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Morning Market Outlook 01042024

Good morning everyone, and welcome to Thursday morning. It’s Stephen Whiteside here from In the pre market this morning, stock index futures and commodities are mixed. We’ve got the Nasdaq futures trading lower while we’ve got gold trading higher on Thursday morning. While yesterday we saw the VIX continue to move higher, hasn’t taken out the recent high, but it closed above the upper channel line.

So we are back on a buy signal that of course is negative for stocks. North American markets were led lower yesterday by US Retail, followed by US Regional Banking and then Semiconductors which gapped lower. Then looking at the Dow, it is still on a buy signal. That would change on Thursday with a close below 373.09. Then the S&P 500 is back on a sell signal, joining the Nasdaq already on a sell signal.

And then we saw aggressive selling in mid cap, small cap and micro cap stocks on Wednesday. Now the energy sector had a huge intraday reversal on Wednesday. Crude oil made a new low before reversing and closing higher on the day, joining natural gas which also moved up on the day. And it was the TSX Energy Sector that led the North American markets higher on Wednesday. It actually did that on the previous day and we got that nice big pop yesterday and traded above the open gap.

So that open gap is no longer an area of resistance. Now the ishares for the TSX 60 were down slightly, still closing above the upper trend line. Things would change on Thursday with a close below $31.63. Now gold rolled over on Wednesday down over $30. And that joining silver which was already on a sell signal.

And we saw gold and silver stocks continue to move lower on both sides of the border whether you’re looking at the GDX or the XGD. Now looking at the most actively traded canadian stocks. Number one was the TD Bank, still closing at the upper channel line. Then we had a huge update for Suncor on Wednesday. We saw First Quantum continue to move higher up another 11%.

Then we’ve got TC Energy back on a buy signal as of Wednesday’s close. And we’ve got Baytex back on a buy signal as of Wednesday’s close. Looking at the US most actives, we saw Tesla continue to move lower on Wednesday. Marathon dipped below the lower channel line before reversing. Then we had SoFI big down day there closing down nearly 14% on the day.

Then we’ve got Ford back on a sell signal and we’ve got Advanced Micro Devices already on a sell signal continuing to move lower on Wednesday. Okay, folks, that is all for this morning’s presentation. It looks like we’re going to have a mixed open on Thursday, waiting for the rest of the market to continue to roll over. Enjoy the rest of your day. Next time you’ll hear my voice is on Friday morning.

[00:00:00]: Market Overview
[00:00:23]: Market Performance
[00:00:51]: Energy Sector Movement
[00:01:22]: Gold and Silver Market Update
[00:01:44]: Canadian Stock Update
[00:02:09]: US Most Actives Overview
[00:02:35]: Stock Signals Update

Stephen Whiteside
Thursday, January 4, 2024

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