Morning Market Outlook 01232024

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 Tuesday morning.
00:00:03

It's Stephen Whiteside here from theuptrend.
00:00:05

com.
00:00:06

In the pre-market this morning, things are fairly quiet.
00:00:09

Stock index futures are trading right around fair value.
00:00:12

Crudol is slightly lower, while gold is up
00:00:15

a couple of dollars in the pre-market on Tuesday morning.
00:00:19

Now, the VIX continued to move lower, day
00:00:21

closing just below the lower channel line, so we are back on a sell signal.
00:00:25

That's supportive for higher stock prices.
00:00:28

Now, last week, the VIX was able to trade up towards 15.63 before pulling back.
00:00:33

And so 15.63 has been resistant since early November.
00:00:38

We're really going to have to break out above that level before the rest
00:00:41

of the stock market is going to start to pay attention.
00:00:45

One stock that was in the news from
00:00:47

Monday's trading action, Arthur Daniels Midland dropped over 24% on Monday.
00:00:52

That's the biggest loss, one day loss, I believe, since 1929.
00:00:57

You can see that the pros gave up control
00:01:00

in the middle of December, so they weren't expecting anything positive.
00:01:04

I'm sure they were not expecting a 24% drop in one day.
00:01:09

Now, sticking with commodities, Crude oil moved up yesterday.
00:01:13

It's back on a buy signal.
00:01:14

Natural gas, unfortunately, went in the
00:01:16

opposite direction, making a new low for this move.
00:01:19

Energy stocks in Toronto were up just a couple of pennies after making a new low.
00:01:25

Energy stocks in the US were also up.
00:01:27

In both cases, we do not have new buy
00:01:30

signals for the energy sector coming into Tuesday's trading action.
00:01:35

Looking at the miners, the price of copper
00:01:37

closed lower yesterday, still on a sell signal.
00:01:39

Copper miners made a new low for this move.
00:01:42

Gold was down $7 yesterday, it's up $4 in the pre-market this morning.
00:01:47

That's not going to give us a buy signal.
00:01:49

Gold miners in New York made a new low.
00:01:51

Gold miners in Toronto also made a new low on Monday.
00:01:55

Looking at the price of silver, it was down yesterday.
00:01:58

Trying to hold support at $22.
00:02:00

Silver miners made a new low yesterday and then closed up a penny on the day.
00:02:05

Looking at the US market, everything was
00:02:07

up on Monday except consumer staples, utilities, and consumer discretionaries.
00:02:13

We saw the DOW make a new high yesterday,
00:02:16

a new high for the S&P 500 and a new high for the Nasdaq 100.
00:02:21

We also saw the Russell 2000 and Russell
00:02:23

Microcaps back on buy signals as of Monday's close.
00:02:28

Looking at sectors, financials made a new high for this move.
00:02:32

We've got US Bank stocks back on a buy signal.
00:02:35

And once again, it's US Insurance companies leading the financials higher.
00:02:39

That's a theme that's been going on for quite a while now.
00:02:42

Technology stocks made a new high yesterday.
00:02:45

Semiconductors were up nicely, and we've
00:02:47

got Communication Services making a new high.
00:02:51

We've also got the Transports back on a buy signal as of Monday's close.
00:02:57

Now, Apple continued to move higher on Monday, so The open gap has been filled.
00:03:01

We hit our next price target of 193.75.
00:03:05

So congratulations if you had an order in there.
00:03:08

If we can start closing above yesterday's high, then $200 is our next price target.
00:03:13

What didn't work?
00:03:15

Well, Tesla continued to move lower on Monday, making a new low for this move.
00:03:19

Looking at the Canadian market, we're still waiting for a buy signal for the TSX
00:03:23

and the TSX-60, while mid-caps did generate a buy signal on Monday.
00:03:28

We did not see as many gainers in the
00:03:31

Canadian market as we did in the US market.
00:03:34

What worked on Monday, well, it was real
00:03:36

estate, followed by health care, followed by financials.
00:03:39

The financials are back on a buy signal as of Monday's close.
00:03:43

We've got the TMX continuing to move higher here.
00:03:46

We've got a new high for this move for CI Financial.
00:03:49

We've got Onyx making a new closing high yesterday.
00:03:53

The Royal Bank is still on a sell signal, generated a sell signal last week.
00:03:58

We're pulled back into the channel yesterday, looking for a close on Tuesday
00:04:02

above 133.76. We did pull back last week on the midterm
00:04:08

chart, not enough to give us a sell signal.
00:04:10

So we are coming into February.
00:04:13

February, it should be a pretty good month for financials.
00:04:17

Okay, folks, that is all for this morning's presentation.
00:04:20

So far, it looks like we're going to have a quiet open on Tuesday morning.
00:04:23

Have a great day.
00:04:24

The next time you'll hear my voice is on Wednesday morning.
00:04:57

Morning.

Transcription