• Hello, everyone, and welcome to Wednesday morning. .
• It's Stephen Whiteside here from theuptrend.com. .
• In the premarket this morning, stock index futures are fairly quiet. .
• They're slightly above fair value. .
• Commodities are mixed. .
• Not a lot of movements in the premarket this morning. .
• We are waiting for the Fed announcement .
• this afternoon, and that's when we expect volatility to expand dramatically. .
• Now, we are focused on Amazon generating a sell signal. .
• It's just another one of the big cap tech stocks that are starting to roll over. .
• Of course, this all started a couple of weeks ago when Apple fell out of the sky. .
• Apple is still on a sell signal. .
• That would change on Wednesday with a close above $180.02. .
• So far in the premarket, Apple is down about 50 cents last time I checked. .
• So certainly, there's no direction in the premarket this morning. .
• Now, Apple is part of the Dow 30. .
• The Dow rolled over yesterday, and it is back on a sell signal. .
• So if we look at the rest of the tech stocks in the DOW, you can see that .
• Salesforce coming into today already on a sell signal. .
• That is also true for Cisco. .
• Ibm has been on a sell signal for a few days now. .
• Then we've got Intel joining the party with Amazon rolling over on Tuesday. .
• Now looking at some of the other big tech .
• stocks, we've got Microsoft on a sell signal right now. .
• We've got Netflix on a sell signal. .
• We've got NVIDIA still on a sell signal, having an inside day on Tuesday. .
• Then we talked about Shopify yesterday rolling over. .
• It continued to move lower .
• and that put some downward pressure on the TSX on Tuesday. .
• Now we still have a handful of big cap .
• tech stocks that are still on buy signals right now, including Alphabet, which made .
• a new high on Monday and pulled back slightly on Tuesday. .
• Now we do have Meta and Tesla both trading in the channel right now. .
• If we generate sell signals this week, that would give us a lower high for both .
• of those stocks, which, of course, is a bearish chart pattern. .
• You'll notice on Tesla, we've got an open gap there that is currently acting as .
• support, and we'll have to see if that continues to hold. .
• Now, yesterday, I talked about the tail of two markets. .
• We've got the Canadian market trying to .
• punch through summer highs while the US market is trying to hold summer lows. .
• Looking at the iShares for the TSX-60, it .
• looks like resistance at 31.25 is held us in check. .
• Now we're coming down sharply. .
• We've filled that open gap and it looks like we want to continue to go lower here. .
• We need to close on Wednesday below $30.67 for the iShares for the TSX60. .
• Now last week when this popped, I .
• said I wasn't that confident in this move because the market was being led higher by .
• very defensive sectors, which don't usually lead the market anywhere. .
• But that's what happened last week. .
• And yesterday, it wasn't just tech stocks that pulled us back. .
• We saw gold stocks trade back in the .
• channel and we saw energy stocks trade down to the lower channel line. .
• In both cases, we're still on buy signals coming into Wednesday's trading action, .
• but that could certainly change on Wednesday. .
• Now, looking at the US market, the Dow rolled over yesterday. .
• It is back on a sell signal as of Tuesday's close. .
• It looks like we put in a lower high last week and we're a day or two away from .
• retesting the summer lows, unlike the S&P 500 or the Nasdaq 100, which .
• are both already on sell signals and certainly well above their August lows. .
• Now, when you look at the rest of the US market, it doesn't look as pretty. .
• We've got the iShares for the Russell 2000 dipping below the August lows. .
• That is no longer an important level of support. .
• You can see the August lows broke a while .
• ago for the microcap sector, Semiconductors, and the DOW Transports. .
• Now, Wednesday is going to be all about bond yields. .
• We saw bond yields move up on Tuesday for .
• the five-year, and the 10 year, and the 30 year. .
• Of course, the 30 year holding back a bit. .
• It's the shorter term yields that are .
• moving up faster than the longer term yields at the moment. .
• It'll be interesting to see how the market reacts to the Fed meeting this afternoon. .
• Let's finish off looking at commodities. .
• We've got copper back below the lower channel line. .
• We traded through the upper channel line .
• for two days but did not catch a buy signal. .
• Unlike the price of gold, which is still on a buy signal, so it ended the day just .
• up 30 cents, so not a lot of enthusiasm for gold right now. .
• Silver traded up to the upper channel line before closing lower on the day. .
• On Wednesday, we're looking for a close .
• above 23.70 to give us a buy signal for silver. .
• Then Crudol made a new high yesterday before reversing, and it reversed off our .
• next price target of 90.63, got as high as 90.75 before pulling back. .
• We're still on a buy signal here, not .
• concerned about a sell signal on Wednesday. .
• Then looking at natural gas, we're looking .
• for a close on Wednesday above $3.05. You can see that 293 is acting as support. .
• Looks like we're putting in a nice base .
• there, and wouldn't be surprised if we could get things started and take another .
• run at the summer highs over the next few weeks. .
• Let's finish off looking at the VIX. .
• And the VIX traded through the Upper .
• channel line for the second day in a row, but did not close above it. .
• So on Wednesday, we're looking for a close above $14.59 to give us a buy signal. .
• We're finding support here just above the .
• 12.50 level, and we've got resistance at 18.75. In the month of August, we did .
• trade through the top of the fly paper channel, but we didn't break away from it. .
• We found resistance at the 200-day moving average. .
• If the market is going to have a major .
• correction in September or October, we need the VIX to start trading above that .
• 200-day moving average, and we're not expecting that to happen on Wednesday. .
• Okay, folks, that is all for this morning's presentation. .
• Stock index futures are where I left them when I started the presentation. .
• Looking for volatility to expand dramatically after 2:30 this afternoon. .
• Enjoy the rest of your day. .
• Next time you'll hear my voice is on Thursday morning. .