Stock Market Timing Television - 06062023

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Good Morning, everyone, and welcome to Tuesday morning.
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It's Stephen White side here from theuptrend.com.
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In the premarket this morning, things are fairly quiet.
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Stock index futures are trading right around unchanged.
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Commodities are mixed with crude oil lower
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while gold is higher in the premarket on Tuesday morning.
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Well, Monday turned out to be an inside day for the VIX.
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Inside days, of course, are days of indecision or pause days.
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The market is waiting for more information.
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On Tuesday, we're looking for a close
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above 18.09 to give us a new buy signal for the VIX.
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That, of course, would be very negative for stocks.
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Now, it still looks like the chip sector put in a blow off top last week.
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We haven't seen a lot of major damage to the downside.
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The stocks index is still trading and closing above the upper channel line.
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So is NVIDIA.
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Obviously, $400 has turned out to be an area of resistance for NVIDIA.
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It did trade above it, then pulled back fairly quickly.
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So we're not near a sell signal for NVIDIA on Tuesday.
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Now, not all chip stocks moved up last week.
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It was mostly focused on those big cap
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ones that everybody has been following, but not all the boats went up.
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Amd closed at the upper channel line
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yesterday, so closed below 113.51 on Tuesday would give us a sell signal.
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Inside day yesterday for Applied Materials and for Broadcom, we saw a little more
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weakness for Marvell, so it closed below 53.
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33 on Tuesday would give us a sell signal.
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And then Intel came down hard yesterday looking for a close below 29.
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32 on Tuesday to give us a sell signal for Intel.
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Now looking at the triple Qs, you can see
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we made a new high yesterday before pulling back.
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We were trying to get to 359.38. The
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high yesterday was just a couple of dollars away from that.
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So we're getting pretty close to our next price target.
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For the S&P 500, we are trying to get to
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429.69. We got as high as 429.62 before we started to pull back.
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Then looking at the right side chart, you
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can see we're still well above the upper channel line.
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So not concerned about a sell signal on Tuesday.
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Then looking at the iSharers for the TSX 60, we opened nicely higher.
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We traded up through the upper channel
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line and then we gave up those gains and closed lower on the day.
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So not a happy day for the TSX.
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We tried to trade up into that open gap and then saw sellers come in.
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Looking at who's in control, you can see
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the pros are not that interested in taking control of the TSX at this time.
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Compare that chart to the Nasdaq and you
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can see the pros have been in control of the Nasdaq for quite a while.
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Looking at US financials, intertwined at the moment.
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Compare that to Canadian financials that
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look a little weaker and Canadian banks also looking weak at the present time.
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That's one of the reasons we've got the divergence between what we're seeing in
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the US market and what we're seeing in the Canadian market.
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Looking at a couple of the Canadian most actively traded stocks from Monday's
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trading action, we can start off by just looking at the commodities.
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Now, gold was up yesterday.
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It was up $4.70. It's up about the similar amount this morning.
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We need a close above 1997.30. We're getting back up towards the
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$2,000 level, which could now act as resistance.
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Crude oil had a wild day yesterday.
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It was up the previous two days in a row,
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and yesterday it actually closed higher on the day after giving up most of its gains.
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It is down in the premarket this morning,
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so we may not see a buy signal for crude oil on Tuesday.
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Natural gas was up yesterday, still
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trading below the lower channel line, but at least it was up on the day.
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Now looking at Suncor, second day of a buy
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signal, we pulled back after making a new high trading up to the $40 level.
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Got as high as 39.95 before pulling back.
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So a little resistance there at the $40 level.
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This is a very bearish chart.
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You can see the high up here.
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Then we've made lower highs.
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We made a low here.
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We made lower lows.
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If 3750 breaks, then 34.
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38 does come into play.
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Then looking at Canadian Natural
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Resources, we closed lower on the day, so no buy signal there.
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Next up, we're looking at Rogers.
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Rogers put in a new low on Friday.
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The market tried to claw its way back on Monday, but was unsuccessful.
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We actually closed lower on the day.
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Now, when we look at the moving averages,
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you can see that none of them are acting as support any longer for Rogers.
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And you can see we're projecting down here to below $54.
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That could be significant going forward.
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We've broken through the fly paper channel.
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We've broken through a recent support up there at $60.
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And if we continue to look back
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to the left, you'll notice an open gap back there from the fall of 2022.
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And that takes us down to below $54.
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Next up, we're looking at Crescent Point, which popped on Monday.
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Not overly confident.
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It popped a couple of weeks ago, ran into the moving averages and reversed.
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I think that's what's going to happen again this time.
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Then we've got Enbridge.
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Enbridge had a couple of big up days over the last Thursday and Friday, and we
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continued to hire yesterday but lost it all going into the close.
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So we put in a bearish reversal day yesterday.
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The pros are not interested in taking control of this stock at the present time.
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So I don't think this buy signal is going to last very long.
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Looking at US stocks, different picture altogether.
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We had Tesla making a new high yesterday.
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Our next price target is 225.
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We may not be able to get there, but if we can, hopefully, you've got an order
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in up at that level to lock in some more profits.
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Then we've got Apple making a big reversal day.
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Apple is having its Worldwide Developers
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Conference right now and had a big product announcement yesterday.
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So of course, it's always by the rumors, s o the news.
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We're trying to hit 187.50, have not been able to do that so far.
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If we look at what happened yesterday, we
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did get as high as 184.95, came back and closed below 180.
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If we go back in time, the previous high was back there
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just before the end of 2021, up at 182.94. So we traded through that level
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but could not hold it going into the close.
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Then looking at Palantir.
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Palantir used to be a $45 stock.
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It's now trading over $15.
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We're trying to get to 1563.
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We got as high as 1570.
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So if you had an order in there at 1563,
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it got filled yesterday, so congratulations.
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Then looking at SoFi, another stock that's gone up sharply over the past week.
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And then looking up, our next price target is 781.
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If you look to the left, you'll see we
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peaked up at that level back at the start of the year.
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So it's still a legitimate target to the upside.
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Then looking at C3AI, this stock has had
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an incredible run over the last month, up over 100 %.
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We peaked last week.
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We got just over the 43.75 level.
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So congratulations.
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If you had an order in up there, it got filled and now we've come back down to two
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lines trying to find support at the 31.25 level.
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Okay, folks, that is all for this morning's presentation.
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Still looking for a quiet open on Tuesday morning.
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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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