• Good morning, everyone, and welcome to .
• Thursday morning, the first trading day of February. .
• My name is Stephen Whiteside from theuptrend. .
• com. .
• In the pre-market this morning, stock index futures are above fair value. .
• Commodities are mixed with gold, lower, .
• while crude oil is higher in the pre-market on Thursday morning. .
• Now, seeing the market to trade up in the .
• pre-market on the first trading day of the month is not unusual. .
• Of course, we've got that automatic money .
• hitting the market, and traders don't usually like to trade against that. .
• Now, yesterday was a Fed day, and all we really know about Fed days is we expect .
• volatility to expand after 2:00 PM, and that's certainly what happened yesterday. .
• Now, yesterday started off as an .
• interesting day because the market actually gapped lower. .
• This is an intraday chart of the Nasdaq 100. .
• Then you can see once the Fed announcement came out, the market got bullish. .
• Then once the Fed chairman started to speak, the market got very bearish and .
• closed at the low of the day, taking out the low from the early morning session. .
• So that is a bearish sign, and it equated into a sell signal for the Nasdaq 100. .
• Now, there's Alphabet, which gapped lower. .
• That's what started things off in the morning. .
• By the end of the day, Amazon was back on .
• a sell signal, joining Apple already on a sell signal. .
• Microsoft came down hard yesterday, landed .
• right at the lower channel line, so a close below 397.01 would give us a sell .
• signal on Thursday, and then that would join Tesla already on a sell signal. .
• Still trading below last week's low, .
• and we'll have to see if that can continue to hold on Thursday. .
• Taking a look at the biggest loser on the Nasdaq 100 yesterday, it was Lululemon .
• already on a sell signal, so no change in trend there. .
• The biggest losing sector in North America on Wednesday was the regional bank sector. .
• There's a regional bank in New York which .
• is having some trouble at the moment, and that put downward pressure on that sector. .
• Now, with the Nasdaq 100 back on a sell signal, we also have a sell signal for the .
• 2X Bull ETF and a new buy signal for the 2X Bear ETF. .
• Now, technology stocks have been in a huge .
• uptrend, and Any of the buy signals for the Bear ETF have not lasted very long. .
• That could happen again, but we can't tell .
• the future, so you still have to take the trade. .
• Yes, the major uptrend in US technology stocks is still there. .
• That has not broken, but this is a short .
• term chart, and we're trying to react to the market on a short term basis. .
• Looking at the Canadian stock market for .
• the month of January, it was up just under a third of a %. .
• At the same time, the venture exchange ended the month down just under half a %. .
• If you haven't heard me say this before, .
• the market is a lot more fun when the Venture Exchange .
• is moving higher, and unfortunately, that's not the case so far in 2024. .
• Looking at the iShares for the TSX-60, we were down just under 1% yesterday, so .
• looking for a close on Thursday below 32. 03. With the futures trading up in the .
• pre-market this morning, so far, it doesn't look like that's going to happen. .
• Now, yesterday, the Canadian market was .
• down across the board, and the biggest loser was Health Care. .
• Of all these sectors, health care is probably the most irrelevant. .
• It's only a handful of stocks. .
• There's the health care index making a new low for 2024. .
• It was led lower yesterday by Tilray, making a new closing low for as well. .
• Now, looking at the IT sector, technology stocks were down 1.19% on the day, still .
• trading and closing above the upper channel line. .
• We certainly didn't get as hit hard as US tech stocks did. .
• A lot of the Canadian ETFs that have a .
• global view of technology stocks, including the TD Global Technology Leaders .
• ETF, are back on sell signals as of Wednesday's close. .
• Then looking at financials. .
• Financials did pull yesterday. .
• We saw a weakness in US financials, and we were down 1.1% on the day. .
• Looking for a close on Thursday below 47. 55 to give us a sell signal for that ETF. .
• Moving on to the world of commodities. .
• We did have crude oil down a $1.97 yesterday. .
• It's up 65 cents in the pre-market this morning. .
• Natural gas was up yesterday. .
• It's down slightly in the pre-market this morning. .
• Energy stocks had an inside day on Wednesday. .
• Then looking at gold, gold was up over $16 yesterday. .
• It's down over $17 in the pre-market. .
• Now, that is a buy signal. .
• If I was waiting to buy gold, I would sit .
• on my hands this morning and wait for the next close above the upper chain line when .
• I see that the commodity is down more than it was up yesterday. .
• There's no reason to take a buy signal on Thursday morning. .
• Silver was down 56 cents yesterday. .
• It's down another 36 cents in the pre-market. .
• We may be heading towards a sell signal for silver. .
• Gold stocks are still on a sell signal. .
• No change in trend as of Wednesday's close. .
• Let's finish off this morning's presentation, taking a look at the TSX .
• most actives from Wednesday's trading action. .
• Embridge made a new low for 2024 .
• yesterday, while Manulife made a new high for 2024 on Wednesday. .
• We saw the TD Bank pulled back all the way down to the lower channel line, so it .
• closed below $81.46 would give us a sell signal on Thursday. .
• Inside day for next Nexgen. .
• Then we've got the Bank of Montreal back on a sell signal as of Wednesday's close. .
• Fairly quiet trading yesterday for Bitfarm, traded back in the channel, .
• closing slightly higher on the day, just by a penny. .
• We're looking for a close below $2.89 on Thursday for Bitfarm. .
• Inside day for the Bank in Nova Scotia on Wednesday, still on a buy signal. .
• Then we've got Denison Mines trading above .
• the upper channel line, still on a buy signal here. .
• No joy for the Royal Bank. .
• The Royal Bank is still on a sell signal. .
• That's hard to believe that we've traded sideways for this length of time. .
• Then looking at Cenovus, a quiet trading .
• on Wednesday inside day, still on a buy signal. .
• No joy for Sprott. .
• Sprott Uranium, we're looking for a close on Thursday above .
• $31.72. Then the first gold stock to come up on the most active list was B2Gold, and .
• it closed lower on the day, even though the price of gold It closed higher. .
• It was down three cents, still on a sell signal. .
• That would change on Thursday with a close above $3.88. From what we're seeing in the .
• pre-market this morning, we're not expecting that to happen. .
• Now, TELUS is back on a sell signal, and we had that big It's not up in the telcos .
• recently, but TELUS is back on a sell signal. .
• Okay, folks, that is all for this morning's presentation. .
• So far, it looks like we're going to see some buying at the open on Thursday .
• morning, but we may see some selling in the gold sector on Thursday. .
• Have a great day. .
• And next time you'll hear my voice is on .
• Friday morning, and at that time, we'll take a closer look at the US stock market. .