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 are down across the board. .
Not enough to get anybody overly bearish .
on Wednesday morning, but we did see the VIX move up yesterday. .
If the VIX continues to move higher, we need to see a close above $15.71, and .
that, of course, would be bearish for the stock market. .
On Tuesday, we saw the US dollar index .
make a new high for this move, breaking out above the high from late May. .
And, of course, the corresponding move .
down from other currencies, including the euro and the Canadian dollar. .
If you were with us on Tuesday, we took a .
look at the price of gold and some of the corresponding ETFs. .
I mentioned that this sector looks fairly .
weak as we were making a series of lower highs and lower lows. .
Gold moved back in the channel yesterday, .
looking for a close below $1944.50 on Wednesday. .
Now, while we're waiting for the price of gold to generate a sell signal, the price .
of silver has already done so it was down sharply yesterday back on a sell signal. .
Now, we saw the major gold stocks roll over yesterday. .
We've got the major gold and silver ETFs back on sell signals. .
So looking at the GDX, the XGD, and the SIL all ending Tuesday on sell signals. .
Now, we also looked at the energy sector on Tuesday and in the premarket, crude oil .
was trading higher and ended the day higher. .
If you're trading the USO, our next price target was 78.13, congratulations. .
You had got orders filled yesterday. .
You should have orders in at 81.25 as our next target. .
Then look at the price of gasoline. .
It slipped a little yesterday. .
You should be anticipating that the demand .
for gasoline starts to taper off here as the summer driving season comes to an end. .
Yesterday was a bearish reversal day. .
Pros have given up control already and are heading lower. .
They're anticipating lower gasoline prices to go along with lower natural gas prices. .
Natural gas gap lower yesterday .
down to our next price target of 664 closed at 665. .
Now, if we take out the August lows and of course, that hasn't happened yet, look two .
lines down to 5.86, that would take us back to the lows from May of this year. .
Looking at energy stocks, they continue to .
move higher on Tuesday with the XEG and the XLE, both making new highs. .
Next up, let's take a look at the major .
stock market index ETFs that we follow, starting with the Ishares for the TSX60. .
This is looking pretty bearish. .
We closed below Friday's low after making a new high. .
It looks like we may have topped here. .
Of course, yesterday, the energy sector helped hold the TSX up, while mining .
stocks helped pull it down and it looks like the mining stocks won. .
Looking at the DOW Diamonds, we're trading back in the channel, looking for a close .
on Wednesday below $345.57. We had a bearish reversal signal on Thursday. .
Pros have not taking control while we've .
been on a buy signal for a few days now, so that's a bearish sign. .
Then looking at the S&P 500, fairly quiet trading on Wednesday. .
On Friday, we did hit our next target. .
Our next target was 453.13. We hit a high .
of 453.67. If you had an order in, it got filled on Friday, so congratulations. .
Looking at the QQQ's, a fairly quiet .
trading yesterday, inside day for the queues closing higher on the day. .
Then we had to pull back in .
semiconductors, still trading and closing above the upper channel line. .
Let's finish off today's presentation, .
walking through the most actives from New York and Toronto, starting in New York. .
Tesla was up on the day, but had an inside .
day, so it's really a day of indecision there. .
We're still on a buy signal, still trading and closing above the upper channel line. .
New high for a Tillray. .
And oddly enough, right at the top of the .
most actively traded US stocks yesterday, Advanced Micro Devices. .
Second day of a buy signal here, but I'm anticipating that we're going to have .
trouble at 112.50. That has held us in check for the last few weeks. .
No joy for Bank of America. .
Then we've got Apple and there seems to be .
a lot of sellers in just up here at the top of the open gap. .
We have not been able to fill that gap. .
We've been up here for the past three days .
trying and so far it looks like we've seen a wall of sellers up at this level. .
Then looking at Intel, new high for Intel. .
Unfortunately, we did not hit 37.50, got as high as 37.41 before pulling back. .
So sorry about that. .
If you had orders in at 37.50, Amazon, fairly quiet day, still on a buy signal. .
No change for NIO, still on a sell signal here. .
That would change on Wednesday with a close above $11.19. And then NVIDIA. .
Nvidia still struggling to break out above .
500, still on a buy signal that has not changed. .
Last up, let's take a look at the most .
actively traded Canadian stocks and a lot of new highs here for the energy sector, .
starting with Suncor and then Canadian Natural Resources. .
Manulife had a fairly quiet day yesterday. .
A small pullback did not close below the previous days low. .
TC Energy struggling here made a new high for this move. .
Then looking at Way, making a new high and then a new high for Baytech. .
Bank of Nova Scotia, big outside reversal day yesterday. .
It's moved up nicely over the past couple .
of days, but unfortunately, that looks like it's come to an end. .
Athabasca Oil Sands, new high there. .
No joy for the TD bank. .
It's been struggling to generate a new buy signal here. .
We need a close on Wednesday above $83.46. And then the first gold stock to .
show up on the most active list was B2gold. .
It rolled over yesterday back on a sell signal. .
And that's not much of after generating a .
buy signal, really no fall through to the upside. .
So B2gold investors just been sitting on .
their hands for the past couple of weeks, and now we're back on a sell signal. .
Last up this morning looking at Shopify. .
Shopify is still holding up at these levels. .
We're trying to get to 93.75. You had the opportunity to lock in some .
profits at 81.25 and then 87.50. 93.75 is still in reach. .
We did not close below the previous days low. .
So far it's not looking too bad, expecting .
a pullback at the open on Wednesday morning. .
If we start breaking down below 87.50, .
that'll probably be a clue that this particular move is coming to an end. .
Okay, folks, that is all for Wednesday morning. .
Still looking for a little selling at the open. .
Have a great day. .
Next time you'll hear my voice is on Thursday morning. .