Morning Market Outlook 11292023

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Good morning everyone and welcome to Wednesday Morning.
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It's Stephen Whiteside here from
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TheUpTrend.com. In the pre market this morning stock index
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futures and commodities are trading above fair value.
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So so far it looks like we're going to see
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some buying at the open on Wednesday morning.
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We do have economic numbers coming out at
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8:30 this morning that could sway the market.
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So we'll just have to wait and see.
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We still have the VIX on a sell signal that support of for higher stock prices
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that would change on Wednesday if we were to close above $14.20. Now we've got the
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Dow trading up at summer highs, we've got the S&P 500 trading up at summer highs and
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we've got the Nasdaq trading up at summer highs.
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So this is a time and place where we could take a break.
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We've got the TSX pulling back a bit this
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week and you can see that we moved up and filled an open gap and started to pull
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back from there and so we have not been able to get back up to the summer highs.
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Of course the US market has those big cap technology stocks.
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The Canadian market is much more commodity
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focused and so the selling in energy stocks have not helped and now we're
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getting some selling in the banking sector.
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So we are expecting a little bit of a pullback here.
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If we look at the percentage of stocks currently trading above their 20 day
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moving average on the S&P 500 you can see that we're currently up at the top of the
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range and this is where the market either pulls back or takes a break.
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I think we're going to have a little bit
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of a pullback in the first week of December.
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We'll just have to wait and see.
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If we look at the percentage of stocks on
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the S&P 500 currently trading above their 200 day moving average.
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You can see we moved up to our first target and we talked about this a couple
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of weeks ago that we may be able to move up to this level and this is the time and
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place where we may see the market pull back.
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But given the seasonality of the time of
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the year we are looking for a continued move higher and you can see that the
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market has pulled up to those levels before.
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So what we're talking about here is we're
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looking for the market rally to broaden out.
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We've talked a lot about that.
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We've talked about the semiconductors and micro cap stocks, small cap stocks.
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We're looking for those to move up as well as those big cap technology stocks that
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have been pulling the market higher and so that's what we're waiting for.
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But wouldn't be surprised if we see a
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little pullback in the first week of December and of course we're expecting to
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see more money come into the market this week heading into month end.
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Now bonds continue to move higher.
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That's putting downward pressure on bond yields.
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That's supportive for higher stock prices,
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and it may be supportive for higher precious metals prices.
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As the price of gold made a new high for this move, as did the price of silver.
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Silver is coming up to those summer highs right now.
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The best performing stock on the S&P 500 yesterday was newmont.
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If we go back to last week, you can see we were looking up two lines 39.06 and 40.
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63.
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Well, both of those targets were hit yesterday.
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So if you had orders in at either of those two, they got filled on Tuesday.
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Now we're looking up, seeing if we can
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break out above the September high up to 40 219.
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And the best performing stock on the TSX
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60 on Tuesday was Barrick up 4.97% and hit our next target of 23.
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44. Our next target to the upside is 24.
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22.
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And so we've got a new high for this move, for GDX, for the XGD, and for the SIL.
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So gold and silver stock continuing to move higher on Tuesday.
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Okay, folks, that is all that I wanted to cover this morning.
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Looks like the market wants to continue to move higher on Wednesday.
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Have a great day.
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Next time you'll hear my voice is on Thursday morning.

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