• Good morning everyone, and welcome to Tuesday morning. .
• It's Stephen Whiteside here from The .
• UpTrend.com. In the pre market this morning, things are fairly quiet. .
• We don't have any major economic news coming out this morning. .
• Stock index futures are trading slightly above fair value, while commodities are .
• pulling back a bit in the pre market on Tuesday morning. .
• Now, if you're with us, yesterday morning I mentioned the fact that the stock market .
• was trading without adult supervision as the bond market was closed on Monday. .
• And we're probably going to see some overreactions. .
• And I wouldn't take anything that happened on Monday too seriously. .
• We saw money go back into defense stocks, .
• so that was certainly a knee jerk reaction. .
• As you can see, up until yesterday, they weren't doing very well. .
• We saw a big pop in Northrop Grumman that was the biggest winner on the S&P 500, .
• followed by Lockheed and then General Dynamics. .
• All of them popped. .
• I wouldn't be surprised if they pulled back over the next few days. .
• That's also true with commodities. .
• We made a lower low for crude oil on Friday and then a big pop on Monday. .
• And we saw a big pop in energy stocks that also made a new low on Friday. .
• We also saw the price of gold and the price of silver shoot up on Monday. .
• We saw gold and silver stocks also move up. .
• Looking at the GDX, you can see we traded up to the bottom of that open gap once .
• again, and it's still acting as resistance. .
• Now, the Canadian market will probably .
• play catch up at the open on Tuesday morning to what happened in the US. .
• Yesterday, but I wouldn't be surprised if .
• the commodity stocks and defense related stocks pulled back over the next few days. .
• Now the VIX had a wild day yesterday, ended up being an inside day. .
• So we traded above the upper channel line, .
• but did not take out Friday's high, and we pulled back and closed in the channel. .
• So on Tuesday, we're looking for a close .
• below $17.07 to tell us that the option market is not as fearful as it has been .
• recently and that would be supportive for higher stock prices. .
• Looking at the major stock market index ETFs, looking at the Ishares for the TSX .
• 60, they traded up to the lower channel line on Friday. .
• So on Tuesday, we're looking for a close above 29 67. .
• Now, when we look at the index itself, it .
• traded up close to the lower channel line on Friday. .
• It is trading higher by $12.20 in the pre market this morning. .
• So looking at the futures contract for the TSX 60, which is not the same as the .
• Ishares for the TSX 60, we're trading up in the channel at the moment. .
• So not enough to give us a buy signal, but .
• certainly enough to get us back in the channel on Tuesday morning. .
• Now, the Dow traded up to the upper .
• channel line any higher close on Tuesday would give us a buy signal, which would .
• join the S&P 500, which is now back on a buy signal as of Monday's close, joining .
• the Nasdaq which generated a buy signal on Friday. .
• And of course, we've been watching those big cap tech stocks, which are mostly back .
• on buy signals right now, once again, leading the market higher. .
• Now, Semiconductors had a fairly quiet and .
• an inside day on Monday, even though we've got Nvidia on a buy signal right now. .
• So looking at those big cap technology .
• stocks, we saw Alphabet make a new high for this move, moving right back up to the .
• high from September and it looks like it wants to take that out on Tuesday. .
• No joy for Amazon just yet. .
• We're looking for a close above 129.44 on Tuesday to give us a buy signal. .
• Apple, third day of a buy signal for Apple. .
• And then we saw Meta continue to move .
• higher, so it's taking a run at those highs from late July. .
• We've got Microsoft on its second day of a buy signal, so no change in trend there. .
• Inside day for nvidia on Monday. .
• And then we saw shopify trading in New York on Monday. .
• Also had an inside day. .
• We're looking for a close on Tuesday above .
• $54.35. And we also saw Tesla putting in an inside day on Monday. .
• Let's finish off today's presentation. .
• Taking a look at what didn't work on .
• Monday and anything travel related did not work on Monday. .
• There's the Jets ETF. .
• Down over two and a half percent, making a new low. .
• The biggest loser on the S&P 500 on Monday was United Airlines. .
• Again, we're making a new low here, down nearly 5% on the day. .
• There's Delta Airlines making a new low. .
• A new low for Carnival Cruises. .
• A new low for American Airlines. .
• Royal Caribbean did not make a new low, but ended the day down nearly 3%. .
• So anything travel related did not work on Monday. .
• Anything military related did work on Monday. .
• Okay folks, that is all for this morning's presentation. .
• Have a great day. .
• Next time you'll hear my voice is on Wednesday morning. .