- Good Morning, everyone.
Welcome to Tuesday morning. .
- It's Stephen Whiteside
here from theuptrend. .
- Com. .
- In the premarket this morning,
things are fairly quiet. .
- DOW futures currently up 80 points. .
- Gold is lower while crude oil is higher
on Tuesday morning. .
- Well, it is the last day of the month. .
- Yesterday, today, possibly
tomorrow, there's a positive bias to .
- this time of the month
as automatic money comes into the market .
- and traders usually do not like to
trade against that automatic money. .
- In news this morning, we've got .
- international trade numbers
coming out at 8:30. .
- That's probably the most
important number this morning. .
- Not expecting it to move
the market too much. .
- In earnings, we've got Bank of Nova Scotia
and Bank of Montreal out this morning. .
- Both are trading slightly
lower in New York. .
- And then we've got Target out. .
- Target is trading higher in the premarket, .
- but not higher than yesterday's high
last time I checked. .
- So no change in trend for Target so far. .
- Looking at the VIX, the VIX
pulled back in the channel. .
- Things would change on Tuesday if the VIX
were to close below .
- 20.24. We saw the TSX, the S&P 500, and
the Nasdaq all move higher yesterday. .
- No change in trend. .
- Looking at the US dollar index, small .
- pullback yesterday, small
gain for the 30 year bond. .
- Then we had gold up yesterday. .
- Gold was up $6.20 on Monday. .
- It's down 9.50, $10 last time I checked. .
- So we're going to see a new low today
and possibly break the 1812.50 level. .
- We got as low as 1812 yesterday before .
- reversing, giving us a
bullish reversal day. .
- Of course, the day after is
what you have to look for. .
- And we are looking for a higher close
to lock in that low yesterday. .
- But it doesn't look like that's
going to happen, unfortunately. .
- And of course, if we start breaking .
- down below 1812.50, we can suspect that
1800 may act as psychological support. .
- But then our next mathematical
target is down there at 1750. .
- Looking at silver, silver
made a new low yesterday. .
- So we've been talking about silver leading .
- gold lower, and that looks like
it's continuing to be the case. .
- Looking at gold miners, they .
- had a small gain yesterday on the GDX
and the XGD, .
- but certainly no change in trend
coming into Tuesday's trading action. .
- Now, crude oil was down yesterday. .
- It's up in the premarket this morning,
not enough to give us a new buy signal. .
- But natural gas was up yesterday. .
- It is back on a buy signal as
of Monday's close, and that helped move .
- energy stocks up on both
sides of the border. .
- We are getting very close to a new buy .
- signal on the XEG traded on the TSX,
unlike the XLE traded in New York. .
- Next up, let's take a look at the most
actively traded stocks from Monday's .
- trading action and we'll
start off in New York. .
- Tesla was the volume leader yesterday. .
- It's up above the upper channel line. .
- So unlike Apple, Microsoft, Shopify, it
did not generate a sell signal .
- and it is currently
trading between the 100 and 200 .
- day moving average looking
for a breakout of that range. .
- Now, AMC was up sharply yesterday up
trading above our projected .
- trading range and so
you'll have to do some mathematical .
- calculations to figure that one
out until the chart resets. .
- Ford was up yesterday, no change in trend. .
- Fisker, big update yesterday,
not a stock I would trade. .
- Look at the pros in the
public, compare that to Ford. .
- I would trade Ford
far before I would trade Fisker. .
- Then we've got Fubo TV making a
new low for this move on Monday. .
- Then we've got advanced micro devices
closing at the lower channel line. .
- So mathematically, we could see a buy .
- signal on Tuesday with a close above
81.50. Then looking at .
- Apple, closing below the lower
channel line on Monday, and Amazon. .
- I'm still short Apple,
I'm still short Amazon. .
- There's no change there.
And then NVIDIA. .
- Nvidia was up yesterday trying to break
out above the high from last week. .
- Again, I wouldn't chase NVIDIA
up at those levels. .
- Looking at the Canadian
market, starting off with Manulife. .
- Manulife trading in the channel again. .
- So close below 26.32 would give
us a sell signal on Tuesday. .
- And with the weakness in the Canadian .
- banks, you might see some other Canadian
financials also pull back on Tuesday. .
- Then Enbridge traded up, still
closing below the lower channel line. .
- No change there.
Suncor, second day of a a new buy signal. .
- I'm not sure how much we're going to be
able to get out of Suncor, but notice that .
- the recent low was a higher low,
the recent high was a higher high. .
- Overall, it's a bullish tone for Suncor. .
- Then looking at Barrick, new
low yesterday, no change there. .
- Athabasca Oil, .
- second day of a buy signal here, looking
to see if we can take out the recent high. .
- And again, it's looking pretty bullish. .
- The recent high was a higher high,
recent low was a higher low. .
- That's bullish. .
- Canadian Natural Resources trading up to
the upper channel line looking for a close .
- above 1711 on Tuesday to
give us a buy signal. .
- And then looking at TC
Energy, nothing going on there. .
- Still need a close above .
- 56.44. Then Cenovus Energy, so
we're looking for a close above 25. .
- 57 on Tuesday to give us a buy signal. .
- Then last up this morning, Crescent Point. .
- Crescent Point trading up to the upper .
- channel line yesterday
looking for a close above 9.60 to give us .
- a buy signal, and that is
certainly doable on Tuesday. .
- Okay, folks, that is all for
this morning's presentation. .
- Have a great day.
Next time you'll hear my voice is on .
- Wednesday morning. You're going it. .
- It's amazing.
It. .
- It It. you. .