Stock Market Timing Television - 20230418
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00:00:00Good morning, everyone.
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00:00:01Welcome to Tuesday morning.
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00:00:03It's Stephen Whiteside here from the uptrend.
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00:00:05om. In the premarket this morning, there's
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00:00:07lots of earnings out, but stock index futures so far are above fair value.
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00:00:13So far, it looks like we're going to see
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00:00:15some buying at the open on Tuesday morning.
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00:00:18Let's start off today's presentation taking a look at the fear index.
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00:00:21The fear index made a new low yesterday for this move.
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00:00:25On Tuesday, we're looking for things to
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00:00:27change with a close for the VIX above $19.67. Now, overall, it was fairly quiet
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00:00:35on Monday with the DOW, the S&P 500, and the Nasdaq 100 all having inside days.
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00:00:42Days of indecision.
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00:00:43We saw a new low for the SOX index before it recovered and closed higher on the
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00:00:48day. It did not close above the previous day's high.
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00:00:51And then the TSX made a new high for this
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00:00:54move, trading up to the highs from back in late January and early February.
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00:01:01Now, we continue to watch financials closely and they continue to recover.
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00:01:06The XLE closed up 1.16 % on Monday, making a new high for this move.
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00:01:12We also saw money go back into banks
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00:01:14yesterday and they were up 2.27 % and the bank ETF is back on a buy signal.
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00:01:20It is a very weak buy signal, but it did close above the upper channel line
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00:01:26yesterday and we're still waiting for Regional Banks which were up
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00:01:302.98 % yesterday, still looking for a close above $43.62 on Tuesday.
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00:01:37Canadian Financials, Canadian Banks still holding up well.
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00:01:41No change in trend there.
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00:01:44Now, with yesterday being a fairly quiet
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00:01:46trading day, I thought we'd just walk through the most active.
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00:01:49And typically what I do is I just bring up the Panic Zone chart and then I just start
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00:01:54hitting the down arrow key looking for anomalies.
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00:01:58With Tesla, there's nothing going on here.
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00:02:00We've been treading water for a while now,
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00:02:02so no new panic zone, no new early warning signal.
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00:02:05You can see that we're still on a sell signal here that would change on Tuesday
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00:02:09with a close above $190.68. We are coming into earnings for Tesla, so
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00:02:15looking for volatility to expand dramatically.
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00:02:19Then looking at Bank of America, you can
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00:02:20see we traded down to the bottom of the Panic Zones, Pressure Zone formed.
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00:02:24Charts started to turn blue, we started to move up.
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00:02:27Things are still looking pretty good for Bank of America.
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00:02:30Now, compare that to KeyCorp and Charles Schwab, where the same thing's happened.
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00:02:35We got down to the bottom of the Panic
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00:02:37Zones, saw Panic Selling, we saw Pressure Zones start to form.
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00:02:41But in both cases, we've had a failure to launch.
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00:02:44So still waiting for a recovery for those two stocks.
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00:02:48Then looking at NIO, you can see the early
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00:02:50warning signal up here that got a pullback in the stock.
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00:02:55How did that look on the right side chart?
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00:02:57Well, that gave us a sell signal.
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00:02:58Now we're back on a buy signal as of Monday's close.
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00:03:02Then looking at Advanced Micro Devices,
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00:03:04you can see we came off the top of the Panic Zones.
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00:03:07Early warning signal, we've started to move down, made a new low for this move,
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00:03:12still projecting lower prices here, so no change.
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00:03:15Close above $94.88 on Tuesday would give us a buy signal for AMD.
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00:03:22Then looking at Apple, we've had two early warning signals.
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00:03:25The first one took us back into the channel.
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00:03:28The second one actually generated a sell signal which only lasted for a day.
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00:03:33That was a quick snap back, but we have not made a new high yet, even though we've
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00:03:39been back on a buy signal for the last three days.
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00:03:42Any time you're buying at the top of the Panic Zones, it's a much riskier trade
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00:03:46than buying off the bottom of the Panic Zones.
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00:03:49Then looking at Ford, we had an early
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00:03:51warning signal that pulled us back into the channel.
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00:03:54Then we moved up again and then pulled back into the channel again.
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00:03:58Ford is certainly up for a sell signal on Tuesday with a close below
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00:04:05$12.33. Then looking at the Canadian market,
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00:04:08starting with TD Bank, which was the most actively traded Canadian stock on Monday.
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00:04:14You can see we drove down to the bottom of the Panic Zones, a Pressure Zone formed.
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00:04:18We started to move up and still projecting higher prices here.
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00:04:21So no change for TD.
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00:04:23Now, Algonquin Power, new early warning signal, new sell signal.
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00:04:27We closed just below the lower channel line.
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00:04:29You traded up to 11.72, so congratulations.
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00:04:33You got to lock in profits there.
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00:04:35Now, 10.94 is support and 10.94 is just
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00:04:38around where the tether line is on the Mid Term chart.
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00:04:42So anytime that you've been in a trade for a long time, if you want to hold on, you
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00:04:48can look and see what longer term money is doing with the mid term chart.
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00:04:51And we have not generated a sell signal there.
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00:04:55So you can always take a look and see if you want to give the stock a
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00:05:00little more room to go before you actually totally abandon a position.
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00:05:05Then looking at the Royal Bank, just like
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00:05:07the TD Bank traded down to the bottom of the Panic Zones, a Pressure Zone formed,
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00:05:11and we're still projecting higher prices here.
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00:05:13No change in trend.
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00:05:15Now, we had an early warning signal for Enbridge, but did not push us back enough
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00:05:20to give us a sell signal, so no change there.
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00:05:23Similar situation for Lundin Mining.
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00:05:25We had several early warning signals.
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00:05:28We did pull back a bit, and then we've continued to move higher.
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00:05:32The chart did not change color.
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00:05:34Then we've got a Power Corp still looking for higher prices here.
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00:05:38No early warning signal just yet.
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00:05:42Then ARC Resources, which was a basket case for quite a while, has moved up over
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00:05:47the past couple of weeks and still looking for higher prices for ARC Resources.
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00:05:51And for TC Energy, still projecting higher prices here.
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00:05:55We are coming up to the highs from back in January, which may act as resistance, but
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00:05:59no new early warning signal on Tuesday morning for TC Energy.
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00:06:05Okay, folks, that's all for this morning's presentation.
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00:06:07Looking for continued buying at the open on Tuesday morning.
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00:06:12Have a great day.
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00:06:13Next time you'll hear my voice is on Wednesday morning.