Stock Market Timing 09192023

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Good morning, everyone, and welcome to Tuesday Morning.
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It's Stephen Whiteside here from the uptrend.com. In the pre market this
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morning, stock index futures are slightly above fair value.
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It should be a fairly quiet day.
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This is the first day of the two day Fed
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meeting and we expect volatility to expand dramatically after 02:00 P.m.
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Wednesday afternoon.
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Now, the VIX traded up to the upper
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channel line yesterday, but closed near the low of the day.
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Looking for a close on Tuesday above
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$14.61. The Dow closed up by a penny yesterday and still on a buy signal here,
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while the S&P 500 and the Nasdaq 100 are still on sell signals.
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Now, this really is a tale of two markets
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as the US market is trying to hold on to the summer lows.
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We can see that in the Ishares for the Russell 2000, but that is not true for the
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Ishares for the micro cap sector that has already broken through the summer lows.
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Trying to find support back at the lows from May.
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Then looking at semiconductors, you can
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see we're barely holding on to the August lows here.
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That is also true for the regional banks and banks themselves, while the retail
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stocks are starting to slip below the August lows.
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Then looking at the Canadian market, we're
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trying to punch through the summer highs and so far we're stuck at resistance.
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That's also true for the TSX 60.
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So we saw pullbacks in both of those yesterday.
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We saw a pullback in mid cap and small cap stocks.
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And as you can easily see here, we put in a lower high, a lower high.
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And now we're going to see if we start to put in lower lows.
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That would be bearish.
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And the venture exchange, which is on a
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buy signal since last Thursday, was up slightly on the day on Monday.
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Then looking at what didn't work yesterday on the TSX, it was the infotech sector
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rolled over and it was led lower by Shopify.
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So Shopify had a nice pop.
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We were buyers there.
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We sold half our position here, another half here, and now we're left with the
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remaining position and we're going to get kicked out today at the open and we're
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still going to get kicked out with a profit on this trade.
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Next up, let's take a look at commodity prices.
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And we've got one trend change from Monday's trading action.
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The USO made a new high yesterday.
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We saw gasoline pull back for the second day in a row.
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Still on a buy signal here.
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We had natural gas move up yesterday.
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Still on a buy signal.
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No change there.
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Now we have the GLD back on a buy signal as of Monday's close.
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Joining Palladium and Platinum already on buy signals, still waiting for Silver.
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And you can see there's a nice gap just above us that could hold us in check.
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Otherwise we're looking for a close for the SLV above 21.
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41 on Tuesday to give us a buy signal.
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And then Copper pulled back yesterday.
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Copper is still on a sell signal.
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No change there.
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Moving on, let's take a look at the TSX most active, starting with the TC Energy,
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which had a bearish reversal day yesterday.
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Then we had an inside day for Suncor.
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Then Canadian Natural Resources.
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Still on a sell signal here.
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Looking for a close on Tuesday above 87.
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61.
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Then looking at manual.
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Life Manulife had an inside day.
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We're stuck at Resistance at 26.17. Our next target is 26.
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56.
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And if you go to the weekly chart, you can see that that is also a weekly target.
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And that is where we peaked back at the start of 2023.
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Then looking at the TD Bank, a small pullback there, trying to get over 84.
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38.
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Then looking at CIBC, we're trying to break out above the high from late August.
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So far, we've been unable to do that.
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Then Denison Mines made a new closing high yesterday.
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Then Tilray had a big pullback.
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You'll also see that in the US. Market.
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And then we've got Air Canada making a new low for this move on Monday.
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Let's finish off today's presentation.
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Looking at the most actively traded US.
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Stocks, starting with Tesla.
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Tesla traded back into the Channel yesterday.
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A close below $258.08 would give us a sell signal on Tuesday.
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Apple moved up yesterday.
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We've got a nice open gap there on our way to a buy signal.
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We are looking for a close on Tuesday
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above $180.39. Tilray rolled over yesterday, just like on the TSX.
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So we're back on a sell signal as of Monday's close.
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Advanced Micro Devices bouncing off the
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August lows, closing slightly higher on the day.
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No change in trend.
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No change in trend for Nvidia, which closed up $0.66 yesterday, making a big
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reversal day, but not closing above the previous day's high.
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Then looking at Ford back in the Channel,
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looking for a close below $12.20 on Tuesday to give us a sell signal.
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For Amazon, we would need a close below 138.
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34.
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Then we've got Marathon closing just down $0.01 on the day.
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No change in trend there.
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Then Palantir still treading water here.
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Looking for a close below $15.11 on Tuesday.
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And then a big reversal.
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Big loser on the Dow on Monday was American Express.
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Looking for a close on Tuesday below 158.
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61.
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Then we saw a new low for Boeing.
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And we saw a new low for this move for Home Depot.
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Starting to break down below the August lows.
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Okay, folks, that is all for this morning's presentation.
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Not looking for a lot of excitement on Tuesday.
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Of course, the excitement will all begin after 02:00 P.m. Wednesday afternoon.
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Have a great day.
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Next time you'll hear my voice is on Wednesday morning.

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