Stock Market Timing Television - 06132023

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Good morning everyone and welcome to Tuesday Morning.
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It's Stephen Whiteside here from the
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uptrend.com in the pre market this morning things are fairly quiet.
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We're waiting for CPI numbers to come out at 8:30 and of course those numbers could
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influence the Fed meeting which is starting today.
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And so we're expecting things to be fairly
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quiet until the Fed meeting at 02:00 P.m. Wednesday afternoon.
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Looking at the CNN Fear and Greed Index, we're at extreme greed at the moment and
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of course you know that things are very overbought at the present time, so it's
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very risky to buy anything new at these levels.
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Now the VIX moved up yesterday looking for a close on Tuesday above 15.90. So options
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traders getting a little nervous ahead of the CPI numbers.
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Then we had the Dow Diamonds make a new
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high for this move, heading up to the highs from a couple of months ago.
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New high for the S&P 500 for the Nasdaq, 100 on the back of a big move up in chips.
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So Semiconductors still leading this market higher.
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Then looking at the Canadian market,
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nothing going on here, we're treading water in the channel.
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So still on a short term buy signal here.
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If you didn't take that buy signal, then
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of course the next close above the upper channel line would be helpful.
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Breaking down the Canadian market.
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It was the Infotech sector that tried to
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pull us higher, while the energy sector tried to pull us lower.
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Looking at infotech.
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It was Lightspeed followed by Shopify.
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Those were the big winners.
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Looking at the big losers, it was Vermilion traded down to the lower channel
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line, so still looking for a close below 1559.
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And then we've got Athabasca and Cenovus Energy were the next big losers
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and both of them are back on sell signals as of Monday's close.
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Looking at the US market, similar situation where the Infotech sector led us
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higher while energy was trying to pull us back down.
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Now the big winner in Infotech was Broadcom, which was up over 6% on the day.
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On the Dow it was Intel was the big winner up over 5%.
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And on the SP 500 after Broadcom, we had Oracle up nearly 6% on the day.
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So those were the big winners in the tech sector.
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Looking at Tesla, tesla had an inside day, still trying to break through 250.
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It's trading just above it this morning at 251.
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50.
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So we're trying to break out.
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If we can do that, then 265.
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63 would be our next target to the upside for Tesla.
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Let's finish off this morning's presentation looking at the most popular
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commodity ETFs, starting with the USO, which had a big down day yesterday.
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So we are back on a sell signal for the USO.
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Back on a sell signal for gasoline, still on a sell signal for natural gas.
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That would change on Tuesday with a close above 6.44. Then looking at the GLD still
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on a sell signal here that would change on Tuesday with a close above 182.
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96.
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Not expecting a buy signal for Palladium or for Platinum on Tuesday.
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And we still have silver on a buy signal that would change on Tuesday with a close
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below $21.62. Okay, folks, that is all for this morning's presentation.
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I'm going to be out of the office for the rest of the day, so I'm going to miss
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whatever volatility we see from the CPI numbers at 830 this morning.
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Have a great day.
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Next time you'll hear my voice is on Wednesday morning.

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