Stock Market Timing Television - 07212023

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Good Morning, everyone. Welcome to Friday morning.
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Stephen Whiteside here from theuptrend. com.
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In the premarket this morning, stock index
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futures are above fair value being led higher by the Nasdaq.
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Commodities are mixed with gold down while crude oil is higher on Friday morning.
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Let me first start off by apologizing.
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If you had trouble getting the reports
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last night, I also had trouble getting the reports.
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The problem has been recently fixed.
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I thought it was fixed before I went to bed.
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It wasn't fixed when I got up this morning.
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Something happened during the night and we've fixed it again.
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Hopefully, that fix will stay this time.
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But yeah, apologize about that.
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They are all up and running at the moment.
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The house of cards did not fall yesterday.
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Yes, the companies that we were watching in the premarket yesterday morning
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continued to trade lower throughout the day.
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We now have Tesla back on a sell signal.
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We have Netflix back on a sell signal.
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We also have Alphabet back on a sell signal and Amazon.
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We're what didn't roll over yesterday?
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Well, Apple is still on a buy signal at the upper channel line.
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We saw Meta trade into the channel and
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Microsoft also ended the day in the channel but not on a sell signal.
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Now, Shopify traded right down the lower channel line on both sides of the border,
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right on the edge of a new daily sell signal.
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Some of those stocks are trading higher in
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the premarket this morning, so not overly concerned at the open.
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Now, we're looking at the queues, we're
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looking for a close on Friday below $374.04. That would give us a sell signal.
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Now, the VIX traded higher yesterday but did not generate a buy signal, and that's
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why the rest of the market held up very well.
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We're looking for a close on Friday above $14.36. Looking at what didn't work
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yesterday, consumer discretionary, of course, those are the products you don't
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need during a recession, and semiconductors.
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Both of those sectors are back on sell signals as of Thursday's close.
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Now, the DOW continued to move higher yesterday, and some of the stocks that
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people have hated recently saw money flow into them on Thursday.
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We see the DAO is trading up to the next price target and is holding at the moment.
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It is trading slightly higher on Friday morning.
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Now, the reason the DAO was the big winner
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yesterday was Johnson & Johnson, and that looks like quite a surprise to investors.
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Then Goldman Sachs was up, making a new
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high for this move, taking out the previous highs on Long Goldman Sachs.
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Then Sirius Satellite Radio had a big update as well.
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And that was the big leader on the Nasdaq on Thursday.
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Now, we also saw money go into regional banks and Zions gapped higher yesterday.
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A lot of the stocks that we've been downplaying and that have
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not been performing well in 2023 saw money flow into them yesterday.
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Money did not come.
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I don't think money really came out of the market yesterday.
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I think it just moved from stock A to stock B.
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As long as that keeps going, then we're
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not going to see a major pullback in the market.
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Looking at what worked on the TSX, on the
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TSX 60, it was TC Energy was the big winner.
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On the TSX itself, it was SNC was the big winner.
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Looking at the iShares for the TSX 60,
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we're trying to get to 31.25. Maybe we can do that on Friday.
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Hopefully, you've got orders in to get filled at 31.25. If you're long the I
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shares, then looking at the SPY, we see a pull back yesterday.
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And yes, it did close below the previous day's low.
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The previous day was a very small bar, so not overly concerned so far.
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We're still hanging around our price
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target of 453.13, and hopefully you've locked in some profits there.
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And if you still have some shares left,
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then split those shares in half and put half of them up for sale at 468.
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75, and let's see what happens.
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Now, we've been talking about the crypto
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stocks this week with Bitcoin back on a sell signal.
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Coinbase is still trading up above the upper channel line.
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We saw Marathon has been in the channel
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for the past couple of days looking for a close below 1628 on Friday.
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Then we have new sell signals for Bitfarm for Galaxy.
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They're back on a sell signal, looking at
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Hive, looking for a close below $7.16. We actually closed at $7.15.
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Now, when you're in a situation like this where it doesn't look like we saw
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aggressive selling yesterday, you can always wait for the next close
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below the lower channel line if you don't want to bite the bullet
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and take the sell signal from Thursday as it is just at the lower channel line.
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Then similar situation for Hut 8 on both sides of the border.
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Let's finish off looking at commodities.
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We've got copper trading in the channel right now.
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On Wednesday, we dip below the lower channel line but came back on Thursday.
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Then looking at gold, gold pulled back yesterday.
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It's down a couple of dollars in the premarket this morning, we need a close
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below $1983.70 to give us a sell signal on Friday.
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Then looking at silver, silver is stuck up here at $25.
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We closed at $24.96 on Thursday.
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Then looking at crude oil, crude oil is dealing with 75.
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If we can take out this week's high, then
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78.13 would certainly be a legitimate target to the upside.
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Then we've got natural gas back on a buy signal.
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Now, this could be bullish.
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You see, we put in a higher low this week.
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And so if we can take out that high, that
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would certainly be very bullish for natural gas.
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If we could start putting in not only a higher low, but a higher high.
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Okay, folks, that is all for Friday.
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Friday's presentation. Have a great day.
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Try to stay cool.
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It's going to be a very hot weekend
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in the Southern US this weekend, so drink lots of water, stay away from carbonated
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beverages, and try to stay cool as you possibly can.
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The next time you'll hear my voice is on
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Sunday, and at that time, we'll take a look at the weekly charts.

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