Stock Market Timing 09212023

en-us French Canadian Arabic Chinese German Hindi Japanese Korean Spanish

How was the video ?

Description

Auto Scroll

00:00:00

Good morning, everyone, and welcome to Thursday morning.
00:00:02

It's Stephen Whiteside here from theuptrend.com.
00:00:06

Well, the futures are trading lower this
00:00:08

morning and markets are down around the world.
00:00:11

We are expecting some selling at the open on Thursday morning.
00:00:16

Now, the VIX popped yesterday. It had a wild day.
00:00:18

It traded down to the lower channel line
00:00:20

and then closed above the previous day's high, giving us a buy signal.
00:00:24

That, of course, is not good for the stock market going forward.
00:00:28

Now, gold popped yesterday, but unfortunately, while it was up over $13
00:00:32

yesterday, it's down over $24 in the premarket.
00:00:36

And that's also true for silver.
00:00:38

Now, gold came into yesterday on a buy
00:00:40

signal, unlike silver, which ended the day on a buy signal.
00:00:44

And of course, if you're going to trade
00:00:46

silver, you're going to ignore that buy signal and wait for the next close above
00:00:50

the upper channel line based on what we're seeing in the premarket this morning.
00:00:55

Now, sticking with commodities, we saw crude oil pull back yesterday.
00:00:59

It is down again in the premarket this morning.
00:01:02

So looking at the USO, we need a close
00:01:04

below 79.08 on Thursday to give us a sell signal.
00:01:08

That would join gasoline, which ended Wednesday on a sell signal.
00:01:12

And we've got natural gas sitting right on the lower channel line.
00:01:15

So any lower close today would generate a sell signal for natural gas.
00:01:20

Looking at the major stock market indices,
00:01:22

we've got the S&P 500 and the Nasdaq 100 both making new lows for this move,
00:01:28

joining the semiconductors, which also made a new low for this move.
00:01:32

And as we mentioned earlier,
00:01:34

the semiconductors have broken down below the August lows.
00:01:37

Looking at the iShares for the TSX60,
00:01:40

we're back on a cell signal as of Wednesday's close.
00:01:43

So that was a quick up and down move.
00:01:46

And then looking at what's really been
00:01:48

working lately, and that's the insurance sector.
00:01:50

And that is true on both sides of the border.
00:01:53

Whether you're looking at the Great West
00:01:54

Life or Manulife or Sun Life, they're all still doing very well.
00:01:58

And then looking at AIG on New York.
00:02:02

Then we've got Chubb, then MetLife, all
00:02:05

examples of insurance companies doing well at the moment.
00:02:07

So this is certainly not the time and place to be buying insurance stocks.
00:02:12

If you've been trading them higher, of
00:02:14

course, you want to make sure you've locked in some profits because it looks
00:02:17

like we're probably coming to the end of this move for the insurance sector.
00:02:21

What didn't work yesterday?
00:02:23

Well, on the TSX-60, the big loser was Shopify.
00:02:25

On the TSX, it was Newvy.
00:02:27

On the Dow 30 and the Nasdaq-100, it was Intel.
00:02:32

Then on the Nasdaq-100 right behind Intel,
00:02:34

we had Google back on a sell signal as of Thursday's close.
00:02:39

The big loser on the S&P 500 was Zebra Technologies.
00:02:43

Let's finish off this morning's presentation, taking a look at some of
00:02:46

those big cap tech stocks we've been following.
00:02:49

Apple had a big reversal day on Wednesday.
00:02:51

It is trading lower in the premarket this morning, so no change in trend there.
00:02:56

No change in trend for Microsoft.
00:02:57

The big down day on Wednesday.
00:03:00

Then looking at NVIDIA, new closing low
00:03:02

for this move for nVidIA, we're not too far away from retesting the August low.
00:03:08

Then we've got to Meta still on a buy signal.
00:03:10

That would change on Thursday with a close
00:03:12

below 298.68. And then last up, we're looking at Tesla.
00:03:17

Tesla is still on a buy signal.
00:03:18

That would change on Thursday with a close below 260.
00:03:21

44, and we are trading below that level in the premarket this morning.
00:03:26

Okay, folks, that is all for this morning's presentation.
00:03:29

So far, the market looks like it wants to
00:03:31

do some selling at the open on Thursday morning, but we do have some economic
00:03:36

numbers coming out at 8:30, including jobless claims, which could
00:03:40

certainly change the direction of the market before it opens at 9:30.
00:03:44

Now have a great Thursday, folks.
00:03:46

Next time you're going to hear my voice is on Friday morning.

Transcription