Stock Market Trends- 09122023

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Good morning, everyone, and welcome to Tuesday Morning.
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It's Stephen Whiteside here from the
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uptrend.com in the pre market this morning, things are fairly quiet.
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Stock index futures are slightly below fair value, being led lower by the Nasdaq.
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In the world of commodities, things are mixed.
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Crude oil and natural gas are up slightly,
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while we've got Gold down $11 in the pre market on Tuesday morning.
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Now, we don't have any major comic numbers coming out this morning.
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Unlike the rest of the week.
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The VIX had an inside day on Monday, so
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we're looking for a close above $15.19 to give us a buy signal on Tuesday.
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That, of course, would be negative for stocks.
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Lot of news out regarding Apple on Monday, but didn't really move the stock much.
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They're still trying to close that open gap.
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We are up another dollar in the pre market.
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Last time I checked, Monday was all about Tesla.
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Tesla, I guess, got an upgrade on old news, but there it is popping higher, and
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that helped lead the Nasdaq higher yesterday.
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Looking at big cap tech stocks, we've got
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Amazon trading up sharply yesterday, up to the previous high.
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Now, our mathematical target was 143 75.
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We got as high as 143 62.
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Is that significant?
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Well, the previous high was 143 63.
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So hopefully you had an order in just
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below that level, and it got filled on Monday.
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So congratulations. Looking at meta.
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Meta was up yesterday, coming up to the 312 50 level.
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Microsoft was up on Monday.
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No change there.
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Big move up for BlackBerry on Monday.
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And this will probably scare a lot of
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investors to just not just trade and not follow BlackBerry anymore.
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We had a huge move down last week.
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Now another huge move up this week.
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Not enough to give us a buy signal on the TSX.
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We're still looking for a close on Tuesday above $7.17. Shopify was up yesterday, so
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still closing above the upper channel line.
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No change there.
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What didn't work on Monday?
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Well, Nvidia was down.
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It's still on a sell signal. No change there.
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And we still have semiconductors on a sell signal.
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Starting to break down below last week's low.
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Now in the pre market this morning, Oracle is in the news and it made a new high for
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this move yesterday, up challenging the previous high.
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But in the pre market this morning, we're
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trading off sharply, trading down here at 114 and change level.
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So we'll have to see how the market deals with it when the market opens.
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Looking at the rest of the major index ETFs, we've got the Dow trading higher
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yesterday, not enough to give us a buy signal.
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We still have the S&P 500 on a buy signal.
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The ishares for the TSX 60. No joy.
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They were up yesterday, not enough to give us a buy signal.
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That would change on Tuesday with a close
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above $30.64. Now, what really worked on monday were the
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marijuana stocks and starting off with the ETFs, the alternative Harvest ETF was up
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over 17%, while the Horizon's Marijuana Life ETF was up over 8% on the day.
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Now, looking at the stockhouse bullboards, you can see the two most popular stocks
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that traders there follow is Tilray and Canopy Growth, and they ended up being two
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of the most actively traded stocks on Monday.
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Tilray in New York is up testing last week's high.
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Our next mathematical target is 352.
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If you want higher targets, you can go take a look at the weekly charts.
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If we look at Canopy Growth, which I
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believe was the most actively traded stock on the TSX on Monday, was up over 81% on
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the day, and you certainly don't see that very often.
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Our next two targets were 156 and 195 and then 234.
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We hit 234 yesterday and pulled back slightly.
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If we can take that out, then 273 is our next target on Tuesday.
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And then CureaLeaf Holdings was up nicely
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yesterday, up over 13%, heading towards 742.
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That's our next target. We got as high as 732 on Monday.
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Let's finish off this morning's
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presentation taking a look at the world of commodities.
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Starting with the energy sector.
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Both crude oil and natural gas had a small
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pullback on Monday, unlike the stocks, which were hit a lot harder.
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Looking at the XEG in Toronto, you can see
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we traded it down to the lower channel line yesterday, so a close below
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yesterday's low on Tuesday would give us a sell signal.
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A little more room to go for the XLE in New York.
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We're closing at the upper channel line now on the TSX, the most actively traded
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energy stock on Monday was Canadian Natural Resources, trading down to the
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lower channel line and closing just below it.
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So we're back on a sell signal for Canadian Natural Resources, unlike Suncor,
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which traded down to the lower channel line yesterday, so a close below
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yesterday's low would give us a sell signal on Tuesday.
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In New York, ConocoPhillips traded down to
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the lower channel line, so looking for a close below 119.
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60. And diamondback also traded down to the
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lower channel line, looking for close on Tuesday below 151.
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80.
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Then looking at gold and silver.
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Starting with the price of gold, we were up 4.50 yesterday.
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We're down $9 - $10 in the pre market this morning, so no joy.
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There certainly no joy for the price of silver.
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And then we don't have any buy signals for the major gold and silver ETFs.
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Whether you're looking at the GDX gold miners ETF we traded up into the channel
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yesterday, a close above 29.04 would give us a buy signal on Tuesday.
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Looking in Toronto for the XGD, we're looking for a close above $17.11, and then
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looking at the silver miners closing at the lower channel line.
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So not expecting a potential buy signal on Tuesday, we would need a close above 25.
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98. Not expecting that to happen.
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Now, the most actively traded gold stock
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on the TSX was B2Gold closing right at the upper channel line.
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So any higher close on Tuesday would give us a buy signal.
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Kinross was the next most actively traded stock on the TSX inside day yesterday.
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No change in trend. Of course.
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In New York, the biggest gold miner in the US is Newmont.
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It traded up into the channel, so looking for a close above 39 30.
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Now B two gold and Kinross are also the most actively traded stocks in the US.
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Followed by Barrick in New York.
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We need a close above $16.15 to give us a buy signal on Tuesday.
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Not expecting that to happen.
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Okay, folks, that is all for Tuesday morning.
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Stock index futures are still slightly below fair value, so so far it does not
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look like we're going to see a lot of buying at the open on Tuesday morning.
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Have a great day.
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Next time you'll hear my voice is on Wednesday morning.

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