Stock Market Outlook 10122023

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Hey, good morning everyone, and welcome to Thursday Morning.
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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 trading above fair value.
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That is, of course, before those economic numbers come out at 8:30.
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We're expecting CPI and jobless claims to
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come out and either of those numbers could certainly affect the direction of the
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stock market coming into Thursday's trading.
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Fear is still falling and that of course, is supportive for higher stock prices.
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So let's get into the charts now.
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The VIX continued to move lower on Wednesday, down 5.52% on the day.
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The VIX of the VIX is still on a sell signal.
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That's supportive for higher stock prices.
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The US dollar index still on a sell
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signal, closing down just a penny yesterday.
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Then we've got the 30 year bond back on a buy signal.
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The yield on the 30 year bond back on a sell signal.
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The price of gold continue higher on Wednesday.
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Back on a buy signal.
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We are waiting for the price of silver and
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it needs to close above $22.29 on Thursday to give us a buy signal.
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Looking at the price of crude oil, we came down, filled the gap yesterday.
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Now we're moving up in the pre market, up a dollar and change.
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The price of natural gas had a wild day on
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Wednesday, but then settled down going into the close, looking at the Dow.
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The Dow had an inside day on Wednesday, as did the S&P 500.
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S&P 500 trading in the open gap and still has not filled that gap just yet.
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The Nasdaq 100 made a new closing high for this move.
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The semiconductor is still on a buy signal.
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No change there.
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The Isares for the TSX 60 were up yesterday.
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And not only was it the commodity stocks, but financials helped out as well.
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Then looking at financials, looking at the S&P 500 financials, we're on a buy signal.
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We're on a buy signal for US banks, for US
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regional banks, for broker dealers, and for the insurance sector.
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So all the US financials are back on buy signals.
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Looking at Canadian financials, we do have
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the financial index back on a buy signal, but we're still waiting for banks.
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We're still looking at the Bank of Nova Scotia as the weakest.
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And we've got the TD bank back on a buy signal.
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Then looking at energy stocks, energy
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stocks in Canada were down slightly yesterday.
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We're back on a buy signal here.
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Unlike in the US,
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which was down over 1% and still on a sell signal.
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No change there for US financials.
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Copper miners pulled back slightly yesterday.
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Gold miners on both sides of the border continued to move higher on Wednesday.
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And then looking at those major tech
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stocks, we had Alphabet continue to break out above the September high.
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We've got Amazon moving up to the bottom of the open gap.
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Then looking at Apple, Apple's also got a
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gap to deal with and finding resistance at the 180 level.
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Then we're looking at Meta making a new high for this move.
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We saw Microsoft continue to move higher on Wednesday and then we've got Nvidia
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making a new high for this move and then we've got Shopify pulling back now.
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Shopify has got an open gap so far that's held us in check.
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We're still on a buy signal here.
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Looking at Shopify in New York.
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We're looking for a close below 52 .41 on Thursday to give us a sell signal.
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And then last up, Tesla.
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Tesla had an inside day on Wednesday, so no change for Tesla.
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Still on a buy signal.
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That would change on Thursday with a close
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below 250.37 okay folks, that is all for this morning's presentation.
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I'm publishing this just before the economic numbers come out at 830.
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And of course that could certainly change
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the direction of the market before those economics numbers come out.
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The market is fairly positive this morning.
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Have a great day.
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Next time you'll hear my voice is on Friday morning.

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