Morning Market Outlook 12062023

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Good morning, everyone, and welcome to Wednesday morning.
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It's Stephen Whiteside here from T
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heUpTrend.com In the pre-market this morning, things are fairly quiet.
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Stock index futures are barely above fair value.
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We do have some economic numbers coming
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out this morning, and then later in the morning, we have energy inventories.
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Bitcoin and Ethereum are in the news this morning as they both hit new highs.
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And of course, the corresponding ETFs are also hitting new highs for this move.
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Looking at the VIX for the S&P 500, we're
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looking for a close above 13.67 on Wednesday to give us a buy signal.
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And for the VIX for the Nasdaq, it's traded above the upper channel line for
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the past two days, but has not closed above it.
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We're looking for a close above 17.26 on Wednesday to give us a buy signal.
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Looking at the major index ETFs from Tuesday's trading action, small pullback
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in the DOW, small pullback in the S&P 500, and a gain for the NASDAQ 100.
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So the NASDAQ back up into the middle of
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the channel, HIP, looking for a close for the triple Qs below $385.68 on Wednesday.
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That would give us a sell signal for the NASDAQ 100.
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Now looking at the iShares for the TSX 60, a small gain on Tuesday.
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It didn't have much to do with gold and gold stocks, which pulled back again.
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Gold traded down to the lower channel line.
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A close below $2,027.40 would give us a sell signal on Wednesday.
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Silver actually ended Tuesday on a sell signal.
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Now, both those commodities are trading up
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slightly in the premarket, not enough to change either trend.
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Then looking at the ETFs, the GLD traded
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down to the lower channel line yesterday, while the SLV generate a sell signal.
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Then looking at the stocks themselves, the
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GDX closed at the upper channel line, as did the XGD.
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Then the biggest loser was Silver stocks, still closing above the upper channel line
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and no change in trend for any of those stock ETFs.
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Now looking at crude oil, new closing low
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for this move on Tuesday, natural gas traded slightly higher.
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That's not going to help energy stocks on either side of the border.
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Looking at the Magnificent Eight, well,
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four of the eight stocks are still on buy signals.
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That includes Amazon, Apple, which really led the market higher on Tuesday.
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Then we've got Shopify on both sides of the border, and Tesla.
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Those four stocks are still on buy signals at the moment.
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Let's finish off this morning's
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presentation, taking a look at the Stock
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House Bullboards for the Industrial sector.
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Looking at the industrial index itself, it is on a buy signal right now, had a big
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pop last Friday, and hasn't seen a lot of follow-through since then.
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Looking at Pyrogenesis, we're still on a
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sell signal here that would change on Wednesday with a close above 50 cents.
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Then looking at Bombardier, we're still on a sell signal that would change on
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Wednesday with a close above $60.17, sense.
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Then looking at Exro Technologies, we're on a buy signal right now, but trading in
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the channel, so a close below $1.36 would give us a sell signal on Wednesday.
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It does not look like the pros want to
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take control at the moment, so I'm not sure how long this buy signal will hold.
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Then looking at Xtract One Technologies,
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we are back on a sell signal as of Tuesday's close.
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Now, scanning through the TSX Industrial's
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Index, there are some stocks that are doing well at the moment.
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Stantec, Thomson Reuters, and Russell
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Metals are all doing well coming into Wednesday's trading action.
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Okay, folks, that is all for this morning's presentation.
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So far, it looks like we're going to have a quiet open 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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