Stock Market Timing Television - 20221130

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00:00:00

Good morning everyone. Welcome to Wednesday morning.
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In the pre market this morning things are fairly bullish.
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We've got stock index futures and commodities trading above fair value.
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So we are looking for some buying at the open on Wednesday morning.
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Now it is the last day of the month and of
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course last day of the month usually has a bullish buying bias to it.
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Today unfortunately is also a Fed day.
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So the Fed chairman is speaking today and
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that is certainly going to cause volatility to expand.
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Now when we talk about volatility
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expansion, it's actually not just stock market related.
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It's going to happen in a lot of areas of the financial world on Wednesday.
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Starting off with the bond market, the 30
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year bond has been on a buy signal for a couple of weeks now.
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That of course has put downward pressure
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on bond yields and interest rates have been able to pull back over the past
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couple of weeks and that has certainly helped the stock market move higher.
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We've also got the US dollar index which
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is still on a sell signal, closing in the channel once again and so looking for a
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close above 107.29 for the US dollar index on Wednesday.
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It's still holding the 200 day moving average.
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And if it was to break down from here,
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that would certainly be bullish for stocks.
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Looking at the VIX, the VIX had a fairly
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quiet day yesterday looking for a close above 23.
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44 on Wednesday to give us a buy signal.
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Now the major stock market ETFs traded
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down to the lower channel line yesterday, the Dow Diamonds, the SPY ETF.
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So a close below those levels on Wednesday would give us new cell signals joining the
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queues which are back on a sell signal as of Tuesday's close.
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And then the Ishares for the Russell 2000 and the Ishares for the microcap sector.
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Both of those generated sell signals on Monday.
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Now looking at the Canadian market, that was a very quiet day on the TSX.
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With the Ishares for the TSX 60 having an inside day.
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So close on Wednesday below 30.
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75 would give us a sell signal.
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Now commodities are holding up fairly well.
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We did see crude oil dip below 75 the other day but had a quick reversal.
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It was up yesterday, it's up in the pre
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market this morning, so that could help the energy sector.
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We still got natural gas on a buy signal, it hit 7.81 last week.
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Hopefully we can take out last week's high
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and head up to 8.59. Now the price of gold is treading water right now.
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It is still on a buy signal.
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A closed below 1751.
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32 would give us a sell signal on Wednesday.
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We are still holding the 1750 level.
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Remember previously we were looking at 1750 as major resistance.
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It sliced through it in one day and now
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that major resistance is acting as support.
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Let's finish off today's presentation looking at a couple of stocks in the news.
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Both Canadian National and Canadian
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Pacific have been two of the best performers on the TSX over the past month.
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Both hit new highs yesterday.
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And of course they're in the news as we're
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watching to see if the US can avert a major railroad strike.
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It doesn't seem to worry investors at the moment.
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Then we've got Apple seeing fall through
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to the downside on Tuesday and then we're still waiting for Tesla to generate a buy
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signal that would happen on Wednesday with the close above 186.
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85.
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Okay folks, that is all for this morning's presentation.
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Today should be a rather interesting day.
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I don't see any reason why Chairman Powell should take his foot off the gas and slow
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down the rising of interest rates, but a lot of people are betting that he will and
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we'll just have to wait and see what happens.
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Have a great day.
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Next time you'll hear my voice is on Thursday morning.

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