• Good Morning, everyone. Welcome to Tuesday morning. .
• It's Stephen Whiteside here from theuptrend. .
• com. .
• In the premarket this morning, stock index futures are slightly below fair value .
• while commodities are slightly higher on Tuesday morning. .
• Let's start off this morning's .
• presentation taking a look at the fear index or the VIX. .
• It's still on a sell signal traded up yesterday looking for a close of about .
• 14.74. A close of about 1474 can certainly disturb the market, but to really get the .
• big cap tech stocks to roll over, we need the VIX above 18. .
• Looking at the US dollar index, of course, we made a new low on Friday. .
• We closed slightly lower yesterday, didn't take out that low. .
• Fairly calm, quiet day in the bond market. .
• Bond yields pretty stable. Y yesterday. .
• Looking at gold, gold was down $8 yesterday. .
• It's up $10 in the pre market this morning. .
• Silver is having trouble breaking away .
• from $25, which of course, was our next price target. .
• So we seem to be stuck there right now. .
• And with the metals, copper pulled back, closed in the channel on Monday. .
• Of course, that's not helpful for the mining sector. .
• We saw crude oil pulled back yesterday. .
• It is higher in the pre market this .
• morning, trading up to the 200 day moving average and stopping. .
• So looking for a breakout above the 200 day moving average. .
• We do have a new early warning signal there for crude oil, so getting suspicious .
• about our chances of moving higher from here. .
• Natural gas closed slightly lower yesterday, no change there. .
• We really need to see a breakout above the .
• fly paper channel for anything new to happen in natural gas. .
• Then looking at the TSX, it made a new high on Friday, but it was a bearish .
• reversal day and we saw fall through to the downside yesterday. .
• This is bullish, the fact that we made a higher low and a higher high last week. .
• That is bullish. .
• A breakdown of the lower trend line or the uptrend line there would certainly be an .
• indication that something bad is is going to happen for the Canadian stock market. .
• Now, the DOW made a new high yesterday. .
• S&p 500 made a new high. .
• Nasdaq made a new closing high. .
• We had a big reversal in semiconductors, .
• which sold off on Friday, came right back on Monday. .
• Well, times have certainly changed, and certainly over the past 20 years, we've .
• seen a lot of new stocks take leadership positions in the market. .
• The Communication Services Index is a relatively new S&P index. .
• It made a new high on .
• Thursday, pulled back on Friday, and a continued pull back on Monday. .
• Not a big move down on Monday. .
• We're still on a buy signal here. .
• A couple of stocks which used to be market .
• leaders, and if they did this 20 years ago, would have certainly shaken the .
• market to see AT&T sell off like this, Verizon sell off, and even in the Canadian .
• market, huge sell off for Bell and a couple of bad days for Telus as well. .
• The market doesn't seem to be overly .
• concerned at the moment, and times have changed. .
• The focus has changed, and these stocks .
• aren't as important to the market as they used to be. .
• They are certainly big stocks, but .
• they certainly aren't scaring the market at the moment. .
• There are other stocks in this sector and we saw Meta trade higher yesterday. .
• We also saw Netflix trade higher and even Fox. .
• Fox making a new high for this move. .
• Even with all Fox's legal problems, I .
• guess it's not really their problems, it's their insurance company's problems. .
• But yeah, those stocks making new highs while the big telephone companies, those .
• legacy telephone companies, sold off sharply on Monday. .
• Looking at some of the most actively .
• traded US stocks, we saw Tesla make a new high yesterday. .
• We had AMD up, not enough to take out .
• Friday's high, but certainly closed higher on the day. .
• We traded down to the lower channel line, .
• so a close below 112.17 give us a sell signal on Tuesday. .
• Inside day for NVIDIA. .
• Then Marathon Digital, new early warning .
• signal up there trading down to the upper channel line. .
• Looking for a close on Tuesday below 15. .
• 59, that would give us a new sell signal. .
• Similar situation for Rivian, new early .
• warning signal there trading down to the upper channel line. .
• Looking for a close on Tuesday below 2180 to give us a sell signal. .
• Taking a look at some of the Canadian most actively traded stocks, we've got .
• Enbridge back on a sell signal as of Monday's close. .
• So pretty ugly looking chart there. .
• Similar looking chart for TC Energy series .
• of lower highs, and now we're making another lower low. .
• Then looking at TD Bank, a new high for TD Bank. .
• Last week, if you were looking up, 84.38 was our next price target. .
• We got as high as 84.35 yesterday, so we .
• didn't hit our price target off by three cents. .
• Remember, anytime you're looking at a .
• price target, you're looking at a place where people are going to sell, and some .
• people will put their orders in under those levels. .
• And it looks like that's what happened yesterday. .
• But we probably hit 84.38 on Tuesday. .
• Then looking at Suncor, we're second day of a sell signal for Suncor. .
• Then we've got Canadian Natural Resources .
• back on a sell signal as of Monday's close. .
• And then Shopify closed slightly higher on the day. .
• A bearish reversal day on Friday. .
• Yesterday was a positive day for the .
• stock, so not a significant bearish reversal day on Friday. .
• We're looking to see if we can take it out. .
• Now, if you had an order in at 93.75 on Friday, it got filled. .
• We had a high of 93.83 on Friday for Shopify. .
• Anytime there's a bearish reversal signal, .
• we're looking for fall through to the downside on the next day. .
• That signal is still in place until we .
• close above Friday's high of 93.83. So if we close above 93. .
• 83 on Tuesday, then that bearish reversal signal can get thrown in the garbage. .
• Otherwise, as long as we don't close above 93.83, .
• then that bearish reversal signal is still .
• in play and could mark the top for this particular move for Shopify. .
• Okay, folks, that is all for Tuesday morning. .
• Looks like we're going to have a fairly quiet open at 9 30 Tuesday morning. .
• Have a great day and the next time you'll .
• hear my voice, it's going to be on Wednesday morning. .