Stock Market Timing Television - 20221115

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Good morning, everyone. Welcome to Tuesday morning.
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It's Stephen Whiteside here from theuptrend.com in the pre market
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this morning, things are looking fairly bullish.
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We've got the Dow futures up about 200 points.
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Commodities are mixed,
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natural gas and gold are higher, while crude oil is lower on Tuesday morning.
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Well, Monday was an interesting day.
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The Dow diamonds, the SPY ETF,
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and the Q's for the Nasdaq all made new highs and then closed lower on the day.
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So they all generated bearish reversal signals.
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What they didn't do is they didn't close below the previous day's low.
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That would have been a much more of a bearish signal.
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Now, the Canadian market did not make
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a new high yesterday and did close below the previous day's low.
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So things looking a little weaker there for both the TSX and the TSX 60.
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Now, while the stock index futures pulled back yesterday,
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we saw the VIX close slightly higher still closing below the lower channel line.
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So not concerned on Tuesday.
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Things, of course, would change if the VIX were to close above $26.24 on the weekend.
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We talked about following the US dollar index.
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It closed slightly higher yesterday inside day, no major changes there.
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And then the Chinese market has come back quite a bit over the last week or so.
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We're looking at the eye shares for the Hong Kong market.
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You can see the gaps on the screen.
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You expect to see gaps in charts for anything that is traded
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in North America that is following something overseas.
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You've always got that time gap
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which shows up in the charts as a nice big white space.
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So we've seen a huge recovery in the Chinese market.
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A lot of it has to do with the rumors
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that they're going to reduce the COVID restrictions and there might do something
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about all the banking problems that they've got.
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And one of the biggest problems they have,
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which they're not able to really do much about, is the water shortage.
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There's a huge drought in China and that is not only affecting drinking
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water, but a lot of their electricity comes from hydroelectric dams.
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And with the river levels at historic
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lows, that seems to be a problem at the moment.
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So we may see some huge blackouts in China over the winter.
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Now, looking at what's going on this
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morning, well, Walmart is out with earnings.
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And Walmart came into today on a sell signal, generated a sell signal four days
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ago, and you can see yesterday they traded it down with the rest of the market.
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In the pre market this morning, we are up over the 43.75 resistance level,
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which has held us in check for the past few weeks.
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And we're up there at 47.66 last time I checked.
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Of course, that number fluctuates every
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second, but we're getting pretty close to the 150 level,
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which is not only a daily target, but it's also a weekly target.
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While Walmart is up.
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Some of the other retailers are also trading higher this morning.
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Target, TJ, Maxx, they're all up in the pre market.
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What's not working in the pre market, or should I say what is not consistently
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working in the pre market this morning is Home Depot.
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Last time I blinked, it was down.
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It's been up, it's been all over the place this morning.
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So Home Depot may open lower on Tuesday,
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but not enough to give us a new cell signal.
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Now, chips have done really well over the last couple of weeks, and of course,
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I love watching the chip sector move higher.
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That is inspirational.
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This morning we find out
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that Warren Buffett's company has put $4 billion into Taiwan Semiconductor.
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And that news
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has taken Taiwan Semiconductor up over 10% in the pre market this morning.
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So obviously Warren Buffett's not worried about China invading Taiwan anytime soon.
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Let's finish off with a quick look at commodities and crude oil.
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Still on a sell signal.
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Trading lower in the pre market this morning.
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Inside day yesterday for natural gas trading higher in the pre market.
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Then we've got copper making a new high yesterday before pulling back.
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That's a bearish reversal.
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Day again, not closing below the previous days low.
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There's gold making a new high yesterday.
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Gold's getting up, trying to take out the 1781.25 level.
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If we can do that.
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If you look over to the left, you can see in August we had a nice
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cluster of resistance up there between 1781.25 and 1812.50.
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So gold may struggle to move higher from here unless there is a major event.
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And there's silver making a new closing high yesterday,
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getting pretty close to the 22.50 level, which is our next target to the upside.
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Okay, folks, that's all for Tuesday morning.
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Looking for higher prices today.
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Everybody seems to be happy.
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I hope you have a happy day.
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Next time you'll hear my voice is on Wednesday morning.

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