Stock Market Outlook 10042023

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Good morning everyone and welcome to Wednesday 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 trading right around
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fair value, while commodities are slightly lower on Wednesday morning.
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Well, I'm not going to tell you anything new this morning.
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Tuesday turned out to be a continuation day.
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We saw the VIX make a new high that put
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downward press on the major stock market indices on Wednesday.
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We're looking for a close below $16.18 to give us a new sell signal for the VIX.
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If that were to happen, that would be supportive for higher stock prices.
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The US dollar index continued to move higher on Tuesday, putting downward
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pressure on other currencies, including the euro and the Canadian dollar.
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We saw bond yields continue to move higher on the back of lower bond prices.
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Whether you're looking at the XBB or the
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TLT or emerging market bonds or junk bonds, they all moved sharply lower on
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Monday, with corresponding bond yields continuing to move higher.
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Whether you're looking at the 5, the 10,
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or the 30 year, all the bond yields moved up yesterday.
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We talked about the downward pressure of bond yields moving up on the utility
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sector, but if we just look at the overall financial sector, you'll see overall
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weakness in financials, in US BankS, in the Regional Banks, in Broker Dealers, and
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finally the Insurance Sector has broken down.
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And of course we were watching the Insurance Sector outperform the rest of
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the financial sector over the past couple of months.
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Looking at the Canadian market, we had Canadian financials make a new low,
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Canadian Banks make a new low on Tuesday, so no change in trend there.
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Looking at the world of commodities,
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starting off with the energy sector, we saw a little buying in crude oil
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yesterday, that's being undone in the pre market on Wednesday morning.
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We had natural gas trade up to the upper
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channel line, so a close above 2.97 would give us a buy signal on Wednesday.
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We've got energy inventories coming out
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this morning at 10:30, so that could certainly shake up the energy sector.
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Energy stocks in Canadian market moved up slightly.
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In the US market, they moved down slightly, but no change in trend.
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Moving from the energy sector to the
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mining sector, we saw copper make a new low for this move yesterday.
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Freeport held up fairly well, while we saw a new low for First Quantum.
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Then looking at the price of gold, it moved lower yesterday.
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It's down again in the pre market this morning.
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Last time I checked, we're heading towards $1812.50.
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That's our next mathematical price target.
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We saw Barrick move up slightly yesterday, as did Agnico Eagle.
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No change in trend for either of those stocks.
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Of course, the price of silver continued to move lower yesterday, recovered most of
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its losses going into the close, but still closed down on the day.
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And you can see we made a new low for Pan
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American before closing slightly higher, and that's also true for Wheaton.
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Both making new lows and then recovering going into the end of the day.
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Looking at the major stock market ETFs.
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Starting with the Ishares for the TSX 60 and new low yesterday.
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New low for the Dow for the S&P 500 but not for the Nasdaq.
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The Nasdaq is still holding on to the lows
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from last week, so those have not broken down just yet.
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Okay, folks, that is all for this morning's presentation.
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No major trend changes to talk about.
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It looks like we're going to have a fairly quiet open on Wednesday morning.
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Have a great day.
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Next time you'll hear my voice is on Thursday morning.
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You dam.

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