Stock Market Timing Television - 05242023

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Good morning everyone and welcome to Wednesday morning.
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It's Stephen Whiteside here from
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theuptrend.com in the pre market this morning, the futures are mixed.
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We've got stock index futures trading below fair value, while we've got
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commodities with both crude oil and gold trading up on Wednesday morning.
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Looking at Tuesday's trading action, we
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saw the VIX generate a buy signal that of course can be negative for stock s.
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We stopped right in the middle of the recent trading range.
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The market isn't going to get overly concerned about the VIX till it starts
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breaking out above the 200 day moving average.
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Now we did see the TSX come down.
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The Ishares for the TSX 60 made a new low for this move.
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Banks are out with earnings this morning.
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Both the Bank of Nova Scotia and the Bank of Montreal came out with earnings.
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They're both trading lower in New York in the pre market on Wednesday morning.
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Looking at the Dow Diamonds, they're back on a sell signal as of Tuesday's close.
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Nike is still driving the Dow lower,
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making a new low for this move once again on Tuesday.
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Then we're looking at the S&P 500 trading
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back into the channel, looking for a close below 412.
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39.
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We got as high as 418.
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72 yesterday, so still couldn't break out above the 420 level.
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Then we're looking at the QQQQ's still above the upper channel line.
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Looking for a close on Wednesday below 327.
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77.
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And we saw an inside day for the semiconductors on Tuesday.
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Now walking through those big cap stocks that the world is watching, you can see
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that we saw a pullback for Google on Tuesday.
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We did hit the 125 level.
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So congratulations.
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You got to lock in profits there.
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We were not so lucky on Amazon.
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We did not hit 118.
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75.
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Looking for a close below 111.
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65 for Amazon on Wednesday.
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Then Apple, apple is back on a sell signal as of Tuesday's close.
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Then looking at Meta.
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Quiet trading day for Meta on Tuesday.
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No change there.
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We did hit 250.
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So congratulations.
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You were able to lock in some profits there.
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Then looking at Microsoft, Microsoft still
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trading, closing above the upper channel line.
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A close below 310.
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78 would give us a sell signal on
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Wednesday and so far we have not been able to hit the 328.
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13 level.
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Then we saw a strong pullback yesterday for Netflix.
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Still trading and closing above the upper channel line.
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There's a nice open gap there that could act as a potential price target.
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Looking for a close below 341.
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29 on Wednesday to give us a sell signal.
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And we went up and rang the 375 level a couple of days ago.
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So congratulations, you were able to lock in profits up at that level.
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Then looking at Nvidia, we were able to lock in profits at 312.
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50.
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Looking for a close on Wednesday below 293.
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57 for Nvidia.
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Then bearish reversal day for Tesla, we were able to hit 187.
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50. So congratulations.
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You got to take some profits off the table at that level.
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And there's yesterday's bearish reversal signal for Tesla.
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Then looking at Canadian infotech, we are
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back on a sell signal as of Tuesday's close.
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A lot of it had to do with the big swing in Constellation software.
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It is a $2,600 stock.
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We need a close on Wednesday below 2583. 50.
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Then looking at Shopify, shopify is back on a sell signal as of Tuesday's close.
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And looking at CGI, it is also back on a sell signal as of Tuesday's close.
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Last up, looking at commodities, we saw crude oil move up yesterday.
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It's up in the pre market this morning.
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Unfortunately natural gas came down yesterday.
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Still on a buy signal.
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That would change on Wednesday with a close below 2.46. Then looking at energy
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stocks, once again, the Ishares for the TSX energy sector were up on Tuesday.
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And then we saw the US energy sector also
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move up and generate a buy signal as of Tuesday's close.
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Looking at gold, gold was down 2.90.
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It's up 6.50 last time I checked.
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In the pre market, we also have silver trading higher.
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It made a new low for this move on Tuesday.
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And there's the GDX down zero point 69% on Tuesday.
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And the XGD was down just a tick over one and a half percent on Tuesday.
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Okay folks, that is all for Wednesday morning's presentation.
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Stock index futures are still down across the board.
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They're being led lower by the Russell 2000 and then the Nasdaq.
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But certainly no panic in the pre market on Wednesday morning.
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Enjoy the rest of your day.
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Next time you'll hear my voice is on Thursday morning.

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