- Good morning everyone.
Welcome to Tuesday morning. .
- It's Stephen Whiteside here
from theuptrend.com with today's look .
- at North American stock market trends
in the premarket this morning. .
- Stock index futures are
certainly above fair value. .
- Dow futures currently up over 500 points. .
- So it does look like we're going to see .
- some buying at the open
on Tuesday morning. .
- Well, yesterday was a fairly
quiet day for the markets. .
- It was positive. .
- We had the VIX come down to the lower
channel line a closed below 30.81. .
- It would give us a sell signal on Tuesday. .
- That is certainly possible. .
- It was an insight day for the S&P 500, .
- looking for the SPY to close above 362.04
to give us a buy signal. .
- 375 is our next target
and area of resistance. .
- And a couple of weeks ago we
traded above that up to 379.46. .
- So that will certainly be
an important line in the sand. .
- Inside day for the QQQ's. .
- We're looking for a close on Tuesday above
273.37, and our next target to the upside .
- is 281.25, and we peaked at 284.18 .
- a couple of weeks ago. .
- So those are the major
targets ahead of us. .
- Then.
Looking at semiconductors, of course, .
- if we're looking at the tech sector,
we're looking at semiconductors. .
- The SOX Index had an inside day yesterday. .
- You can see we need to close above 2354.73 on .
- Tuesday to give us a buy signal. .
- And then looking at the I shares
for the TSX 60, we traded up to the upper .
- channel line yesterday,
closing $0.20 or so below it. .
- We're looking for a close above 28.77
on Tuesday to give us a buy signal there. .
- Our next target is 28.91,
followed by 29.69. .
- If we can break through the 28.91 level. .
- Looking at Bay Street.
What worked? .
- Well, cannabis stocks were the big winner, .
- followed by Infotech,
and then followed by utilities. .
- Then looking at Wall Street,
what worked yesterday? .
- Well, the big winner was Consumer .
- Discretionary, followed by Real Estate,
followed by Communication Services. .
- Then a quick check on the banks. .
- The banking sector in the US is
on its third day of a buy signal. .
- Canadian banks back on a buy
signal as of Monday's close. .
- And then looking at this chart, .
- you can see we made a series
of lower highs and lower lows. .
- So a new lower low last week. .
- We'll have to see if we can take out the
recent high from a couple of weeks ago. .
- That would certainly be a tell if we could .
- change this pattern from lower highs
and lower lows to a higher high. .
- And so that could come into play
over the next week or so. .
- Looking at my five stocks inside day
yesterday for Apple, .
- certainly the possibility of a buy signal
on Tuesday, inside day for Amazon. .
- Again, there's a possibility
of a buy signal on Tuesday. .
- CME Group trading up to the upper channel .
- line, a close above 176.88 on Tuesday
would give us a buy signal. .
- Goldman Sachs, third day of a buy signal. .
- Haven't really got much traction so far. .
- Seeing if we can take out the high
from a couple of weeks ago on Tuesday. .
- And then Visa. .
- Visa back on a buy signal
as of Monday's close. .
- Let's look at those mega trends. .
- And the US dollar index traded
down to the lower channel line. .
- So right on the edge of a new sell signal. .
- Japanese yen didn't really respond. .
- Made a new low yesterday,
but a lot of buying back into the Euro. .
- The Euro is back on a buy
signal as of Monday's close. .
- Then looking at bonds, 30 year bond
closed slightly lower yesterday. .
- Bond yields moved up again,
so no change in that scenario. .
- Then looking at the metals, .
- copper still trading in the channel,
no direction, still on a buy signal here. .
- Then looking at gold, still on a sell
signal inside day yesterday. .
- Gold was closed up $5.30 yesterday. .
- It's down slightly in the pre
market this morning. .
- Then looking at silver. .
- Silver closed higher yesterday within an
inside day from Friday's trading action. .
- And then last up looking at the energy .
- sector, we've got crew all sitting right
on the edge of a new daily sell signal. .
- It is trading higher
in the premarket this morning. .
- And then natural gas made a new low
yesterday for this move and it is also .
- trading slightly higher in the pre
market on Tuesday morning. .
- Okay folks, that is all for this
morning's presentation. .
- Looks like we're going to get a lot
of buying at the open on Tuesday morning. .
- Of course we care a lot more about how .
- the market closes than it opens,
but if the market can put in a couple .
- of positive days in a row, that would
certainly be a change in the story. .
- We'll just have to wait and see if .
- the market can take it through
to the upside for another day or two. .
- Have a great day folks. .
- Next time you'll hear my voice
is on a Wednesday morning. .