• Good Morning, everyone, and welcome to Tuesday morning. .
• It's Stephen White side here from theuptrend.com. .
• In the premarket this morning, things are fairly quiet. .
• Stock index futures are trading right around unchanged. .
• Commodities are mixed with crude oil lower .
• while gold is higher in the premarket on Tuesday morning. .
• Well, Monday turned out to be an inside day for the VIX. .
• Inside days, of course, are days of indecision or pause days. .
• The market is waiting for more information. .
• On Tuesday, we're looking for a close .
• above 18.09 to give us a new buy signal for the VIX. .
• That, of course, would be very negative for stocks. .
• Now, it still looks like the chip sector put in a blow off top last week. .
• We haven't seen a lot of major damage to the downside. .
• The stocks index is still trading and closing above the upper channel line. .
• So is NVIDIA. .
• Obviously, $400 has turned out to be an area of resistance for NVIDIA. .
• It did trade above it, then pulled back fairly quickly. .
• So we're not near a sell signal for NVIDIA on Tuesday. .
• Now, not all chip stocks moved up last week. .
• It was mostly focused on those big cap .
• ones that everybody has been following, but not all the boats went up. .
• Amd closed at the upper channel line .
• yesterday, so closed below 113.51 on Tuesday would give us a sell signal. .
• Inside day yesterday for Applied Materials and for Broadcom, we saw a little more .
• weakness for Marvell, so it closed below 53. .
• 33 on Tuesday would give us a sell signal. .
• And then Intel came down hard yesterday looking for a close below 29. .
• 32 on Tuesday to give us a sell signal for Intel. .
• Now looking at the triple Qs, you can see .
• we made a new high yesterday before pulling back. .
• We were trying to get to 359.38. The .
• high yesterday was just a couple of dollars away from that. .
• So we're getting pretty close to our next price target. .
• For the S&P 500, we are trying to get to .
• 429.69. We got as high as 429.62 before we started to pull back. .
• Then looking at the right side chart, you .
• can see we're still well above the upper channel line. .
• So not concerned about a sell signal on Tuesday. .
• Then looking at the iSharers for the TSX 60, we opened nicely higher. .
• We traded up through the upper channel .
• line and then we gave up those gains and closed lower on the day. .
• So not a happy day for the TSX. .
• We tried to trade up into that open gap and then saw sellers come in. .
• Looking at who's in control, you can see .
• the pros are not that interested in taking control of the TSX at this time. .
• Compare that chart to the Nasdaq and you .
• can see the pros have been in control of the Nasdaq for quite a while. .
• Looking at US financials, intertwined at the moment. .
• Compare that to Canadian financials that .
• look a little weaker and Canadian banks also looking weak at the present time. .
• That's one of the reasons we've got the divergence between what we're seeing in .
• the US market and what we're seeing in the Canadian market. .
• Looking at a couple of the Canadian most actively traded stocks from Monday's .
• trading action, we can start off by just looking at the commodities. .
• Now, gold was up yesterday. .
• It was up $4.70. It's up about the similar amount this morning. .
• We need a close above 1997.30. We're getting back up towards the .
• $2,000 level, which could now act as resistance. .
• Crude oil had a wild day yesterday. .
• It was up the previous two days in a row, .
• and yesterday it actually closed higher on the day after giving up most of its gains. .
• It is down in the premarket this morning, .
• so we may not see a buy signal for crude oil on Tuesday. .
• Natural gas was up yesterday, still .
• trading below the lower channel line, but at least it was up on the day. .
• Now looking at Suncor, second day of a buy .
• signal, we pulled back after making a new high trading up to the $40 level. .
• Got as high as 39.95 before pulling back. .
• So a little resistance there at the $40 level. .
• This is a very bearish chart. .
• You can see the high up here. .
• Then we've made lower highs. .
• We made a low here. .
• We made lower lows. .
• If 3750 breaks, then 34. .
• 38 does come into play. .
• Then looking at Canadian Natural .
• Resources, we closed lower on the day, so no buy signal there. .
• Next up, we're looking at Rogers. .
• Rogers put in a new low on Friday. .
• The market tried to claw its way back on Monday, but was unsuccessful. .
• We actually closed lower on the day. .
• Now, when we look at the moving averages, .
• you can see that none of them are acting as support any longer for Rogers. .
• And you can see we're projecting down here to below $54. .
• That could be significant going forward. .
• We've broken through the fly paper channel. .
• We've broken through a recent support up there at $60. .
• And if we continue to look back .
• to the left, you'll notice an open gap back there from the fall of 2022. .
• And that takes us down to below $54. .
• Next up, we're looking at Crescent Point, which popped on Monday. .
• Not overly confident. .
• It popped a couple of weeks ago, ran into the moving averages and reversed. .
• I think that's what's going to happen again this time. .
• Then we've got Enbridge. .
• Enbridge had a couple of big up days over the last Thursday and Friday, and we .
• continued to hire yesterday but lost it all going into the close. .
• So we put in a bearish reversal day yesterday. .
• The pros are not interested in taking control of this stock at the present time. .
• So I don't think this buy signal is going to last very long. .
• Looking at US stocks, different picture altogether. .
• We had Tesla making a new high yesterday. .
• Our next price target is 225. .
• We may not be able to get there, but if we can, hopefully, you've got an order .
• in up at that level to lock in some more profits. .
• Then we've got Apple making a big reversal day. .
• Apple is having its Worldwide Developers .
• Conference right now and had a big product announcement yesterday. .
• So of course, it's always by the rumors, s o the news. .
• We're trying to hit 187.50, have not been able to do that so far. .
• If we look at what happened yesterday, we .
• did get as high as 184.95, came back and closed below 180. .
• If we go back in time, the previous high was back there .
• just before the end of 2021, up at 182.94. So we traded through that level .
• but could not hold it going into the close. .
• Then looking at Palantir. .
• Palantir used to be a $45 stock. .
• It's now trading over $15. .
• We're trying to get to 1563. .
• We got as high as 1570. .
• So if you had an order in there at 1563, .
• it got filled yesterday, so congratulations. .
• Then looking at SoFi, another stock that's gone up sharply over the past week. .
• And then looking up, our next price target is 781. .
• If you look to the left, you'll see we .
• peaked up at that level back at the start of the year. .
• So it's still a legitimate target to the upside. .
• Then looking at C3AI, this stock has had .
• an incredible run over the last month, up over 100 %. .
• We peaked last week. .
• We got just over the 43.75 level. .
• So congratulations. .
• If you had an order in up there, it got filled and now we've come back down to two .
• lines trying to find support at the 31.25 level. .
• Okay, folks, that is all for this morning's presentation. .
• Still looking for a quiet open on Tuesday morning. .
• Enjoy the rest of your day. .
• Next time you'll hear my voice is on Wednesday morning. .