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. .