Crash Watch Over 11022023

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Good morning everyone and welcome to Thursday morning It's Steven White side

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here from the uptrendcom In the pre-market this morning stock index

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futures and commodities are currently trading above fair value so we are looking for some buying at the open at 930 Thursday morning Now I am doing this

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video ahead of the employment numbers coming out at 830 this morning They

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could certainly add a spin to the pre-market activity We'll just have

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to wait and see Now crash wash season has come to an end A couple things have

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happened We've made it through October The Fed meeting has come and gone and

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the market reacted positively to it and we've got the VIX back on its second day of a sell signal So options traders are certainly not looking for a market

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crash at the moment Of course that could change on a dime but this is what

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we're looking at coming into Thursday's trading action The S&P 500 ETF traded

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up to the upper channel line yesterday so sitting right on the edge of a new daily buy signal and it looks like we may get that today Now every symbol that

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you look at is unique We made a recent low We're trying to hold that low and we

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also made a recent high and we're trying to break out above that high So the

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first thing that's happened is a lot of charts have already started to trade above their October lows So typically what was support on the way down is

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often resistance on the way back up and we're kind of expecting a little more resistance at the October lows but we blew through that yesterday so that isn't an issue anymore And so the next major target of course is going to be the

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October highs so we'll have to see what the market does if we can get up to those highs Every chart is unique Every chart's going to have moving average

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resistance Every chart's going to have fly paper channel resistance and every

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chart is going to have mathematical price target resistance So right now look

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two lines up that takes us up to 43750 or the October highs and there's an

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also an open gap up at that level So each chart is unique Each chart's going

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to have its own targets on the way back up and hopefully we can change the script from lower highs and lower lows to higher highs and higher lows and hopefully that'll take us into year-end with a nice Christmas rally Looking at the

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NASDAQ 100 we are back on a buy signal as of Wednesday's close Looking at the

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mid caps in the Russell 2000 No joy yet looking for a close on the IWM above

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16744 on Thursday Micro caps have closed in the channel for the past two

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days looking for a close above 9383 and then looking at the Canadian market the

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iShares for the TSX 60 traded up yesterday We need a close on Thursday

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above 2918 to give us a buy signal and then small caps traded up to the upper

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channel line yesterday while micro caps closed slightly lower on the day still closing below the lower channel line Next up let's take a look at the New York

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Most Actives and we're looking at the price volume leaders so that means we're looking at where all the money went on Wednesday At Tesla traded higher looking

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for a close on Thursday above 2063 For Nvidia big day for Nvidia on Wednesday

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we're looking for a close on Thursday above 42745 Then AMD which was trading

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lower in the pre-market yesterday morning spiked sharply higher yesterday heading towards those October highs so we're back on a buy signal there We're

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back on a buy signal for Apple ahead of earnings which are coming out today so let's see if we can take a run at those October highs Then we've got Microsoft

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Microsoft made it all the way through October without generating a sell signal and there's a new high for Microsoft for this move Amazon continues to move

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higher has taken out the open gap which is now closed and so the next major target would be those September highs for Amazon Then we're looking at Meta

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Meta back on a buy signal as of Wednesday's close No joy for Google

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still trading below the lower channel line and that open gap Then we've got

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Exxon Exxon traded up to the lower channel line but reversed and so we're

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looking for a close above 10929 on Thursday to give us a buy signal for

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Exxon And last up looking at US stocks this morning is Netflix Netflix making

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a new high for this move on Wednesday Let's finish off today's presentation

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looking at the TSX most active and again these are price volume leaders so Enbridge is number one and Enbridge is back on a buy signal as of Wednesday's close Now on a positive note you can see we've made a couple of higher lows

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over the past couple of weeks and here we are coming up to the October high At

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the same time you might want to give this one a little more room This stock

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stock has been in the doghouse for quite a while now and on the midterm chart we still need to close above the tether line there You can see that you know

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since back in April we've been trading below the fly paper channel and it is continually acted as resistance so I wouldn't have much hope for this stock at this time Then looking at the TD Bank coming off a new lows last week

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looking for a close on Thursday above $7875 There's Suncore Suncore came

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down filled the open gap that was left in October and now we're moving back up looking for a close on Thursday above $4599 Then Canadian Natural Resources

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back on a buy signal as of Wednesday's close Then we're looking at the Royal

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Bank again we made a new low last week and here we are coming back up into the channel looking for a close on Thursday above $11196 We've got restaurant

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brands or Timmy's making a new high for this move on Wednesday so no change in trend there Then we're looking at the Bank of Montreal still closing below the

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lower channel line We need to close on Thursday above $10003 Then looking at

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Shopify trading back up into the channel yesterday certainly not getting the love that a lot of other big cap tech stocks got yesterday We were up over 3% on the

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day which isn't a lot for Shopify Looking for a close above $6956 on

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Thursday to give us a buy signal Then looking at Manulife we're back on a

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buy signal as of Wednesday's close Okay folks that is all for this morning's

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presentation I head of those employment numbers which are coming out in just a

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few minutes We've got stock index features and commodities trading higher

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So far it looks like we're going to see some buying at the open Have a great day

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

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