Stock Market Timing Television - 05042023

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Good Morning, everyone, and welcome to Thursday morning.
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It's Stephen White side here from the uptrend.com.
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In the premarket this morning, stock index futures are below fair value.
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So so far, it looks like we're going to
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see some selling at the open on Thursday morning.
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A lot of the focus this morning is on those US regional banks.
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Looking at the VIX, the VIX had an inside
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day yesterday, closed right at the upper channel line.
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We still need to close on Thursday above 1844 to give us a buy signal.
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Of course, a buy signal for the VIX would be negative for the overall stock market.
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The DOW diamonds are now back on a sell
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signal as of Wednesday's close, joining the iShares for the TSX 60.
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We also have the S&P 500 back on a sell signal.
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It didn't close below the previous day's low, so that is acting as support at the
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moment, but we are going to open lower on Thursday morning.
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Then the queues are still on a buy signal.
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Technology stocks held up fairly well yesterday, looking for a close on Thursday
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below 315.85. Now, the US banking sector is still very stressed at the moment.
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There's the Bank ETF making a new closing low for this move.
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Not a new low, but we're going to do that this morning.
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There's lots of news about regional banks
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out in the premarket, and that's putting downward pressure on the overall market.
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Jp Morgan, once again, back on a sell signal.
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So twice it gapped higher, twice it gave
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up those gains, and we're back on a sell signal as of Wednesday's close.
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Now, the TD Bank is coming into Thursday on a sell signal on both sides of the
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border, but it is trading higher in the premarket this morning, and that has a lot
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to do with the fact they've given up their quest to buy a US regional bank.
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Now, remember, TD Bank has been the target
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of short sellers and very vocal short sellers.
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You can be short of stock and not be vocal
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about it, but these short sellers have been trying to talk the stock down
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and the stock is going in the opposite direction this morning.
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And so we should see some short covering to get this stock to pop at the open.
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Then looking at US Bank Corp, we made a new low for this move yesterday.
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We're continuing lower this morning.
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And a stock that's really in the news this morning is PacWest.
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This regional bank is down over 36 % in
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the premarket and that would certainly be a new low for this stock.
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And then looking at Goldman Sachs,
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currently short this stock and it made a new low for this move on Wednesday.
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The biggest loser in the US financial
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sector yesterday was market access, down over 6 % on the day.
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Looking at crude oil, crude oil was down once again on Wednesday.
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It is up slightly in the premarket this
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morning, but not enough to change anybody's mind on this sector.
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Canadian energy stocks were down 1.66 % yesterday.
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One of the biggest losers was
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Baytex Energy, which is down nearly 3 % on the day.
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In the US, US energy stocks were down 1.89 %.
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Biggest loser in this sector is Marathon
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Petroleum, which was down nearly 6 % on the day.
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Okay, folks, that's all I wanted to talk about this morning.
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I'll be back on Friday morning, and at that time, we'll walk through the 10 most
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actively traded stocks on both sides of the border.
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Have a great day.
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Next time you hear my voice again is on Friday morning. learning..