Stock Market Timing Television - 06142023

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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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DOW futures are below fair value.
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That might have something to do with UnitedHealthcare.
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Nasdaq futures are slightly above fair value.
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So, so far it looks like we're gonna have a quiet open on Wednesday.
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Today, of course, being Fed Day, I believe there's probably about a 90% chance the
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Fed is going to pause today and not do anything.
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If you believe that, and we're 100% right,
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that's what the Fed is going to do today, that doesn't really matter because we
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don't know how the market is going to react to what the Fed does and what the
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Fed says in the press conference after the announcement.
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Now, the VIX had an inside day yesterday
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looking for a close above $15.66 on Wednesday.
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We still have the US. Dollar index on a sell signal.
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No change there.
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30 year bonds still on a sell signal.
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Bond yields still on a buy signal.
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No change there.
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The price of gold's been treading water for the past couple of weeks.
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Looking for a close on Wednesday above $1,988.40. Silver came down yesterday.
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Of course, silver has been leading the precious metals higher.
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Looking for a close below $23.58 on Wednesday to give us a sell signal.
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Inside day yesterday for crude oil.
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Crude oil is trading up this morning that could help the Canadian market.
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Natural gas was up yesterday, looking for
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a close above 2.44. We've got some mixed signals here.
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On the previous run up, we actually
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broke out above the previous high, so that should be bullish.
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At the same time, we came down and broke
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previous support and made a lower low, so that should be bearish.
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So we've got real mixed signals here.
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We've been in a long term downtrend for natural gas, and we're hoping that it
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would have turned around by now, but that has not been the case.
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So looking for a close above $2.44 now, the Dow made a new closing high yesterday.
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It went up and hit our next price target.
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The big winner on the Dow yesterday was Caterpillar.
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Looking at the S&P 500 new high.
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For the S&P 500.
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The big winner was the regional bank Comerica, up over 6%.
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Hard to notice that on the chart.
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Then looking at the Nasdaq 100 new high.
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Big winner on the Nasdaq 100 was Rivian
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and then Semiconductors, making a new high as well.
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And we had Nvidia was one of the big
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winners on the SP 500, up nearly 4% on the day.
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New closing high for Nvidia.
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Then looking at the TSX, the Ishares for
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the TSX 60, closing half a cent above the upper channel line.
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So we're still on a buy signal here for the Ishares for the TSX 60.
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A big winner on the TSX 60 yesterday was
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Saputo, which was up over 4% on the day while the big loser on the TSX 60 was
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Shopify down 2.27%. Remember, we're trying to break out above 87 50.
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If we can do that, 93 75 comes into play.
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Looking at those big cap technology stocks.
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Apple still on a buy signal, very quiet trading on Tuesday.
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Then we've got Alphabet trading back in the channel.
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A close above 125.92 would give us a buy signal on Wednesday.
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Then looking at Amazon.
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New high for Amazon on Tuesday.
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Then looking at Meta.
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Meta is still on a buy signal here.
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That would change on Wednesday with a
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close below 262.61. Then we've got Microsoft back on a buy signal.
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Of course, this new buy signal would be considered a high risk buy signal and not
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expecting a lot to the upside, but we'll just have to wait and see.
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Then we've got the chip stock that I watch most closely, advanced Micro Devices,
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making a new high yesterday before pulling back.
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Still closing above the upper channel line.
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We need to close on Wednesday below 118.64 to kick us out of AMD.
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And then Tesla made a new high for this move on Tuesday.
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So no change in trend.
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I would imagine you've sold most of your
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position so far and you're waiting to get kicked out.
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Not expecting to get kicked out on Wednesday.
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We need a close below 219.07, to give us a sell signal for Tesla.
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Not expecting that to happen.
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And of course, that lower channel line is going to continue to move higher daily.
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Okay, folks, that is all for this morning's presentation.
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Not expecting a lot to happen this morning.
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Of course, we have no idea how the
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market's going to react to whatever the Fed does this afternoon.
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Stay tuned.
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Next time you'll hear my voice is on Thursday morning.

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