Apple Sell Signal - 09082023

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Hey, 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, we finally got a sell signal in
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Apple, and it was a big one that we actually gapped lower, came down to
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support, and currently holding support at 175.
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If we take out the August lows, then 168.
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75, 162.
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50 come into play.
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Now, the reason that Apple fell yesterday was because of news out of China.
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Chinese stock market not doing well at the present time.
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When you look at the chart of anything Chinese-related, you're going to see a lot
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of white spaces, you're going to see a lot of gaps.
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Anytime that you're tracking something from overseas, whether it's in Europe or
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Asia, the information sources are all out of those areas.
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There's always a delayed reaction to whatever happens.
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You're never going to see a very smooth chart, lots of big gaps.
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It's very, very hard to trade anything listed overseas.
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Then looking at the VIX, the VIX traded through the upper channel line yesterday,
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but actually closed slightly lower on the day, looking for a close on Friday above
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$15.41 to give us a buy signal for the VIX.
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That, of course, would be negative for stocks.
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And yesterday was an inside day for the Dow.
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The S&P 500 traded through the lower
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channel line, still looking for a close below 444.30 on Friday.
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And then for the Nasdaq 100, we bounced
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off the lower channel line looking for a close below 369.94. Now,
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semiconductors are back on a sell signal as of Thursday's close.
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Invidea is back on a sell signal as of Thursday's close.
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The Russell 2000 is back on a sell signal, joining micro caps
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already on a sell signal starting to break down below the August lows.
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So we have a new lower high and a lower low.
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That, of course, is bearish.
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And, of course, when people are getting
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out of the microcap sector, that is the risk of trade.
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Looking at the energy sector, we put in a high three days ago.
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That gave us a bearish reversal signal.
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So far, no major breakdown here, but that high is still in place.
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Looking at the Canadian market, the TSX
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and the TSX60, we saw the market trade down to the lower channel line.
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So a close below yesterday's low for
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either of those would give us a sell signal on Friday, which would join mid
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caps and small caps already on a sell signal.
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And oddly enough, we saw a little buying
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in the venture exchange, which closed higher on Thursday.
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Looking at the Canadian energy sector,
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similar pattern to what's happening in the US.
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Yesterday was an inside day or a day of indecision.
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Then financials have rolled over, as have the banks.
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So financial index back on a sell signal as of Thursday's close joining the banks,
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which generated a sell signal on Wednesday.
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In both cases, we're heading towards those August lows.
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And if we want to be bullish here, we want those lows to hold.
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If we want to be bearish, we want those lows to break.
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Looking at gold, gold stocks had an inside day yesterday.
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It was fairly quiet for gold, but not for silver.
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Industrials came down hard, so they're looking to challenge the August lows.
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Then we saw a lot of volatility in the information technology sector.
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You can see they tried to fill the gap on
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the way down and then came back, still closing slightly lower on the day and
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really in sync with Shopify, not in sync with BlackBerry, which tumbled yesterday.
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If you were trading BlackBerry, we go back
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to when we got a buy signal on that day, on the next morning, you would have bought
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at 6:21, that was the opening price or around there.
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It's no guarantee you're going to get the
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exact opening price, but let's say you bought at 6.21, you looked up, your
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trading plan was to sell half at 6.64, then half of the remaining
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position at 7.03, then half of the remaining position at 7.42. That's what
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you were supposed to do, and that's what happened.
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Yesterday, when the stock collapsed, you
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were sitting with a very small position, already locking in a lot of profits.
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Yesterday, we closed at 6.37, so still above the price that you bought in at.
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It's still a profitable trade when you exit at the open on Friday morning.
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Let's finish off with commodity prices.
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It was an inside day for crude oil on Thursday.
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We saw natural gas make a new low before closing slightly higher on the day.
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This is not a very bullish chart at all as yesterday was a new lower low.
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Then looking at copper, we're back on a
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sell signal for copper joining joining gold.
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Gold had an inside day on Thursday, so very quiet trading for gold on Thursday,
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unlike silver, which continued to move lowers.
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Okay, folks, that is all for this morning's presentation.
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We posted over 15,000 charts last night,
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and this is just, of course, some highlights.
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I always short-change somebody.
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I can't cover all the stocks in this presentation every morning.
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I just try to hit on the major highlights that could affect the most people.
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Sorry about missing your stock, but that's just the way things are.
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If you want me to look at your stock, of
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course, send me an email and I'll be glad to consider it.
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But definitely, I'm short-changing somebody every single morning.
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Stock index futures are below fair value right now.
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There are no major economic numbers coming out on Friday morning.
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So far, it looks like the market wants to do a little selling at the open.
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Enjoy the rest of your day, enjoy your
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weekend, and the next time you'll hear my voice is on Sunday.

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