Morning Market Outlook 03152024

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Good morning, everyone, and happy Friday.
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It's Stephen Whiteside here from TheUpTrend.
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com In the pre-market this morning, stock
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index futures and gold are above fair value while Crudol is pulling back just a
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few cents in the pre-market on Friday morning.
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I thought this was going to be a make or break week, and I really thought the
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market was going to end up looking like this.
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This is a weekly chart of the SOX index or
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the semiconductor index, and you can see we're starting to break down.
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We're currently trading trading and closing below the previous week's low and
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down a little over three and a half % for the week.
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Now, the SOX index is more volatile than
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most other indexes, so down three and a half % is not a significant drop.
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But as you can see, we are trading and closing below the previous week's low, so
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that could turn out to be significant depending on how Friday ends.
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Now, so far for the major US indices, it's an inside week or a week of indecision.
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You can see the S&P 500 is up half a % trading within the previous week's range.
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And then that is also true for the Nasdaq
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100, which is basically unchanged on the week.
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So nothing going on there.
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Nvidia is also having an inside week and is basically unchanged for NVIDIA.
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It's up just under half a %, which is really not that significant for NVIDIA.
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Then looking at the TSX, on the other hand, it's making new highs this week.
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That has a lot to do with crude oil.
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It's up over 4 % so far this week.
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We've got copper up nearly 4 %.
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Gold is pulling back a bit, but not by much.
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And this weekly chart of gold is looking fairly bullish.
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We're making higher lows and higher highs,
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and that could turn out to be significant going forward.
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But so far, we are seeing a small pullback in the price of gold, just down $18.
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We're up a couple of dollars in the pre-market on Friday morning.
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Now, the stock market indices lost their way on Thursday, and that might have
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something to do with what happened in the bond market.
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There's the TLT and the XBB, both gapping lower on Thursday.
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We saw selling in the 30-year bond, and
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that put upward pressure on bond yields, and that might have been
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what was putting downward pressure on the stock market on Thursday.
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Now, looking at the most actives from
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Thursday's trading action, starting off in the US market, we saw Soundhound hitting a
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new high yesterday before pulling back, going into the close.
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Then we had a new low yesterday for Tesla.
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Tesla getting some downgrades recently.
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Advanced Micro Devices on a sell signal,
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and we're coming down to an area of a lot of congestion and potential support.
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We'll have to see if that support holds.
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Then Apple traded into the channel yesterday, so a close above 175.
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17 would give us a new buy buy signal on Friday.
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It looks like the 168.
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75 held in the market in check.
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Now we're looking to see if 175 acts as
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resistance or if we can start to punch through it.
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So far, made a new closing low for this move on Thursday.
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New closing low for Marathon.
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Then we had NVIDIA trade and closing the channel.
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So a close below $845.
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03 would give us a new daily sell signal for NVIDIA on Friday.
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Rivian rolled over yesterday.
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It's back on a sell signal, so that didn't last very long.
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Then we still have Ford on a sell signal.
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No change there.
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And then Robinhood made a new high for
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this move on Thursday, trading up to the $19 level before pulling back.
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And then last up for the US market,
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Palantir, back on a sell signal as of Thursday's close.
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And then moving on to the TSX, most actives from Thursday's trading action.
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Inside day for Canadian Natural Resources.
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And then a new high for Suncor.
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Lundin Mining put in a new high as well.
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Then looking at Embridge.
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We pulled back into the channel, closing just above the upper channel line.
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So mathematically, we have the potential
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for a new sell signal on Friday with a close below $54.
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04.
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Then BCE gapped lower on Thursday, making a new low for this move.
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Bank of Nova Scotia, we need a close on Friday below $66.
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55.
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For the TD Bank, we're looking for a close on Friday below $80.
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89.
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And then for Pembina, we're looking for a close on Friday below $47.
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40.
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Made a new high on Wednesday, then gapped lower on Thursday.
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And then Cenovus made a new high on Thursday.
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No change in trend there.
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And then CIBC, we're looking for a close on Friday below $65.
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70.
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Okay, folks, that is all for this morning's presentation.
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Have a great day.
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Have a great weekend.
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Next time you'll hear my voice is on Monday morning.

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