Good morning and welcome to Friday morning. This video was created ahead of the employment numbers coming out at 8:30 AM this morning, which could certainly dramatically change the direction of the market.
So far, stock index futures are trading above fair value, this is the market being a little optimistic on what the numbers could be but they are certainly not enough to change what happened on Thursday.
The VIX generated a buy signal the other day, which told us that options traders in Chicago were anticipating a downward move in the market.
What were seeing with commodities like gold, copper, and crude oil, can be good for the Canadian stock market but very negative for the US stock market.
I ran off some weekly charts this morning and so far what's happened this week is certainly negative for the US stock market but not enough to scare long-term investors just yet.
If the VIX were to close this Friday where closed on Thursday that would certainly new weekly buy signal, which would be negative for long-term investors going forward.
This content was originally posted on the Stock Market Timing YouTube Channel