Stock Market Timing Television - 04272023

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Good Morning, everyone, and welcome to Thursday morning.

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It's Stephen White side here from theuptrend.com.

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In the premarket this morning, stock index

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futures are above fair value across the board.

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DOW futures currently up 137 points.

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So far, it looks like we're going to see

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some buying at the open on Thursday morning.

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Now, I won't be in on Friday, but I will be back on the weekend.

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Now, we are coming up to month end and

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month end usually has a bullish bias to it.

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That doesn't stop the market from falling,

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but it usually cushions the market if it wants to go down.

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Why do markets tend to go up at the end of the month?

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Well, automatic money is going to come

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into the market and traders don't usually like to trade against that automatic money

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that usually goes into mutual funds and ETFs.

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Now, yesterday morning, this time we knew Microsoft was going to spike at the open

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and that our next price target to the upside if we took out the previous highs,

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was 296.88. And that's just where we landed

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and closed just below that level yesterday.

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I didn't get over $300.

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The high of the day was $299.57.

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Now, we were already up at the top of the Panic Zone.

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So when you see a new pop like this up at

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these levels, it's not something I would want to chase unless, of course, I short

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the stock and then I want to cover my short position.

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But I don't necessarily want to go long up at these levels.

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Now looking at Meta, Meta is also going to pop this morning.

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We know that it's currently trading up at the 234 level.

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You can see the differences between the price target lines here.

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So you know that

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the next price target is 237.50. So we're up just below that level this morning.

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Again, we're starting at the top of the panic zones already, and this isn't

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something I would want to chase if I was not already long meta at this time.

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Now, looking at the Russell 2000, it

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continued to move lower, so the rest of the market is going in one direction.

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There's a handful of big cap stocks going in the other direction.

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Now, Canadian small cap and microcap stocks had a nice run for a couple of

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weeks, and that, of course, had a lot to do with interest in the mining sector.

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Now, as we come into the end of April, we should go back and take a look at what we

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were looking at back at the start of April.

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On April fifth, I posted a video titled We Hit a Wall, and we were looking at areas

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of the market that had run up to resistance and stopped.

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One of the biggest ones, of course, was the Nasdaq 100 and the Nasdaq, both not

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able to break out above resistance during the month of April.

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Now we're starting to pull back down, even

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though we've got some of these big cap tech stocks popping at the moment.

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Now we're also looking at the Russell 2000

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that ran up to 1812.50 and was unable to break out above that

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level through the month of April, and now we've broken down below support.

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That is also true of the DOW transports.

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Now the DOW Transports did trade above the

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early April highs, but they never really broke away from resistance.

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Now, we've broken down and we've broken down below the March lows.

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So that's not a good sign.

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Now, some areas of the market that did

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break out above resistance and that was the DOW, but the DOW has also come back

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down and is trading below those April lows.

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And the TSX 60, which had a lot of help

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from the gold sector, ran up two lines above resistance.

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So at the start of the month, we were

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looking at 12, 1875 as a resistance, and then we broke out above

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that, moved up two lines to 1250 back up to the highs from the start of the year.

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Now, if we can take out the 1250 level,

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then the 1265.53 level and the 1281.25 level will

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come into play, but only if we can break out above the 1250 level.

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Let's move on to the most actively traded

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stocks from yesterday's trading action, starting off with First Republic.

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If you were with us yesterday morning, I mentioned the stock would probably be down

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another 30 % and ended the day down another 29.75 %.

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Tesla continued to move lower.

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It's broken down below the top of the open

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gap heading towards 150 and then the bottom of that open gap.

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If we take out the bottom of that gap,

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then 125 would be our next mathematical target.

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But also notice there's a gap just under that level as well.

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So that could certainly be a target to the downside if we keep going from here.

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Amazon's still on a buy signal, still long.

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Amazon, no change there.

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Microsoft, we talked about earlier.

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Then we've got Marathon Digital trading up to the upper channel line, but then

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retreating, going into the close, closing just below the lower channel line.

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No joy for NIO, didn't take out the previous day's low.

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That might be the start of something.

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Then we've got Alphabet traded up to the

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upper channel line but did not close above it.

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Looking for a close above

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106.42. Then we're looking at Ford, Ford trying to hold 1150.

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Then looking at Activision, which had the big drop yesterday.

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Now, this would be a losing trade if you

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had have bought here when we had the last buy signal, if you had have held on and

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not taken any profits, you would be looking at a losing trade.

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Of course, what I try to teach people is to take profits along the way.

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If you had an order in here at $ 81.25, it would have got filled at the open up here.

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And so you would have been able to lock in some nice profits up at those levels.

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And the fact that it dropped a lot

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yesterday, if you hadn't been following what I teach, you would have only had a

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partial position left and so you still would have made money on the trade.

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Advanced Micro Devices, no joy there.

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Still on a sell signal, a close above

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$90.85 on Thursday would give us a buy signal.

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Let's finish off today's presentation taking a look at the TSX most active.

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Starting off with Cenovus, big down day for Cenovus.

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Then we've got the Royal Bank, still on a buy signal.

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It traded through the lower channel line

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for the last two days but did not close below it.

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So we're looking for a close on Thursday below 131.50 for 4.

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Then we've got a new low for Suncor.

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We've got Manulife still trading in the channel here for the last two days.

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A close below 2572 would give us a sell signal on Thursday.

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Second day of a sell signal for Athabasca Oil.

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Then we've got Sandstorm Gold still on a

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sell signal here that would change on Thursday with a close above

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$8.04. Then we're looking at TC Energy still on a sell signal, no change there.

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No change there, no change for HUT 8.

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Looking for a close on Thursday above $2.56 to give us a buy signal.

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Then Embered, still on a buy signal that

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would change on Thursday with a close below 5303.

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Then we're looking at the TD Bank, which was actually up two cents yesterday.

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Td Bank would be back on a buy signal with

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a close above 82.64. Okay, folks, that is all for this morning's presentation.

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So far, it looks like we're going to see

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some buying at the open on Thursday morning.

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Have a great day.

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Next time you'll hear my voice is on Sunday. you..