Canadian Stock Market Outlook 02272024

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Good morning, everyone, and welcome to Tuesday morning.
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It's Stephen Whiteside here from theuptrend.
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com.
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In the pre-market this morning, things are fairly quiet out there.
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Stock index futures trading right around fair value.
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We do have consumer confidence coming out
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later this morning, and that could add some volatility to the markets.
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Looking at the VIX, the VIX is still on a sell signal here.
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Inside day yesterday.
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Of course, inside day is a day of
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indecision, so the market generally had a pause day.
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Fairly quiet trading Starting for the Dow, for the S&P 500, and for the Nasdaq 100.
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We continue to see interest in the
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mid-caps and small-cap stocks right now, which is a healthy sign for the market.
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Well, hopefully that will continue over time.
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Now, looking We did the Canadian market, it was fairly quiet on Monday.
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We did see a pullback for the TSX and the
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TSX-60, but we did not close below the previous day's low.
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Mid-caps and small-caps had an inside day,
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while the Venture Exchange actually closed higher on the day, so no trend there.
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We're still on a buy signal for the venture exchange.
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What worked on Monday, while InfoTech and
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Energy were the big winners, utilities, real estate were the losers, with
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utilities being the biggest loser of the day.
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Looking at InfoTech, we're still on a sell signal here.
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It would be helpful if we could get
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Shopify to get back on a buy signal, but we do have Bitfarm with a big reversal day
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yesterday, shooting right back up to the previous There's highs.
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Celestica made a new high on Monday, no change there.
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Inside day for Docebo with a small pullback.
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Then we saw a new high for CGI before closing lower on the day.
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No joy for Lightspeed, and unfortunately, no joy for Opentext.
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Moving on to the energy sector.
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Energy stocks made a new high for this move on Monday.
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Athabasca made a new high.
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We've got Birchcliff just treading water at the moment, still on a buy signal here.
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We saw a Bayek close higher by five cents on Monday.
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Looking at Crescent Point, we added nine cents.
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And then looking at Cenovus, Cenovus was
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up 15 cents on the day with a new closing high for this move.
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And We're going to be looking at White Cap
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and Inside Day on Monday, no change in trend.
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Now, we've got Canadian banks releasing
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earnings this week, and we're getting some today.
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The financial sector hit a new high yesterday before pulling back.
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That had a lot to do with With Canadian
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banks pulling back, we're sitting right on the upper channel
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line there, so not a very strong sector at the moment.
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We've got Bank of Montreal closing in the channel.
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We've got Bank of Nova Scotia closing in
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the channel, so those two Could certainly generate sell signals here.
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Little more interest in CIBC and the National Bank, but not by much.
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The Royal Bank still treading water here.
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Yes, we're technically on a buy signal,
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but closing right under the upper channel line.
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So again, the Royal Bank has not been trending for a couple of months now.
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And then looking at the TD Bank, once
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again, we've got a bank closing in the channel.
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So we're setting ourselves up here for some sell signals in the banking sector.
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Last up, let's take a look at the gold mining stocks.
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And gold miners had an inside day on Monday, so there's something hopeful.
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And we do have the price of gold up in the pre-market on Tuesday morning.
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Inside day for Barrick on Monday, new low
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for B2Gold, and then just a sample of a silver stock, Wheaton Precious Metals, new
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closing low, and a new low for this move for Wheaton.
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Okay, folks, that is all for this morning's presentation.
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So far, it looks like we're going to have a fairly quiet open at 9:30.
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Have a great day.
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Next time, you'll hear my voices on
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Wednesday morning, and at that time, we'll take a closer look at the US stock market.

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