Morning Market Outlook 01262024

en-us French Canadian Arabic Chinese German Hindi Japanese Korean Spanish

How was the video ?

Description

Auto Scroll

00:00:00

Good morning, everyone, and welcome to Friday morning.
00:00:02

It's Stephen Whiteside here from theuptrend.com.
00:00:06

In the pre-market this morning, stock index futures and crude oil are below fair
00:00:09

value, while gold is trading higher, about $5 in the pre-market on Friday morning.
00:00:16

Now, we do have some economic numbers coming out at 8:30 this morning that could
00:00:19

certainly change the direction of the market.
00:00:22

Now, yesterday, Boeing was a big drag on
00:00:25

the Dow, and it did dip through the $200 level but did not close below it.
00:00:29

It is continuing to trade above $200 in
00:00:32

the pre-market, and so it'll be quite a tell if a Boeing
00:00:35

starts breaking down below 200 heading towards those lows from last October.
00:00:41

At the same time, Boeing was going down, IBM was going up.
00:00:44

You don't see this very often.
00:00:46

IBM gapping sharply higher yesterday, up nearly 10% on the day.
00:00:51

Again, that has not happened for a long time.
00:00:55

Now, what the market is worried about this morning is Intel.
00:00:58

Intel is coming into Friday's trading action on a buy signal.
00:01:01

It may end the day on a sell signal,
00:01:04

currently trading down over 10% in the pre-market.
00:01:09

Now, just looking at what's happened this week for the S&P 500 SPY, we're up 1.16%.
00:01:16

For the Nasdaq 100, we're up 1.23%. For the TSX-60, we're up 0.84%. At the same
00:01:24

time, we've got crude oil up over 5% on the week, and this could be turnaround
00:01:28

time for crude Well, natural gas, on the other hand, down over
00:01:32

3% so far this week, while gold is down a little over half a % on the week.
00:01:38

That could change on Friday with gold trading higher in the pre-market.
00:01:43

Let's get back to some daily charts, starting with the VIX, which traded up
00:01:47

into the channel on Thursday, looking for a close on Friday above
00:01:51

13.92. Of course, if that were to happen, that would be negative for stocks.
00:01:55

The DOW is on a buy signal right now, but
00:01:57

just treading water up here, so it could be the first major indices to roll over.
00:02:02

The S&P 500 had a new closing high while having an inside day, a day of indecision.
00:02:08

The Nasdaq 100 also had a new closing high, but actually, dipped below the
00:02:13

previous day's low during the trading session.
00:02:16

So could be a sign of weakness there with the semiconductors trading down over 1% on
00:02:22

Thursday, closing below the previous day's low.
00:02:25

That is a bearish-looking bar.
00:02:27

Then looking at the TSX-60, we closed higher on Thursday.
00:02:33

No change in trend there.
00:02:34

We've got the financials back on a buy signal moving up on Thursday.
00:02:38

Onyx was the big winner in the TSX financials.
00:02:42

While bank stocks are still treading
00:02:43

water, the Royal Bank was actually unchanged on the day yesterday, while
00:02:48

we've got the TD Bank back on a buy signal for the second day.
00:02:53

Energy stocks were the big winners on Thursday, being led higher by the US
00:02:57

energy sector, up over 2% back on a buy signal, being led higher by Valero.
00:03:02

On the TSX, we are back on a buy signal,
00:03:05

and the big winner was Meg Energy, up over 4%.
00:03:08

Then moving on to the US most actives, and these are the price volume weighted most
00:03:13

actives with the Tesla Gaping lower yesterday.
00:03:16

We talked about that, certainly closing
00:03:18

well below $200 at $182.63. Then we had an inside day for NVIDIA and
00:03:26

closing, new closing high for NVIDIA, new closing high for Advanced Micro Devices.
00:03:31

Apple's looking pretty sluggish up here.
00:03:33

It's still holding the $193.75 level, but it's not looking like it wants to move
00:03:39

higher at the moment, which is unfortunate with $200 our next price target.
00:03:43

Then looking at Microsoft, new closing high there.
00:03:47

Big down day for United Health already on a sell signal, so no change in trend.
00:03:52

No change in trend for Humana, gapping lower as well.
00:03:56

So congratulations if you're short either of those stocks.
00:03:59

Then we've We have Costco sitting right on the edge of a new daily sell signal.
00:04:02

That would happen on Friday with a close
00:04:04

below $677.74. And then CVS gapped lower yesterday
00:04:11

already on a sell signal, so certainly no change in trend.
00:04:15

Moving on to the TSX, Most Active.
00:04:17

Again, these are the price volume weighted most actives.
00:04:20

And Royal Bank unchanged on Thursday.
00:04:23

Things would change on Friday with a close
00:04:24

above $133.68. Then we've still got Bank of Montreal on a buy signal.
00:04:31

No joy for the Bank of Nova Scotia, still on a sell signal.
00:04:35

Then we've got Fairfax closing higher yesterday.
00:04:39

We've got Shopify still on a buy signal.
00:04:41

That would change on Friday with a close below $105 and 84 cents.
00:04:46

Then we've got the TD Bank, second day of a buy signal there.
00:04:50

We've got Embridge still on a sell signal.
00:04:52

No change.
00:04:53

We've got Suncor back on a buy signal as of Thursday's close.
00:04:58

We've also got Canadian Natural Resources back on a buy signal as of Thursday's
00:05:02

close, and then a new closing high for Manulife.
00:05:07

BCE rolled over yesterday, so it is back on a sell signal as of Thursday's close.
00:05:12

Okay, folks, that is all for Friday morning's presentation.
00:05:15

So far, it looks like we may see some
00:05:17

selling at the open on Friday morning, but those economic numbers coming out at 8:30
00:05:21

could certainly help change the direction of the market.
00:05:25

Have a great day, folks. Have a great weekend.
00:05:27

Next time you'll hear my voice is on Monday morning.

Transcription