Morning Market Outlook 11152023

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Good morning, everyone, and welcome to Wednesday 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 above fair value.
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Now, yesterday morning, we were waiting for CPI numbers to come out.
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This morning, we're waiting for retail sales and PPI numbers to come out, and so
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they could also add some premarket volatility.
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The VIX made a new low yesterday.
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Stock indexes made a new high for this move.
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On Wednesday, we're looking for a close on the VIX above 16.36 to change everything.
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So far, it does not look like that's going to happen.
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The US dollar index dropped sharply yesterday.
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Bond prices moved up, which put downward
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pressure on bond yields, and that set the stock market on fire.
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Huge move up for regional banks and US banks on Tuesday.
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They led the market higher.
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The Dow made a new high for this move.
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The S&P 500 made a new high.
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The Nasdaq made a new high for this move,
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trading up to from back in July of this year.
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390. 63 is our next target.
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Hopefully, you've taken money off the table on all of these as they've moved up.
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The Nasdaq is now up at the top of the panic zone, so we wouldn't be surprised if
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it needed to take a break up at these levels.
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Semiconductors popped yesterday.
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Everybody had a good time.
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A lot of short covering on Tuesday.
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There's microcap stocks.
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Not only did they gap higher, but they
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gapped up above the recent high from two weeks ago.
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Then looking at the Ishares for the
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TSX 60, we gapped higher yesterday, filled the open gap.
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If you had an order at 30.
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47 or around there that got filled yesterday.
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Now we're looking to see if we can move up to 30.
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86. Then what worked on the TSX today?
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Well, REITs were the big winners followed by Gold stocks.
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No buy signals just yet.
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Looking for a close on Wednesday above 16.90. Then we've got the Global Base
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Metals back on a buy signal as of Tuesday's close.
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We've got Utilities already on a buy signal moving up yesterday, and then
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Canadian Fnancials moving up nicely on Tuesday.
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Looking at the New York most actives from Tuesday's trading action, leading off with
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Tesla, Tesla is moving up towards the top of that open gap at 242.08.
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Then we've got a new high for Palantir.
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It's trading up to the 20.31 level, got as high as 20.10 yesterday,
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so we should be able to hit that today if you had an order in at 20.31. Then Plug
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Power, no joy there, still on a sell signal.
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We've got Ford back on a buy signal as of Tuesday's close chasing Bank of America,
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making a new high for this move heading towards 29.69 is our next price target.
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Advanced Micro Devices making a new high for this move, but giving most of it up
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going into the close, trying to get to 125.
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That's our next target.
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And it looks like we're having trouble pulling away from 118.
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75.
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We are up at the high from back in July
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there, so that could be holding us in check at the moment.
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That Apple made a new high for this move,
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hit our 187.50 target yesterday and is trying to head towards that open gap.
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The high from back in late August is 189.98. That could be a target and a
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potential area of resistance if we can move up from 187.50. Then above that,
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you've got the open gap from back in late July at 190.
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69.
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Let's finish off looking at the TSX most active and Embridge pulled back.
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It's sitting right on the edge of a new daily sell signal.
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Canadian Natural Resources is back on a buy signal.
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Remember, this is a high risk buy signal.
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You're up at the top of the range here.
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Then Cenovus was actually down on the day, so no change in trend there.
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We've got Magna moving up nicely
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yesterday, so looking to take out the high from a couple of weeks ago.
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$75 leads us to 78.13 if we can take out that high.
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Then we're looking at Suncor, second day of a buy signal, but we had a pullback.
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Again, these are high risk buy signals up at these levels.
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Then looking at Manulife, new high for this move for Manulife, you can see the
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open gap was filled and our next target to the upside is
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26.56. But notice that we put in a lower high back here in September.
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So lots of resistance up there at 26.56, the air is getting rather thin.
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Then Algonquin Power is on a buy signal right now.
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If we can break away from 7.81, 8.59 would be our next target to the upside.
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Then Crescent Point.
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No joy for Crescent Point trying to hold support here at the 9.60 level.
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And then we've got Shopify making a new
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high for this move, running right back up to the high from late August.
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You can see that our next mathematical
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target is 93.75. We got up to that level back in July.
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Then looking at Great West Life, new high
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for Great West Life, our next mathematical target is 42.58. And that stock has had a
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very nice move over the past couple of weeks.
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Okay, that is all for this morning's presentation.
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We'll have to wait for those economic
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numbers to come out at 8:30 to see which way the market is going next.
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This has been a great run.
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Hopefully, you've been locking in some profits along the way.
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We don't need to ever completely liquidate
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a position until we actually get kicked out.
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Nobody's getting kicked out on Wednesday morning, but it is the time and place to
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make sure you've taken some money off the table.
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Have a great day, folks.
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Next time you'll hear my voice is on Thursday morning.

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