Stock Market Timing Television - 20230308
Mar 08, 2023 2:01 pm
Wednesday, March 8, 2023
Good morning.
The stock market had a bearish reversal on Monday, and yesterday the US market broke down, led lower by financials. The SPDR Financial ETF rolled over, trading right back down to last week's low, and SVB Financial was the biggest loser, down just over 5.5% on the day. On the TSX, Equinox Gold was the biggest loser in the material sector, back on a sell signal down 5.65%.
The US dollar index was up over 1% on the day, making a new high for this move, and banks were down nearly 3%. Gold is back on a sell signal, still holding the $1812.50 level. Last week's move up in gold was not enough to get the pros to take control on either side of the border for the gold miners.
Today is another Fed day, with the Fed chairman testifying, and the Bank of Canada will also speak. The employment numbers coming out on Friday are the next big event this week. Stock index futures are still very quiet this morning, waiting for the Fed chairman to speak.
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This video has been translated into Arabic, Chinese, French, German, Hindi, Japanese, Korean, and Spanish.
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