Morning Market Outlook 11282023

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Good morning, everyone, and welcome to Tuesday Morning.
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It's Stephen Whiteside here from
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TheUpTrend.com In the pre market this morning, things are fairly quiet.
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Stock index futures are trading just below fair value.
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Now, looking at the VIX, we're going to remain short term bullish on the market as
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long as the VIX does not close above $14.33 on Tuesday.
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Let's start off this morning's
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presentation, taking a look at the Canadian market.
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And in the news this morning, we've got Bank of Nova Scotia out with earnings.
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It is trading lower in the pre market.
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And you can see we've had some weakness in
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the Bank of Nova Scotia over the last couple of days.
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We're looking for a close on Tuesday below 59 90.
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Now all the major Canadian banks are reporting this week.
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And you can see the TD Bank has had some weakness over the past couple of days.
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And on Tuesday, we're looking for a close below $82.99 to give us a sell signal.
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Now, the Ishares for the TSX 60 ended
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Monday on a sell signal closing just below the lower channel line.
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And what caused that?
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Well, it was the energy sector was the
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biggest loser on Monday, crude oil traded lower.
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It is, of course, still on a sell signal.
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That would change on Tuesday with a close
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for crude oil above $77.98. No joy for natural gas.
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Making a new low on Monday.
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And then looking at the Ishares for the TSX Energy Index, you can see we're still
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trading above the $16 level, and that is currently acting as support.
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Looking at US energy stocks, we're trading in the channel.
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There's a lot more interest in the US for energy stocks right now.
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You can see the pros have almost taken control north of the border.
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It certainly doesn't look like the pros
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want to take control of the energy sector at this particular time.
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Now, while energy stocks didn't work well, precious metals did work on Monday, with
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gold moving up to the previous high from a couple of weeks ago, while silver is
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heading towards the high from back in August.
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And so when we look at the gold stocks,
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you can see on the XGD, we moved up 1.93% yesterday.
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The GDX in the US.
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Was up 1.6%, and then we had silver stocks up 1.76%.
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And again, silver and silver stocks
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leading the precious metals higher at the moment.
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Looking at the US.
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Market, it was very quiet yesterday for the S&P 500 and for the Nasdaq 100.
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Looking at the next gen Nasdaq stocks, they're still stuck at $25.
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It would be nice if we could start breaking out above that level.
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And we've got semiconductors still stuck at $200.
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And again, we're looking to see if we can break out of these areas of resistance.
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Speaking of resistance, looking at US.
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Banks, you can see that the bottom of the gap there has been acting as resistance.
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When we look at Regional Banks.
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It's our mathematical target of 45.
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31 that's holding us in check.
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We're trying to hold support at 43. 75.
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If that breaks, then we imagine that we'd
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head back down to try to fill this open gap.
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What worked yesterday?
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Well, on the Dow it was 3M followed by the Travelers companies.
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And of course, we've noted insurance
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stocks have been outperforming bank stocks over the past few months.
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Okay folks, that's all for this morning's presentation.
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Certainly not surprised to see a little bit of weakness here.
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It's kind of a US thanksgiving hangover
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and not expecting too many things to break hard this week.
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And as we come into month end, wouldn't be
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surprised to see some buying start once again.
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Have a great day folks.
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Next time you'll hear my voice is on Wednesday morning.

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