Stock Market Trends- 08312023

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Good morning everyone, and welcome to Thursday Morning.
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It's Stephen Whiteside here from the uptrend.com in the pre market this
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morning, stock index futures are trading above fair value.
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Commodities are mixed with crude oil
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higher, while gold is lower on Thursday morning.
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Now, at the time of this video, we're still waiting for economic numbers to come
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out at 830, and that could certainly add to the pre market volatility.
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Now, as expected, fear has been falling this week.
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We are coming up to month end, which is today.
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We're also coming up to a three day long weekend.
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Both of those usually give the market a
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bullish bias, so we've seen the VIX pulling back over the past couple of days.
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That's bullish for the market.
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We've seen the US dollar index pull back.
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That's bullish for the market and we've seen bond yields pull back.
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That, of course, is bullish for the market.
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Looking at the TSX, we've traded up through an open gap.
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Now we're coming up to resistance at 30.
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86 on the XIU.
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If we can take that out, then it's a run up to 31.
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25, which we failed at back in July.
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So just be aware of that.
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We are coming up to resistance then.
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Looking at the Dow Diamonds, we're looking at 351.
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56.
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We should be able to hit that today.
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Looking at the SPY, we're coming up to 453.
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13 and notice that that is also the bottom of an open gap from back in July.
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So that could act as resistance then.
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For the queues, we are trading, currently
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trading above the 375 level in the pre market this morning, so looking to see if
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we can take a run back to the high from July.
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If we can take that out, then 390.
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63 would be our next mathematical target.
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The semiconductors are stalled here at 212.
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50. We've seen money come back into Nvidia
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this week, running back up to the recent high.
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We haven't seen a lot of money come back into Advanced Micro Devices just yet.
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So a lot of tech stocks have done well
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this week, including Apple, which has moved up to the bottom of an open gap.
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At the 187.50 level.
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We closed at 187.
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65.
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So our next move up is 193.
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75, but there's an open gap at 192. 37.
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The top of that open gap is at 192. 37.
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And so that is our next target to the upside for Apple.
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A lot of tech stocks not participating
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this week, but certainly not selling off either.
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Looking at Amazon, looking at Meta,
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looking at Microsoft, not really participating.
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Looking at Shopify, we've had a nice move up over the past couple of days.
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Where have we moved to? 81.
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25. We closed at 81.
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21 yesterday with a high of 81. 23.
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So just two cent away from our price target.
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If we can take that out, then 87.
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50 comes into play.
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Let's finish off this morning's
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presentation, taking a look at commodities.
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And we've seen money move back into the energy sector this week.
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We've got crude oil back on a buy signal.
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Nothing going on with gasoline at the
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moment, but we do have natural gas back on a buy signal.
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So with crude oil and natural gas moving
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up, we've seen a new high in Canadian energy stocks on Wednesday.
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And we've got US energy stocks back on a buy signal as of Wednesday's.
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Close.
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Now, we saw a little reversal in the metals yesterday.
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The GLD made a new high.
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It's coming up to 181.
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25 and the bottom of an open gap from back in July.
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And so we saw a small reversal yesterday.
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Still closed higher on the day, unlike
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silver, which is trading up towards the highs from back in July.
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Had a reversal day yesterday, giving us a bearish reversal signal.
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So that could be the start of something.
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We'll look to see if we get fall through to the downside on Thursday.
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Then looking at the miners themselves, the
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GDX had a small pullback, small pullback for the XGD, actually closing higher on
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the day, excuse me, by two cent, but did pull back from a new high.
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And we had a big reversal for the SIL,
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closing down two cent after making a new high.
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And then looking at copper miners, a similar situation.
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Not a big thrust to the upside yesterday, but we did see a small pullback and we
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closed down a penny on the day, so nothing conclusive there.
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Okay, folks, that is all for today's presentation.
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Wouldn't be surprised if the market traded higher today and tomorrow, but we'll have
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to see how the market reacts to those economic numbers coming out at 830 this
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morning and then we have some more numbers on Friday.
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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.