Stock Market Timing Television - 06282023

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Hello, 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 premarket this morning, stock index futures are higher.

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DOW futures up about 100 points.

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We do have commodities mixed with the

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energies higher while the metals are lower on Thursday morning.

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I want to start off today's presentation

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saying thank you to everyone who signed up for our Blood Donor Rewards program.

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If you haven't heard back from us, please

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send us a note today and we'll make sure you get set up.

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We have had some problems sending emails to Gmail accounts this week.

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So if you've got a Gmail account, that's

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one of the reasons you may not have heard from us.

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But yeah, if you haven't heard from us, please ping us today.

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Let us know and we'll take care of that right away.

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And again, thank you very much for

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everyone who signed up for our Blood Donor Rewards program so far.

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Now, we are coming up to month and quarter

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end and a couple of holidays, and that usually gives the market a bullish bias.

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If we were going to see some selling this

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week, we would have assumed it would have been very muted.

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And that's pretty well how things turned out as the market continues to move higher

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here and the VIX is still on a sell signal.

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So options traders are not spooked by anything at the moment

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and we're looking for things to change on Thursday if we see a close on the VIX

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above $14.40. We have seen some weakness in the DOW.

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It is on a sell signal right now.

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Yesterday was an inside day.

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We do have the S&P 500 trading right up to the upper channel line, the Nasdaq 100

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trading right up to the upper channel line, and the Nasdaq composite.

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The Russell has a little ways to go but could certainly generate a buy signal on

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Thursday if we continue to move higher throughout the day.

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The stocks index pulled back yesterday with an inside day, so no fall through to

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the upside after that big move up on Tuesday.

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Now, what worked yesterday in the US market was the energy sector followed by

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consumer communication services followed by consumer discretionary.

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Energy stocks traded right up to the upper channel line yesterday.

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The biggest winner in that sector on the

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S&P 500 was Williams Companies, making a new high for this move.

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Then looking at communication services, we're back on a buy signal here.

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The big winner yesterday was Dish Network trading up and generated a buy signal.

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It is certainly could be a bullish sign that we're holding support here.

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We didn't make a lower low, but last time we popped, we didn't get too far.

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Your world is not from here up to way up at the top left hand corner of the screen.

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Your world is much muted, but certainly

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you could make some money trading back up to the recent highs.

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Then looking at Consumer Discretionary.

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Now, this is odd.

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If the Fed is still trying to raise interest rates and slow the economy down,

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Consumer Discretionary shouldn't be winning.

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Consumer Staples should be winning, but that's not what's going on right now.

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Nobody's on recession watch anymore, apparently.

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The big winner in consumer discretionary

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yesterday was Carnival cruises, and all the cruise lines did very well.

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Norwegian, close follow up, and then Royal

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Caribbean, all the cruise lines are doing very well at the moment.

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Now, looking at big cap stocks, big cap technology stocks.

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We've got Apple making a new high yesterday.

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We saw a small pullback in Amazon.

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Then looking at Meta, very quiet day on Wednesday.

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We've got Microsoft trading in the channel.

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So a close above $338.84 would give us a buy signal on Thursday.

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Then looking at Netflix, we need to close above 430.92. We closed at 428.40.

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So we've just got a little ways to go to get a buy signal for Netflix.

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Then an inside day yesterday for NVIDIA, still on a sell signal.

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Then Shopify trading right up to the upper...

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Or closing right up at the upper channel line yesterday.

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Looking at Shopify on the TSX, 87.50 still acting as resistance.

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If we can start breaking out above 87.50,

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then 93.75 and $100 comes into play on Shopify trading on the TSX.

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Then looking at Tesla, Tesla trading up to the upper channel line yesterday.

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We are trading higher in the pre market

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this morning, so a close above 259.31 would give us a buy signal on Thursday.

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Moving on to the Canadian market.

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We've got the TSX just closing above the upper channel line.

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Similar situation for the TSX 60.

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Then we're looking at midcap still in the channel.

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We've got small caps trading below the

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lower channel line, and we had another nice big update for the venture exchange.

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What worked yesterday?

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Well, the big leader was Health Care

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followed by Consumer Staples and then infotec.

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Now, health care is a very small part of the Canadian stock market, so we do have

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the health care index back on a buy signal.

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Yesterday's big winner was Bosh in percentage terms.

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But again, not a lot of stocks in this sector.

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And last year, we would have probably been

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highlighting some cannabis stock, but those days have come and gone.

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Canadian Consumer Staples had a nice big pop yesterday.

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So again, if we're heading for a recession, which apparently we're not

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according to the market, consumer staples should certainly be outperforming Consumer

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Discretionary, but that's not the case at the moment.

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So the big winner in consumer staples was Circle K trading right up to resistance at

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68.75. Now, I don't like chasing stocks that pop.

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When they pop like this, it means everyone was shocked by the news.

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Nobody was on the right side of this trade going into it.

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But people have been buying the dips in this stock for quite a while now.

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Now, I wouldn't be attracted to this stock because the average true range is so low.

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So it's not really a tradable stock.

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If you're looking at this stock, it's more of something to put in your portfolio on a

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longer term basis than trading it short term.

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So you might want to be looking at the

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weekly charts if this is a stock that you want to follow.

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Looking at energy stocks, they did trade

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up yesterday, not enough to give us a buy signal.

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Financial services, on the other hand, back on a buy signal.

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Bank stocks looking for a slightly higher move here.

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We're just less than a dollar away from generating a buy signal on Thursday.

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What didn't work yesterday?

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Gold stocks continued to be on a sell

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signal here, trying to hold support at 270 on the TSX Global Gold Index.

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Now, oddly enough, the biggest loser on

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the TSX yesterday was Nova Gold, which was down over 12 % on the day coming into

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yesterday's trading action already on a sell signal.

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It has been for a while.

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Let's finish off today's presentation

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taking a look at commodities and we'll use the big US commodity ETFs.

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The USO moved up yesterday at close above 63.46 would give us a buy signal.

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We talked about the crude oil market yesterday and how I would

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give it a little more room than just taking the next buy signal.

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Gasoline moved up yesterday, trading up to the upper channel line.

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So a close above yesterday's high would give us another new buy signal.

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And unfortunately, natural gas rolled over yesterday.

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Still on a buy signal here that would change on Thursday with a close below

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6.91. It was unchanged last time I looked at natural gas.

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So 7.81 acting as resistance as expected.

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Hopefully, we can turn around here and

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continue to move higher, but that's not what happened on Wednesday.

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Looking at the GLD, we had a new low for

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the GLD yesterday, new low for Palladian, new low for

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Platinum yesterday, and then last up, we're looking at silver.

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Silver is still close to the lower channel

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line, a close above 2134 on Thursday would give us a buy signal for the SLV.

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From what we're seeing in the premarket

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this morning, not expecting that to happen.

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Okay, folks, that is all for this

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morning's presentation and that's all from me for Thursday morning.

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Next time you'll hear my voice

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is on Friday morning.

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