Stock Market Timing Television - Weekend Edition 20230115

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

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