Morning Market Outlook 12072023

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Good morning, everyone, and welcome to Thursday morning.
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It's Stephen Whiteside here from T
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heUpTrend.com In the premarket this morning, things are fairly quiet.
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Both the stock index, futures, and
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commodities are trading right around fair value.
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We are waiting for employment numbers to come out at 8:30 this morning, and they
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could certainly add to the premarket volatility.
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Now looking at the VIX, the VIX is still
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on a daily sell signal that's supportive for higher stock prices.
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That would change on Thursday with a close of above 13.60.
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Now the Nasdaq did end Wednesday on a daily sell signal, and that had something
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to do with Big Cap Tech stocks like Apple and Amazon pulling back on Wednesday, but
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it had a lot more to do with energy stocks, which were down sharply.
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You can see Constellation Energy down nearly five % on the day.
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Energy stocks continued to move lower on
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Wednesday on the back of lower crude oil and natural gas prices.
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If we look at the iShares for the TSX
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Energy Sector, we were looking to see if support at 16 would hold.
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As you can see, yesterday, we crashed right through that.
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We also made lower lows for U.S.
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Energy stocks on Wednesday.
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Now looking at the TSX, it got pulled down
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with weakness in energy stocks and we made an outside reversal on Wednesday.
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We are one day away from a new daily sell
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signal if the market wants to continue lower from here.
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Now last week, we were looking at the
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energy bullboard and looking at the stocks that people were following.
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We see Baytech making a new low for this move.
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We see Crescent Point making a new low and Athabasca making a new low.
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We do have Valeura Energy back on a sell
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signal as of Wednesday's close, joining the big caps, Cenovus Energy, and
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Suncor, which were down again yesterday with Suncor down over five and a half %,
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which is quite a large move for that stock.
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Okay, that's all that I wanted to cover this morning.
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We're waiting to see those employment numbers come out.
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Otherwise, the major indices for the most
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part are still on buy signals, and we've had no major sign of weakness so far.
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Enjoy the rest of your day.
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Next time you'll hear my voice is on Friday morning.

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