Stock Market Timing Television - 20230124

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Hello, everyone, and welcome to Tuesday morning.

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It's Stephen Whiteside here from the

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uptrend.com in the pre market this morning, things are below fair value.

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Dow future is currently down 90 points overnight.

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Asian markets were higher, while European

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markets which are still open, are currently trading lower.

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Commodities are all trading higher in the pre market this morning, so we may see

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some selling at the open on Tuesday morning.

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One of the stocks in the news this morning is 3M.

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It's already on a sell signal.

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It's down over 4% last time I checked.

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So it's trading back down at the lows that we saw just two days ago.

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Looking at the Ishares from yesterday's

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trading action, up a little over half a percent.

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New high for this move for the Ishares.

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Looking at the Dow Diamonds, still looking

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for a close above 338 on Tuesday to give us a buy signal.

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The SPY ETF made a new high for this move yesterday.

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I remember last Thursday we did trade down

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and trade under the lower channel line, but we did not close below it.

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And so we're still on a buy signal here.

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Trying to get over 400.

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Still having some resistance there.

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The close yesterday was $400.63. So that

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is still acting as price magnet and resistance.

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We are trying to get to 406.25. That's our next mathematical target.

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And you can see that's where we peaked back in late November and early December.

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Now looking at the moving averages, a lot of people are excited that the SPY ETF is

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starting to trade above the 200 day moving average.

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But remember that we've done that previously in 2022 and each time we did

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it, it was an indication that the chapter was coming to an end.

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It has not been an indication of a new chapter starting.

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So we'll just have to wait and see.

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There's no reason to abandon any position on Tuesday morning.

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Now, looking at the queues, they were the

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big winners yesterday at over 2%, making a new high for this move.

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We're trying to get up to 296. 88.

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That's our next mathematical target.

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And that would take us up towards the 200 day moving average for the queues.

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Now within the queues, the big winner was

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the chip sector and the chips were up over 5% on the day on the Dow.

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Intel was the big winner on the Dow yesterday.

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I would strongly recommend that you don't

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follow intel, intel's a last-century Westernstock.

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You should be following Advanced Micro Devices, Western Digital or Nvidia.

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Those would be my top picks for the chip sector.

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In the Canadian market, Infotech was up

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nearly 3%, led higher by Shopify, which was up over 8% on the day.

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If you had an order in at 56.Shopify 25, it got filled yesterday.

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Congratulations.

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Now we're trying to get up to 62.

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50, but you can see that back in late November we peaked just below that leve,l.

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And of course if you're trading Shopify, you know what that level is don't you?

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Looking at the moving averages, we are coming up to the 200 day moving average.

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That could act as resistance and that's trading right around $60 at the moment.

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Nuvei has made a new high on Monday and we are trying to get to 46.

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88. That is our next price target.

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If we can take that out then $50 does come into play.

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And then Light Speed Communications made a

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new high for this move, is trying to get up to 25.

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But we know from

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recent history that we flared out before we got up to that level.

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So isn't this interesting?

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You know, you can look here, there's a

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high lower high, lower high, lower high and then a lower low and now we're trying

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to come up and see if we can put in some higher highs here.

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That would certainly bring more investors into this particular stock.

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And of course our next target is $25.

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Looking at commodities and we'll look at the metals this morning.

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Copper had a small pullback yesterday

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still trading above the upper channel line as is BHP.

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And then we saw Southern copper trade into

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the channel yesterday but did not close in the channel.

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So this looks like the weakest one.

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So with the possibility of a sell signal on Tuesday, we'd need a close below 71 95.

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And then looking at Teck, still trading

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above the upper channel line, so no change there.

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Looking at Gold, gold was up $4.30 yesterday.

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BarriNewmontck is on a sell signal right

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now, trading back in the channel yesterday.

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Looking for a close on Tuesday above 25 77.

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We closed at 25 69.

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So it's not going to take a lot to get Barrick back on a buy signal.

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And you can see that Newmont Gold Corp is still on a buy signal.

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So no change in trend there.

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Now silver on the other hand has been trading sideways for over a month now and

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nobody wants to pay $25 for silver right now.

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Isn't that interesting?

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But nobody is aggressively selling it either.

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So yesterday was an inside day for Pan American Silver.

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Still on a buy signal here, no change and

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no change in trend for Wheaton making a new closing high for this move on Monday.

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Looking at my five stocks, no change in

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trends on Monday we had Apple make a new high.

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We're trying to get to 143.

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75.

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We've got an order in just below that and hopefully that'll get filled today.

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Then we're looking at Amazon and Amazon,

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we're trying to get it to $100 and it just won't go.

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The high that it's been recently was 99. 32.

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We did that last week and so we are still trying to hit $100 for Amazon.

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The CME Group not doing well right now.

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It's been in the channel for the past couple of days testing the lower channel

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line, looking for a close on Tuesday below 173.

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96.

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So you can see we're stuck at the 175 level.

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Notice that since we came into this range

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months ago, we've got a high there and we've got a low here.

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We're still trading within that range, so there was no way to tell ahead of time.

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I've always said that if you've got a group of stocks or ETFs, one of them is

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going to disappoint you and you're just not going to know which one it is.

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A lot of times that disappointment is

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choppy trading where a trend doesn't last very long.

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In other examples, such as this one, we just don't trend at all.

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We're just stuck trading sideways here.

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So we have traded around the 50 day moving

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average for the last week or so, trying to get up to the 100 day and then possibly

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the 200 day, but the 50 has been holding us in check.

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We did pop up to the 100 day back in

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December, but it's still looking like a really hard slog at the moment.

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And then of course, there's the flypaper

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channel, which has been holding us in check for all of 2022.

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Then looking at Goldman Sachs.

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Goldman Sachs, one of the reasons the Dow

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is on a sell signal, it is still on a cell signal itself.

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Put in a bullish reversal day yesterday,

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but didn't close above the previous day's high.

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So we're still waiting for a close on Tuesday above 357.

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84.

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And you can see our price targets here.

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We've just put in a recent lower low.

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We put in a lower high there and a lower low here.

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So overall, it's still a very bearish pitcher.

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If we start trading below yesterday's low, then 328.

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13 and 312.

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50 start to come into play. Last up.

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Looking at Visa.

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Visa made a new high for this move yesterday.

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We've got orders filled up at 225.

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We're up at the top of our projected trading range, and that certainly doesn't

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mean we can't continue to move higher from here.

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The easiest way to get the next price

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target is just take the differences between the numbers you see on the screen.

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And so if we just take 1250 and add it to 225, we get 237 50.

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That is a reasonable target to the upside if Visa starts to break out above 225.

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Now, as another reference point, you can look at the weekly chart, and of course,

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this hasn't been updated since last Friday.

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Our next mathematical target on the weekly chart is 226.

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56 and you can see that previously acted as resistance.

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Then if we continue on looking up on our

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weekly chart on our way to 237 50, you can see that 234.

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38 is our next target.

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And if you go back here, you'll see that

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there's lots of history along that particular price target line.

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So that is certainly a legitimate price target to the upside for Visa.

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Okay, folks.

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That is all for this morning's presentation so far.

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It looks like we may see a little selling

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at the open, but certainly no panic in the market on Tuesday morning.

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Have a great day, folks.

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

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Thank you.

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