Stock Market Timing 09222023

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Good morning, everyone, and welcome to Friday morning.
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It's Stephen Whiteside here from theuptrend.com.
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Well, in Thursday's trading action, not
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only did we get a Tesla sell signal, we also got a Meta sell signal.
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On Thursday, we saw a big spike in the VIX.
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We also saw the US dollar make a new high,
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and we saw all the bond yields pop yesterday.
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That's probably not good for the economy
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and possibly not good for the stock market either.
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We'll just have to wait and see.
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The DOW has traded back down to the August
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lows, unlike the S&P 500, which broke through them yesterday.
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Our next mathematical target is 421.88.
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Then the Nasdaq is holding up a little better, still trading above the August
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lows, unlike the semiconductors, which broke down a few days ago, the iShares for
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the Russell 2000, microcap stocks all well below those August lows.
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Then looking at the TSX, the iShares for the TSX 60 were down sharply, one of the
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biggest drops we've seen in a long time for the TSX on Thursday.
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We've got financials that rolled over.
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One of the biggest reasons the TSX was down sharply yesterday, energy stocks,
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second day of a sell signal, and then gold stocks traded down to the lower channel
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line but did not generate a sell signal just yet.
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Next up, let's take a look at the TSX most actives and a whole bunch of new sell
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signals here, including for TC Energy, which joins Canadian Natural Resources,
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which has been on a sell signal for over a week now.
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Then PowerCorp came down and generated a sell signal.
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Not a stock we usually see at the top of
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the most active list, but notice the lower high here.
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That's a bear sign going forward.
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Cenovus, a second day of a sell signal for Cenovus .
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TD Bank came down hard back on a sell signal.
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Lundin Mining has been on a sell signal all week.
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Then we've got Suncor back on a sell signal as of Thursday's close.
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Then Bank of Nova Scotia came down hard yesterday back on a sell signal.
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We've got Manulife Financial back on a sell signal.
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I was talking about how well the insurance companies have done over the past month,
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and that has come to an end as of Thursday's close.
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Pembina Pipeline down hard yesterday.
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It looks like it came down a lot, but it's only 1.82 %.
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It's just the way this particular stock trades that makes it look like it was a
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huge move down, but in percentage terms, not too bad.
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Unlike Air Canada, which was down another
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2.34 %, so Air Canada has been on a sell signal since the middle of July.
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Let's finish off this morning's presentation, taking a look at the most
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actively traded US stocks from Thursday's trading action, starting with Tesla.
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Tesla back on a sell signal as of
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Thursday's close, joining Palantir, which traded down to the August lows yesterday.
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Then we had a big gap down for Amazon, which has now filled the open gap from
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early August, and at the same time creating a new gap
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that we'll have to deal with on the way back up.
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Apple moved lower yesterday, still on a
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sell signal here, trading slightly higher in the premarket this morning.
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Then a new low for Advanced Micro Devices and a very bearish chart.
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Since we peaked back in June, we've made a series of lower highs.
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And so that is, of course, a very bearish chart pattern.
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NIO has been on a sell signal since early August.
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No change there.
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A fairly quiet day for Intel yesterday compared to a lot of other stocks.
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Nvidia made a new low for this move, still holding on to the August lows.
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If those break, then 375 would be our next target.
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Then 375 would take us down to the top of
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an open gap, and the bottom of that gap is down here, the 3.12.50 area.
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That would be quite a move down for not
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only NVIDIA, butfor the overall stock market, if that were to happen.
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Ford is back on a sell signal as of Thursday's close.
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And then one of the DAO components, Cisco, gapping sharply lower yesterday.
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And of course, we filled a gap yesterday so that is no longer in play and we can
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continue to move lower from here on Friday.
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Then American Airlines, just like Air Canada, has had a rough couple of months.
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This sell signal started back in July.
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And then last up, we're looking at Meta.
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Meta is back on a sell signal, joining the rest of its big cap tech stock brothers.
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And we're all back on the sell signal as of Thursday's close.
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Okay, folks, that is all for this morning's presentation.
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Have a great day.
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Next time you'll hear my voice is on Monday morning.

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