Stock Market Timing Television - 07122023

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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. I'm sorry I missed you yesterday morning.
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I started working on the presentation but
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I just had a massive headache and I couldn't really see the screen.
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So hey, I just went back to bed.
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So sorry about that.
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In the pre market this morning, things are fairly quiet.
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We're waiting for CPI numbers to come out at 8:30 this morning and then we're also
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going to get Ed Energy inventories at 10:30 this morning.
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So a couple of things that could add to the volatility of the market.
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The VIX has pulled back over the past
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couple of days looking for a close on Wednesday below $14.
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We found resistance at 15.63, put in a lower high, which could be bullish for the
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stock market if we start moving down from here.
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And of course, 12.50 is a major area of potential support.
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US dollar index continued to move lower yesterday.
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That may help the commodities this week.
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Then we saw a pullback in bond yields on
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Tuesday and that trend could continue, which could support higher stock prices.
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Now the price of gold is traded up to the
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upper channel line, so certainly a potential of a buy signal on Wednesday.
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We've got gold stocks in the US sitting
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right on the upper channel line, closing $0.04 above it.
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So that is a buy signal for the GDX.
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Still waiting for a buy signal for the Ishares for the Global Gold Index.
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Then looking at the price of silver
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sitting right below the upper channel line.
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Silver stock, similar situation as you can see.
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Depending on which way the market goes on
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Wednesday, we may have a bunch of new buy signals to deal with on Thursday morning.
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Not in the energy sector though, which is breaking out to a new high.
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Looking at the price of crude oil, natural gas is back up in the channel looking for
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a close above 273 to give us a buy signal on Wednesday.
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There's Canadian energy stocks, there's US
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energy stocks both breaking out above the June highs.
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So that looks fairly bullish.
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Then US Financial is making a new high for
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this move and it's a pretty bullish chart, but it does have a lot to do with the big
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banks or the little banks or the broker dealers.
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It has much more to do with insurance companies right now.
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And there's Prudential making a new high for this move.
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Compare that chart to Citigroup and you can see who's beating who.
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Looking at Canadian financials and
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Canadian banks, things are looking pretty neutral right now.
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The best performing Canadian bank is the TD bank.
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We are seeing some selling in the insurance sector.
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We've got Sun Life back on a sell signal,
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joining Manulife, already on a sell signal.
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Now Apple is back on a sell signal as of
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Tuesday's close, joining Amazon, already on a sell signal.
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Meta still on a buy signal.
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No change there no change for Google or Alphabet.
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Making a new low for this move on Tuesday.
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We also made a new low for Microsoft on Tuesday.
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Now Microsoft of course is in that battle
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to buy Activision Blizzard, which got some positive news yesterday.
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So that stock shot higher over 10%.
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Also taking up Electronic Arts which was up over 5% on the day.
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Then looking at Nvidia, we're still treading water up here.
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Very quiet day on Tuesday.
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We also had a very quiet day for Tesla.
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Still trading in the channel, having an inside day or a day of indecision.
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Now looking at the Ishares for the TSX 60.
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We're on a sell signal right now that did not change.
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The Dow Diamonds back on a buy signal, joining the S&P 500 and the Nasdaq and the
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Semiconductors all still on buy signals, so no change there.
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Okay folks, that is all for this morning's presentation.
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It's very quiet out there ahead of the CPI numbers.
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And then of course after the CPI numbers on Thursday, we get the PPI numbers.
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So consumer inflation, then producer inflation.
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Those two numbers should add to the
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volatility that we're going to see in the market this week.
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Enjoy the rest of your day.
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Next time you'll hear my voice is on Thursday morning.

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