certainly not presenting itself on Thursday morning.
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Let's finish off this morning's
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presentation taking a look at the world of commodities and Copper was up sharply
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yesterday back on a buy signal, and that made copper miners pop, the best
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performing sector in the sectors that we follow.
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We had Freeport up, rolled over going into the close, and did
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not generate It's not a buy signal, but filled the open gap.
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We'll have to see if it can continue to move higher today.
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On the TSX, Foran mining was up yesterday, new closing high for that stock.
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Then looking at the world of gold, the
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gold miners had a wild day, whether you're looking in Toronto or in New York.
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Traded up through the upper
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channel line before reversing and closing lower on the day, even though the price of
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gold was only down $10 and still in the recent trading range, so no change there.
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Looking at Barrick and Newmont, they both had wild days.
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Again, no change in trend for either of those stocks.
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Then looking at the price of silver, which
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was actually higher yesterday, still on a sell signal here.
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At the same time, silver miners had a wild day and closed lower on the day.
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Looking at Pan American Silver or First Majestic, both trading lower on the day
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after having outside reversal days for both stocks.
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Taking a look at crude oil, looking at the USO, we made a new high for this move and
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looking to see if we can take out the December high.
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Gasoline prices were higher yesterday.
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Natural gas prices were higher.
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We made a new low on Wednesday before reversing and moving up on Thursday.
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The pros are in control at the moment, so
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that might bode well for natural gas, which made a higher low this week.
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Now, looking at energy stocks on the TSX,
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we're looking for a close above 15.46 for the XEG.
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In New York, we're looking for a close above 81.84 for the XLE.
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And then looking at Synovus on the TSX,
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we're looking for a close above 20.92. For Conoco Philips, we're looking for a close
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on Thursday above 110.74. At the same time, Baker Hughes went in the opposite
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direction on Wednesday, making a new low for this move.
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And looking at Bayex, we traded right up
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to the upper channel line and closed on it.
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So any higher close would give us a buy signal on Thursday.
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Crescent Point, looking for a close on Thursday above 8.84. We closed at 8.81. So
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again, right on the edge of a new daily buy signal.
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Okay, folks, that is all for this morning's presentation.
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Looks like we're going to have a mixed open on Thursday morning.
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Have a great day, and the next time you'll hear my voice is on Friday morning.

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