Stock Market Outlook 10192023

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Good morning everyone and welcome to Thursday morning It's Steven Whiteside

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here from theuptrendcom In the pre-market this morning things are

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fairly quiet NASDAQ futures are trading higher this morning Commodities are

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trading slightly lower in the pre-market on Thursday morning Well yesterday

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things continued Bond yields continued to move higher We still have the

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S&P 500 in a trading range looking at the SPY 430-750 at the top 429-69 at the bottom What happened yesterday? Well we drove down to the 429-69 level and closed

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just above it and so now we're looking to see if we can if that level can continue to act as support or if we start to break down If we start to break

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down then 421-88 comes into play and if we start to break down we'll get a daily sell signal for the SPY Now looking at the Dow Diamonds they traded back

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into the channel yesterday The NASDAQ 100 triple Q's traded right down to the

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lower channel line So a close below 36279 would give us a sell signal on

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Thursday There's the iShares for the TSX 60 closing back in the channel A close

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below 2947 on Thursday would give us a sell signal there Now overshadowing any

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major up move in the stock market is an elevated VIX and that would change on Thursday with a close below $1683 Now Crude Oil continued to move higher on

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Wednesday There's a small pullback in Crude Oil in the pre-market this morning

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but that helped energy stocks on both sides of the border continue to move higher Now Gold was also up on Wednesday and it traded up to the August

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highs before stopping Now Gold stocks on the other hand while they did trade

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higher they gave up all their gains going into the close So the iShares for

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the TSX Global Gold index closed up $002 on the day while the GDX closed down

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$008 on the day So just be aware of that big reversal This might be the time

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and place where Gold and Silver stocks start to reverse Then looking at some

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stocks in the news Netflix is up sharply this morning and if it closes where it opens it'll be back on a buy signal as of Thursday's close In the other direction

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we have Tesla trading lower in the pre-market this morning and Nvidia was down yesterday it's up a couple of bucks in the pre-market this morning So we do

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have some bids into some high tech stocks which is pushing the Nasdaq futures higher this morning We've also got Apple trading down yesterday It closed just

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above the lower channel line so a close below $17570 would give us a new

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daily sell signal for Apple Okay folks that's all for this morning's presentation

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So far it looks like we're gonna have a fairly quiet open on Thursday morning at 930

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