Canadian Stock Market Outlook 02152024

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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 index futures are above fair value.
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Commodities are mixed with crude oil,
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lower, while gold is higher by $3 in the pre-market.
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Now, we do have a lot of economic numbers
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coming out at 8:30 this morning, including retail sales and jobless claims, and that
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could certainly add to the pre-market volatility.
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Starting off, looking at the VIX, which spiked sharply sharply higher on on
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Tuesday, and we pulled back on Wednesday, had an inside day.
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So on Thursday, we're looking for the VIX to close below 13.
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21 to put us back on a bullish footing.
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We still have the S&P 500, Nasdaq 100 on buy signals.
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They recovered nicely on Wednesday, but
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still pretty close to generating a daily sell signal, so we should be on guard.
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Looking at the Canadian market, the market
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recovered quite nicely on Wednesday, not enough to give us new buy signals for the
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The TSX, the TSX 60, mid-caps, small-caps, or micro-caps.
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Now, looking at the sector performance
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from Wednesday's trading action, all sectors were positive for the day, being
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led higher by Infotec, and We're still on a sell signal here.
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We came down hard on Tuesday, and we did trade back into the channel on Wednesday.
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The biggest winners in the sector on Wednesday were Bitfarm and Hut8.
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Those were the two best-performing Infotec stocks.
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Then looking at the industrials, dipped into the channel on Tuesday.
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Big recovery on Wednesday,
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being led higher by the railroads, still both on buy signals.
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Then looking at consumer staples, huge update there.
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It was Circle K led the pack, followed by
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Loblaw's, which is back on a buy signal as of Wednesday's close.
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Looking at the world of commodities,
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starting in the energy sector, we saw crude oil pull back yesterday.
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It's pulling back again in the pre-market.
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Not enough to It's going to give us a sell signal today.
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And then we've got natural gas making a new low on Wednesday.
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So both of those commodities did not help
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the energy sector, and we did have an inside day closed unchanged on the day.
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So for the energy ETF, we're looking for a close on Thursday below $15.
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14.
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Then looking at the miners, starting with the price of gold.
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Gold is trying to hold 2000 here.
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If we break that, then 1937.
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50 would be our next target to the downside.
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And silver is trying to hold $22 and traded and closed higher yesterday.
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Still on a sell signal, no change there.
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No change for gold stocks, which made a
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new low yesterday, and the ETF closed down just a penny on the day.
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So a little bit of a recovery there.
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The first time something new is happening, of course, if we close above the previous
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day's high, and we certainly didn't do that yesterday.
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Okay, folks, that's all for this morning's presentation.
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I'm doing this ahead of the big economic numbers coming out at 8:30 this morning,
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and they could certainly change the direction of the market.
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But so far, it looks like the market wants
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to have a positive open on Thursday morning.
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Enjoy the rest of your day.
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Next time you'll hear my voice is on Friday morning.

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