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It's Stephen Whiteside here from the uptrend, what today's looking
It's Stephen Whiteside here from the uptrend, what today's looking North American stock market trends in the pre-market, this morning markets have been all over the place but not as much volatility as we saw yesterday, I
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There's a lot of volatility in reaction to a lot
There's a lot of volatility in reaction to a lot of earnings that are coming out this morning
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And of course, I can't keep up with those numbers
And of course, I can't keep up with those numbers while trying to record a video
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If you're with his yesterday morning, we were looking at
If you're with his yesterday morning, we were looking at Wednesday's trading action and for the most part, it was an inside de Paz, de a day of indecision, they were waiting for more information
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And that information was going to come on Thursday morning
And that information was going to come on Thursday morning with the CPI numbers and at that point, we were expecting volatility to expand
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I Dow futures of finish, the Futures pre-market trading session
I Dow futures of finish, the Futures pre-market trading session yesterday, down, 525 points, but then things changed once the European markets closed later in the morning and we got an enormous amount of bullish reversal signals
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Yesterday, we had got a normal amount of 52-week lows
Yesterday, we had got a normal amount of 52-week lows and an enormous amount of bolus reversal signals
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Bullish reversal signals of course our one day events and
Bullish reversal signals of course our one day events and they need to be confirmed, but we are going to see some of the enormous resistance from the highs from the previous week
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So just remember that if we do keep going from
So just remember that if we do keep going from here and there, certainly a mathematical possibility that we could and Friday with a Buy Signal for the spiders
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There's the cues making a new low yesterday and again,
There's the cues making a new low yesterday and again, we could end Friday with a Buy Signal for the q's
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There's the ice chest, itchy sx60 we're putting in a
There's the ice chest, itchy sx60 we're putting in a bolt reversal signal and do we move back up into the channel
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Now the Dow diamonds did and yesterday on a by
Now the Dow diamonds did and yesterday on a by signal and we are coming up to the highs from the previous week at up there at 30469 close, just above $300, $30056
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So, $300 isn't acting as resistance, so, three or four
So, $300 isn't acting as resistance, so, three or four 69, that's the next targets of The Upside and that's certainly possible resistance
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Now, yesterday morning I showed this chart of the Vanguard
Now, yesterday morning I showed this chart of the Vanguard to all world except the usa
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It did Diplo 4375, but came back and going into
It did Diplo 4375, but came back and going into the clothes that banks are out with her in today
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And these numbers, of course are old and by the
And these numbers, of course are old and by the time you see this video
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But so far the earnings from JPMorgan have been received,
But so far the earnings from JPMorgan have been received, positively, and we've also seen some buying and Morgan Stanley
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There's a whole bunch of other earnings coming out this
There's a whole bunch of other earnings coming out this morning which could push the market either
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Or down now none of the megatrends change yesterday? Yes,
Or down now none of the megatrends change yesterday? Yes, the Vic's came down but certainly we did not see a cell signal for the Vic's yesterday
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dollar Index pulled back had me outside reversal day looking
dollar Index pulled back had me outside reversal day looking for a close below 111 6276 on Friday then we saw gold that while the US dollar Index was pulling back gold actually closed the day slightly
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So no, I train change their no Trend change for
So no, I train change their no Trend change for copper copper traded higher yesterday, still in the channel that we saw at a yield bond yields, continue to move higher bonds themselves were slightly lower yesterday,
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then looking at the energy sector while it was still
then looking at the energy sector while it was still looking for crude to help on the inflation
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Most actively traded Stocks by dollar-volume yesterday, starting off on
Most actively traded Stocks by dollar-volume yesterday, starting off on Bay Street
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The big winner was the royal bank with look at
The big winner was the royal bank with look at how big that far is so new low yesterday
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I could always hire Canadian national traded up to the
I could always hire Canadian national traded up to the $75 closed at 7516
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If we can take out the high from a couple
If we can take out the high from a couple of days ago, then 7813 comes into play
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I've been looking at Ambridge trading up into the channel
I've been looking at Ambridge trading up into the channel yesterday, and And bacon, Nova Scotia trading up into the channel
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Close above 6643 would give us a bicycle on Friday
Close above 6643 would give us a bicycle on Friday and then, let's finish off with Wall Street
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The most actively traded stock by dollar-volume was Tesla new
The most actively traded stock by dollar-volume was Tesla new low yesterday than closed above the previous day's high
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Then we're looking at Apple trading up into the channel
Then we're looking at Apple trading up into the channel to close above 144 78, would give us a bicycle on Friday
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And then, Nvidia, trading up to the lower Channel I'm
And then, Nvidia, trading up to the lower Channel I'm looking for a close above 12568 on Friday and then Microsoft, Microsoft, nice big bar there
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Yesterday, I close above to 3954, would give us a
Yesterday, I close above to 3954, would give us a bicycle on Friday, for Microsoft and then last up, Amazon Amazon, still closing in trading below the lower channel line
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I'm currently short Amazon and got to buy back some
I'm currently short Amazon and got to buy back some chairs yesterday at 1:06
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I yesterday was a wild and exciting day at the
I yesterday was a wild and exciting day at the same day, on the same day that we're making new 52-week lows
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That could be the start of something new, but with
That could be the start of something new, but with the what happened, yesterday, that's not enough to go on
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And so we'll need to wait and see if any
And so we'll need to wait and see if any of those are big megatrends start to change, it doesn't look like that's going to happen at the open on Friday morning, but only time will tell
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00:00:00Good morning everyone. Welcome to Friday morning.
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00:00:02It's Stephen Whiteside here from TheUpTrend.com with today's look
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00:00:05at North American stock market trends. In the pre market this morning
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00:00:09markets have been all over the place,
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00:00:11but not as much volatility as we saw yesterday.
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00:00:14Dow futures were up 180 points a little while ago.
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00:00:17Now they're basically unchanged.
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00:00:20There's a lot of volatility in reaction
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00:00:23to a lot of earnings that are coming out this morning.
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00:00:25And of course, I can't keep up with those numbers while trying to record a video.
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00:00:30But here we are.
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00:00:31If you were with us yesterday morning,
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00:00:33we were looking at Wednesday's trading action and for the most part it was
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00:00:37an inside day, a pause day, a day of indecision.
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00:00:40They were waiting for more information
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00:00:42and that information was going to come on Thursday morning with the CPI numbers.
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00:00:46And at that point we were expecting volatility to expand.
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00:00:50And that certainly happened before the CPI numbers came out.
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00:00:54Stock index futures were positive going into the market open.
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00:00:58They were certainly negative being led lower by the Nasdaq.
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00:01:01Dow futures finished the futures premarket trading session yesterday down 525 points.
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00:01:08But then things changed once the European markets closed later in the morning and we
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00:01:13got an enormous amount of bullish reversal signals from Thursday's trading action.
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00:01:18So two things happened yesterday.
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00:01:19We had got an enormous amount of 52 week
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00:01:22lows and an enormous amount of bullish reversal signals.
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00:01:25Bullish reversal signals, of course,
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00:01:27are one day events and they need to be confirmed.
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00:01:29But we are going to see some an enormous
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00:01:32resistance from the highs from the previous week.
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00:01:35So just remember that if we do keep going
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00:01:37from here and there's certainly a mathematical possibility that we could
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00:01:41end Friday with a buy signal for the spiders.
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00:01:43There's the queues making a new low yesterday.
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00:01:46And again, we could end Friday with a buy signal for the queues.
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00:01:50There's the iShares for the TSX 60.
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00:01:52We're putting in a bullish reversal signal and we moved back up into the channel.
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00:01:57So yes, mathematically there's
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00:01:59a possibility of a buy signal for the IShares for the TSX 60 on Friday.
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00:02:04Now, the Dow diamonds did end yesterday on a buy signal.
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00:02:08And we are coming up to the highs from the previous week up there at 304.69.
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00:02:12And we closed just above $300, at $300.56 yesterday.
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00:02:18So $300 isn't acting as resistance.
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00:02:21So 304.69, that's the next target
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00:02:24to the upside and that's certainly possible resistance.
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00:02:27Now, yesterday morning I showed this chart of the Vanguard all world except
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00:02:33the US ETF, and it did dip below 43 75, but came back going into the close.
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00:02:41Now, banks are out with earnings today
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00:02:43and these numbers of course, are old and by the time you see this
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00:02:47video, but so far the earnings from JPMorgan have been received
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00:02:51positively and we've also seen some buying in Morgan Stanley.
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00:02:54There's a whole bunch of other earnings
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00:02:56coming out this morning, which could push the market either up or down.
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00:03:01Now, none of the megatrends changed yesterday.
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00:03:04Yes, the VIX came down, but certainly
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00:03:06we did not see a sell signal for the VIX yesterday that would happen on Friday
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00:03:10with a close below $30.44. We did see the US dollar index pulled back,
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00:03:16had an outside reversal day, looking for a close below 111.76 on Friday.
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00:03:23Then we saw gold.
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00:03:25While the US dollar index was pulling
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00:03:27back, gold actually closed the day slightly lower yesterday.
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00:03:30So no trend change, there no trend change for copper.
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00:03:34Copper traded higher yesterday still in the channel.
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00:03:38Then we saw yields, bond yields continued to move higher.
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00:03:41Bonds themselves were slightly lower yesterday.
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00:03:45Then looking at the energy sector while we're still looking for crude to help.
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00:03:48On the inflation front, that didn't happen yesterday with crude
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00:03:52oil trading higher, closing up two 2%, and natural gas was fairly quiet yesterday.
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00:03:59It didn't take out the previous day's high.
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00:04:01And of course there's a lot more volatility in natural gas,
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00:04:04so being up three 8%, not that big a deal for natural gas.
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00:04:09Let's finish off looking at the five most
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00:04:11actively traded stocks by dollar volume yesterday, starting off on Bay Street,
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00:04:16the big winner with the Royal Bank, look at how big that bar is.
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00:04:19So a new low yesterday and then we
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00:04:22recovered trading up to the lower channel line.
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00:04:24Then looking at Canadian Natural Resources accrued oil was higher.
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00:04:28Canadian Natural traded up to the $75, close at $75.16.
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00:04:34If we can take out the high from a couple of days ago, then 78.13 comes into play.
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00:04:39Then another bank big up move yesterday for the TD Bank.
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00:04:43Certainly a possibility for a buy signal on Friday.
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00:04:46Our next price target was 84.38.
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00:04:48We closed at 84.31.
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00:04:50So you can see there's lots of resistance above the 87.50 level.
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00:04:56Then looking at Embridge trading up into the channel yesterday.
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00:04:59And then Bacon, Nova Scotia, trading up into the channel,
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00:05:03close above 66.43 would give us a buy signal on Friday.
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00:05:07And then let's finish off with Wall Street.
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00:05:09The most actively traded stock by dollar volume was Tesla.
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00:05:15New low yesterday, then closed above the previous days high.
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00:05:18So something could be going on there.
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00:05:20We're trying to get down to $200.
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00:05:22Got as low as 206.22 yesterday.
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00:05:25Then we're looking at Apple trading up into the channel.
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00:05:27A close above 144.78 would give us a buy signal on Friday.
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00:05:32Then Nvidia trading up to the lower
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00:05:33channel line, looking for close above 125.68 on Friday.
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00:05:38And then Microsoft, microsoft, nice big bar there yesterday.
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00:05:42Close above 239.54 would give us a buy signal on Friday for Microsoft.
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00:05:48And then last up Amazon.
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00:05:50Amazon still closing and trading below the lower channel line.
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00:05:53So no joy there.
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00:05:55I'm currently short Amazon and got to buy back some shares yesterday at 106.25.
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00:06:01Okay folks, that is all for this morning's presentation.
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00:06:04Yesterday was a wild and exciting day.
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00:06:07At the same day, on the same day that we were making new 52 week lows,
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00:06:11we had the big bullish reversal day that could be the start of something new.
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00:06:15But with what happened yesterday, that's not enough to go on.
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00:06:19And so we'll need to wait and see if any of those big megatrends start to change.
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00:06:24It doesn't look like that's going
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00:06:25to happen at the open on Friday morning, but only time will tell.
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00:06:29Enjoy the rest of the day and of course, enjoy your weekend.
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00:06:32Next time you'll hear my voice is on Sunday.