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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