Stock Market Timing Television - 05052023

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Good Morning, everyone, and welcome to Friday morning.

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It's Stephen Whiteside from the uptrend.c

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om with today's look at North American stock market trends.

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In the premarket this morning, stock index

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futures and commodities are trading up above fair value.

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That has a lot to do with Apple.

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We'll take a look at that in a second.

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What we're seeing in the premarket is

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certainly not going to unwind the damage that has been done so far this week.

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Let's start off today's presentation looking at some premarket activity.

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Today it's all about Apple.

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Now, Apple traded through the lower

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channel line yesterday, did not close below it.

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So we're coming into Friday still on a buy

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signal, currently trading above the recent high from the other day up at 169.48. Of

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course, that number is fluctuating every second.

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If we can get over 170, then 175 comes into play.

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We recently took some money off the table at 168.

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75.

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Would love to sell some more shares at 175.

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Now, Shopify was up in the premarket yesterday.

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It performed a lot better after the market opened than it was doing in the premarket.

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Now we came into Thursday's trading action on a new sell signal from Wednesday's

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close on both the New York and Toronto listing.

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Of course, if you had an order in to sell, if you actually took that sell order, you

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would have got filled at the open on the TSX.

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That was $73 yesterday.

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If you waived off that sell order, sell

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signal because you saw that the stock was trading higher in the premarket, then of

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course you may have had some price targets in.

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This is the chart from the day before.

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Our next price target was

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68.75 followed by the high from early February at 73.03. You may have put an

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order in up there or you may have put your next order in at 68.

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75. I hope you had orders in at both places.

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Then our next target above that was 81.25.

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Of course, looking three lines up from where we're trading on Wednesday, that is

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certainly expecting a very aggressive move.

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What do you know?

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We almost hit 81.25, got as high as 81.20.

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If you had an order at 68.75 or 73.03, they certainly got filled at the open.

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We actually opened at 73 and then very quickly those two orders got filled.

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Your order at 75 got filled, but if you had an order in at 81.25, we're still

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waiting to fill that and that could happen on Friday.

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Now, the midterm chart, of course, gives you a little more breathing room and

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compare that to the right side chart, you wouldn't have got all the way down to the

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lower channel line from Wednesday's trading action.

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We did indicate that we're potentially going to see some weakness there.

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That, of course, has completely reversed

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and now we're looking at strength to the upside.

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Now, Regional Banks continued to move lower yesterday.

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They were down 5.45 % and making a new low for this move.

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Looking at our panic zone chart, of

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course, we look for shorting opportunities off the top of the panic zones.

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We don't look for shorting opportunities down here.

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That's when you often see short squeezing

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take place because the public gets interested in shorting down here.

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They don't get interested in shorting up here.

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This is where you make all the money.

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This is where you take on all the risk.

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Now, when we look at this regional bank ETF, you can see that we were expecting a

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bottom here, and the chart started to turn blue, but we couldn't get more money to

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come back in, which is a good thing as this particular ETF has continued to move

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lower, it looks like we're setting up to create another Pressure Zone here.

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So we may be getting close to the bottom, but we're still seeing aggressive selling.

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Pacwest was down over 50 % yesterday, making a new low for this move.

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Now, we don't cover all of the Regional Banks that are publicly traded.

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We try to focus on the ones that were

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included in any of the major indices or ETFs.

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We see Comerica down again yesterday, down over 12 %.

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We've got Zion Bancorp down over 12 %.

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Bank of California made a new low for this move yesterday, down nearly 7 %.

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Now, looking at the VIX, the VIX continued to move higher.

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It is back on a buy signal as of Thursday's close.

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It is the Nasdaq that's still holding the market up.

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It is still on a buy signal coming into Friday's trading action.

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And of course, it is moving up in the premarket for the triple Qs.

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We're looking for a close below 316.02 on Friday.

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

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actively traded stocks from Thursday's trading action.

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We have already looked at a couple of them.

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Starting off in New York, we're looking at Advanced Micro Devices.

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And this is the chart from the second.

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We actually closed just above the upper channel line.

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We were looking for a close above 89.78.

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We closed at 89.91. So that's a buy signal, except you come in the next day

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and you see that we're going to open up below the lower channel line, so you don't

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take that buy signal and so you're still sitting short Advanced Micro Devices.

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Yesterday was a wild day.

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We traded up, we traded above the upper

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channel line, but settled down just above the lower channel line.

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So we're still looking for a close on

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Friday above 89.44. Looking at PacWest, we already talked about this stock.

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Then we've got Tesla.

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Tesla has been trading water for a couple of weeks now.

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Looking for a close on Friday above 166.71 to give us a buy signal.

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Shopify, we've already looked at.

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Then we've got Bank of America making a

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new low for this move, but not a new low altogether.

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Then we're looking at Ford still on a sell signal that would change on Friday with a

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close above $12.08. Then we've got CBS or what's now called

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Paramount gapping sharply lower yesterday, closing right at the low of the day.

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So investors very angry at this particular stock.

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Then we've got Apple, which we talked about.

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Then we're looking at SoFi, making a new

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low for this move before recovering, actually closing up on the day.

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Then we've got KeyCorp, again, another one

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of the Regional Banks making a new low for this move.

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Then Wells Fargo making a new low for this move.

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And our last stock in this list is

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Carnival, currently on a buy signal, had a wild day yesterday, closed in the channel,

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looking for a close below $9.12. Next up, let's take a look at the TSX most

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actively traded stocks from Thursday's trading action.

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Starting off with Embridge.

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Embridge is on a sell signal but is not going down easily.

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Closing back in the channel yesterday, looking for a close on Friday above

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53.66. Then looking at Shopify, we talked about this earlier.

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Then next up, we're looking at Suncor,

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making a new low for this move, taking out the low from March.

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That's a bearish sign.

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Then looking at K 92, back on a buy signal as of Thursday's close.

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Then we've got Barrick making a new high for this move, hitting our next price

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target at 28.13. Now we're up at the top of the projected trading range.

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You can either do the math or go to the weekly chart.

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This chart was published last weekend, so we hit 28.13 yesterday.

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Now 31.25 is our next target to the upside.

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Is that a legitimate target?

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Well, it was where we peaked out back in

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the spring of 2022, so it's certainly a legitimate target to the upside.

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Looking at the TD Bank, and of course, we

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talked about the fact that short sellers have been targeting the TD Bank.

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Well, they've been targeting it in vain.

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We traded higher yesterday, traded through

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the upper channel line, did not close there.

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We need to close on Friday above 82.55 to give us a buy signal.

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Cenovus Energy making a new low yesterday

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before recovering, actually closing up two cents on the day.

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Then we're looking at both manual life and

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Sun Life, both back on sell signals as of Thursday's close.

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Athabasca Oil Sands making a new low for this move.

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Also seeing a new low for Canadian Natural Resources and a new low for CIBC, which is

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now starting to trade below the low from March.

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

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Next time you'll hear my voice is on the weekend.

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Have a great day, have a great weekend, and we'll talk to you again soon. you..