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Morning Market Outlook 11152023

This video has been translated into Arabic, Chinese, French, German, Hindi, Japanese, Korean, and Spanish.

Good morning, everyone, and welcome to Wednesday morning. It’s Stephen Whiteside here from In the premarket this morning, stock index futures are above fair value. Now, yesterday morning, we were waiting for CPI numbers to come out. This morning, we’re waiting for retail sales and PPI numbers to come out, and so they could also add some premarket volatility. The VIX made a new low yesterday. Stock indexes made a new high for this move. On Wednesday, we’re looking for a close on the VIX above 16.36 to change everything. So far, it does not look like that’s going to happen. The US dollar index dropped sharply yesterday. Bond prices moved up, which put downward pressure on bond yields, and that set the stock market on fire. Huge move up for regional banks and US banks on Tuesday. They led the market higher. The Dow made a new high for this move. The S&P 500 made a new high. The Nasdaq made a new high for this move, trading up to from back in July of this year. 390.63 is our next target. Hopefully, you’ve taken money off the table on all of these as they’ve moved up.

The Nasdaq is now up at the top of the panic zone, so we wouldn’t be surprised if it needed to take a break up at these levels. Semiconductors popped yesterday. Everybody had a good time. A lot of short covering on Tuesday. There’s microcap stocks. Not only did they gap higher, but they gapped up above the recent high from two weeks ago. Then looking at the Ishares for the TSX 60, we gapped higher yesterday, filled the open gap. If you had an order at 30.47 or around there that got filled yesterday. Now we’re looking to see if we can move up to 30.86. Then what worked on the TSX today? Well, REITs were the big winners followed by Gold stocks. No buy signals just yet. Looking for a close on Wednesday above 16.90. Then we’ve got the Global Base Metals back on a buy signal as of Tuesday’s close. We’ve got Utilities already on a buy signal moving up yesterday, and then Canadian Fnancials moving up nicely on Tuesday. Looking at the New York most actives from Tuesday’s trading action, leading off with Tesla, Tesla is moving up towards the top of that open gap at 242.08.

Then we’ve got a new high for Palantir. It’s trading up to the 20.31 level, got as high as 20.10 yesterday, so we should be able to hit that today if you had an order in at 20.31. Then Plug Power, no joy there, still on a sell signal. We’ve got Ford back on a buy signal as of Tuesday’s close chasing Bank of America, making a new high for this move heading towards 29.69 is our next price target. Advanced Micro Devices making a new high for this move, but giving most of it up going into the close, trying to get to 125. That’s our next target. And it looks like we’re having trouble pulling away from 118.75. We are up at the high from back in July there, so that could be holding us in check at the moment. That Apple made a new high for this move, hit our 187.50 target yesterday and is trying to head towards that open gap. The high from back in late August is 189.98. That could be a target and a potential area of resistance if we can move up from 187.50. Then above that, you’ve got the open gap from back in late July at 190.69.

Let’s finish off looking at the TSX most active and Embridge pulled back. It’s sitting right on the edge of a new daily sell signal. Canadian Natural Resources is back on a buy signal. Remember, this is a high risk buy signal. You’re up at the top of the range here. Then Cenovus was actually down on the day, so no change in trend there. We’ve got Magna moving up nicely yesterday, so looking to take out the high from a couple of weeks ago. $75 leads us to 78.13 if we can take out that high. Then we’re looking at Suncor, second day of a buy signal, but we had a pullback. Again, these are high risk buy signals up at these levels. Then looking at Manulife, new high for this move for Manulife, you can see the open gap was filled and our next target to the upside is 26.56. But notice that we put in a lower high back here in September. So lots of resistance up there at 26.56, the air is getting rather thin. Then Algonquin Power is on a buy signal right now. If we can break away from 7.81, 8.59 would be our next target to the upside.

Then Crescent Point. No joy for Crescent Point trying to hold support here at the 9.60 level. And then we’ve got Shopify making a new high for this move, running right back up to the high from late August. You can see that our next mathematical target is 93.75. We got up to that level back in July. Then looking at Great West Life, new high for Great West Life, our next mathematical target is 42.58. And that stock has had a very nice move over the past couple of weeks. Okay, that is all for this morning’s presentation. We’ll have to wait for those economic numbers to come out at 8:30 to see which way the market is going next. This has been a great run. Hopefully, you’ve been locking in some profits along the way. We don’t need to ever completely liquidate a position until we actually get kicked out. Nobody’s getting kicked out on Wednesday morning, but it is the time and place to make sure you’ve taken some money off the table. Have a great day, folks. Next time you’ll hear my voice is on Thursday morning.

[00:00:00]: Introduction and Market Overview
[00:01:10]: Market Analysis and Stock Performance
[00:02:24]: Detailed Stock Analysis – Tesla, Palantir, Plug Power, Ford,
Bank of America, Advanced Micro Devices, Apple
[00:03:38]: TSX Most Active Stocks Analysis – Embridge, Canadian Natural
Resources, Cenovus, Magna, Suncor, Manulife, Algonquin Power
[00:04:49]: Continued TSX Most Active Stocks Analysis – Crescent Point,
Shopify, Great West Life

Stephen Whiteside
Wednesday, November 15, 2023

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