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 are below fair value. Dow futures currently down 130 points. At the same time, we do have commodities trading higher on Thursday morning. Now we do have some employment numbers coming out this morning at 830.
That could add to the pre market volatility. Yesterday was a fairly quiet day for the market. It is a holiday shortened week. A lot of people are off at the moment. I guess the biggest news item from Wednesday’s trading action was interest rates.
Bond yields continued to move higher, making a new high for this move. The VIX is still on a sell signal that’s supportive for higher stock prices. That would change on Thursday with a close above $14.15. Small pullback in the Dow yesterday, the SP 500, the Nasdaq. Bigger pullback for the Chip sector down over 2%.
Still on a buy signal here. That would change on Thursday with a close below 213 78, and a small pullback, a little over half a percent for the TSX. Looking at the most actively traded US. Stocks from Wednesday’s trading action, we won’t see any trend changes here. Tesla had a fairly quiet trading day.
Inside day for Tesla, new high for Rivian on Wednesday, inside day for Neo. Carnival made a new high on Wednesday. And then we had a new high for Lucid, filling the open gap from back in late May. We’ll have to see if we can push through that. Then looking at Ford new closing high. Advanced Micro Devices trading in the channel, looking for a close above 115.63 on Thursday to give us a buy signal.
Small pullback for Apple, still trading above the upper channel line. Marathon digital new high on Wednesday. Then we’ve got Palantir, which is back on a buy signal. Things would change for Palantir on Thursday with a close below 1470. Next up, let’s take a look at the TSX most actives from Wednesday’s trading action.
Again, no trend changes here. We had a small pullback for the TD Bank, a bigger pullback for the Bank of Nova Scotia. Then we’ve got TC Energy back in the channel. We get a new sell signal for TC Energy with a close below 52 31 on Thursday. Enbridge, we’re looking for a close below 48 57.
Canadian Natural Resources still trading, closing above the upper channel line, Hut 8. Making a new closing high for this move. Then we’ve got Manualife trading back in the channel. Things would change for Manualife on Thursday with a close below 24.60. Then we had an inside day for Crescent Point.
We’ve got Algonquin Power on a buy signal right now. Things would change for Algonquin Power with a close below 10.77 on Thursday. Then Osisko , which was the biggest losing stock on the TSX yesterday, came down sharply, closed down nearly 10% on the day. So some surprising news there that shocked investors looking at a couple of other gold stocks. So we’ve got Barrack and Igniko Eagle still on buy signals here.
Things would change for Barrick on Thursday with a close below 21.74. And for Agnico Eagle, we’re looking for a close below 64.60 in the pre market this morning. We’ve got gold trading up $4. But if the stock market wants to roll over, that doesn’t guarantee that gold stocks will go higher. Speaking of gold, let’s take a look at commodities.
We had crude oil higher yesterday. Remember, we’re trying to give crude oil a lot more room than normal. The pros and the public still intertwined. So no really new interest in crude oil at the moment. It is trading higher in the pre market this morning.
Gasoline still on a buy signal, no change there. Natural gas still on a buy signal as well, but that would change on Thursday with a close below 704. We’ve got the GLD still on a sell signal that would change on Thursday with a close above 179.28, which would join silver already on a buy signal. No change in trend for palladium or platinum. And there’s Silver back on a buy signal as of Wednesday’s close.
And we’ve got a nice big gap above us that we could possibly fill. Okay, that is all for Thursday morning’s presentation. Not a lot of new signals from Wednesday’s trading action. Looks like Volatility may start to expand this morning after those employment numbers come out at 830. Have a great day.
Next time you’ll hear my voice is on Friday morning.
Stephen Whiteside
Thursday, July 6, 2023
