Good morning everyone and welcome to Thursday Morning. It’s Stephen Whiteside here from theuptrend.com. In the pre market this morning. Stock index, futures and commodities are currently trading above fair value. So we are looking for some buying at the open at 9:30 Thursday morning.
Now I am doing this video ahead of the employment numbers coming out at 8:30 this morning. They could certainly add a spin to the pre market activity. We’ll just have to wait and see. Now crash wash season has come to an end. A couple of things have happened.
We’ve made it through October, the Fed meeting has come and gone and the market reacted positively to it. And we’ve got the VIX back on its second day of a sell signal. So options traders are certainly not looking for a market crash at the moment. Of course that could change on a dime, but this is what we’re looking at coming into Thursday’s trading action. The S&P 500 ETF traded up to the upper channel line yesterday.
So sitting right on the edge of a new daily buy signal and it looks like we may get that today. Now every symbol that you look at is unique. We made a recent low, we’re trying to hold that low and we also made a recent high and we’re trying to break out above that high. So the first thing that’s happened is a lot of charts have already started to trade above their October lows. So typically what was support on the way down is often resistance on the way back up and we’re kind of expecting a little more resistance at the October lows, but we blew through that yesterday, so that isn’t an issue anymore.
And so the next major target of course is going to be the October highs. So we’ll have to see what the market does if we can get up to those highs. Every chart is unique. Every chart is going to have moving average resistance, every chart is going to have Flypaper Channel resistance and every chart is going to have mathematical price target resistance. So right now look two lines up, that takes us up to 437, 50 or the October highs.
And there’s also an open gap up at that level. So each chart is unique. Each chart is going to have its own targets on the way back up and hopefully we can change the script from lower highs and lower lows to higher highs and higher lows and hopefully that’ll take us into year end with a nice Christmas rally. Looking at the Nasdaq 100, we are back on a buy signal as of Wednesday’s close. Looking at the mid caps in the Russell 2000, no joy yet.
Looking for a close on the IWM above 167.44 on Thursday. Micro caps have closed in the channel for the past two days. Looking for a close above 93.80. And then looking at the Canadian market, the Ishares for the TSX 60 traded up yesterday. We need a close on Thursday above 29.18 to give us a buy signal.
And then small caps traded up to the upper channel line yesterday, while micro caps closed slightly lower on the day, still closing below the lower channel line. Next up, let’s take a look at the New York most actives, and we’re looking at the price volume leaders, so that means we’re looking at where all the money went on Wednesday at Tesla. Traded higher, looking for a close on Thursday above 220 63 for Nvidia. Big day for Nvidia on Wednesday. We’re looking for a close on Thursday above 427.45.
Then AMD, which was trading lower in the pre market yesterday morning, spiked sharply higher yesterday, heading towards those October highs. So we’re back on a buy signal there. We’re back on a buy signal for Apple ahead of earnings, which are coming out today. So let’s see if we can take a run at those October highs. Then we’ve got Microsoft.
Microsoft made it all the way through October without generating a sell signal. And there’s a new high for Microsoft for this move. Amazon continues to move higher, has taken out the open gap, which is now closed. And so the next major target would be those September highs for Amazon. Then we’re looking at Meta.
Meta back on a buy signal as of Wednesday’s close. No joy for Google, still trading below the lower channel line and that open gap. Then we’ve got Exxon, traded up to the lower channel line, but reversed. And so we’re looking for a close above 109.29 on Thursday to give us a buy signal for Exxon. And last up, looking at US.
Stocks this morning is Netflix. Netflix making a new high for this move on Wednesday. Let’s finish off today’s presentation. Looking at the TSX most actives. And again, these are price volume leaders, so Enbridge is number one.
And Enbridge is back on a buy signal as of Wednesday’s close. Now, on a positive note, you can see we’ve made a couple of higher lows over the past couple of weeks. And here we are coming up to the October high. At the same time. You might want to give this one a little more room.
This stock has been in the doghouse for quite a while now. And on the midterm chart, we still need to close above the Tether line there. You can see that since back in April we’ve been trading below the fly paper channel and has continually acted as resistance. So I wouldn’t have much hope for this stock at this time. Then looking at the TD Bank coming off new lows last week, looking for a close on Thursday above $78.75.
There’s Suncor. Suncor came down, filled the open gap that was left in October. And now we’re moving back up, looking for a close on Thursday above $45.99. Then Canadian Natural Resources back on a buy signal as of Wednesday’s close. Then we’re looking at the Royal Bank again.
We made a new low last week and here we are coming back up into the channel looking for a close on Thursday above $111.96. We’ve got Restaurant Brands or Timmy’s making a new high for this move on Wednesday, so no change in trend there. Then we’re looking at the Bank of Montreal, still closing below the lower channel line. We need a close on Thursday above $100.03. Then looking at Shopify trading back up into the channel yesterday, certainly not getting the love that a lot of other big cap tech stocks got yesterday.
We were up over 3% on the day, which isn’t a lot for Shopify. Looking for a close above 69.56 on Thursday to give us a buy signal. Then looking at Manual Life, we’re back on a buy signal as of Wednesday’s close. Okay folks, that is all for this morning’s presentation.
Ahead of those employment numbers which are coming out in just a few minutes. We’ve got stock index futures and commodities trading higher. So far it looks like we’re going to see some buying at the open. Have a great day folks. Next time you’ll hear my voice is on Friday morning.
[00:00:00]: Introduction and Pre-market Analysis
[00:00:29]: End of Crash Wash Season
[00:00:55]: S&P ETF and October Highs
[00:01:30]: Unique Chart Targets
[00:02:26]: Nasdaq and Russell 2000
[00:02:46]: Caadian Market and Small Caps
[00:03:17]: Price Volume Leaders: Tesla, Nvidia, AMD, Apple, Microsoft, Amazon
[00:03:57]: Price Volume Leaders: Meta, Google, Exxon, Netflix
[00:04:19]: TSX Most Actives: Enbridge, TD Bank, Suncor, Canadian Natural Resources
[00:05:19]: TSX Most Actives: Royal Bank, Restaurant Brands, Bank of Montreal, Shopify, Manual Life
Stephen Whiteside
TheUpTrend.com
Thursday, November 2, 2023
