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Good morning, everyone, and welcome to Wednesday morning. It’s Stephen Whiteside here from TheUpTrend.com In the pre-market this morning, things are fairly quiet. Stock index futures are barely above fair value. We do have some economic numbers coming out this morning, and then later in the morning, we have energy inventories. Bitcoin and Ethereum are in the news this morning as they both hit new highs. And of course, the corresponding ETFs are also hitting new highs for this move. Looking at the VIX for the S&P 500, we’re looking for a close above 13.67 on Wednesday to give us a buy signal. And for the VIX for the Nasdaq, it’s traded above the upper channel line for the past two days, but has not closed above it. We’re looking for a close above 17.26 on Wednesday to give us a buy signal. Looking at the major index ETFs from Tuesday’s trading action, small pullback in the DOW, small pullback in the S&P 500, and a gain for the NASDAQ 100. So the NASDAQ back up into the middle of the channel, HIP, looking for a close for the triple Qs below $385.68 on Wednesday. That would give us a sell signal for the NASDAQ 100.
Now looking at the iShares for the TSX 60, a small gain on Tuesday. It didn’t have much to do with gold and gold stocks, which pulled back again. Gold traded down to the lower channel line. A close below $2,027.40 would give us a sell signal on Wednesday. Silver actually ended Tuesday on a sell signal. Now, both those commodities are trading up slightly in the premarket, not enough to change either trend. Then looking at the ETFs, the GLD traded down to the lower channel line yesterday, while the SLV generate a sell signal. Then looking at the stocks themselves, the GDX closed at the upper channel line, as did the XGD. Then the biggest loser was Silver stocks, still closing above the upper channel line and no change in trend for any of those stock ETFs. Now looking at crude oil, new closing low for this move on Tuesday, natural gas traded slightly higher. That’s not going to help energy stocks on either side of the border. Looking at the Magnificent Eight, well, four of the eight stocks are still on buy signals. That includes Amazon, Apple, which really led the market higher on Tuesday. Then we’ve got Shopify on both sides of the border, and Tesla.
Those four stocks are still on buy signals at the moment.
Let’s finish off this morning’s
presentation, taking a look at the StockHouse Bullboards for the Industrial sector. Looking at the industrial index itself, it is on a buy signal right now, had a big pop last Friday, and hasn’t seen a lot of follow-through since then. Looking at Pyrogenesis, we’re still on a sell signal here that would change on Wednesday with a close above 50 cents. Then looking at Bombardier, we’re still on a sell signal that would change on Wednesday with a close above $60.17, sense. Then looking at Exro Technologies, we’re on a buy signal right now, but trading in the channel, so a close below $1.36 would give us a sell signal on Wednesday. It does not look like the pros want to take control at the moment, so I’m not sure how long this buy signal will hold. Then looking at Xtract One Technologies, we are back on a sell signal as of Tuesday’s close.
Now, scanning through the TSX Industrial’s Index, there are some stocks that are doing well at the moment. Stantec, Thomson Reuters, and Russell Metals are all doing well coming into Wednesday’s trading action. Okay, folks, that is all for this morning’s presentation. So far, it looks like we’re going to have a quiet open on Wednesday morning. Enjoy the rest of your day. Next time you’ll hear my voice, is on Thursday morning.
0:00 – Stock Market Timing Introduction
0:17 – VIX Volatility Index Analysis
0:47 – Major Index ETFs Overview
1:10 – Trading Commodities Insight
2:10 – Magnificent 8 Stocks Breakdown
2:30 – Stock Market Bullboards Strategy
3:39 – Conclusion and Final Thoughts
Stephen Whiteside
TheUpTrend.com
Wednesday, December 6, 2023
