• Good Morning, everyone, and welcome to Wednesday morning. .
• It's Stephen Whiteside here from theuptrend.com. .
• In the premarket this morning, things are fairly quiet. .
• Stock index futures trading right around fair value. .
• There's a little bit into the technology sector. .
• Once again, commodities are mixed with .
• gold down while crude oil is slightly higher on Wednesday morning. .
• Let's start off this morning with a little housekeeping. .
• On Thursday, I'm going to be traveling, so .
• I'm not going to be around in the morning to do a video. .
• The next time you'll hear my voice is going to be on Friday morning. .
• Now, yesterday we saw the VIX made in make a new low. .
• Overall, it was a fairly quiet day for the big cap indices. .
• For other areas of the market, it was a .
• little more exciting, but there's the VIX making a new low. .
• Looking for a close on Wednesday above .
• $17.64. We also saw the major VIX ETFs also make new lows yesterday. .
• Nobody's trying to front run a big move up in the VIX at the moment. .
• Then looking at the DOW, very quiet yesterday, just up a couple of pennies. .
• Similar situation for the S&P 500 and for the Nasdaq. .
• The Nasdaq was slightly lower yesterday, no big deal. .
• Nobody's overly concerned about that move. .
• Where we did see money flow was into the midcap, small caps and microcap stocks on .
• Wednesdays, and that was true on both sides of the border. .
• Now, the i shares for the TSX 60 closed .
• above the upper channel line once again, still having trouble with that open gap. .
• Then when we look at the midcap, small caps and microcap stocks, they all moved .
• up yesterday, not at the same rate that they did in the US, but they did move up. .
• And it's nice to see the market focus on other stocks besides those big cap stocks. .
• Now, we've talked about the seasonalities .
• of the market many times over the past month. .
• If we go back to 2022, you can see the S&P .
• 500 came into June already on a buy signal and then rolled over right about now. .
• That's also true for the Nasdaq and for the iS shares for the TSX 60. .
• So all of them recovered quickly but then continued to make a lower low. .
• So that's what happened in June of 2022. .
• Now, yesterday, the big winner in North .
• America was regional banks, and that helped US banks overall move up yesterday. .
• Comerica was the big winner on the S&P 500. .
• Fifth Third was also up at the top of the winners list as was Zion. .
• So the regional banks are still making a comeback here. .
• Then looking at Canadian financials, they were up on the day. .
• Canadian banks were up on the day as well, but no change in trend. .
• Now, 1 Canadian Bank we should be looking at is Bank of Montreal. .
• It is back on a buy signal. .
• It held previous support at 112.50 .
• and now it's starting to move back up on a buy signal right now. .
• The major area resistance, well, 118.75 and the 120 level certainly is a short .
• term resistance, but then you can move up to the 121.88 level and there's lots of .
• resistance up there from the month of April. .
• Not a lot of space to move here, but it .
• would be an incredibly bullish sign if the Bank of Montreal were able to take out the .
• resistance from back in April up there at 12188. .
• Now, looking at what worked yesterday on .
• the Canadian market, it was InfoTech, and that had a lot to do with Shopify, which .
• had a big update and is back on a buy signal. .
• Now it's important to note that we're coming up to resistance here. .
• 87.50 is our next mathematical target. .
• The high last month was 87.53. So we're getting pretty close to that level. .
• If we can take that out, then the $100 would certainly come into play. .
• Now, the only problem here is, of course, we're currently ranked at 10. .
• So this is a high risk trade. .
• We look for low risk opportunities, and .
• you can see a couple of them there where we did see some selling that brought us .
• down to the bottom of the panic zones, and then a pressure zone was forming. .
• That tells us that a lot of the downward pressure has already left the market. .
• So people that hate the stock, that want .
• to unload the stock, probably have already done so. .
• We're not seeing that situation develop right now. .
• We did have a very small pullback. .
• It wasn't to the bottom of the panic zones. .
• No pressure zone was formed. .
• So yes, we do have a new buy signal, but it is a high risk buy signal. .
• Now note that we gapped higher and the top .
• of that gap was up at a high from back at the start of the year. .
• And so that's a major area of potential support. .
• If that, of course, breaks on the way back .
• down, then we wouldn't be surprised to see a move down into the lower $60 area. .
• And of course, you see the bottom of the open gap there around $65. .
• That would certainly be a reasonable target to the downside. .
• In the US, it was all about financials. .
• We've talked about what worked yesterday, what didn't work. .
• Well, a couple of stocks headed lower yesterday in the financial sector, and one .
• of them is the CME group, which is a stock that I'm currently long. .
• I wasn't overly excited about this opportunity. .
• I really thought it was part of the blow off top from last week. .
• But yeah, we popped and you can see that we've started to reverse. .
• We haven't generated a sell signal. .
• We're still trading above the upper .
• channel line, so no reason to take action on Wednesday morning. .
• Let's finish off looking at commodities. .
• And we saw crude oil trade in the channel yesterday. .
• It's up a little in the pre market this .
• morning, not enough to give us a buy signal. .
• Then looking at natural gas. .
• Natural gas was higher yesterday, still trading below the lower channel line. .
• Then looking at copper. .
• Copper had an inside day yesterday, .
• closing just a little tiny bit higher on the day. .
• Then looking at gold. .
• Gold is still in the channel looking for a .
• breakout above 1995 to give us a buy signal. .
• And of course, there's psychological resistance at the $2,000 level. .
• And then silver is still on a buy signal trading in the channel yesterday. .
• It closed below 23.33 would give us a sell signal on Wednesday. .
• And then last up, unfortunately for .
• barbecue season, live cattle continued to move higher. .
• So that, of course, is going to put pressure on meat in the grocery store. .
• Okay, folks, that is all for this morning's presentation. .
• Looks like we're going to have a fairly quiet open on Wednesday morning. .
• Again, I won't be in on Thursday. .
• The next time you'll hear my voice is on Friday morning. .