- Good morning, everyone. .
- Welcome to Wednesday morning, Stephen Whiteside here from theuptrend.com .
- with today's, look at Canadian Stock Market Trends In the pre-market .
- this morning stock .
- Index, Futures are trading below fair value. .
- Commodities are trading higher. .
- So we're looking for a mixed open in Toronto on Wednesday morning. .
- Let's start off in Wall Street, and the VIX continue to move lower yesterday. .
- That's supportive for higher stock prices. .
- Unfortunately, we can't get the major US .
- we are looking for close below 299.19. .
- trading above 312.50. If we can break out about that, .
- then the next leg of this up move will have started. .
- Otherwise, we're just a drifting here at the moment .
- looking for some Catalyst to push us up or the push us down. .
- Now, moving on to Bay Street, starting off .
- looking at the TSX Composite Index. So far. .
- we've made a lower high for this move. .
- We do have an early warning signal up there. .
- Yes, we did trade up and close higher yesterday, but we did not break out above the previous week's High, which ran up to the 100-day moving average and stopped. .
- So right now, we're stuck in a mess of moving averages. .
- The 50, the 100 and the 200-day moving average. .
- averages are holding us in check right now. .
- So is our mathematical price target of 2937.50. If we can take out last week's High then 21250 comes into play. .
- Looking down on Wednesday, a close .
- Below 20,582 would give us a Sell Signal if we were to close below .
- that on Wednesday. What worked on Tuesday? WWell, mathematically speaking, The Biggest Loser was The Biggest Winner. Wfter making a new low, the Cannabis index closed up over 4%. .
- Of course, all the world is focused on energy and the energy index continue to move higher. .
- Making a new high, up over 2% on Tuesday. .
- And then now, we had the Base Metals moving up on Tuesday. .
- Those were the big Winners. What didn't work? Consumer Staples were down .
- yesterday, closing in the channel, We saw Materials trade lower and then we also saw Consumer Discretionary trade lower on Tuesday. .
- Next up were looking at the TSX .
- most actively traded stocks from Tuesday's trading action. .
- Starting off with a stock .
- I haven't seen up at the top of the list before. .
- Great-West, had an inside day yesterday. .
- We are looking for a close above $34.15. .
- to give us a Buy Signal, Athabasca Oil Sands is on its way to 3.52. .
- Then we're looking at Baytex Energy on its way to 8.59. Then looking at the Suncor Energy, stuck up here trying to break out about 53.13. .
- If we can do that, then 56.25 comes into play. .
- A new high for Crescent Point, a new high for Tamarack Valley. .
- I've been looking at Enbridge stuck up here at 59.38. .
- If we can start breaking out above that, level, then 60.94 comes into play, with a possible p and sychological stop at $60. Cenovus Energy .
- making a new high yesterday. .
- 31.25 is our next price .
- target on both the daily and the weekly charts. Ohe high yesterday was 31. 13, so we should be able to hit 31.25 on Wednesday. .
- That shouldn't be a problem. .
- ARK Resources hit a new .
- high here. .
- Hit the top of our projected trading range at 21.88. .
- If we go to the weekly chart you can see .
- the next Target is $25. Looking at Bank of Nova Scotia, still on a Sell signal here. .
- Looking for a close above 86.here with a 64. Then Manulife still in a Sell signal. No change their new high for a Whitecap Resources. .
- And then we're looking at the Canadian Natural Resources. .
- Canadian Natural Resources is trying to break out above last week's High. Stuck at 87.50. I If we can take out 87.50 then $100 comes into play. .
- Okay, folks that is all for this morning's presentation. .
- Wouldn't be surprised to see a pullback in the overall Market at the open on Wednesday, but that we should be able to see .
- Energy Stocks continue to move higher. .
- Have a great day. .
- Next time you hear my voice is on Thursday morning. .