Hello everyone and welcome to this weekend's edition of Stock Market Timing Television for Sunday, January.
15, 2023. My name is Lisa, and I will be your host for this weekend's presentation..
Let's start today's presentation by taking a look at the major stock market index ETF's..
The eye Shares for the TSX 60 were up 2.54%, and back on a Weekly Buy Signal..
The Dow Diamonds ended the week up 2.01%..
The S P Y was up 2.69%..
And the big winner this week, was the NASDAQ 100. Up 4.53% on the week. But we are.
still on a weekly sell signal. If the market can continue to move higher this week, we will.
be looking for a close above $283.53, this coming Friday to generate a new weekly buy signal..
Now here's something that may turn out to be a very bullish indicator going forward. The TSX Venture Exchange was.
up 5.71% on the week. While it is a very bullish sign to see the microcap stocks back in play,.
Unfortunately, recent history tells us that these microcap rallies are getting shorter and shorter. Let's hope things change this time..
Before we take a look at what worked, and what didn't work this week, let.
me show you a couple of charts that the market is watching very closely..
The S&P 500 has continued to make a series of lower highs and lower lows. Many market watchers have.
drawn a trendline across all of the 2022 highs. We are just about to re-test that major downtrend line..
Staying with this chart, you'll also notice that we're coming up to our next Daily and.
Weekly price target at $406.25. This is where the market previously peaked seven weeks ago..
Many investors are also keeping an eye on the major moving averages. For.
the S&P 500 we just made it up to the 200-day moving average..
And so far it looks like the big round number of $400.
is holding the market in check. The high on Friday was $399.10..
While the NASDAQ 100 is just coming up to retest the hundred day moving average..
Moving average resistance is not a problem for the Dow and the TSX..
Now, a lot of people are asking themselves whether this is just a short covering rally?.
Some of the worst performing and the most heavily shorted symbols of 2022, had an amazing week..
Let's start off with ARK Innovations up 14.73%..
Bed Bath & Beyond, up a whopping 179.39% on the week..
Beyond Meat was up 15.52%..
Carvana was up 59.18%..
Micro Strategy was up 35.23%..
And Wayfair was up 13.79% on the week..
These are just a couple of examples of broken stocks that had a very good week. Does this tell us.
that investors who have been met short, see a light at the end of the tunnel and now want to.
go long? Or is it a sign that these investors have found other stocks to short? Only time will tell..
What worked this week?.
With no change in the weekly trend, Cannabis stocks were the big winners on the Canadian market..
Canopy Growth ended the week up +9.06%..
And then we had Base Metals upon the week 6.52%..
With Teck Resources up 6.15%, getting very close to the 2022 high..
Looking at the US market, the big winner was Oil and Gas Equipment and Services leading the market higher..
Halliburton gained 6.09%..
And then we had the Chips up 6.24%..
With NVIDIA gaining 13.73%..
Next, let's take a look at commodities..
Let's start off looking at the energy sector..
With an inside week, Crude oil was up 6.39%. Crude oil remains on a weekly sell signal..
On the other hand, natural gas continue to move lower, down another 6.36%..
Moving onto metals. Copper was finally able to breakout above the October highs..
And gold was finally able to breakout above the 1875 price target..
On the weekly charts, our next long-term target for gold is $2000..
Silver still holding its own, once again bouncing off the upper channel line. But still closing and trading below $25..
Another area of the market that's awesome love this week was.
the crypto market. Both bitcoin and Ethereum had a great week..
Let's finish off this weekend's presentation looking at the VIX..
We Will Remain Long Term Bullish On the Stock Market If The Fear Index.
Continues To Close Below $24.96 This Coming Friday..
If you're watching the stock market on Monday, we will remain short term bullish on.
the market as long as the VIX does not close above $22.19 on Monday..
The fear index has been range bound for a couple of months now, and started to break down below.
18.75 on Friday. So the options market is certainly telling us that everything is coming up roses right now..
Okay everyone, that's all for this weekend's presentation. Friday was a very bullish day for the market..
As we said before, the market can go up on a short-term basis during the fed rate.
raising cycle, but typically the rallies don't last very long. Let's hope it's different this time..
The US markets will be closed on Monday but the Canadian markets will be open..
We will post Canadian charts on Monday night. Thank you very much for your time.
and attention. The next time you'll hear from us will be Tuesday morning..