Stock Market Trends- 09152023

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00:00:00

Hello, everyone, and welcome to Friday morning.
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It's Stephen Whiteside here from theuptrend.com.
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In the premarket this morning, stock index
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futures and commodities are trading above fair value.
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So far, it looks like we're going to see
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some buying at the open at 9:30 Friday morning.
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Now, today is a quadruple witching day, which means the stock index futures and
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options expire today for the month of September.
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This happens once a quarter where everything lines up on the same day.
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It used to be a huge event back in the
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90s, but since a lot of traders got caught on the wrong side of this day, they've
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learned to unwind their positions ahead of today's event.
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It is happening.
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It is an event, but it's not as big an event as it used to be back in the 90s.
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Now, so far this week, we are still
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trading within last week's range for the S&P 500 and for the NASDAQ.
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That means that if we end this week within
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the range, that this will be the second inside week in a row.
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Overall price action has been contracting over the past couple of weeks, which
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when volatility contracts, and we're talking about price volatility, not
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options pricing, but when price volatility contracts, it will expand at some point
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and we'll have to wait and see whether it expands to the upside or to the downside.
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Now looking at options pricing, we can see the VIX has made a new low yesterday
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and the upper channel line has also moved lower.
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And so on Friday, we're looking for a
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close on the VIX above $14.81 to give us a buy signal.
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And if that were to happen, that would be very negative for the stock market.
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But so far, it does not look like that's going to happen on Friday.
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Now we've got the major US auto companies
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in the news this morning due to strike action.
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And there's a Ford on a buy signal coming into Friday.
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General Motors is also on a buy signal.
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As you can see, the market wants Ford more than they want GM right now.
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Now, compare those two charts to their Japanese counterparts, whether we're
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looking at Honda or Toyota, it's a totally different world.
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Then, of course, we've got Tesla.
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Tesla made a new closing high for this move on Thursday.
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Now the world is still focused on inflation and crude oil is still not
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helping with crude oil making a new high once again on Thursday.
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That helped energy stocks move up on both sides of the border.
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On the TSX, it was a Tamarack.
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On the US, Diamondback Energy had a great day making a new high for this move.
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Looking at the iShares for the TSX 60,
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they popped yesterday and ran right up and made a new closing high for this move.
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31.25, of course, is resistance for the iShares for the TSX60.
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Now, the big move that we saw yesterday
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was led by real estate, which is rather unusual.
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That doesn't happen very often, followed
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by industrial materials, and then utilities.
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Utilities, of course, is a defensive play.
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Then we see energy down the bottom there.
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Everything was up yesterday, which is also
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something unusual, but that's exactly what happened.
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There's real estate popping.
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Not only was it a big day, but the sector
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is back on a buy signal, being led higher on Thursday by Interrent,
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which actually traded out and closed above the July highs, which is a bullish sign.
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Then looking at industrial, which also popped and is also back on a buy signal,
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and that sector was led higher by Ballard Power.
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Then in the materials world, it was Mag Silver was the big winner on Thursday.
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Now, what happened yesterday to the
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commodity stocks didn't really reflect what the commodities were actually doing.
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Their silver making a new low yesterday before coming back up to the $23 level.
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You can see that gold made a new low for
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this move yesterday before coming back and closing slightly higher on the day.
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It is trading higher in the premarket this morning.
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Now looking at the gold and silver stocks, the GDX is back on a buy signal as of
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Thursday's close, while the XGD is still waiting for close above $17.08.
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Then looking at the SIL, we're looking for a close on Friday above $25.81.
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Then looking at the DAO, it is back on a buy signal as of Thursday's close, joining
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the S&P 500 and the Nasdaq still on buy signals.
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Both are still waiting to take out the recent highs.
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And then looking at the semiconductors,
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chips traded back into the channel on Thursday.
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There's an open gap to get through.
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And then we're looking for a close above 207.64 on Friday to give us a buy signal.
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Now, Apple still on a sell signal, no
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change in trend there, and then no change in trend for NVIDIA, still
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on a sell signal closing slightly higher on Thursday.
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Now, what worked in the US?
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Well, just like in Canada, it was real
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estate followed by utilities and then materials.
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Those were the big winners.
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For real estate, we are back on a buy signal as of Thursday's close.
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The big winner was Boston Properties, still not on a buy signal.
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We need to close above 66:65 on Friday to give us a buy signal there.
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Then looking at utilities, what we're on our fourth day of a buy signal for
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utilities and the big winner on Thursday was Consolidated Edison.
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Then looking at materials, we are back on a buy signal as of Thursday's close.
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The big winner there was Mosaic,
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which is also back on a buy signal as of Thursday's close.
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Okay, folks, that's all for this morning's presentation.
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Have a great day. Have a great weekend.
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I will not be doing a presentation over the weekend.
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Next time you'll hear my voice is on Monday morning.

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