• Good morning, everyone. Welcome to Wednesday morning. .
• It's Stephen Whiteside here .
• from TheUpTrend.com with a quick two minute market update. .
• In the pre market this morning, .
• stock index futures are unchanged at the moment. .
• So things are very quiet out there this morning. .
• There is some stocks in the news, .
• Target is out with earnings and it was looking pretty good yesterday. .
• But today we are trading way down there. .
• In fact, last time I blinked, we're trading a little lower than that. .
• So down sharply in the pre market. .
• And then we've got Lowes. .
• And Lowe's has been stuck at resistance at 212.50. .
• It's trading just above that in the Premarket this morning. .
• Now the VIX traded up into the channel .
• yesterday all the way up to the upper channel line. .
• And we're looking for a close on Wednesday .
• above 26.06 to give us a buy signal that, of course, would be negative for stocks. .
• The US dollar index had a big reversal day yesterday. .
• Didn't close higher on the day, but certainly came off its intraday's lows .
• to settle just above support at 106.25. .
• If you follow the US dollar index, you know 106.25 is an important .
• number because that is also the weekly level of support. .
• So we're trying to hold that at the moment. .
• If we can hold it, that'll be neutral for the stock market. .
• If we bounce from here, that of course, could be negative for the stock market. .
• Looking at the Dow Diamonds, we're up at the summer highs right now. .
• We haven't retested them, but the air is getting pretty thin up here. .
• Wouldn't be surprised if we see the market top this week. .
• We've only got a couple of days left, .
• but we're running out of steam up at this level. .
• And of course, it's been the Dow that has been leading the US market higher. .
• In Canada, of course, we've had the help of the energy sector. .
• And the I shares for the TSX 60 are also up at those summer highs. .
• And here we are trading water up .
• at the $31 level and we've had three days to break out above it. .
• Have not been able to do it. .
• So that could be our level of psychological resistance. .
• We'll just have to wait and see how things work out. .
• Yesterday, the big winner on the TSX was Infotech. .
• The big loser was the gold sector up at trying to break out above 270. .
• And the US it was something similar. .
• It was the chip sector. .
• The Philadelphia Semiconductor Index was the big winner while the Philadelphia Gold .
• and Silver, the XAU was the big loser on the day. .
• Again, trying to break out to higher highs. .
• Having trouble this week. .
• Okay, folks, that's all for this morning's presentation. .
• Not a lot to talk about this morning. .
• Just waiting for time to pass and to see .
• if this is indeed the week that the market puts in a short term top. .
• Have a great day. .
• Next time you'll hear my voice is on Thursday morning. .