Stock Market Timing Television - 07072023

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Good Morning, everyone, and welcome to Friday morning.

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It's Stephen Whiteside here from theuptrend.

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com.

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In the premarket this morning, things are very quiet.

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The market is waiting for employment numbers coming out at 8:30 this morning,

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and those numbers will certainly add some volatility to the market.

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Now, the market was again focused on interest rates on Thursday, where we saw

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another pop in bond yields and bonds continue to move lower this week.

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So the market is very concerned about the July Fed meeting, and there's currently

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just under a 90 % chance of a quarter to a half point rate hike in July.

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That's what the market is anticipating right now.

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We got a big pop in the VIX yesterday, so

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it is back on a buy signal that, of course, can be negative for stocks.

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We closed right at the first price target, looking for a move up to 18.75, and then

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we'll look to see if we can challenge the recent highs from the month of May.

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Looking at what worked yesterday and what

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didn't work, well, nothing worked in the Canadian market.

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Biggest loser was health care followed by energy, followed by info tech.

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In the US, info tech actually lost the least amount.

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Those big cap tech stocks are still holding the market up.

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Biggest loser in the US on Thursday was the energy sector.

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We did see the QQQ's pull back into the channel.

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They were down just a little over three quarters of a %.

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On Friday, we're looking for a close below 363.47 to give us a sell signal.

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Semiccondctors gapped lower yesterday, sitting right on the lower channel line.

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So we're looking for a close below 214.09

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on Friday to give us a sell signal for the chip sector.

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Lots of areas of the technology sector have rolled over, whether you're looking

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at robotics or AI, they have rolled over already.

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We're just waiting for those big cap tech stocks that the market likes to follow to

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roll over, and that has has not happened yet.

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Canadian InfoTech is back on a sell signal as of Thursday's close.

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We're looking at the DOW Diamond's back on a sell signal as of Thursday's close.

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S&P 500, still looking for a close below 436.65 on Friday to give us a sell signal.

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Then looking at the iShares for the TSX

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60, we closed one penny below the lower channel line yesterday.

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So we are technically back on a sell signal as of Thursday's close.

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Of course, the biggest loser in the

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Canadian market on Thursday was the energy sector.

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Looking at the iShares for the energy

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sector, still looking for a close below $14.19 on Friday.

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Moving on, let's take a look at the TSX most active.

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I'm going to use the same list that we

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used yesterday morning, which is I think more valuable for training purposes.

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TD Bank sold off yesterday.

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It came down to the upper channel line

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while Bank of Nova Scotia zoomed right past the lower channel line

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and is back on a sell signal as of Thursday's close.

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Looking at TC Energy, we needed a close

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below 52.35. We closed at 52.39, so just five cents away from a sell signal.

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We've got Enbridge back on a sell signal.

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We've got Canadian Natural Resources back on a sell signal.

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No change for HUT 8.

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A slight light pull back there after making a new high.

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Then looking at Manulife, we are back on a sell signal as of Thursday's close.

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Remember, we were watching Manulife to see if it would hold 25.

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Once that broke, we looked for a move down to the next line.

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We turned around, came back up.

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What was previously support is now acting as resistance.

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It'll be interesting to see if the market

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will hold the low from a couple of weeks ago.

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Looking at Crescent Point, we need a close on Friday below $8.67. No change there.

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Algonquin Power looking for a close below $10.80 on Friday.

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Then Osisko Gold, which was the big loser on the previous day, actually closed

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higher on the day, having an inside day or a day of indecision.

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Then looking at a couple of other big cap gold stocks that we looked at yesterday,

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we've got Barrick, we closed at 21.70. We were looking for a close below

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21.77. So we are back on a sell signal as is Agnico Eagle.

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Moving on to the US most active, starting off with Tesla.

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Small pull back there, no change in trend, of course.

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We saw a new high for Rivian.

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The top of our projected trading range was 21.88, got as high as 21.77 yesterday.

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And of course, there's no guarantee that

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the top of our projected trading range is going to hold us back.

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Then we've got NIO pulling back into the

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channel, a close below 918 on Friday would give us a sell signal.

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No change in trend for Carnival, small

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pullback yesterday, closing just above the previous day's low.

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Then looking at Lucid,

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when you compare this chart to this chart, of course, this one's a little weaker and

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it looks like we might be putting in a lower high.

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We ran up, filled the open gap and have started to pull back.

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Looking looking for a close below 6.37 on Friday.

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Then for pull back to the upper channel line, looking for a close below

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14.52. Then we've got AMD still on a cell signal, no change there.

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Close above 115.48 would give us a buy signal on Friday.

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Then Apple pulling back intra day, but then actually closing higher on the day.

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So looking for a close below 187.75 on Friday to give us a sell signal.

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Once Apple and Tesla go, then the rest of the market is going to sell off sharply.

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That hasn't happened yet.

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Then we're looking at a marathon, a small pullback there after making a new high.

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Then we've got Palantir trading in the

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channel looking for a close below 14.74 on Friday.

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Let's finish off today's presentation looking at commodities.

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Crude oil was down slightly yesterday.

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It is up slightly in the premarket this morning.

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Gasoline was up yesterday.

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Natural gas sitting right on the edge of a new daily sell signal looking for a close

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below 7.04. We closed at 7.04. Natural gas is trading up slightly in the premarket.

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Then the GLD was down yesterday looking

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for a close above 179.12 on Friday to give us a buy signal.

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No change for Palladian or for Platinum on Thursday.

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Then silver slipped and we are looking for a close below 20.84. We closed at

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20.83. The SLV back on a sell signal as of Thursday's close.

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

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Waiting for those employment numbers to come out at 8 30, and then we should

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expect volatility to expand in the premarket.

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Have a great day and next time you'll hear my voice is on Sunday.

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