Canadian Stock Market Outlook 03052024

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Good morning, everyone, and welcome to Tuesday morning.
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It's Stephen Whiteside here from theuptrend.
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com. In the pre-market this morning, US Stock
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Index futures are trading below fair value.
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At the same time, commodities are trading
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higher, which could put a bid into the Canadian market on Tuesday.
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Starting off by looking at the US market and looking at the VIX, the VIX is still
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on a sell signal that's supportive for higher stock prices.
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Things would change on Tuesday if the VIX were to close above 14.
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29.
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Then Semiconductors continued to move higher on Monday.
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We saw a new high for NVIDIA, hitting our
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next price target of 875 before pulling back.
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The DOW had a very quiet day.
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It had an inside day on Monday.
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Very quiet day for the S&P 500.
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The big winner on the S&P 500 was HPE,
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Hewlett-Packard Enterprise, and it was up over 10% on the day.
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What didn't work yesterday was Tesla. Tesla rolled over.
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It is back on a sell signal as of Monday's close.
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Still dealing with that open gap from January.
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Then looking at the Nasdaq 100, very quiet day.
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Apple continued to move lower yesterday.
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Our next price target was 175.
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We closed at 175. 10.
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If we take out yesterday's low, we would assume that we would head down to 168.
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75.
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Now, the most actively traded US stock on Monday was the Regional Bank,
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New York Community Bank Corp, which was down another 23%.
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The market doesn't seem to be as worried about this regional bank falling apart as
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it did last year, but we'll just have to wait and see what happens.
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And of course, if this Regional bank implodes, we don't know what other
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financial institutions it's going to take down with it.
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Looking at the Canadian stock market, starting off looking at the iShares for
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the TSX-60, it was an inside day on Monday, so no change there.
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What worked on Monday?
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Well, it was materials, and of course, that includes the gold stocks.
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Our real estate industrials and financials were the winners.
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What didn't work? Well, it was the rest of the market, and
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we'll take a look at the energy sector in a second.
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Taking a look at gold stocks, We saw the TSX Global Gold Index lead the North
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American markets higher on Monday, up over 4% on the day.
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The price of gold continued to move higher on Monday, so did the price of silver.
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Looking at the most actively traded gold stocks, it was a Kinross was the number
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one, then followed by B2Gold, then Barrick, then a Agnico Eagle.
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Now, gold stocks may get some US attention this time.
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Newmont, which is in the S&P 500, it's the only gold stock in the S&P 500 was
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actually the second best performer on the S&P 500 on Monday.
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Looking at the energy sector, we saw
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the iShares for the TSX Energy sector pulled back.
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Yesterday had an inside day, did not close below the previous day's low.
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We had a similar situation for the price of crude oil.
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We saw natural gas up over 4% on the day.
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Natural gas is on a buy signal right now.
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Then looking at the stock house bullboards, the stock that people are
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watching the most is Bayex, which is on its third day of a sell signal.
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Then we had Whitecap make a new high for this move.
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We had an outside reversal day for Suncor.
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It shows up as a bearish reversal day
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here, and you can see where we've had bearish reversal days before.
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Bearish reversal signal is a one-day event.
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We're looking to see if we get follow through to the downside on Tuesday.
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Then looking at Athabasca, a new closing
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high for that stock, and We're up at our next price target of 5.
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08.
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And then looking at Tamarack, a new high there.
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Hit our next price target of 3. 52.
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So congratulations.
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Then Kelt was the best-performing energy stock on the TSX on Monday, up at 2.
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14% for the day.
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Let's finish off looking at financials and
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looking at the iShares for the financial sector.
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Still on a buy signal here.
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Then looking at the BMO Bank ETF, a new high for this move on Monday.
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Bank of Nova Scotia, which for a lot of
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2023 was the dog of the banking sector, made a new high for this move.
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We also saw a new high for CIBC.
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Fairfax, which had a huge A huge pullback
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a couple of weeks ago when some short sellers took a run at it, has completely
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recovered and on Monday made a new high for this move.
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Then the TSX also made a new high.
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It's one of my favorite Canadian financial stocks.
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On the other hand, TD Bank rolled over.
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It is back on a sell signal as of Monday's close.
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Okay, folks, that is all for this morning's presentation.
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It looks like we're going to have a mixed open.
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The Nasdaq is leading the US indices lower.
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At the same time we have gold and crude
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oil trading higher on Tuesday morning, and that could help the Canadian market.
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Have a great day, folks.
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Next time you'll hear my voice is on
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Wednesday morning, and at that time, we'll take a closer look at the US stock market.

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