- Good Morning, everyone.
Welcome to Wednesday morning. .
- It's Stephen Whiteside here from
theuptrend.com with a quick market update. .
- Well, yesterday was the biggest down day .
- of 2023, and we're not seeing any fall
through to the downside this morning. .
- Stock index futures are
currently above fair value. .
- DOW futures currently up 77 points. .
- Well, there was a couple of reasons
for the big sell off yesterday. .
- One was that bond prices continued to move .
- lower and bond yields
continued to move higher. .
- We also saw some earnings out that spook .
- the market with the Home Depot
down over 7 %. .
- And of course, Home Depot is a DOW 30 .
- stock, so it put pressure
on the DOW and the S&P 500. .
- Well, if all things were in sync on .
- Tuesday, then you'd expect
the VIX to be up. .
- And that's exactly what happened. .
- The VIX popped up above the 21.88 .
- resistance level and ran right
into the 200 day moving average. .
- So this is the time and place where the .
- market is going to try to pull the market
back from the brink and try to .
- keep the VIX from jumping above
the 200 day moving average. .
- Now, we've got a lot of new sell signals .
- and a lot of continuation to the downside
from Tuesday's trading action. .
- So we've got all the major indices back on .
- sell signals, including the
ishares for the TSX 60. .
- Second day of a sell signal there. .
- Now, when we divide the Canadian market up .
- by sector, you can see there
were no winners on Tuesday. .
- The biggest loser was
Healthcare followed by InfoTech. .
- Healthcare was led lower by Tilray. .
- Infotech was led lower by HUT 8. .
- In the US market, it was
a similar situation. .
- Consumer Discretionary was the big loser .
- in the US market
followed again by InfoTech. .
- Now Home Depot was the biggest loser
within the consumer discretionary sector. .
- We've already looked at that stock. .
- Mohawk Industries
was the second biggest loser. .
- Same type of business, they're in the .
- flooring business, so the renovation
sector, down 6 % on the day. .
- Within InfoTech, Intel was
the big loser, down 5.61 %. .
- Intel is in the DOW 30 and the $&P 500. .
- So it had a broad negative effect on
Tuesday's trading action. .
- Now, it was interesting to
look at the subsectors. .
- The biggest loser in the subsectors
yesterday was retail followed by biotech, .
- followed by homebuilders and then
semiconductors. .
- Those were the biggest losers
from the US subsectors. .
- Now, last week we talked about four stocks .
- to watch, four canaries in the coal
mine, and Apple has now rolled over. .
- It is back on a sell signal
as of Tuesday's close. .
- Joining Microsoft and Shopify
already on sell signals. .
- And then we're still waiting for Tesla. .
- On Wednesday, we need a close below
193.10. Tesla is still .
- dealing with the 200 day moving average,
which is currently acting as a ceiling. .
- So looking for a close on Tuesday below .
- 193.10 to give us a new
sell signal for Tesla. .
- Okay, that's all for this
morning's presentation. .
- I think things are fairly quiet out there .
- this morning because the market is
waiting to see the Fed minutes. .
- Three weeks after a Fed meeting,
they released the minutes. .
- They don't really release the whole
transcript for five years for some reason, .
- but they are going to release
the minutes this afternoon. .
- I think the market is waiting to see those
before it takes the next step. .
- Enjoy the rest of your day. .
- Next time you'll hear my
voice is on Thursday morning. .