Stock Market Timing Television - 05192023

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Good morning, everyone.

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Welcome to Friday morning.

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It's Stephen Whiteside here from theuptrend.com.

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Well, in the premarket this morning, things are fairly quiet.

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We don't have any major economic numbers coming up this morning.

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Stock index futures and commodities are

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above fair value, so we are looking for some buying at the open on Friday morning.

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Well, history was made on Thursday as the

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S&P 500 put in a new high for 2023, taking out the old high and heading

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towards 421.88. If we can take that out, then 429.69 comes into play.

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Now, over the past five trading days,

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there's been 206 new 52 week highs on the S&P 500 or 42 %.

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At the same time, 133 stocks or 27 % of the S&P 500 has made 52 week lows.

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Again, this is really all about technology stocks.

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Looking at technology stocks, you can see the Nasdaq 100 also made a new high for

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2023 on Thursday, heading towards 343.75 on the triple Qs.

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And if we can take that out, then 359.38 comes into play.

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Now, looking at the Nasdaq 100, it's a little different than the S&P 500.

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We've seen 56% of the Nasdaq 100 stocks make new 52 week highs over the past week.

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At the same time, only 17 % of the Nasdaq 100 has made new 52 week lows.

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Getting a bigger bang focusing on the technology sector than the overall market.

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Now, the chip stocks have done really well this week and looking at the

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SPDR Semicondactor ETF, we're heading towards 200.

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Then looking at Apple, Apple actually hit 175 yesterday.

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So ching, we finally got to lock in some profits.

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Apple has not broken away from 175 yet.

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It closed at 175.05 yesterday.

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So that is still resistance.

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So we don't worry about the next targets to the upside just yet.

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Then Amazon is another stock I'm long and we're trying to get to 118.75. Got as high

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as 118.60 yesterday, so did not lock in profits just yet.

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A couple of ETFs people were asking me about yesterday.

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Cloud computing hit its next price target

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of 17.58. It closed at 17.61. Then autonomous vehicles, 23.44 was our target.

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It closed at $23.42. The high of the day

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was 23.46. So if you had an order in up there, that got filled yesterday as well.

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Now, ARK Innovation's ETF, it was pointed

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out to me yesterday that yes, this ETF is up 25.22 % year to date.

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So that's quite incredible.

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It's just behind the triple Qs, which are up 26.66% year to date.

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Now, we've been seeing lots of pops and drops over the past couple of weeks, and

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there's Netflix driving up to the previous highs.

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And so if you had an order in at 359.38 or 375, both of them got filled yesterday.

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So congratulations.

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Then looking at NVIDIA, NVIDIA hit 312.50, actually got as high as 318.28 yesterday.

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We have not broken away from 312.50 yet,

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so the current price targets on the daily charts have not expanded.

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If we go to the weekly chart, you can see this chart was published last weekend.

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312.50 was our next target, so we know we've hit that.

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Then above 312.50 is 343.75, and that's where we topped out back in late 2021.

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Then looking at Tesla, our next

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mathematical target is 187.50. We still have not broken away from 175.

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The low of the day yesterday was 172.45, and then we've got that open gap.

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So the high yesterday was 177.06, the top of that open gap is

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177.65. So we'll see how the market deals with that on Friday.

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Now, looking at the VIX, the VIX is back

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on a sell signal which is supportive for higher stock prices.

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You can see that on Friday we need to close up there at above 1827.

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Not expecting that to happen based on what

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we're seeing in the premarket this morning.

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We're getting down to the previous low at 1563.

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If that breaks, then 12.50 would be our next target to the downside, and that

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would certainly be supportive for higher stock prices.

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Now, a lot of people ask why I don't

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follow the VIX for the Nasdaq, why I focus on the VIX for the S&P 500.

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Well, you can see this is a pretty spastic chart.

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It's always been this way.

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Sometimes when people see this chart on

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the website, they email and say that, Hey, do you know you've got bad data?

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Well, no, that's just the way this works.

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If you go to the CNBC website, this is what it looks like this morning.

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So our data is not bad.

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It's just the way this particular index

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looks and it's not something that I like to follow.

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It can be all over the place and I'd rather stick to the VIX for the S&P 500.

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Moving on to the Canadian market.

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Yes, the technology index is doing well.

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Remember, these are weighted.

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The bigger the stock, the more influence it has on the index.

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So it doesn't mean that all stocks in this particular index are up at these levels.

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The rest of the Canadian market is not doing as well.

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The TSX is on a sell signal right now, so is the TSX 60.

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The reason for that, of course, is that

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energy stocks have not been doing well lately.

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They could come back on Friday with crude oil trading higher this morning.

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Then we've got financials which are just

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treading water, having an inside day yesterday.

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Then the price of gold has been coming down this week and we see the gold stocks

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made a new low yesterday and mining stocks made a new low for this move as well.

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So that's why the Canadian market is not

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in sync with the US market at the present time.

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Now, looking at the Canadian tech stocks, Absolute Software popped last week and

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just another one of those stocks that popped.

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Congratulations if you owned that stock, I

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wouldn't be sitting around doing anything I would have sold by now.

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It's probably not going to go anywhere from here, so no reason to hang around.

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Then BlackBerry made a new high for this move.

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The price targets for BlackBerry have started to expand as the stock has started

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to trade and continue to hold up in a new level.

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Remember, the previous price targets were

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based on this range, this high to this low and then to this high.

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So you had price targets based on that

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price action, and then we started to break out above that.

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So 7.42 was our next price target, got as high as 7.44 yesterday on the TSX.

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Then looking at CGI, we made a new high yesterday.

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Then looking at Lightspeed, here's another stock that popped and dropped.

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You can see the nice move up.

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We made a new high for this move and then came right back down the next day.

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So unfortunately, that's been happening a

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lot and that's just the mood that the market is in at the moment.

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Not much you can do about it.

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Nuvei made a new low for this move yesterday.

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Another stock that generated a buy signal.

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You came in the next morning, saw that it was going to open way down here.

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So you didn't take the buy signal.

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And I have no idea why it dropped so much

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right after Ryan Reynolds started promoting this particular company.

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Open Text made a new closing high yesterday for this move.

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Another stock that made a new low here for this particular move.

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And then the next morning it just popped higher and has not pulled back since.

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Then Shopify, we talked about this one.

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It generated a sell signal.

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You came in the next morning and saw that it was going to open up way up here.

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And so you waived off that sell signal and we're still on a buy signal.

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Things would change for Shopify on Friday

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with a close below 79.40. Then looking at Telus International, it is in the InfoTech

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Index and it made a new low on Thursday for this particular move.

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Okay, folks, that is all for Friday morning's presentation.

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So far it looks like we're going to see some buying at the open on Friday morning.

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Have a great day. Have a great weekend.

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It's a long weekend here.

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The Canadian markets will be closed on Monday.

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Us markets will be open.

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We will do a video over the weekend. you. out..

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