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Stock Market Trends- 09142023

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

Good morning, everyone, and welcome to Thursday morning. It’s Stephen Whiteside here from I’m recording this video ahead of all the economic numbers that are coming out at 8:30 this morning. We’ve got inflation with PPI numbers, we’ve got retail sales, and jobless claims all coming out at 8:30. Ahead of those economic numbers coming out, stock index futures are positive. We’ve got crude oil and natural gas trading higher, while gold is slightly lower ahead of the economic numbers. Now, the VIX closed lower yesterday still in a downtrend that is supportive for higher stock prices. Looking for a close above $14.97, so our upper channel line has finally broken the $15 level. Looking at the currencies, the US dollar index was basically unchanged yesterday, still on a buy signal. The euro was unchanged on the day. Then looking at bond yields, we saw them pull back from recent highs on Wednesday, still on a buy signal here for the five-year, 10-year, and the 30-year. It looks like the open gap is holding the 30-year in check. Moving from bond yields to commodities, the price of gold slipped yesterday. It’s slipping an equivalent amount this morning ahead of the economic numbers.

We’ve got the price of silver making a new low, bouncing off $23 on Wednesday. While silver made a new low, crude oil made a new high before pulling back slightly, stuck here at $87.50, and then natural gas had an inside day closing slightly lower on the day. Then looking at the TSX, the iShares for the TSX60 generated a buy signal yesterday. It’s got to be one of the weakest buy signals. The market was actually led higher by consumer staples and utilities. And those are two very defensive sectors. So it’s bizarre to see the TSX generate a new buy signal based on movements in those two sectors. Looking at the Dow, no change in trends still on a sell signal. S&P 500 still on a buy signal. Nasdaq still on a buy signal. And as you can see, the market is not trending at the moment. On the other side of the coin, we’ve got the semiconductors closing down just a couple of pennies on Wednesday, so no change in trend for semiconductors. Next up, let’s take a look at the US most active from Wednesday’s trading action. Tesla had an inside day, no change in trend there trying to get up over 281.25. You can see we peaked above that level in July.

That will be a major target. But there’s an open gap between where we are and where the high was from July. We’ll have to see how the market handles that. Then a stock I’ve never looked at before, Grab Holdings actually rolled over and generated a sell signal yesterday. Then looking at Apple, new closing low for Apple for this move, still on a sell signal, of course. We’re closing below 175, haven’t last week’s low. You can see the August low is just below there. We’re one day away from retesting the August low. If that breaks, then 168.75 is our next target. Ford made a new high for this little move here and the reverse, so bearish reversal day for Ford. Then looking at Amazon, new 52 week high for Amazon. Then we’re looking at American Airlines, new low for American Airlines, gapping lower. Advanced Micro Devices, not trending at the moment. It’s still on a buy signal here, but any movement, any close below yesterday’s low would give us a sell signal on Thursday. Then looking at NVIDIA, still on a sell signal, no change there. No change for AMC, still struggling down here at the lows.

Then we’ve got Bank of America, second day of a buy signal with a pullback on Wednesday. Then looking at NIO, still on a sell signal, that would change on Thursday with a close above $10.75. Looking at the TSX most active, starting with Enbridge, Enbridge trading up into the channel, a close above 46.79 would give us a new buy signal on Thursday. Then TC Energy, still on a buy signal. No change in trend, no real trend at all. Then looking at Suncor, still on a buy signal, no change there. Then we got the TD Bank back on a buy signal as of Wednesday’s close. Then looking at Canadian Natural Resources, still on a sell signal, that would change on Thursday with a close above $88.36. Then big down day for Birchcliff just fell out of the sky yesterday. If you were trading this stock, if we go back in time, our targets were 8.20, 8.40, and 8.59, we hit those three targets. You had lots of time to take money off the table. What do you know? We came right down and bounced off the 8.01 level, and that was our low of the day yesterday.

8.01 was the target, and that’s what we hit on the way down. Then looking at the Baytek, still on a buy signal, no change there. Then no change for Crescent Point, we’re still on a sell signal here. That would change on Thursday with the close above $11.43. Then looking at manual life. No change there, still on a buy signal. Air Canada, still on a sell signal making a new low on Wednesday. Then the first most actively traded gold stock yesterday was B2gold. It traded through the upper channel line but did not close there. A close above $4.22 would give us a new buy signal for B2gold. And then last up, we’re looking at Denison Mines making a new high for this move. So no change in trend for Denison Mines. Okay, folks, that is all for this morning’s presentation, waiting for those economic numbers to come out at 8:30. And yesterday, I expected lots of volatility after the inflation numbers came out didn’t happen. That may change on Thursday. Have a great day. Next time you’ll hear my voice is on Friday morning.

Stephen Whiteside
Thursday, September 14, 2023

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