Stock Market Timing Television - Weekend Edition 06182023

en-us French Canadian Arabic Chinese German Hindi Japanese Korean Spanish

How was the video ?

Description

Transcript

Auto Scroll

00:00:00

Hello, everyone, it's stephen Whiteside here from theuptrend.com with this
00:00:04

weekend's edition of stock market timing television.
00:00:07

Well the market had a pretty good week.
00:00:09

It digested the Fed announcement and continued to move higher.
00:00:14

It is certainly out of sync with the
00:00:16

seasonality charts and we use these as a guide.
00:00:18

You don't use them to actually trade place trades in the market.
00:00:25

It just using a seasonality chart right now.
00:00:28

The seasonality chart tells us we should
00:00:29

be making seasonal lows and that is certainly not the case at the moment.
00:00:34

Now we did have a bearish reversal day on
00:00:36

Friday for a lot of areas of the market, but it wasn't a major sell off.
00:00:39

So we did see some profit taking that could be the catalyst for more
00:00:44

selling this week, but we don't have any evidence of that right now.
00:00:48

It is still the technology sector leading the market higher and tech stocks are back
00:00:52

up at highs that we haven't seen since late 2021.
00:00:57

So we are up at major resistance right now
00:00:59

and it'll be interesting to see how the market deals with that going forward.
00:01:04

Chip stocks are still leading the way up nearly three and a half percent.
00:01:08

AI stocks were up nearly four and a half percent on the week.
00:01:12

Now looking at the VIX of the Fear Index,
00:01:14

we made a new closing low on Friday, so we're going to remain long term bullish on
00:01:19

the market as long as the VIX does not close above $19.29 this coming Friday.
00:01:25

If you're trading the market on Monday, we would remain bullish on the market as long
00:01:29

as the VIX does not close above $15.14 on Monday.
00:01:34

Looking at the Canadian market, the TSX had an inside week.
00:01:37

It closed higher but still on a weekly sell signal.
00:01:40

We saw financial stocks, we saw bank
00:01:42

stocks both move up but still on sell signals.
00:01:45

Then we saw the energy sector close down a
00:01:48

little over 2%, so still treading water here.
00:01:51

And then we had gold stocks down .88% on the week.
00:01:55

So yeah the financials were higher, but we saw commodity stocks trade lower.
00:02:01

Then looking at the Nasdaq, new high for
00:02:03

the Nasdaq, we're trading up to the 375 level.
00:02:06

If you look to the left you can see the
00:02:09

Nasdaq started to fade just below that level back in early 2022.
00:02:13

And then looking at the SPY, we're up
00:02:16

2.22% on the week, starting to trade above the 375 level.
00:02:21

453.13 is our next target to the upside.
00:02:24

We did trade above that level back in the
00:02:28

spring of 2022, but that's where we topped out.
00:02:32

So we'll have to see how the S&P 500 deals with this going forward.
00:02:36

Then looking at the Dow, the Dow
00:02:38

unfortunately is still stuck at resistance, which it's been dealing with
00:02:41

for basically over a year now, up at the 343.75 level.
00:02:46

So we're looking to see if we can take out the high from back in late 2022.
00:02:52

That'll be interesting to see if that happens.
00:02:55

Regional banks pulled back this week, not a lot, but we had a couple of good up
00:03:00

weeks for US regional banks and we still are waiting for a weekly buy signal.
00:03:05

Then looking at mid cap, small cap stocks,
00:03:08

they still traded higher, but there's not a lot of enthusiasm.
00:03:11

We did have a couple of really good weeks and then things started to fade this week
00:03:15

and that's probably not a good sign for the market going forward.
00:03:20

Then looking at the Canadian market, mid caps, small caps and micro caps are all
00:03:24

still on weekly sell signals, so no change in there.
00:03:27

Obviously there's a big difference between the Canadian and US markets.
00:03:30

A lot more technology stocks in the US, a
00:03:33

lot more resource stocks in the Canadian market.
00:03:36

Now looking at those big cap stocks,
00:03:38

you've got Apple making new highs this week, you've got Meta making new highs up
00:03:43

over 6%, you've got Microsoft up nearly 5%, you've got Nvidia up over 10%.
00:03:52

Then you've got Tesla continuing to move
00:03:54

higher up 6.6%, filling that open gap and trading above the 250 level.
00:04:01

So 281.25 would be our next profit target for Tesla.
00:04:06

Let's finish off with commodities.
00:04:08

We saw copper trade up into the channel,
00:04:11

so there's a possibility of a buy signal for copper this week.
00:04:14

No joy for gold, no joy for silver, both had inside weeks.
00:04:19

We also had an inside week for palladium, and then platinum made a new low for this
00:04:24

move, so no change in trends for any of the metals.
00:04:27

And then looking at the energy sector, we
00:04:29

saw crude oil make a reversal this week, it closed in the channel.
00:04:33

So looking for a close this coming Friday
00:04:35

on the USO above 66.69 to give us a buy signal.
00:04:40

Gasoline.
00:04:41

Unfortunately, it's on its second week of a buy signal and that's not something you
00:04:45

want to see going into the summer driving season.
00:04:49

And then last up, we've got natural gas up
00:04:53

15.59% on the week, still on a weekly sell signal.
00:04:58

That would change this coming Friday if we
00:05:00

closed above $7.24. Okay folks, that is all for this weekend's presentation.
00:05:07

Enjoy the rest of your weekend.
00:05:08

Next time you'll hear my voice is on Tuesday morning.

Transcription