- Good morning everyone,
and welcome to Thursday morning. .
- It's Stephen Whiteside here .
- from TheUptrend.com with today's look
at north American Stock Market Trends. .
- In the premarket this morning,
stock index futures are above fair value. .
- Nasdaq is leading the market higher .
- on Thursday morning, trading up around 1%,
while the VIX is down around 1%. .
- And commodities are also trading
lower on Thursday morning. .
- Let's start off this
morning's presentation. .
- Taking a look at the US market. .
- And the VIX closed lower
yesterday, down over 4%. .
- It's down another 1% in the pre market .
- this morning,
so there's certainly the possibility .
- of a sell signal for the VIX on Thursday
with a close below 28.40. .
- Now we're still waiting for buy
signals for the major index ETFs. .
- For the Dow Diamonds, we're looking
for close above 312.36. For the SPDR ETF. .
- For the S&P 500, we're looking for a close .
- above 385.51. For the QQQ's
for the Nasdaq, we're looking for a close .
- above 288.41 on Thursday,
and that could certainly happen. .
- Not expecting any trend changes for the .
- iShares for the Russell 2000, or the
iShares for the Microcap sector. .
- Now, the energy sector was once again .
- the big drag on the market on Wednesday,
with the Energy Select Sector SPDR ETF .
- down 4%, giving up the gains
it made on Tuesday. .
- And within the .
- S&P Oil & Gas Equipment & Services was
the big loser, down over 6% on the day. .
- What worked on Wednesday, real estate
stocks moved up and they traded up .
- to the upper channel line,
filled the first open gap. .
- So a close above 40.72 would give
us a buy signal on Thursday. .
- And then healthcare moved up, .
- not enough to give us a buy signal,
closing just below the lower channel line. .
- And within healthcare, of course,
you've got biotech stocks, .
- second day of a buy signal there,
and first day of a buy signal .
- for pharmaceuticals. Yesterday. We
were looking at a couple of stocks. .
- Meta continued to trade lower yesterday,
making a new low for this move. .
- And Tesla pulled back,
closing within the channel. .
- It is trading up today. .
- So there's certainly a possibility .
- that Tesla would close above the upper
channel line on Thursday, .
- giving us that second close
above the upper channel line. .
- Moving on to the Canadian market,
and this isn't going to look pretty. .
- We've got energy stocks down over 5% .
- yesterday, making a new low for this move,
starting to dip below last week's low. .
- The TSX large caps, mid caps, small caps, .
- and micro caps are all holding
last week's lows so far. .
- If commodities continue to move lower
on Thursday, that could change. .
- The financial sector moved down yesterday,
bank stocks moved down. .
- Gold stocks closed lower on the day,
but you wouldn't really notice. .
- We're still in the channel now. .
- Gold is down $11 and change in the pre
market this morning, .
- so I'm not expecting anything
from the gold sector on Thursday. .
- We saw a new loafer base metals, .
- a new loafer materials and industrials
ended the day in the channel. .
- So there's certainly a possibility .
- for a buy signal for the industrial
sector on Thursday. .
- And we saw the railroads move up .
- yesterday, so close above 341.09 would
give us a buy signal on Thursday. .
- And we've got the Nasdaq trading
up in the Premarket this morning. .
- So certainly there's a possibility .
- for a buy signal in the infotech
sector on Thursday. .
- And last up, telecom stocks
they popped the other day, .
- with Shaw and Rogers moving up,
those gains are starting to dissipate. .
- So this sector is starting to settle
down and still on a sell signal. .
- Not expecting a change on Thursday. .
- Moving on to commodities. .
- And the big story outside of energy
is copper continuing to move lower. .
- And as a global economic barometer,
it's not going in the right direction. .
- Gold still trading in the channel. .
- Silver is still in the channel. .
- That could change on Thursday as we're .
- seeing some selling in the pre
market this morning. .
- Then looking at the energies, we saw crude
oil continue to move lower yesterday. .
- Gasoline closed slightly lower on the day, .
- and then natural gas had
a fairly quiet day on Wednesday. .
- Let's finish off today's presentation
with Bitcoin and ethereum. .
- Inside day for Bitcoin,
inside day for ethereum. .
- So nothing going on there
on Thursday morning. .
- Okay, folks, that is all
for today's presentation. .
- Expecting to see some buying
at the open on Thursday morning. .
- Whether it's enough to give us new buy .
- signals or not, that is
yet to be determined. .
- Have a great day. .
- Next time you'll hear my voice
is on Friday morning. .