Stock Market Timing Television - 20230126

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Good morning, everyone. Welcome to Thursday morning.
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It's going to be a quick update this morning.
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We've got a bunch of economic numbers coming out at 8:30 this morning that could
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dramatically change the direction of the market.
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So far, things are fairly quiet.
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Dow future is slightly below fair value.
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Nasdaq and S&P 500, slightly above fair value.
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Now, looking at yesterday morning's
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action, we were waiting for Microsoft to start trading in the pre market.
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Yesterday morning, it was trading down in the channel.
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And as I mentioned yesterday, we don't care how it opens, we care how it closes.
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It opened lower, it traded lower.
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It traded below the lower channel line
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down to last week's low and then reversed going into the close.
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So we recovered most of the losses intraday.
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Still closed lower on the day for the
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second day in a row, but still closed above the upper channel line.
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So no sell signal there.
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Now Tesla is out with earnings.
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It's up in the premarket this morning.
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So our next mathematical target is 156. 25.
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We're trading up at 154 and change at the
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moment, so there's a good chance you could get an order filled up there at 156.
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25 on Thursday.
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Looking at Shopify on the TSX, nice big move up yesterday.
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Started to trade above the 200 day moving average.
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It hasn't broken away from it yet.
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Hit our next price target of 62. 50.
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That was the top of our projected trading range.
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If we continue higher from here, then 68.
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75, of course, would be our next target.
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And then if you look at the weekly chart, that is $75.
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But we're not there yet.
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Looking at what worked yesterday while it was the gold miners on both sides of the
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border, and the silver miners did very well on Wednesday.
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Looking at the VIX, the VIX is still oversold.
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We've got a pressure zone forming.
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Unfortunately, last time we had a pressure zone forming, we didn't get a lot of lift
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off, so we'll have to see what happens this time.
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We traded up to the upper channel line
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yesterday before coming down and closing below the lower channel line.
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So a round trip there on Wednesday.
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Looking for a close on Thursday above
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20.99. That's the first sign something new might be happening.
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The Pros took control last week on that
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big reversal day, but then gave up control again.
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And it does not look like they want to take control on Thursday.
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The range has tightened.
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Of course, we've talked about this that we tried to trade below 1875 for one day and
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came back, and now 21 88 is acting as resistance.
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And so we're looking for a breakout of that range.
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Of course, everybody will notice if we
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start breaking out above the moving averages or the fly paper channel.
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That certainly hasn't happened yesterday
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and not expecting it to happen on Thursday.
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Looking at the I shares for the TSX, 60.
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We traded just almost unchanged yesterday.
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Just down two cent on the day.
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So looking for a close on Thursday below 30.
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91 to give us a sell signal and trying to hit the next price target of 31.
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64.
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It's been hard to do over the last couple of weeks.
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The high yesterday was 31.
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53, so we almost hit it.
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We'll probably hit it on Thursday.
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Looking at the SPY ETF, almost unchanged yesterday.
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Just up $0.15 on the day.
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Looking for a close on Thursday below 391.
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23.
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Our next mathematical target, of course, is 406.25. Still having trouble with $400.
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That big
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Round number $400.35, that was the closing price yesterday.
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Then looking at the Nasdaq 100, we closed down for the second day in a row.
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Big reversal off the intraday lows, though.
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Looking for a close on Thursday below 276.
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72.
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And we're looking to see if we can break
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out above the top of the fly paper channel.
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That would be something new.
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And of course, the market will be looking
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to see if we can take out the recent high here.
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And that would certainly be a bullish sign if we could do that.
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Looking up the Ishares for the Russell 2000, still dealing with 187.
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50. We closed at 187.
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45 yesterday, so we have traded above the 187.
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50 level, but we haven't been able to break away from it just yet.
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193 75 would be our next target if we could do that.
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And then looking down on Thursday, we need
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to close below 182.15 for the Ishares for the Russell 2000.
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Okay, folks, that's all for this morning's presentation.
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The deck chairs are going to be shuffled quite a bit after 8:30.
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So just if you've got any orders to be filled this morning,
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please wait and see what the open is going to look like before you take action.
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If you have some new signals from yesterday, you may not need to execute
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them, depending on what the futures do this morning after 08:30.
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A.m. Have a great day, folks.
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Next time you'll hear my voice is on Friday morning.

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