Stock Market Timing Television - 06162023

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Happy Friday everyone.
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It's Stephen Whiteside here from theuptrend.com in the pre market this
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morning, stock index futures are above fair value.
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We also have commodities trading higher in the pre market.
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So so far it looks like we're going to see some buying at the Open on Friday morning.
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While yesterday's trading action tells us that the market has really shrugged off
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everything the Fed had to say on Wednesday.
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The VIX had a quiet day on Thursday.
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Looking for a close on Friday above 15.29. Big drop in the US dollar on Thursday.
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Big gain in the euro and the Canadian dollar made a new high for this move.
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So lots of movement in global currencies.
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Now what worked yesterday?
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Well, the Dow, which was the big loser on Wednesday, was the big winner on Thursday
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and it was led higher by Microsoft making a new high on Thursday.
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Then we had the S&P 500 followed by the Nasdaq.
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So the Nasdaq did not lead us higher on Thursday.
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The world is still focused on AI and C3AI made a new high on Thursday.
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Then looking at Apple.
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Apple also put in a new high.
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I am still long.
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Apple with a partial position.
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Then looking at the Canadian market, very quiet day for the Ishares for the TSX 60.
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We closed higher on the day while having an inside day.
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So a day of indecision.
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The Canadian market was led higher by
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energy which is still trading in the channel.
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It was an inside day for the energy sector.
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So we're still on a buy signal here.
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A lot of interest in energy on Thursday with natural gas shooting higher.
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It is higher again in the pre market this morning.
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So Nat Gas back on a buy signal that can help the energy sector.
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Financials also held up fairly well on Thursday.
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Both financials and the banks themselves.
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We're still dealing with a lot of open gaps.
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You'll see that in a second.
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Manulife actually rolled over on Thursday.
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So while the rest of the financial sector
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was going higher, manualife is back on a sell signal.
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TD bank was up.
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It is trading up into the open gap there
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and we'll have to see if we can break through so far we've been on a buy signal
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for five days now and the pros still have not taken control.
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So that's a little bit of a concern, but
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certainly there's no evidence of selling so far, but we do want the pros to come
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back and take control to get these stocks back on track.
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Okay folks, that is all for this morning's presentation.
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There wasn't a lot new that happened on Thursday.
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Lots of movement in the currency market.
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Otherwise the stock market is still going higher and still extremely overbought.
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Right now it's very dangerous to take on new positions.
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But while I say that the market is still
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going higher and that is the fact, we have to deal with.
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Enjoy the rest of your day.
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Enjoy your weekend.
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Next time you'll hear my voice is on Sunday.

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