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If you want to hit Steven Whiteside here from the
If you want to hit Steven Whiteside here from the uptrend, with this weekend's additional, protect your portfolio in this presentation where to go through nine topics and I'll try to get through them as quickly as
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Let's start off this weekend's presentation with the major headline
Let's start off this weekend's presentation with the major headline of the week and that of course has the fact there's no major Trend changes this week
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If your long-term investor sitting in cash or if you
If your long-term investor sitting in cash or if you have bear ETF, there's no reason to take action this week
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Of course, if your short-term traitor and you are watching
Of course, if your short-term traitor and you are watching the market during the week, there was a lot of volatility and there's certainly a lot of new cell signals based off of Thursday's trading action
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Now, starting off looking at the TSX, we traded up
Now, starting off looking at the TSX, we traded up into the channel on the previous week
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And this week, we came down and close once again
And this week, we came down and close once again below the lower channel line and Below
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The last week at this time, we are looking at
The last week at this time, we are looking at a market that it basically, paused
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The market had come off a three-day long weekend and
The market had come off a three-day long weekend and so should we had a four-day holiday short and work week? And during that time, you can see the bar had at the price range of the
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500 had contracted the bar was very small compared to
500 had contracted the bar was very small compared to the previous bars
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And so anytime that you see volatility contract that much
And so anytime that you see volatility contract that much at some point, it's going to expand
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Now this week volatility, even and decreased even more in,
Now this week volatility, even and decreased even more in, which up until Thursday's open
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And then, what do you know on Thursday volatility started
And then, what do you know on Thursday volatility started to expand and did expanded to the downside, both on Thursday and Friday
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We haven't taken out the recent lows, but we're getting
We haven't taken out the recent lows, but we're getting pretty close to testing though
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So we're going to have to keep an eye on
So we're going to have to keep an eye on those and we'll check those numbers out later in the presentation
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We see that the US consumer sentiment fell in June
We see that the US consumer sentiment fell in June to its lowest level ever have course that has a lot to do with inflation, which is Raising prices across the board that also has a lot
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And most of that inflation is coming directly from higher
And most of that inflation is coming directly from higher energy prices, which of course, gets spread out through the whole economy and then nothing changed their
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But with the numbers that came out this week, some
But with the numbers that came out this week, some people are expecting a faster rate hikes
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In fact, we might even see an emergency rate hike
In fact, we might even see an emergency rate hike over the weekend, that's probably not going to be good for the stock market going forward
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Now, I saw some people come out on TV this
Now, I saw some people come out on TV this week, and they were asked a question with the stock market's going to continue to fall
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Where should I put my money? And some people talked
Where should I put my money? And some people talked about putting their money in bonds and right now, that's not a good thing
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And as soon as we see, Bon starting to move
And as soon as we see, Bon starting to move up and the ones they generate by signals will tell you when you know, you can put your money in bonds at that point
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Now this week we saw a confirmed lower high and
Now this week we saw a confirmed lower high and now of course, the big question is do we put in a lower low or will the Halos hold and act as support? Well, we'll take a
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Of course, what's the opposite of support its resistance and
Of course, what's the opposite of support its resistance and all the major resistance that we've been talking about over the past month, held the market in check
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So for the S&P 500 spider ETF, we were looking
So for the S&P 500 spider ETF, we were looking last week at the melo's holding us in Shack in that continued through this week
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And what do you know? I came down to our
And what do you know? I came down to our first price, Target line, and clothes there on Friday, looking at the q's
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I told you the number to watch was three 12:50
I told you the number to watch was three 12:50 and we couldn't take that out
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One day, we trade a slightly above that, was it?
One day, we trade a slightly above that, was it? And then we came down and now we're heading lower
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We were able to poke our head above resistance but
We were able to poke our head above resistance but we weren't able to get up and over resistant, so still stuck at resistance and all these numbers are going to come back into play
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When the markets ready to move back up, which probably
When the markets ready to move back up, which probably will not be this week
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It was 3125 that held Us in check and now
It was 3125 that held Us in check and now we're looking to see if support hose at 28 12:50
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Looking at the Canadian Market was 3203 on the ishares
Looking at the Canadian Market was 3203 on the ishares for the TSX, 60, and 2813 for the BMO TSX Composite Index
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At this time, we are looking at Gold stuck in
At this time, we are looking at Gold stuck in a range between 1875 and 18, 12:50, and we're looking for a break out of that range will move ahead one week and on Friday, we close
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I thought we're going to head all the way down
I thought we're going to head all the way down to 18 12:50 on Friday before we started to reverse
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Now our next Target to the upside, if we can
Now our next Target to the upside, if we can start breaking out above, 1875, is 1930, 750, now
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It's always a good idea to look back in time
It's always a good idea to look back in time and see if that price target number had any significance at all and you can see that in the month of March and into early April
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That was a major area of support, then we ran
That was a major area of support, then we ran up to the next price, Target line and then started to come down
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Gold itself was on a bicycle going into, Friday's trading
Gold itself was on a bicycle going into, Friday's trading action, but looking at wide, the bar is compared to Thursday's trading action
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We did to close above the 200-day moving average, but
We did to close above the 200-day moving average, but not the hundred and the 50-day moving average
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We're stuck there right now for the GLD, if you're
We're stuck there right now for the GLD, if you're watching the GLD, it's 175 trying to break out of bugs that are then 17813 and 18125 or the next targets
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How do we got on Friday before, reversing on the
How do we got on Friday before, reversing on the GDX and closing up at the Opera Channel line, looking for a close on Monday, above 3274, for the GDX
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Next up, a quick look at the cryptocurrencies and no
Next up, a quick look at the cryptocurrencies and no Trend changes for Bitcoin or etherium, looking at the weekly charts here
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Please do not try to spend any time explaining to
Please do not try to spend any time explaining to me why I should own cryptocurrencies
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They're obviously not a hedge against inflation, they're not a
They're obviously not a hedge against inflation, they're not a hedge against the falling stock market
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I think, you know, people are having fun with them
I think, you know, people are having fun with them that have too much money
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But otherwise I've looking at this chart you can see
But otherwise I've looking at this chart you can see that we're starting to break down below the lows from last year for Bitcoin and that's certainly true for aetherium
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I'll charge them and you know, if they, if they're
I'll charge them and you know, if they, if they're back in an uptrend at some point and sure you can buy them but I certainly wouldn't be a buyer and a holder of any cryptocurrency
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We're looking at 38054 for the cues for the NASDAQ
We're looking at 38054 for the cues for the NASDAQ were looking at to 8021
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Those are the numbers we need to hold otherwise, this
Those are the numbers we need to hold otherwise, this Market is going to continue to move lower
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They're certainly a mathematical possibility that we make a double
They're certainly a mathematical possibility that we make a double bottom here, but I think with everything that's going on and do with the FED being pushed into move faster and harder, I believe the lows are
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Of course, we've got the downside targets for all the
Of course, we've got the downside targets for all the symbols in our database and last up today, the Vic's, of course we're going to remain bearish on the stock
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As long as the fear index continues to close above
As long as the fear index continues to close above 2432, that's the magic number
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This week, we actually traded below that level during the
This week, we actually traded below that level during the week and then came up hard and there were still on a bicycle here
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And, of course, I buy signal on this chart tells
And, of course, I buy signal on this chart tells us that the market is not happy and I were looking for lower prices
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00:00:10Hello
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00:00:10everyone Stephen Whiteside here from theuptrend.com with this weekend's edition of Protect Your Portfolio. In this presentation will cover nine topics, and I'll try to get through them as quickly as
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00:00:22possible.
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00:00:22Let's start off this weekend's presentation with the major headline of the week, and that is of course that there is no major Trend changes this week.
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00:00:36Of course, if your short-term trader and you are watching the market during the week, there was a lot of volatility and there was certainly a lot of new sell signals based off of Thursday's trading action.
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00:00:47Now, starting off looking at the TSX, we traded up into the channel on the previous week.
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00:00:52And this week, we came down and closed once again below the lower channel line and below
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00:00:57last week's close. A similar situation for the NASDAQ 100.
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00:01:03Last week at this time, we are looking at a market that had basically paused.
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00:01:07The market had come off a three-day long weekend and then a four-day holiday shortend work week? And during that time, you can see the
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00:01:18S&P
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00:01:19500 had contracted and the bar was very small compared to the previous bars.
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00:01:23Anytime that you see volatility contract that much, at some point it's going to expand.
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00:01:29Now this week volatility continued to decreased even more, and up until Thursday's open
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00:01:36we were having an inside week for the S&P 500.
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00:01:39And then, what do you know. On Thursday volatility started to expand and did expanded to the downside, both on Thursday and Friday.
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00:01:47So here we are.
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00:01:48We haven't taken out the recent lows yet, but we're getting pretty close to testing them.
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00:01:52So we're going to have to keep an eye on those lows, and we'll check those numbers out later in the presentation.
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00:01:58Now the drumbeats of recession continue to beat louder this week.
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00:02:02We see that US Consumer Sentiment fell in June to its lowest level ever. Of course that has a lot to do with inflation, which is Raising prices across the board.. That also has a lot
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00:02:13to do with political unrest in the US.
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00:02:15And that's something that the FED can't deal with.
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00:02:19Now, inflation Rose 8.6% i
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00:02:21in May, the highest since 1981.
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00:02:24And of course, that's what the FED wants to fight.
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00:02:26And most of that inflation is coming directly from higher energy prices, which of course, gets spread out through the whole economy and nothing has changed their.
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00:02:36We saw crude oil, continue to move up another 2% and change.
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00:02:39So everybody's expecting a rate hike.
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00:02:42But with the numbers that came out this week, some people are expecting even faster rate hikes.
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00:02:46In fact, we might even see an emergency rate hike over the weekend. That's probably not going to be good for the stock market going forward.
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00:02:54So expect bond yields to continue to move up, and bonds then
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00:02:58to continue to move lower.
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00:02:59Now, I saw some people come out on TV this week, and they were asked the question, if the stock market's going to continue to fall,
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00:03:05where should I put my money? And some people talked about putting their money in bonds, and right now that's not a good thing.
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00:03:12Bonds are still moving in the same direction as stocks at the moment.
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00:03:16And, of course, I will check the charts.
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00:03:18And as soon as we see Bonds starting to move up, and then once they generate buy signals, I will tell you when you can put your money back into bonds.
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00:03:26Now this week we saw a confirmed lower high and now of course, the big question is, do we put in a lower low or will the recent lows hold and act as support? Well, we'll take a closer
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00:03:37look at those numbers in a few minutes.
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00:03:39Of course, what's the opposite of support is resistance. And all the major resistance that we've been talking about over the past month held the market in check.
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00:03:48So for the S&P 500 SPY ETF, we were looking last week at the March lows holding us in check. And that resistance continued through this week.
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00:03:57And what do you know? It came right down to our first price Target line at the close on Friday. Looking at the QQQ's.
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00:04:04I told you the number to watch was 312.50. A we couldn't take that out.
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00:04:08One day we trade a slightly above that, and that was it? And then we came down and now we're heading lower.
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00:04:13Looking to see if the may lows will hold.
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00:04:15Look at the iShares for the Russell 2000.
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00:04:18It was 187.50. Notice
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00:04:20we were able to poke our head above resistance, but we weren't able to get up and over resistant. All these numbers are going to come back into play
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00:04:31when the markets ready to move back up. Which probably will not be this week.
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00:04:35Looking at the iShares for the micro-cap
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00:04:38Sector resistance is at 118.75. Looking at the SOX index,
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00:04:41it was 3125 that held us in check. And now we're looking to see if support hose at 2812.50.
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00:04:49Looking at the Canadian Market, it was 32.03 on the iShares for the TSX, 60, and 28.13 for the BMO TSX Composite Index.
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00:04:59ETF. Next up, let's take a look at the price of gold. Last week.
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00:05:04at this time we are looking at Gold stuck in a range between 1875 and 1812.50. And we were looking for a break out of that range. Wweek and on Friday, we closed
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00:05:15at 1875.20.
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00:05:17That is not a breakout.
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00:05:18We're still stuck to 1875 trying to see if we can get up and over it.
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00:05:24We had a wild day in the gold market on Friday.
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00:05:26I thought we're going to head all the way down to 1812.50 on Friday, before we started to reverse.
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00:05:31Now our next Target to the upside, if we can start breaking out above, 1875, is 1937.50.
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00:05:38It's always a good idea to look back in time and see if that price target number had any significance at all. You can see that in the month of March and into early April
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00:05:491937.50 was a major area of support. Then we ran up to the next price target line and then started to come down.
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00:05:55And of course, once that area of support broke, we moved down two lines.
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00:06:00So, 1937.50 is our next Target for gold if we can keep going.
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00:06:04Gold itself was on a Buy Signal going into, Friday's trading action. Book at how wide the bar is compared to Thursday's trading action.
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00:06:11So lot of people were spooked in the gold market on Friday.
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00:06:15We did to close above the 200-day moving average, but not the 100 and the 50-day moving averages.
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00:06:20We're stuck there right now. For the GLD, if you're watching the GLD, it's 175. If we can breakout above that level, then 178.13 and 181.25 are our the next targets.
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00:06:32Looking at Gold, stocks, they had a wild day on Friday as well.
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00:06:35You can see
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00:06:36how low things got on Friday before, reversing. On the GDX we closed up at the Upper Channel line. We are looking for a close on Monday, above 32.74, for the GDX.
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00:06:46And looking at the iShares for the TSX
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00:06:49Gold index, we are back on a by signal as of Friday's close.
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00:06:52So just be careful.
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00:06:54We're looking for gold to continue to breakout above 1875. So far
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00:06:58it has a had a lot of trouble doing that.
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00:07:01So hopefully it'll be able to do it on Monday.
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00:07:03Next up, a quick look at the crypto currencies. No Trend changes for Bitcoin or Etherium, looking at the weekly charts here.
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00:07:11This is just a public service announcement.
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00:07:14Please do not try to spend any time explaining to me why I should own crypto currencies.
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00:07:20They're obviously not a hedge against inflation, they're not a hedge against a falling stock market,
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00:07:25they're not a hedge against political uncertainty, or political unrest.
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00:07:30I really don't know what they're useful for.
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00:07:31I think people are having fun with them who have too much money.
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00:07:34But otherwise, looking at this chart you can see that we're starting to break down below the lows from last year for Bitcoin and that's certainly true for Etherium.
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00:07:44So if you want an asset that losing money, sure buy Crypt Currencies.
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00:07:49I really don't want to have anything to do with him.
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00:07:51I'll chart them for you. And if they move back into an uptrend at some point, sure you can buy them. BI certainly wouldn't be a buyer and a holder of any crypto currency at this time.
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00:08:02Okay, we're getting right to the end of the presentation.
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00:08:05And we've got the market looking over the edge.
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00:08:08What is the edge look like? Well, for the IShares for the TSX 60,
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00:08:11the March low was 30.07. For the S&P 500 SPY ETF,
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00:08:22Those are the numbers we need to hold otherwise, this Market is going to continue to move lower.
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00:08:26They're certainly a mathematical possibility that we make a double bottom here. But I think with everything that's going on, and with the FED being pushed into move faster and harder, I believe the lows are
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00:08:38going to break.
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00:08:39Of course, we've got the downside targets for all the symbols in our database. And last up today, the VIX. Oare going to remain bearish on the stock
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00:08:54this week. We actually traded below that level during the week, and then came up hard. And there were still on a Buy Signal here.
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00:09:01And, of course, a buy signal on this chart tells us that the market is not happy, and were still looking for lower prices.
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00:09:08Okay, folks, enjoy the rest of your weekend.
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00:09:11Next time, you'll hear my voice is on Tuesday morning.