Morning Market Outlook 01042024

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Good morning everyone, and welcome to Thursday morning.
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It's Stephen Whiteside here from the uptrend.com. In the pre market this
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morning, stock index futures and commodities are mixed.
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We've got the Nasdaq futures trading lower
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while we've got gold trading higher on Thursday morning.
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While yesterday we saw the VIX continue to move higher, hasn't taken out the recent
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high, but it closed above the upper channel line.
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So we are back on a buy signal that of course is negative for stocks.
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North American markets were led lower yesterday by US Retail, followed by US
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Regional Banking and then Semiconductors which gapped lower.
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Then looking at the Dow, it is still on a buy signal.
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That would change on Thursday with a close below 373.09.
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Then the S&P 500 is back on a sell signal,
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joining the Nasdaq already on a sell signal.
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And then we saw aggressive selling in mid
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cap, small cap and micro cap stocks on Wednesday.
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Now the energy sector had a huge intraday reversal on Wednesday.
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Crude oil made a new low before reversing and closing higher on the day, joining
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natural gas which also moved up on the day.
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And it was the TSX Energy Sector that led
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the North American markets higher on Wednesday.
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It actually did that on the previous day
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and we got that nice big pop yesterday and traded above the open gap.
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So that open gap is no longer an area of resistance.
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Now the ishares for the TSX 60 were down
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slightly, still closing above the upper trend line.
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Things would change on Thursday with a
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close below $31.63. Now gold rolled over on Wednesday down over $30.
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And that joining silver which was already on a sell signal.
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And we saw gold and silver stocks continue to move lower on both sides of the border
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whether you're looking at the GDX or the XGD.
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Now looking at the most actively traded canadian stocks.
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Number one was the TD Bank, still closing at the upper channel line.
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Then we had a huge update for Suncor on Wednesday.
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We saw First Quantum continue to move higher up another 11%.
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Then we've got TC Energy back on a buy signal as of Wednesday's close.
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And we've got Baytex back on a buy signal as of Wednesday's close.
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Looking at the US most actives, we saw Tesla continue to move lower on Wednesday.
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Marathon dipped below the lower channel line before reversing.
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Then we had SoFI big down day there closing down nearly 14% on the day.
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Then we've got Ford back on a sell signal and we've got Advanced Micro Devices
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already on a sell signal continuing to move lower on Wednesday.
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Okay, folks, that is all for this morning's presentation.
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It looks like we're going to have a mixed
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open on Thursday, waiting for the rest of the market to continue to roll over.
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Enjoy the rest of your day.
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Next time you'll hear my voice is on Friday morning.

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