Morning Market Outlook 01182024

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Good morning, everyone, and welcome to Thursday morning.
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It's Stephen Whiteside here from theuptrend.com.
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In the pre-market this morning, stock
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index futures are above fair value being led higher by the Nasdaq.
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Commodities are mixed with gold higher
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while crude oil is lower in the pre-market.
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Now, we do have a jobless claims that housing starts coming out at 8:30 this
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morning, and they could certainly add to the pre-market volatility.
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Now, looking at the VIX, the VIX is still on a buy signal.
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That's bearish for stocks.
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Things would change on Thursday if the VIX
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were to close below 12.98. Now, in North America, we are enjoying
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watching our major indices hit all-time highs.
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At the same time in China, the market is continuing to collapse.
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Waps in 2024.
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Probably not a good omen for the rest of the world.
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We've got this particular ETF breaking down below our projected trading range.
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When we look at the Daily Fly Paper channel chart, you can see there was some
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Optimism back in July of last year, but for the most part, the Fly Paper channel
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acted as resistance and continues to point lower.
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So not a good sign, probably not a good
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sign for the rest of the world in 2024, but we'll just have to wait and see.
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Now, Wednesday was a losing day on the
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North American markets, and the markets were led lower by silver miners, followed
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by gold miners, the GDX, the XGD, and then Copper miners were not too far behind.
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And of Of course, if you've got all these
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mining stocks moving lower, that's going to put pressure on the
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Canadian market, and the TSX is back on a sell signal as of Wednesday's close.
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The biggest loser was First Quantum, and we're still on a buy signal here.
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Things would change on Thursday.
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Tuesday, if we close below 12.37.
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And then Pan American Silver was down over 6%, nearly 7% on the day, gapping lower,
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heading down to the lows from back in November.
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Then looking at the TSX 60, we're back on a sell The biggest loser was
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Imperial Oil, which was down over 4% on the day, back on a sell signal.
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Of course, the biggest gold stock is
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Barrick, and Barrick gapped lower on Wednesday.
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And you can see it's trying to hold the lows from back in November.
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Now, the Dow is already on a sell signal.
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The biggest losers yesterday were Walgreens and Caterpillar.
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Caterpillar back on a sell signal.
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The biggest winner was Boeing, which, of
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course, has been dragging the Dow down over the past week.
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It had an inside day.
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It's trying to hold $200.
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If we go back a few weeks and if we were shorting a Boeing, we would have told you
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to take profits at 234.38 and then 218.75. That would have been your playing field.
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We actually gapped down below 234.
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38, and then that acted as resistance.
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And then our next stop was 218.75. And
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then we gapped lower down to the 203.13 level.
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There's Obviously going to be psychological support at the $200 level.
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If we continue lower from here, then 187.50 is our mathematical target, but we
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also have to look back, and there's an open gap that hasn't been filled yet.
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And then we're probably using the high
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from back in October as an area of support at the moment.
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And so there is some obstacles in the way
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before we get to 187.50. And of course, Boeing could start to head up from here.
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That's the first sign that something new
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is happening if we fill that open gap, which is just below the 218.75 level.
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Then looking at the S&P 500, we're still on a buy signal.
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That would change on Thursday with a close below 471.45. The biggest loser was
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Albemarle, and it has continued to move lower.
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It's been on a sell signal since the start of the year.
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Then looking at the Nasdaq, we're still on a buy signal here.
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That would change on Thursday with a close
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below 403.21. The biggest loser on the Nasdaq 100 was CrowdStrike.
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Then looking at the Magnificent Eight, they're still holding up.
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We've still got Alphabet on a buy signal, Amazon on a buy signal.
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In both cases, we traded down to the lower channel line yesterday.
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We did not close below it.
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Apple's still on a sell signal, trying to hold 180.
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181.25 is our mathematical level of support.
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If that breaks, then $175 is our next target to the downside.
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And Of course, if you follow back, what
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was previous resistance back in October is currently acting as support.
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Then looking at Meta, Meta is still on a buy signal here.
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No change, no change for Microsoft.
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No change for NVIDIA.
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Nvidia is now up at our next price target of 562.50. If we can continue higher from
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here, then 593.75 would be our next target.
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And then Shopify trading down into the
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channel yesterday on both sides of the border, still on a buy signal.
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And then last up, we've got Tesla making a
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new closing low for this move on Wednesday.
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Okay, folks, that is all for this morning's presentation.
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So far, the market looks like it wants to
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be buying some tech stocks on Thursday morning.
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At the same time, We do have those economic numbers coming out at 8:30 that
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could certainly change the direction of the market.
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Have a great day, folks.
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The next time you'll hear my voice is on Friday morning.

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