Morning Market Outlook 03212024

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Good morning, everyone, and welcome to Thursday morning.

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It's Stephen Whiteside here from theuptrend.

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com.

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In the pre-market this morning, ahead of jobless claims that are coming out at 8:30

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this morning, we've got stock index futures trading higher across the board.

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Commodities are mixed while gold is sharply higher, crude oil is pulling back

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slightly, and cryptos are down in the pre-market on Thursday morning.

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Well, Wednesday turned out to be a happy

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Fed day, and we saw the VIX continue to move lower.

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We saw new high for the Dow, for the S&P 500, for the TSX-60.

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And what led the market higher yesterday

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was actually what we were focused on yesterday morning.

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Gold and silver and all the mining stocks moved up sharply.

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The big winner was the silver miners up over 4 %.

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We saw US gold stocks on the GDX up over 4 %.

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Again, both of them are trading back up to the recent high.

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With gold up in the pre-market this

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morning, we may continue to make higher highs today.

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Copper stocks were up over 3 %, back to the recent high.

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We also had a reversal for Canadian gold

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stocks on the XGD, also up nearly 3 %, back up to the recent high.

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So it looks like we should be able to put in higher highs on Thursday.

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Now, after the mining stocks led the market higher, it was US regional banks

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back up to the upper channel line, US banks back on a buy signal, really being

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led higher at the moment by Citigroup, which made another new high on Wednesday.

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Canadian financials made a new high yesterday.

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Canadian banks made a new high on the back

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of a handful of banks, CIBC and National Bank, were making new highs on Wednesday,

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while the TD Bank is still in the doghouse.

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No change in trend for the TD Bank.

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Now, the Nasdaq 100 is back on a buy signal as of Wednesday's close.

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We're still waiting for the next

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generation Nasdaq stocks to get back on a buy signal.

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Couldn't do so on Wednesday.

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Semiconductors were up nicely yesterday.

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Otterly enough, Intel barely moved.

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We were watching a trade in the channel in the pre-market.

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All the news and hype that came out of the

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big investment out there in Arizona But at the end of the day, Intel barely moved.

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Now, there was a lot of interest in the

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mid-cap and small-cap stocks on both sides of the border.

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If we look at the US, the Russell 2000 is back on a buy signal.

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The small-caps and the micro Caps, all

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back on buy signals as of Wednesday's close.

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Now, what led the Canadian market higher on the TSX-60 was Shopify up over 4%.

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Lithium Americas was the big winner on the TSX itself.

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On the Dow, it was Boeing, which is risen from the dead.

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Still on a sell signal here.

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That would change on Thursday with a close above $189.

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92. Then on the Nasdaq 100, it was DoorDash up

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over 5%, and then on the S&P Paramount was up over 11 % on the day.

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Let's finish off this morning's presentation, taking a look at the

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Magnificent Seven, starting off with Alphabet.

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Not a lot of excitement for Alphabet after it gapped higher the other day and went up

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to the previous gap that was formed at the end of January.

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Then we're looking at Amazon.

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Not a lot of excitement for Amazon from yesterday's Fed announcement.

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Then we've got Apple on its second day of a buy signal.

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Unfortunately, it's pulling back in the pre-market this morning.

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Apparently, Apple is going to have some legal difficulties.

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Then we've got Meta back on a buy signal.

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Now, if you're watching this presentation,

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I assume you're a short-term trader and you're reacting to daily market activities

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and want to keep as close to the market as possible.

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In that case, the Daily Right Side chart is probably appropriate for you.

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If you're a more conservative investor,

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especially if you're trying to capture dividend income, you You probably want to

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step back a bit and use the Mid Term chart.

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And the Mid Term chart is a bit slower to

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react, and that reduces the noise, the amount of trading that you do.

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But you do get in a little later and you

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get out a little later than the Right Side chart.

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But In this example, if we go back, you

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can see that we had a buy signal in early December back here.

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Then we had a sell signal at the end of December, and we had a sell signal

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recently in March, and now we're back on a buy signal.

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And if we compare that to the Mid Term chart where we just had a buy signal in

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early December, and we have not had a sell signal since.

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A sell signal would be the first close below the Tether Line here.

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Now, of course, if you consider yourself a long term investor, then you We didn't be

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reacting to daily charts at all and just focused on the weekly charts.

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And the Weekly Right Side chart gave us a buy signal here right at the end of 2022,

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and we've been on a buy signal ever since for Meta.

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So use the chart that's appropriate to your goals, your activity level, and how

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much you want to really be involved in the market.

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You can watch the market every day, but you don't need to react to daily price

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movements depending on what your goals are at the end of the day.

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Now, looking at Microsoft, Microsoft was up nicely yesterday, nearly 1% on the day.

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And then we're looking at NVIDIA, very quiet trading for NVIDIA on Thursday.

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And last up, we're looking at Tesla.

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Tesla traded up into the channel yesterday, a close above $177.

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71 on Thursday would give us a new buy signal for Tesla.

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Okay, folks, that is all for this morning's presentation.

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The market often overreacts to what happens at the Fed meeting, and the market

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often changes directions a couple of days after the Fed meeting.

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So we'll just have to wait and see if

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yesterday was the beginning of the end or the end of the beginning.

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Only My time will tell.

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And next time, you'll hear my voices on

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Friday morning, and at that time, we'll take a closer look at the energy sector.

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Enjoy the rest of your day, and we'll talk to you soon.

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