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Morning Market Outlook 03262024

Good morning, everyone, and welcome to Tuesday morning. It’s Stephen Whiteside here from In the pre market this morning, stock index futures are above fair value. Commodities are mixed with gold higher, while crude oil is slightly lower on Tuesday morning. Now, we do have some economic numbers coming out this morning at 8:30 and then at 10:00 we’ve got consumer confidence and those numbers could change the overall direct of the market.

Now, yesterday the TSX had a small pullback, we had a small pullback in the Dow, the S&P 500 and the Nasdaq. No damage done so far. The VIX was up slightly on the day it traded up into the channel before reversing on Tuesday. We’re looking for a close above 14.36 to give us a new buy signal for the VIX. Now, Bitcoin came back on Monday, it’s continuing to move higher on Tuesday.

Gold was up yesterday, had an inside day. It is up another $20 in the pre market this morning. So that could bring money back into the mining sector. Looking at what worked yesterday, well, it was energy stocks on the TSX in New York making new highs for this move. Moving on.

Looking at the TSX, most actives, of course, it’s filled with energy stocks. There’s Suncor making a new high on Monday. Canopy Growth, big reversal, but an inside day for Canopy Growth. So we had some reversals in the cannabis sector yesterday. You can see we traded up towards the highs from back in December and then have started to pull back.

Looking at TC Energy, we’re back on a buy signal here for the second day. Then canadian natural resources making a new high again. These energy stocks are all up at the top of the panic zones. The last low risk opportunity was down here when we were at the bottom of the Panic Zones and a Pressure Zone was forming and then we started to move up. That was your low risk opportunity.

Any opportunities that are coming up here, any new buy signals that show up, of course are high risk opportunities. Take you look at Manulife. We’ve been struggling for a while around the 32.81 level and haven’t been able to really break away from it. So the market is apparently stuck on that number. Of course, if we can move higher than 34.38 would be our next target to the upside, then look at the TD Bank.

We’re still struggling here. Looking for a close on Tuesday above 81.64. Bitfarms is trading in the channel right now. Looking for a close on Tuesday above $3.34. Then we’ve got Power Corp.

And it’s an ugly chart. Looks like investors don’t want to pay more than $40 for this stock and it has come back down. It’s back on a sell signal. Then looking at Cenovus. New high for Cenovus on Monday.

Then looking at one of the winners in the banking sector. Bank of Nova Scotia small pullback, two cent yesterday. So certainly no change in trend. The first telecom stock that shows up on the most active list is Telus, making a new low on Monday, then looking at the first gold stock that shows up on the most active list. B2Gold we would need to see a close above $3.53 on Tuesday to give us a buy signal.

Certainly B2Gold has been out of favor. Most gold stocks look something like this at the moment. Some of them gave sell signals last week and some of them are still holding up like Kinross. Then moving on to Wall street. And certainly no changes in trends in any of these stocks.

Lucid had a big update yesterday but ended the day closing just below the upper channel line. So any higher close on Tuesday would give us a buy signal for Lucid. For Tesla, we’re looking for a close above $175.99 on Tuesday to give us a buy signal. No joy for Advanced Micro Devices on Monday. Making a new low for this move. Then we’ve got Marathon Digital still on a buy signal here but struggling.

Looking for a close below $19.68 on Tuesday to give us a new daily sell signal. No joy for NIO on Monday. Then we’ve got Micron making a new high on Monday after gapping higher last week. Then we’re looking at Nvidia. New closing high for Nvidia on Monday.

Then Apple. No joy there. Still on a sell signal and looking to see if we can hold those march lows. Then looking at Tilray, the first Canadian company that comes up on the most active list. We get the reversal there yesterday and still on a buy signal.

No change in trend. You’ve had several opportunities to lock in some profits on the way up, so hopefully you took advantage of that. Then looking at Soundhound, still on a sell signal. No change there. No change for Rivian.

Looking for a close on Tuesday above $11.65 to give us a new daily buy signal. Intel still struggling here even with all that positive news last week, nobody wants to own intel at the moment. Then the next canadian company to show up on the list is Bitfarms. Looking for a close above $2.47 on Tuesday to give us a buy signal. The first bank on the most active list is bank of America.

Very small pullback on Monday, no change in trend. First energy related stock on the most active list was Transocean, making a new high for this move, heading up towards those highs from back in December. And then the best performer on the dow yesterday was Walt Disney. And Disney got a buy signal back here, and so far we have not had a sell signal. And you’ve had lots of opportunities to lock in some profits along the way.

The best performer on the SP 500. And our last stock this morning is Super Micro, traded right up to the upper channel line. So really any higher close on Tuesday would give us a new buy signal for super micro. Okay, folks, that is all for this morning’s presentation. So far, it looks like the market wants to do a little buying on Tuesday morning.

Remember, we’re coming into a long weekend. We’re coming into the end of the month. Both of those usually have a bullish bias to it. So unless we get some horrible economic numbers this week, I’m really not expecting to see a lot of downward pressure on the overall market. Enjoy the rest of your day.

Next time you’ll hear my voice is on Wednesday morning.

Stephen Whiteside
Tuesday, March 26, 2024

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