Stock Market Timing Television - 07272023

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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.
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In the pre market this morning, stock index futures are higher across the board,
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being led higher by the Nasdaq, and the Nasdaq is being led higher by Meta.
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Now, the DOW continued to move higher on
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Wednesday and continued its record breaking streak.
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Now, we're back hitting the record books from 1987.
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If you don't remember, we had a nice big major crash in 1987.
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It'll be interesting to see if we can end
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the year without a major pullback like that.
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Now, I'm more interested in the DOW Transports than the DOW itself.
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The DOW Transports continue to move higher, up nearly 3 % on the day.
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Now, in the pre market this morning, Meta
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is trading up above the upper channel line.
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If it ends the day up there, of course, that would generate a new buy signal.
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It'll be interesting to see if Meta can
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trade and hold levels above the recent high.
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Mcdonald's is also trading higher in the premarket this morning.
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If it ends the day where it's trading
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right now, that would give us a new daily buy signal.
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Notice the resistance across the top of the screen.
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We made a high back in May and have tried
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several times to break out above that high.
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It'll be interesting to see how traders handle that on Thursday.
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And for Canadian investors, Celestica,
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which trades in New York, is up nearly 30 % in the premarket.
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So we're looking for a Celestica to pop on the TSX on Thursday.
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Looking at the VIX, the VIX is still on a
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sell signal that, of course, is supportive for higher stock prices.
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Things would change on Thursday with a close above $14.18.
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Now, the Fed made their proclamation yesterday and not a lot of movement in the
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bond market whether you're looking at the TLT.
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If you're looking at emerging market bonds
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or the junk bonds, they traded back to where they were trading on Monday.
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So some selling going into the Fed meeting
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and then they bought them all back on Wednesday.
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Looking at currencies, the US dollar index
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pulled back yesterday back in the channel and the Euro traded up into the channel.
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No change in trend for either currencies.
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Then looking at the major indices, the SPY was up yesterday just by seven cents, but
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it's trading higher in the pre market this morning.
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The Nasdaq traded down to the lower channel line.
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It's been in the channel for the last
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four trading days and of course, that's neutral.
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The Nasdaq is trading higher in the
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premarket this morning, so not overly concerned about a sell signal on Thursday.
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And then looking at semiconductors, they're also trading higher this morning.
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Semiconductors still on a sell signal.
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That had something to do with Texas Instruments yesterday.
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Generally, stocks fall faster than they
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rise, and that's why we like you to lock in profits as a stock is rising.
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And of course, you don't have to liquidate all of your profits.
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If you've been trading Texas instrument,
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of course, you're coming into today's trading action with a partial position
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left, so you should be able to end this trade with a profit or at least break even
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depending on how you traded Texas Instruments.
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Looking at Advanced Micro Devices, just
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treading water here, still on a sell signal.
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Nvidia, still treading water, still in the channel.
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So looking for a breakout or a breakdown on Thursday.
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Looking at the Canadian market, the TSX
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dipped lower yesterday and then ended the day higher by a penny.
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And of course, I'm referring to the ishares for the TSX 60.
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Now looking at financials in New York, we
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traded up being led higher by banks and being led higher by the regional banks.
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Then looking at broker dealers, they treaded water on Wednesday and we saw US
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insurance companies continue to move higher.
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And then Canadian financials traded higher on Wednesday, not taking out the previous
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day's high, whether you're looking at financials or banks,
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but at least they didn't continue to move lower on Wednesday.
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Let's finish off today's presentation taking a look at what worked on Wednesday.
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Starting on the TSX, Rogers popped.
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It's back on a buy signal as of Wednesday's close.
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It traded above the June highs.
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It would be nice to see if we could close above them.
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Then First Quantum dipped into the channel
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yesterday, then ran right up to the previous day's high.
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And Canadian Pacific is trading back up at the May high.
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So now it's a make or break time.
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Do we break out to higher highs or is the May high going to act as resistance?
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Then on the DOW, it was Boeing that
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popped, gave us a buy signal on Monday, popped on Wednesday.
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There's 3M continuing to move higher as we see Home Depot doing the same thing.
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Then on the Nasdaq 100, it was old Dominion Freight.
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So one of those DOW transport components
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followed by Alphabet back on a buy signal as of Wednesday's close.
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Then ADP making a new high for this move.
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And last up, we're looking at the winners on the S&P 500.
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Again, it was a transportation component,
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Union Pacific, followed by the regional banks, Zions, and Key Corp.
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Okay, folks, that is all for this morning's presentation.
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Somebody was asking about an Ursa picture
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the other day, so here's one that we took this week.
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She's doing really well and she's going to have her fourth birthday in September.
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In 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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