• good morning everyone and welcome to Tuesday Morning. .
• It's Stephen Whiteside here from TheUpTrend.com In the pre market this .
• morning, stock index futures are trading slightly below fair value. .
• Commodities are mixed. .
• We are coming up to some economic numbers at 8:30 this morning and then at 10:00 and .
• of course those numbers could add to market volatility. .
• Now yesterday was an inside day for a lot of areas of the market. .
• The VIX had an inside day. .
• So on Tuesday we're looking for a close .
• below 1675 to give us a new sell signal that of course would be supportive for .
• higher stock prices in the Canadian market. .
• The Ishares for the TSX 60 had an inside day. .
• We had an inside day for the Nasdaq, 100 for Semiconductors. .
• We did not have an inside day for the Dow or the S&P 500. .
• Unable to take out the high from two days ago. .
• Trading up into the gap 437.50 is current. .
• Resistance support is at 429 .69. Is resistance holding? .
• Well, over the past couple of days we've .
• run up three times and we've been unable to take out that area of resistance. .
• As high as we got was 437.34. Now just .
• above that resistance is the top of the open gap at 438.43. So that's going to be .
• a very important number to watch to see what the market does if it goes up .
• and fills that gap at this particular time. .
• If we can take out that gap then 445.31 comes into play. .
• Now looking at gold miners this morning .
• and the price of gold back on the 11th of the month we generated a buy signal for .
• gold at that time, our next price target was 1937.50. And what do you know? .
• Well we've run up to that level and stopped and so now we're looking to see if .
• we can break out and retest the highs from back in September on our way to $2,000. .
• Unfortunately we're stuck at the moving average convergence here and yesterday we .
• traded between the 51 hundred day moving average with the 200 day just above us. .
• So that is going to be a big ask to get .
• the market to start trading above those levels. .
• We'll just have to wait and see. .
• Looking at the GDX and looking at the .
• Panic Zone chart, you can see we are certainly projecting higher prices right .
• now, but the GDX has been a series of lower highs and lower lows. .
• Right now we are looking to see if we can .
• retest the high from September and to do that we're going to have to get up to our .
• next price target of 29.69. Unfortunately the pros have not taken control so far, .
• even though we've been on a buy signal for a few days now. .
• Looking north of the border, looking at .
• the XGD, this chart is looking very similar. .
• It is a different mix of international, Canadian and international gold companies. .
• You can see we've traded up and getting .
• pretty close to those September highs and the pros are starting to take control. .
• So we have hit our next price target of .
• 17.19. So congratulations, you got to lock in some profits. .
• Our next target, of course, is going to be the high from late August and into .
• September, and that's up at the 17.54, I think 17.57 level. .
• If we can take that out, then of course 17.97 would come into play. .
• Next up, let's take a look at the energy sector, and crude oil generated a buy .
• signal on Friday, small pullback on Monday. .
• It is trading higher in the pre market this morning. .
• Unlike gold, which is seeing the moving .
• averages act as resistance, crude oil is using them as support. .
• And so we wouldn't be surprised if we had a move back up to the recent high. .
• Unfortunately, the pros have not taken control just yet. .
• Remember, we're only on our second day of .
• a buy signal, so we'll give them a couple of more days to see if they come back in. .
• Natural gas pulled back to the lower .
• channel line yesterday, looking for a close on Tuesday. .
• Below $3.70. 3.71 is support. .
• 4.10 is acting as resistance. .
• Of course, we always look for moves to be two lines at a time. .
• And so if we start breaking down below .
• 3.71, then two lines down takes us back to the 3.32 level. .
• Unfortunately, the fly paper channel is .
• still acting as resistance for natural gas and that is unfortunate. .
• Of course, it's going to be a big .
• celebration if we can start breaking out above those levels. .
• Then looking at energy stocks, the XGD is on its fourth day of a buy signal here. .
• When you look at this chart, you can see that it's crunched in. .
• This particular chart is set to always have price in the middle of the chart. .
• So if you are coming up to the top of the .
• projected trading range, this is going to be flattened down. .
• The top of the projected trading range is .
• up there at 17.97. If we want to look beyond that, you can simply do the math or .
• you can go to the weekly chart and see that 18.75 would be our next target. .
• So if we take out the top of the daily range, 18.75 would be our next target and .
• that would take us back to the high from early 2022. .
• Then looking at US .
• Energy stocks on the XLE. .
• Again, looking at a weekly chart, you can see that 93.75 is our next target and we .
• ran up to that recently and that has acted as resistance. .
• If we can take that out, then $100 certainly comes into play. .
• Moving back to the daily chart, you can see 93.75 is the top of the range right .
• now and 84.38 is the bottom of the range at the moment. .
• And there we are on our second day of a buy signal. .
• For the XLE. .
• Okay, that is all for this morning's presentation. .
• So far it looks like we're going to have a fairly quiet open on Tuesday morning. .
• Enjoy the rest of your day. .
• The next time you'll hear my voice is on Wednesday morning. .