• 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. .