As we head into the day, stock index futures are showing positive movement in the premarket, particularly as we anticipate the release of the PPI numbers at 8:30 AM.
Yesterday was quite a dynamic day in the markets. Major technology stocks initially drove the market down, but by the close, it was the commodity stocks that surged ahead.
Despite the downturn, many of the heavily impacted technology stocks managed to recoup substantial losses by the end of trading.
Reflecting on the week overall, the Canadian market is showing a net gain, while the major US indices are experiencing what's known as an "inside week." Despite the turbulence on Thursday, the US market did not fall below last week's lows, hinting at potential bullish momentum moving forward.
In the commodity sector, Thursday triggered numerous short-term buy signals. However, these signals carry a higher risk as the most profitable opportunities may have already been capitalized on in recent months.
This content was originally posted on the Stock Market Timing YouTube Channel