Canadian Stock Market Outlook 03072024

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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. In the pre-market this morning, stock
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index futures are currently above fair value.
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Commodities are mixed with crude oil
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slightly lower, while gold is slightly higher.
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Now, we do have a lot of economic numbers coming up this morning, including US
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jobless claims that could certainly change the direction of the market.
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But so far, it looks like the market wants to do some buying.
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Now, the VIX is still on a buy signal, and
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there's lots of reasons for that while there's still stress in the market.
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At the same time, semiconductors are still leading the market higher.
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The Dow is still on a sell signal.
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The S&P 500 and Nasdaq are still on buy signals here.
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Not much changed on Wednesday.
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We've got Apple and Tesla still making lower lows.
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We still have meta on a buy signal.
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That hasn't changed.
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Nvidia continuing to move higher.
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It looks like they may want to take NVIDIA right up to $1,000.
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And Super Micro made a new closing high on Wednesday.
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Now moving on to the Canadian stock market.
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The TSX hitting new highs yesterday.
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Everything's working at the moment.
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We've got the TSX, the TSX 60, mid-caps,
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small caps, and microcaps, all ranked at 10 at the moment.
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It is the energy sector that's leading the
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Canadian market higher at the moment, and financials are doing very well.
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We've got the income trust back up at the
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previous highs, and we've got industrials have been rocking for quite a while now.
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They had a slight pullback yesterday, but still on a buy signal, no change.
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What's not working, the telecom stocks are the weakest at the moment.
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Now, if we look at what happened
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yesterday, it was materials that led the market higher up over 1%.
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Healthcare, real estate, and the industrials were on the losing side.
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In the material sector, Lithium Americas,
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the Argentina version was up over 10%, and then its sister company was up over 7%,
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and then looking at goals, IAMGold was up over 6% on the day.
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Now, if we look at the most actives, we do not have any trend changes here.
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Suncor is still doing very well.
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No change there.
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No change for Canadian Natural Resources.
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Manulife has been in the channel for the past couple of days.
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A close below 32,17 on Thursday would give us a new daily sell signal for Manulife.
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Bayex has been on a sell signal for a few days now.
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No change there.
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No change for Cenovus.
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Inside day for Kinross on Wednesday.
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No change for Bitfarm.
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Then we've got Tamarack making a new high for this move.
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We've got Athabasca making a new high for this move.
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So no changes in any of those stocks.
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And then we've got Barrick making a new high for this move on Wednesday.
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Looking at the commodities, starting off
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with the miners, we've got copper up on the day yesterday.
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We've got gold moving higher.
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We've got silver moving higher,
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and we can see the iShares for the TSX Global Gold ETF making a A new high for
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this move, starting to break out above the high from a month ago, but did not
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close above that level yesterday, so that is still acting as resistance.
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And then next up, let's look at the energy sector.
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We had crude oil up on the day yesterday, trying to make a new high for this move.
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Slight pullback this morning, natural gas
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still on a buy signal, small pullback yesterday.
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And then looking at the energy index
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itself, as we saw earlier, it made a new high on Wednesday.
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So it is the energy sector leading the Canadian market higher.
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Okay, folks, that is all I wanted to cover this morning.
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As you can see, no major trend changes from Wednesday's trading activity.
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Again, we have US jobless claims coming out later this morning that could
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certainly change the direction of the market.
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But so far, things look pretty positive.
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Have a great day, folks.
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Next time you'll hear my voice is on Friday morning.

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