Stock Market Timing Television - 06302023
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    • 00:00:00
      Good morning everyone. Welcome to Friday morning.
    • 00:00:02
      It's Stephen Whiteside here from the
    • 00:00:04
      uptrend.com in the pre market this morning, stock index futures are above
    • 00:00:08
      fair value, once again being led higher by the Nasdaq.
    • 00:00:12
      Commodities are mixed while the energies are higher.
    • 00:00:14
      Gold is lower on Friday morning. Well, here we are.
    • 00:00:18
      We finally arrived to month end, quarter
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      end, and of course we've got the holidays next week.
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      And that of course put a bullish spin on the market.
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      And of course, it doesn't guarantee success.
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      It certainly helps alleviate any downward pressure on the market.
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      If there is bad news that the market wants to take as bad news, remember, just
    • 00:00:38
      because there's good news doesn't mean the market goes up.
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      And there's no guarantee that with bad news the market goes down.
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      Now, the VIX is still on a sell signal that's supportive for higher stock prices.
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      Looking for a breakout above 14.33 to change things on Friday.
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      So far, it does not look like that's going to happen.
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      Now, I often take a look at the VIX ETFs
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      just to make sure that nobody's trying to front run the market.
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      Sometimes what you'll see is ETF traders can go in and buy the VIX ahead of the VIX
    • 00:01:10
      moving higher and the markets moving lower.
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      We're not seeing anything like that on coming into Friday morning.
    • 00:01:16
      Now, the Dow diamonds ended Thursday on a buy signal.
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      They have an open gap just above them there that could act as resistance.
    • 00:01:24
      Similar situation for the S&P 500 is back on a buy signal.
    • 00:01:29
      The volume, which of course coming into a holiday week is going to start to fall.
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      Yesterday, the volume for the S&P 500 ETF was down 25% off its average volume.
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      So you can see that traders are starting
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      to leave for a holiday week and we expect next week to be extremely quiet.
    • 00:01:53
      Now the Nasdaq is not back on a buy signal.
    • 00:01:56
      So far, the biggest loser yesterday on the Nasdaq 100 was Micron.
    • 00:02:00
      At the same time we saw chips move higher.
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      So Micron moving against the pack on Thursday.
    • 00:02:08
      Then the iShares
    • 00:02:10
      for the TSx 60 are on the second day of a buy signal.
    • 00:02:11
      We're seeing money come back into the financials and the energy sector.
    • 00:02:16
      We saw some money come back into gold yesterday with Kinross.
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      There's been a lot of love for Kinross
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      lately, even though it's been on a sell signal.
    • 00:02:24
      This certainly hasn't fallen as much as a
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      lot of the other gold stocks such as Barrick.
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      Barrick is sitting right on the edge of a new daily buy signal.
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      So any higher close on Friday would give us a buy signal.
    • 00:02:36
      We do have gold trading lower in the pre market.
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      That's no guarantee that gold stocks are going to trade lower on Friday.
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      Now, until the big cap tech stocks start
    • 00:02:47
      to break down, the market is going to continue to have a bullish bias to it.
    • 00:02:51
      And so there's Apple making a new high yesterday we saw Amazon pull back so a
    • 00:02:56
      close below 126.04 would give us a sell signal on Friday.
    • 00:03:00
      We still have Microsoft on a short term sell signal.
    • 00:03:04
      Of course, longer term money has not exited Microsoft just yet.
    • 00:03:09
      We have Nvidia on a short term sell signal.
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      Yesterday was inside day and did trade slightly lower on the day.
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      Less than 1%.
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      Nvidia is still on a midterm buy signal.
    • 00:03:22
      So more conservative money has not exited Nvidia just yet.
    • 00:03:27
      And we still have Tesla on a sell signal.
    • 00:03:29
      From what we were seeing in the pre market
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      yesterday, I thought Tesla would end the day on a buy signal.
    • 00:03:34
      That did not happen.
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      When it started to come down it did give
    • 00:03:38
      us a midterm sell signal which is still in play.
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      That has not changed.
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      So some longer term money has exited Tesla.
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      We do have a nice uptrend line there and
    • 00:03:48
      if that breaks then we would look for a move down to $200 for Tesla.
    • 00:03:54
      Let's finish off with a quick look at
    • 00:03:56
      commodities and no trend changes from Thursday's trading action.
    • 00:03:59
      Yes, crude oil traded higher, gasoline traded higher and natural gas traded
    • 00:04:05
      higher and that's one of the reasons energy stocks moved up on Thursday.
    • 00:04:10
      No joy for the GLD.
    • 00:04:12
      It came off its intraday lows and closed slightly lower on the day.
    • 00:04:16
      Inside day for palladium.
    • 00:04:19
      A lower new low for platinum on Thursday.
    • 00:04:22
      And we saw a small pullback for the price of silver holding the low from last week.
    • 00:04:30
      Okay folks, that is all for Friday's presentation.
    • 00:04:33
      Not expecting a lot to happen on Thursday.
    • 00:04:36
      Have a great Canada Day long weekend and if you're in the US, of course you're
    • 00:04:41
      probably going to make this weekend into a long weekend anyways, so have a great
    • 00:04:46
      time, be safe and next time you'll hear my voice is sometime over the long weekend.
    • 00:04:52
      I haven't been given my weekend scheduled
    • 00:04:54
      yet so I don't know exactly when I'm going to be back in front of the computer.

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