Stock Market Timing Television - 07132023

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Good morning everyone and welcome to Thursday Morning.
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It's Stephen Whiteside here from
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theuptrend.com in the pre market this morning things are positive once again.
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Dow future is currently up 70 points.
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We are expecting PPI numbers to come out at 8:30 this morning.
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And that of course could add to the volatility.
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Yesterday we saw the US dollar collapse
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and closed below the lows from back in April of this year.
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So you can see we put in a lower high last week.
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Now we're putting in a lower low this week
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that's bearish for the US dollar, which of course is bullish for the Euro.
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Now with the collapse in the US dollar, we
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are expecting precious metals to continue to move up.
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And that's exactly what happened yesterday for gold and silver.
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And that's also what happened for gold and silver stocks.
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Whether you're looking at the GDX or the XGD, they both popped yesterday.
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Of course gold stocks moving up could certainly help the Canadian market.
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And the TSX 60 is now back on a buy signal.
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Outside of the TSX 61 of the stocks that
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led the TSX higher was Laurentian Bank which looked like this on Tuesday and
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ended Wednesday looking like this, up over 26% on the day.
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Not a stock I follow, but congratulations
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to anyone who currently owns Laurentian Bank.
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Looking at what worked yesterday.
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Well on the TSX, it was materials were the
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big winners, followed by utilities and that's what utilities looked like.
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Big update yesterday.
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So it's back where it was four days ago and back in the channel.
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So no change in trend.
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Looking at the US market, did the Dow put in a double top yesterday?
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Well two bearish reversal signals up at the same level.
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That is maybe what happened.
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We'll just have to wait and see.
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The Dow is trading higher in the pre
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market this morning ahead of those PPI numbers.
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New high for the S&P 500, new high for the
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Nasdaq 100 and a new high for semiconductors.
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What worked in the US?
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Well it was communication services
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followed by utilities and then followed by materials.
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So there's the communication services making a new high yesterday.
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There's utilities still on a buy signal here, unlike Canadian utilities.
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But they were up yesterday, not taking out the high from last week.
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But we'll have to see if we can do that on Thursday.
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Now looking at those big cap tech stocks
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that we love to follow, Amazon is back on a buy signal, but Apple is not.
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So we need to close above yesterday's high
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on Thursday to get Apple back on a buy signal.
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Similar situation for Alphabet which
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traded up to the upper channel line yesterday but did not close above it.
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Meta on the other hand broke out to a new high on Wednesday.
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We have Microsoft still on a sell signal that would change on Thursday with a close
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below above $339.15. Then looking at Nvidia new high for Nvidia.
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And then we've got Shopify back on a buy signal on both sides of the border.
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And then last up, Tesla.
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Very quiet day for Tesla.
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Still on a buy signal here.
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No change in trend.
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Okay, folks, that is all for this morning's presentation.
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I wanted to get this out before the PPI numbers come out.
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We're also getting jobless claims at 830 this morning, so both of those could
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certainly add to pre market volatility on Thursday morning.
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Enjoy the rest of your day.
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Next time you'll hear my voice is on Friday morning.

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