Stock Market Timing Television - 06222023

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00:00:00

Good morning everyone and welcome to Thursday morning.
00:00:03

It's Stephen Whiteside here in the pre market this morning, stock index futures
00:00:07

and commodities are trading below fair value.
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So so far it looks like we are going to
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see some selling at the Open on Thursday morning.
00:00:14

Let's start off this morning's presentation looking at the VIX.
00:00:17

And the VIX made a new closing low
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yesterday, so options traders are not phased by anything going on.
00:00:23

Looking for a close on Thursday above 14.88 to give us a buy signal.
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Now we did see a pullback in chip stocks
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and we've got the SOX Index back on a buy signal as of Wednesday's close.
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We also have cloud computing stocks and social media stocks back on sell signals.
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Now looking at the chip sector, Advanced
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Micro Devices is on its third day of a sell signal.
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We've seen intel a pullback for the past
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couple of days and yesterday it closed down at the lower channel line.
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So a close below 32.88 would give us a sell signal on Thursday.
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And then we've got Texas Instruments back on a sell signal.
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As of Wednesday's close, Nvidia is still
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holding up fairly well, trading above the upper channel line.
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Things would change on Thursday with a
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close below 402.36. Then looking at the QQQ's, they traded back into the channel.
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So we certainly have a possibility of a sell signal in the queues on Thursday with
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a close below 358.18. Then looking at Canadian tech stocks, they
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have rolled over and are back on a sell signal.
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It's not Shopify, which could end Thursday on a sell signal.
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We've got BlackBerry making a new low on Wednesday, we've got Constellation
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Software back on a sell signal, we've got Lightspeed back on a sell signal.
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Then we've got Nuvei making a new low for this move.
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So it's been on a sell signal for over a
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month now and we've got OpenText making a new low for this move and Telus
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International also making a new low for this move.
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Then looking at the DOW, it traded back into the channel again.
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So down to the lower channel line, we need
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a close below 338.38 on Thursday to give us a sell signal for the DOW.
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For the SPY, we're looking for a close
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below 431.69. And then looking at the Russell and the Ishares for the NMicrocap
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sector, both trading down to the lower channel line.
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So we could certainly see sell signals in both of those two sectors.
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On Thursday, looking at the Canadian market, second day of a sell signal, we've
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filled the open gap, so that's no longer potential support.
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Yesterday's big loser was the Real Estate sector.
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And of course this has a lot to do with interest rates.
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Canadian real estate making a new low for this move.
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You can see Choice made a new low yesterday.
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It actually recovered and closed slightly higher on the day.
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Crombie making a new low new low for Rio Can.
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A big sell off yesterday for Northwest Healthcare down over 11% on the day.
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Now, speaking of interest rates, the bank
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of England raised their benchmark interest rate this morning, and that's helping put
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downward pressure on stock index futures this morning.
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Looking at the SPDR Financial ETF, we're
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still on a buy signal that would change on Thursday with a close below 32.95. We do
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have US banks and US Regional Banks on sell signals.
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We've got the Broker Dealers back on a sell signal as of Wednesday's close.
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And then we're looking at insurance stocks which actually closed higher on the day.
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Looking for a close below 32.65 on Thursday to give us a sell signal.
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Canadian financials rolled over yesterday.
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Canadian banks back on a sell signal as of Wednesday's close.
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We've been watching manualife breakdown this week.
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Heading lower.
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We've got Sun Life back on a sell signal.
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We've got Canadian Imperial Bank of Commerce CIBC back on a sell signal.
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We've got Laurentian Bank back on a sell signal.
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TD bank still holding up.
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We're looking for a close on Thursday below 79 34.
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Let's finish off this morning's presentation.
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Taking a look at commodity prices and no
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joy, no change in trends from Wednesday's trading action.
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We had a new low for the GLD.
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It's trading lower in the pre market this morning.
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The SLV has gapped lower for the past two
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days and starting to trade below the May low.
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Looking at stocks, the Ishares for the
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global TSX Global Gold Index made a new low yesterday.
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New low for the GDX, new low for the SIL.
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And then looking at energy, we had crude oil move up yesterday.
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It's trading lower this morning.
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We had natural gas trade up. Having an inside day.
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It's trading lower this morning.
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So we don't expect much movement in energy
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stocks, whether you're looking at the Canadian or US market on Thursday.
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Okay, folks, that is all for this morning's presentation.
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We are expecting some selling at the open on Thursday morning.
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Have a great day.
00:04:57

Next time you'll hear my voice is on Friday morning.

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