Stock Market Overview 20220623

Stock Market Overview -20220623.mp4

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00:00:00

Good morning everyone, and welcome to Thursday morning.
00:00:02

It's Stephen Whiteside here
00:00:04

from TheUptrend.com with today's look at north American Stock Market Trends.
00:00:08

In the premarket this morning, stock index futures are above fair value.
00:00:12

Nasdaq is leading the market higher
00:00:14

on Thursday morning, trading up around 1%, while the VIX is down around 1%.
00:00:19

And commodities are also trading lower on Thursday morning.
00:00:23

Let's start off this morning's presentation.
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Taking a look at the US market.
00:00:27

And the VIX closed lower yesterday, down over 4%.
00:00:31

It's down another 1% in the pre market
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this morning, so there's certainly the possibility
00:00:36

of a sell signal for the VIX on Thursday with a close below 28.40.
00:00:41

Now we're still waiting for buy signals for the major index ETFs.
00:00:46

For the Dow Diamonds, we're looking for close above 312.36. For the SPDR ETF.
00:00:51

For the S&P 500, we're looking for a close
00:00:54

above 385.51. For the QQQ's for the Nasdaq, we're looking for a close
00:00:58

above 288.41 on Thursday, and that could certainly happen.
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Not expecting any trend changes for the
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iShares for the Russell 2000, or the iShares for the Microcap sector.
00:01:11

Now, the energy sector was once again
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the big drag on the market on Wednesday, with the Energy Select Sector SPDR ETF
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down 4%, giving up the gains it made on Tuesday.
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And within the
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S&P Oil & Gas Equipment & Services was the big loser, down over 6% on the day.
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What worked on Wednesday, real estate stocks moved up and they traded up
00:01:32

to the upper channel line, filled the first open gap.
00:01:35

So a close above 40.72 would give us a buy signal on Thursday.
00:01:40

And then healthcare moved up,
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not enough to give us a buy signal, closing just below the lower channel line.
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And within healthcare, of course, you've got biotech stocks,
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second day of a buy signal there, and first day of a buy signal
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for pharmaceuticals. Yesterday. We were looking at a couple of stocks.
00:01:57

Meta continued to trade lower yesterday, making a new low for this move.
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And Tesla pulled back, closing within the channel.
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It is trading up today.
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So there's certainly a possibility
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that Tesla would close above the upper channel line on Thursday,
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giving us that second close above the upper channel line.
00:02:16

Moving on to the Canadian market, and this isn't going to look pretty.
00:02:19

We've got energy stocks down over 5%
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yesterday, making a new low for this move, starting to dip below last week's low.
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The TSX large caps, mid caps, small caps,
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and micro caps are all holding last week's lows so far.
00:02:35

If commodities continue to move lower on Thursday, that could change.
00:02:40

The financial sector moved down yesterday, bank stocks moved down.
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Gold stocks closed lower on the day, but you wouldn't really notice.
00:02:48

We're still in the channel now.
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Gold is down $11 and change in the pre market this morning,
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so I'm not expecting anything from the gold sector on Thursday.
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We saw a new loafer base metals,
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a new loafer materials and industrials ended the day in the channel.
00:03:04

So there's certainly a possibility
00:03:05

for a buy signal for the industrial sector on Thursday.
00:03:09

And we saw the railroads move up
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yesterday, so close above 341.09 would give us a buy signal on Thursday.
00:03:17

And we've got the Nasdaq trading up in the Premarket this morning.
00:03:21

So certainly there's a possibility
00:03:22

for a buy signal in the infotech sector on Thursday.
00:03:28

And last up, telecom stocks they popped the other day,
00:03:31

with Shaw and Rogers moving up, those gains are starting to dissipate.
00:03:35

So this sector is starting to settle down and still on a sell signal.
00:03:40

Not expecting a change on Thursday.
00:03:43

Moving on to commodities.
00:03:45

And the big story outside of energy is copper continuing to move lower.
00:03:50

And as a global economic barometer, it's not going in the right direction.
00:03:54

Gold still trading in the channel.
00:03:56

Silver is still in the channel.
00:03:58

That could change on Thursday as we're
00:04:00

seeing some selling in the pre market this morning.
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Then looking at the energies, we saw crude oil continue to move lower yesterday.
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Gasoline closed slightly lower on the day,
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and then natural gas had a fairly quiet day on Wednesday.
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Let's finish off today's presentation with Bitcoin and ethereum.
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Inside day for Bitcoin, inside day for ethereum.
00:04:22

So nothing going on there on Thursday morning.
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Okay, folks, that is all for today's presentation.
00:04:28

Expecting to see some buying at the open on Thursday morning.
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Whether it's enough to give us new buy
00:04:34

signals or not, that is yet to be determined.
00:04:37

Have a great day.
00:04:37

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

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