Stock Market Trends- 08252023

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Good morning, 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 futures are higher.

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The market's being led by the Dow, while

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the Nasdaq is dragging its feet this morning.

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In the world of commodities, we've got

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crude oil higher while gold is down a dollar in the premarket.

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Now, yesterday was all about the big shiny object about NVIDIA, and it looked like it

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was going to be a buy the rumor, sell the news type situation.

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That's what I said the other day, so I

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didn't want to chase it and I thought it would probably turn out like Amazon did,

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and Amazon is back on a sell signal right now.

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We did pop at the open and not as high as we were trading in the premarket.

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In the premarket, we were trading around 506, 508 when I was looking and we ended

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the day just creeping over the $500 level before pulling back.

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We've been seeing the pros selling at the close, the public buying at the open.

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We've had a couple of bearish reversal days.

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Unfortunately, we actually ended the day higher.

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It's not a true bearish reversal day.

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We didn't close lower on the day.

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We didn't close below the previous days low.

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It's wishy washy at the moment, but it does look like we put in a major top.

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We'll just have to see what the market does over the next few days.

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And of course, we're coming in to the end of the month and the long weekend.

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Now, at this time yesterday morning, we

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were looking at the Royal Bank trade up into the channel.

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It didn't get that high after the market opened.

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But while we were looking at the Royal Bank to help push the TSX higher, after

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that, the TD came out and did push the TSX lower yesterday.

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So the Royal Bank could only do what it could do.

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The biggest loser on the TSX 60 yesterday

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was First Quantum followed by the TD Bank and then followed by Shopify.

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Shopify needs a close below 7,340.

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A lot of the signals that were generated

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on Tuesday were actually unwound yesterday.

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Then looking at the Tillray, it is back on

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a sell signal and biggest loser on the TSX.

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On the Dow 30, it was Boeing followed by Walgreens Boots.

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Then on the Nasdaq-100 and the S&P 500,

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the biggest loser was Dollar Tree followed by Advanced Micro Devices.

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Those were the biggest losers yesterday.

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Looking at the VIX, it had another wild day.

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It actually traded below the lower channel

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line before reversing and closing higher on the day.

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On Friday, we're looking for a close below

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$15.93. We had a bearish reversal day last week.

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It took us up to the 18.75 level before reversing.

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Yesterday, we were down to 15.63. The market is going to continue sharply

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lower if the VIX can break out above the 200 day moving average.

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Moving on to the major stock market indices and looking at the semiconductor

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ETF, we're still waiting for a buy signal here.

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We had a wild day yesterday outside reversal day for the Semiconductors.

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Technology stocks generated a buy signal on Wednesday.

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We had a lot of reversals yesterday, including with Apple.

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And so looking for a close below 166.78,

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we actually closed at 167.01, so not enough to give us a Sell signal.

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There's Communication Services, a lot of

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tech stocks in that sector as well, but still no joy here.

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We're still on a Sell signal.

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Then looking at the QQQ's, the QQQ's did a

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complete outside reversal yesterday, looking for a close below 362.62, and we

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closed at 361.22. So back on a Sell signal, we go.

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The Dow broke down yesterday, making a new low, another wild day there.

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We had a wild day for the S&P 500, no joy, still on a sell signal.

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Russell 2000, the Microcaps, still on a sell signal, no change there.

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On the TSX, the TSX Composite actually had

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an inside day on Thursday, while the TSX 60 traded a little higher above the

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previous day's high and then pulled back and closed lower on the day.

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Looking at Canadian financials, looking

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pretty similar to the TSX 60 itself, you can see we traded above the

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previous day's high before pulling back, closing lower.

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Similar situation for Canadian banks.

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Looking at US financials, we traded up

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into the channel and then closed lower on the day.

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Banks, on the other hand, both the big

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banks and the regional banks actually ended the day slightly higher on the day.

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Certainly no change in trend.

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Looking at the TSX most active starting at

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the top with Manulife up second day in a row.

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Not enough to give us a buy signal right

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now, but a nice bounce off the recent low, which was higher than the low from June.

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That could be a bullish set up going

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forward, but we don't have enough to do anything on Friday morning.

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Looking at Enbridge still on a Sell signal, no change there.

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Second day of a Sell signal for Cenovus.

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Then looking at TC Energy, no change in trend there.

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Then looking at BC, BCE is back on a buy signal as of Thursday's close.

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Then looking at Barrick, did not generate

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a buy signal over the past couple of days, closing lower on Thursday.

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Then looking at the US most actives, and

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we've covered some of them so far, but there's Tesla.

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Tesla still in the channel.

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A no change in trend for Tesla still waiting for a buy signal.

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Palantir had a big reversal day yesterday, still on a sell signal.

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Johnson & Johnson has been week all week, no change there.

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Apple back on a sell signal as of Thursday's close.

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Then looking at Amazon still on a sell

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signal, still waiting to see if we can close the open gap.

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Then looking at Intel, Intel did not

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generate a buy signal this week, back below the lower channel line.

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Then Ford still on a sell signal.

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General Motors still on a Sell signal.

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Rivian still on a sell signal.

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No change there.

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And last up my favorite car company would be Toyota, but it's a hard stock to trade.

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It's a Japanese based stock, of course,

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and all the information is coming out of Japan, which means that what we see over

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in North America is a delayed reaction to what's already happened in Japan.

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And that's why you get a lot more gaps

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on the screen than you would for a North American based stock.

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So it's a hard stock to trade, still my

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favorite car company, but not going to trade it.

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Okay folks, that is all for this morning's presentation.

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Stock index futures are trading slightly higher in the premarket this morning.

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We're waiting for news out of Jackson Hole to push the market one way or the other.

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The type of buying we're seeing in the

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premarket this morning is just a little cleanup from yesterday.

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It is certainly not going to change the market's direction on Friday.

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Enjoy the rest of your day. Enjoy your weekend.

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Next time you'll hear my voice is on Sunday.