Stock Market Timing Television - 07062023

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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 below fair value.
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Dow futures currently down 130 points.
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At the same time, we do have commodities trading higher on Thursday morning.
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Now we do have some employment numbers coming out this morning at 830.
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That could add to the pre market volatility.
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Yesterday was a fairly quiet day for the market.
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It is a holiday shortened week.
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A lot of people are off at the moment.
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I guess the biggest news item from
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Wednesday's trading action was interest rates.
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Bond yields continued to move higher, making a new high for this move.
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The VIX is still on a sell signal that's supportive for higher stock prices.
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That would change on Thursday with a close
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above $14.15. Small pullback in the Dow yesterday, the SP 500, the Nasdaq.
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Bigger pullback for the Chip sector down over 2%.
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Still on a buy signal here.
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That would change on Thursday with a close
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below 213 78, and a small pullback, a little over half a percent for the TSX.
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Looking at the most actively traded US.
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Stocks from Wednesday's trading action, we won't see any trend changes here.
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Tesla had a fairly quiet trading day.
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Inside day for Tesla, new high for Rivian on Wednesday, inside day for Neo.
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Carnival made a new high on Wednesday.
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And then we had a new high for Lucid,
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filling the open gap from back in late May.
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We'll have to see if we can push through that.
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Then looking at Ford new closing high.
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Advanced Micro Devices trading in the
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channel, looking for a close above 115 .63 on Thursday to give us a buy signal.
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Small pullback for Apple, still trading above the upper channel line.
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Marathon digital new high on Wednesday.
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Then we've got Palantir, which is back on a buy signal.
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Things would change for Palantir on Thursday with a close below 1470.
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Next up, let's take a look at the TSX most actives from Wednesday's trading action.
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Again, no trend changes here.
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We had a small pullback for the TD Bank, a
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bigger pullback for the Bank of Nova Scotia.
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Then we've got TC Energy back in the channel.
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We get a new sell signal for TC Energy with a close below 52 31 on Thursday.
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Enbridge, we're looking for a close below 48 57.
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Canadian Natural Resources still trading,
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closing above the upper channel line, Hut 8.
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Making a new closing high for this move.
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Then we've got Manualife trading back in the channel.
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Things would change for Manualife on
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Thursday with a close below 24.60. Then we had an inside day for Crescent Point.
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We've got Algonquin Power on a buy signal right now.
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Things would change for Algonquin Power with a close below 10.77 on Thursday.
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Then Osisko , which was the biggest losing stock on the TSX yesterday, came down
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sharply, closed down nearly 10% on the day.
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So some surprising news there that shocked
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investors looking at a couple of other gold stocks.
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So we've got Barrack and Igniko Eagle still on buy signals here.
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Things would change for Barrick on
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Thursday with a close below 21.74. And for Agnico Eagle, we're looking for a close
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below 64.60 in the pre market this morning.
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We've got gold trading up $4.
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But if the stock market wants to roll
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over, that doesn't guarantee that gold stocks will go higher.
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Speaking of gold, let's take a look at commodities.
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We had crude oil higher yesterday.
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Remember, we're trying to give crude oil a lot more room than normal.
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The pros and the public still intertwined.
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So no really new interest in crude oil at the moment.
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It is trading higher in the pre market this morning.
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Gasoline still on a buy signal, no change there.
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Natural gas still on a buy signal as well,
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but that would change on Thursday with a close below 704.
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We've got the GLD still on a sell signal that would change on Thursday with a close
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above 179.28, which would join silver already on a buy signal.
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No change in trend for palladium or platinum.
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And there's Silver back on a buy signal as of Wednesday's close.
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And we've got a nice big gap above us that we could possibly fill.
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Okay, that is all for Thursday morning's presentation.
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Not a lot of new signals from Wednesday's trading action.
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Looks like Volatility may start to expand
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this morning after those employment numbers come out at 830.
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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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