Stock Market Trends- 08102023

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well, happy Thursday everyone.
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It's Stephen Whiteside here from the
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uptrend.com in the pre market this morning.
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Stock index futures are trading above fair value.
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They've been above fair value since after the close on Wednesday night.
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The VIX pulled back slightly yesterday,
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closing just below the upper channel line, looking for a close on Thursday below
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$14.65. I'm making this video ahead of the CPI numbers which come out at 830 this
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morning, and then we have PPI numbers coming out on Friday, so both of those
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numbers could certainly cause volatility to expand dramatically.
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The Dow has been holding up fairly well over the last week.
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No major sell off there.
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The Pros are still in control, unlike the
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S and P 500, which made a new closing low for this move on Thursday.
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Didn't close below the previous day's low.
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The Pros are just starting to give up control.
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The Nasdaq on the other hand, did close below the previous day's low, making a new
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low for this move and the Pros are giving up control.
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Now. The TSX is interesting.
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We've been on a sell signal for a week now
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and have traded up back up to the lower channel line on Wednesday.
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And the Pros are still in control here.
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So looks like investors are a little more
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optimistic on the Canadian market than the daily charts would give it credit for.
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Let's take a quick scan of the ten most
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actively traded US stocks from Wednesday's trading action.
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Now this list is filled with a lot of technology related stocks and of course
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they're not looking well at the moment there's.
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Palantir down a little over 10% on the day.
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We had Tesla making a new low for this move, down a tick over 3%.
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Then Rivian was down nearly 10%.
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Big down move for Nvidia, down nearly 5% on the day.
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So finally breaking down Apple, no joy there.
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Then looking at Nio, we're back on a sell signal as of Wednesday's close.
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Then looking at Roblox, we are down nearly 22% on the day.
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The Pros gave up control on this stock a few weeks ago.
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Compare that to Advanced Micro Devices.
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We've been treading water here for a month
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now and you can see that the pros and the public are intertwined, so they really
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don't know which way the stock is going to go next.
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Then Lucid traded up through the upper channel line yesterday, did not close
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above it, so still waiting for a buy signal there.
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Penn Entertainment on the other hand, had a big pop yesterday.
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Gambling stock, you can see it traded up into the open gap and pulled back.
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Not something I would chase then Tilray
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Tilray's been on a buy signal for a couple of weeks now.
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Inside day on Wednesday.
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Then Amazon.
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Amazon popped last week.
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I said I wasn't going to chase it.
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It's slowly starting to pull back.
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Let's finish off today's presentation.
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Taking a look at the TSX most actives from Wednesday's trading action.
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The New York list that we just looked at
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did not contain any commodity related stocks, but the TSX list certainly does.
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Starting off with Suncor making a new high for this move.
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B2 Gold making a new low, then Baytex
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making a new high, new high for Cenovus , new high for Crescent Point.
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Then we had Manualife traded back in the channel.
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Once again, did not close above the upper channel line, looking for a close on
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Thursday above $26.13. Then Tourmaline making a new high for this
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move, new high for Canadian Natural Resources.
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Then we had a new high for Athabasca Oil
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Sands pulled back close slightly lower on the day.
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Then Tilray also pulled back a bit inside
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day for Tilray after making a new high on Tuesday.
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Okay, folks, that's all for this morning's presentation.
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Obviously, we have to get through these inflation numbers on Thursday and Friday.
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The markets are up in the pre market this morning.
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Dow up 160 points.
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The market's being led higher by the Nasdaq, which is up 1% at the moment.
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And so we'll just have to see how the market reacts to these numbers.
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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.