Stock Market Timing Television - 20221122

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00:00:00

Well, good morning everyone, and welcome to Tuesday Morning.
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It's Stephen Whiteside here from theuptrend.com in the premarket
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this morning, stock index futures are slightly above fair value.
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So, so far it looks like we're gonna see
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some buying at the Open on Tuesday morning.
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Now, this is a holiday shortened week, so we're expecting to have a slight
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bullish buyer by us going into the long weekend.
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Things should get very quiet on Wednesdays.
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A lot of people use Wednesday as a travel day.
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The US markets are going to be closed on Thursday, open a half day on Friday.
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We're going to be taking advantage of that and taking off on Thursday and Friday.
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We'll be back on Saturday with our weekend update.
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Looking at the VIX, we traded down to last
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week's lows yesterday, looking for a close on Tuesday above 25.30.
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The US dollar index going in the opposite
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direction, trading up into the channel, looking for a close above 108.57.
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So there's two indicators moving in the opposite direction.
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Then looking at Tesla, tesla making a new low yesterday,
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so we're probably looking at the Peter Principle in play here.
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Obviously it's not Tesla having the problem, it's Twitter.
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And Elon Musk is certainly having a hell
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of a time trying to get a handle on Twitter.
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Now, Home Capital was up 57% yesterday,
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so congratulations to anyone who owns Home Capital.
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Not a stock I've ever been involved in.
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If I was in this situation and I walked in today and saw this nice big gap up,
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I would be certainly taking money off the table today and walking away.
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Looking at the I shares for the TSX 60, we traded down to the lower channel line
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yesterday, looking for a close below 30.35 on Tuesday.
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It was the energy stocks that really put a damper on the Canadian market yesterday.
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Wilde traded all the way down to $16
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before recovering, but still closing below the lower channel line,
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so giving us a new sell signal on Monday for the energy sector.
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At gold stocks trading water yesterday, so still on a buy signal, no change there.
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And healthcare was down sharply yesterday.
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Back on a sell signal.
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You can see that we made a low back in July, we made a high back in August,
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and we've been trading between those two levels ever since.
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Looking at the US market, it's very quiet yesterday.
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There's the Dow still sitting above the upper channel line.
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We've got the SPY sitting right
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on the channel, and we've got the Nasdaq trading back in the channel.
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So looking for a closed blow, 278.13.
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Not very concerned about that from what
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we're seeing in the Premarket this morning.
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And then there's the eyeshares for the Russell 2000.
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Riding the lower channel line, looking for a close blow, 181.58.
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Then. What worked yesterday?
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Well, consumer staples were the big winners.
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The big losers were energy services
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and the semiconductors trading right at the upper channel line.
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Let's finish off looking at commodity prices, starting with the metals.
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Copper's down again.
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So, second day of a sell signal for copper.
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Gold was down again yesterday.
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We need a close below 1744.99 trading slightly higher in the pre market this morning.
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And then silver sitting right on the edge of a new cell signal, a closed below 21.02
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would do that for us on Tuesday.
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Looking at energy,
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crude oil went all the way down to $75. 75.27, I believe was the low and reversed.
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And so 75 still acting as support for crude oil.
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The natural gas traded higher yesterday.
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We're trying to break out of the high from a couple of weeks ago.
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If we can do that, look two lines up.
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That takes us up to 8.59 And 8.59.
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Yes, there's lots of support up there
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at 8.59, which should act as resistance on the way back up.
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Okay, folks, that's all for this morning's presentation.
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Expecting a fairly quiet day on Tuesday. Have a great day.
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Next time you'll hear my voice is on Wednesday morning.

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