Stock Market Timing Television - Weekend Edition 20230115
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  • 00:00:00
    Hello everyone and welcome to this weekend's edition of Stock Market Timing Television for Sunday, January
  • 00:00:06
    15, 2023. My name is Lisa, and I will be your host for this weekend's presentation.
  • 00:00:13
    Let's start today's presentation by taking a look at the major stock market index ETF's.
  • 00:00:19
    The eye Shares for the TSX 60 were up 2.54%, and back on a Weekly Buy Signal.
  • 00:00:27
    The Dow Diamonds ended the week up 2.01%.
  • 00:00:31
    The S P Y was up 2.69%.
  • 00:00:36
    And the big winner this week, was the NASDAQ 100. Up 4.53% on the week. But we are
  • 00:00:43
    still on a weekly sell signal. If the market can continue to move higher this week, we will
  • 00:00:51
    be looking for a close above $283.53, this coming Friday to generate a new weekly buy signal.
  • 00:00:59
    Now here's something that may turn out to be a very bullish indicator going forward. The TSX Venture Exchange was
  • 00:01:07
    up 5.71% on the week. While it is a very bullish sign to see the microcap stocks back in play,
  • 00:01:15
    Unfortunately, recent history tells us that these microcap rallies are getting shorter and shorter. Let's hope things change this time.
  • 00:01:24
    Before we take a look at what worked, and what didn't work this week, let
  • 00:01:28
    me show you a couple of charts that the market is watching very closely.
  • 00:01:32
    The S&P 500 has continued to make a series of lower highs and lower lows. Many market watchers have
  • 00:01:40
    drawn a trendline across all of the 2022 highs. We are just about to re-test that major downtrend line.
  • 00:01:48
    Staying with this chart, you'll also notice that we're coming up to our next Daily and
  • 00:01:55
    Weekly price target at $406.25. This is where the market previously peaked seven weeks ago.
  • 00:02:01
    Many investors are also keeping an eye on the major moving averages. For
  • 00:02:06
    the S&P 500 we just made it up to the 200-day moving average.
  • 00:02:11
    And so far it looks like the big round number of $400
  • 00:02:17
    is holding the market in check. The high on Friday was $399.10.
  • 00:02:23
    While the NASDAQ 100 is just coming up to retest the hundred day moving average.
  • 00:02:28
    Moving average resistance is not a problem for the Dow and the TSX.
  • 00:02:33
    Now, a lot of people are asking themselves whether this is just a short covering rally?
  • 00:02:39
    Some of the worst performing and the most heavily shorted symbols of 2022, had an amazing week.
  • 00:02:46
    Let's start off with ARK Innovations up 14.73%.
  • 00:02:51
    Bed Bath & Beyond, up a whopping 179.39% on the week.
  • 00:02:58
    Beyond Meat was up 15.52%.
  • 00:03:02
    Carvana was up 59.18%.
  • 00:03:06
    Micro Strategy was up 35.23%.
  • 00:03:10
    And Wayfair was up 13.79% on the week.
  • 00:03:15
    These are just a couple of examples of broken stocks that had a very good week. Does this tell us
  • 00:03:21
    that investors who have been met short, see a light at the end of the tunnel and now want to
  • 00:03:28
    go long? Or is it a sign that these investors have found other stocks to short? Only time will tell.
  • 00:03:34
    What worked this week?
  • 00:03:36
    With no change in the weekly trend, Cannabis stocks were the big winners on the Canadian market.
  • 00:03:42
    Canopy Growth ended the week up +9.06%.
  • 00:03:47
    And then we had Base Metals upon the week 6.52%.
  • 00:03:52
    With Teck Resources up 6.15%, getting very close to the 2022 high.
  • 00:03:59
    Looking at the US market, the big winner was Oil and Gas Equipment and Services leading the market higher.
  • 00:04:06
    Halliburton gained 6.09%.
  • 00:04:10
    And then we had the Chips up 6.24%.
  • 00:04:14
    With NVIDIA gaining 13.73%.
  • 00:04:18
    Next, let's take a look at commodities.
  • 00:04:21
    Let's start off looking at the energy sector.
  • 00:04:25
    With an inside week, Crude oil was up 6.39%. Crude oil remains on a weekly sell signal.
  • 00:04:33
    On the other hand, natural gas continue to move lower, down another 6.36%.
  • 00:04:41
    Moving onto metals. Copper was finally able to breakout above the October highs.
  • 00:04:47
    And gold was finally able to breakout above the 1875 price target.
  • 00:04:53
    On the weekly charts, our next long-term target for gold is $2000.
  • 00:04:59
    Silver still holding its own, once again bouncing off the upper channel line. But still closing and trading below $25.
  • 00:05:08
    Another area of the market that's awesome love this week was
  • 00:05:13
    the crypto market. Both bitcoin and Ethereum had a great week.
  • 00:05:17
    Let's finish off this weekend's presentation looking at the VIX.
  • 00:05:21
    We Will Remain Long Term Bullish On the Stock Market If The Fear Index
  • 00:05:26
    Continues To Close Below $24.96 This Coming Friday.
  • 00:05:32
    If you're watching the stock market on Monday, we will remain short term bullish on
  • 00:05:37
    the market as long as the VIX does not close above $22.19 on Monday.
  • 00:05:42
    The fear index has been range bound for a couple of months now, and started to break down below
  • 00:05:50
    18.75 on Friday. So the options market is certainly telling us that everything is coming up roses right now.
  • 00:05:57
    Okay everyone, that's all for this weekend's presentation. Friday was a very bullish day for the market.
  • 00:06:04
    As we said before, the market can go up on a short-term basis during the fed rate
  • 00:06:10
    raising cycle, but typically the rallies don't last very long. Let's hope it's different this time.
  • 00:06:17
    The US markets will be closed on Monday but the Canadian markets will be open.
  • 00:06:22
    We will post Canadian charts on Monday night. Thank you very much for your time
  • 00:06:28
    and attention. The next time you'll hear from us will be Tuesday morning.

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