• Good morning, everyone, and welcome to Tuesday Morning. .
• It's Stephen Whiteside here from the uptrend.com. In the pre market this .
• morning, stock index futures are slightly above fair value. .
• It should be a fairly quiet day. .
• This is the first day of the two day Fed .
• meeting and we expect volatility to expand dramatically after 02:00 P.m. .
• Wednesday afternoon. .
• Now, the VIX traded up to the upper .
• channel line yesterday, but closed near the low of the day. .
• Looking for a close on Tuesday above .
• $14.61. The Dow closed up by a penny yesterday and still on a buy signal here, .
• while the S&P 500 and the Nasdaq 100 are still on sell signals. .
• Now, this really is a tale of two markets .
• as the US market is trying to hold on to the summer lows. .
• We can see that in the Ishares for the Russell 2000, but that is not true for the .
• Ishares for the micro cap sector that has already broken through the summer lows. .
• Trying to find support back at the lows from May. .
• Then looking at semiconductors, you can .
• see we're barely holding on to the August lows here. .
• That is also true for the regional banks and banks themselves, while the retail .
• stocks are starting to slip below the August lows. .
• Then looking at the Canadian market, we're .
• trying to punch through the summer highs and so far we're stuck at resistance. .
• That's also true for the TSX 60. .
• So we saw pullbacks in both of those yesterday. .
• We saw a pullback in mid cap and small cap stocks. .
• And as you can easily see here, we put in a lower high, a lower high. .
• And now we're going to see if we start to put in lower lows. .
• That would be bearish. .
• And the venture exchange, which is on a .
• buy signal since last Thursday, was up slightly on the day on Monday. .
• Then looking at what didn't work yesterday on the TSX, it was the infotech sector .
• rolled over and it was led lower by Shopify. .
• So Shopify had a nice pop. .
• We were buyers there. .
• We sold half our position here, another half here, and now we're left with the .
• remaining position and we're going to get kicked out today at the open and we're .
• still going to get kicked out with a profit on this trade. .
• Next up, let's take a look at commodity prices. .
• And we've got one trend change from Monday's trading action. .
• The USO made a new high yesterday. .
• We saw gasoline pull back for the second day in a row. .
• Still on a buy signal here. .
• We had natural gas move up yesterday. .
• Still on a buy signal. .
• No change there. .
• Now we have the GLD back on a buy signal as of Monday's close. .
• Joining Palladium and Platinum already on buy signals, still waiting for Silver. .
• And you can see there's a nice gap just above us that could hold us in check. .
• Otherwise we're looking for a close for the SLV above 21. .
• 41 on Tuesday to give us a buy signal. .
• And then Copper pulled back yesterday. .
• Copper is still on a sell signal. .
• No change there. .
• Moving on, let's take a look at the TSX most active, starting with the TC Energy, .
• which had a bearish reversal day yesterday. .
• Then we had an inside day for Suncor. .
• Then Canadian Natural Resources. .
• Still on a sell signal here. .
• Looking for a close on Tuesday above 87. .
• 61. .
• Then looking at manual. .
• Life Manulife had an inside day. .
• We're stuck at Resistance at 26.17. Our next target is 26. .
• 56. .
• And if you go to the weekly chart, you can see that that is also a weekly target. .
• And that is where we peaked back at the start of 2023. .
• Then looking at the TD Bank, a small pullback there, trying to get over 84. .
• 38. .
• Then looking at CIBC, we're trying to break out above the high from late August. .
• So far, we've been unable to do that. .
• Then Denison Mines made a new closing high yesterday. .
• Then Tilray had a big pullback. .
• You'll also see that in the US. Market. .
• And then we've got Air Canada making a new low for this move on Monday. .
• Let's finish off today's presentation. .
• Looking at the most actively traded US. .
• Stocks, starting with Tesla. .
• Tesla traded back into the Channel yesterday. .
• A close below $258.08 would give us a sell signal on Tuesday. .
• Apple moved up yesterday. .
• We've got a nice open gap there on our way to a buy signal. .
• We are looking for a close on Tuesday .
• above $180.39. Tilray rolled over yesterday, just like on the TSX. .
• So we're back on a sell signal as of Monday's close. .
• Advanced Micro Devices bouncing off the .
• August lows, closing slightly higher on the day. .
• No change in trend. .
• No change in trend for Nvidia, which closed up $0.66 yesterday, making a big .
• reversal day, but not closing above the previous day's high. .
• Then looking at Ford back in the Channel, .
• looking for a close below $12.20 on Tuesday to give us a sell signal. .
• For Amazon, we would need a close below 138. .
• 34. .
• Then we've got Marathon closing just down $0.01 on the day. .
• No change in trend there. .
• Then Palantir still treading water here. .
• Looking for a close below $15.11 on Tuesday. .
• And then a big reversal. .
• Big loser on the Dow on Monday was American Express. .
• Looking for a close on Tuesday below 158. .
• 61. .
• Then we saw a new low for Boeing. .
• And we saw a new low for this move for Home Depot. .
• Starting to break down below the August lows. .
• Okay, folks, that is all for this morning's presentation. .
• Not looking for a lot of excitement on Tuesday. .
• Of course, the excitement will all begin after 02:00 P.m. Wednesday afternoon. .
• Have a great day. .
• Next time you'll hear my voice is on Wednesday morning. .