Stock Market Timing Television - 20221116

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00:00:00

Good morning, everyone. Welcome to Wednesday morning.
00:00:02

It's Stephen Whiteside here
00:00:03

from TheUpTrend.com with a quick two minute market update.
00:00:07

In the pre market this morning,
00:00:09

stock index futures are unchanged at the moment.
00:00:12

So things are very quiet out there this morning.
00:00:15

There is some stocks in the news,
00:00:17

Target is out with earnings and it was looking pretty good yesterday.
00:00:20

But today we are trading way down there.
00:00:23

In fact, last time I blinked, we're trading a little lower than that.
00:00:26

So down sharply in the pre market.
00:00:29

And then we've got Lowes.
00:00:30

And Lowe's has been stuck at resistance at 212.50.
00:00:33

It's trading just above that in the Premarket this morning.
00:00:37

Now the VIX traded up into the channel
00:00:39

yesterday all the way up to the upper channel line.
00:00:42

And we're looking for a close on Wednesday
00:00:44

above 26.06 to give us a buy signal that, of course, would be negative for stocks.
00:00:49

The US dollar index had a big reversal day yesterday.
00:00:53

Didn't close higher on the day, but certainly came off its intraday's lows
00:00:58

to settle just above support at 106.25.
00:01:02

If you follow the US dollar index, you know 106.25 is an important
00:01:06

number because that is also the weekly level of support.
00:01:10

So we're trying to hold that at the moment.
00:01:11

If we can hold it, that'll be neutral for the stock market.
00:01:15

If we bounce from here, that of course, could be negative for the stock market.
00:01:19

Looking at the Dow Diamonds, we're up at the summer highs right now.
00:01:23

We haven't retested them, but the air is getting pretty thin up here.
00:01:27

Wouldn't be surprised if we see the market top this week.
00:01:31

We've only got a couple of days left,
00:01:33

but we're running out of steam up at this level.
00:01:36

And of course, it's been the Dow that has been leading the US market higher.
00:01:40

In Canada, of course, we've had the help of the energy sector.
00:01:43

And the I shares for the TSX 60 are also up at those summer highs.
00:01:49

And here we are trading water up
00:01:51

at the $31 level and we've had three days to break out above it.
00:01:56

Have not been able to do it.
00:01:57

So that could be our level of psychological resistance.
00:02:01

We'll just have to wait and see how things work out.
00:02:05

Yesterday, the big winner on the TSX was Infotech.
00:02:08

The big loser was the gold sector up at trying to break out above 270.
00:02:12

And the US it was something similar.
00:02:15

It was the chip sector.
00:02:16

The Philadelphia Semiconductor Index was the big winner while the Philadelphia Gold
00:02:22

and Silver, the XAU was the big loser on the day.
00:02:26

Again, trying to break out to higher highs.
00:02:28

Having trouble this week.
00:02:31

Okay, folks, that's all for this morning's presentation.
00:02:34

Not a lot to talk about this morning.
00:02:36

Just waiting for time to pass and to see
00:02:39

if this is indeed the week that the market puts in a short term top.
00:02:44

Have a great day.
00:02:44

Next time you'll hear my voice is on Thursday morning.

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