• Good morning, everyone, and welcome to Tuesday morning. .
• It's Stephen Whiteside here from T heUpTrend.com Well, this morning is all .
• about the CPI numbers coming out at 8:30 this morning. .
• I don't think there's going to be a lot of volatility off these numbers. .
• I don't think there's going to be a big surprise. .
• But whatever happens, it's going to feed .
• into how people think the Fed is going to act in 2024. .
• Now, yesterday morning, we started off looking at Bitcoin and Ethereum, and we .
• were looking at the weekly charts and we were looking at upside projections. .
• At the same time, right after we did that, both Bitcoin and Ethereum sold off. .
• Both are still on buy signals. .
• That has not changed. .
• But this rally is pretty long in the tooth. .
• I remember this rally started off a peak in the VIX, and then as the VIX started to .
• come down, Bitcoin and Ethereum started to go up. .
• I think if the VIX starts to go up, .
• Bitcoin and Ethereum will probably come down. .
• For the VIX, we're looking for a close on .
• Tuesday above 13.43 to change the tone of the market. .
• Looking at the US dollar index, it continued to move higher, and that's .
• probably not good for the price of gold right now. .
• Looking at the bond market, we saw the TLT .
• and the XBB and the EMB and the JNK all pull back slightly on Monday, not enough .
• to give us any sell signals, so no change in trends for the bond market. .
• Let's move from the world of bonds to the world of commodities. .
• We saw a selling in most of the major .
• commodities yesterday, starting with the GLD and then the SLV. .
• Then looking at Palladium, we were up slightly on the day, did not close above .
• the previous day's high, so nothing going on there. .
• Then a small pullback in platinum. .
• Looking at the stocks, we saw the GDX and .
• the XGD continue to move lower, and we saw the SIL also continue to move lower. .
• Most of the losses were recovered going into the close. .
• There are certainly some interest in the .
• miners, but unfortunately, it's not enough to change the trend on Tuesday. .
• Looking at the energy sector, we saw the USO trade up slightly yesterday. .
• We saw a little selling in gasoline and .
• more selling in natural gas, which gapped lower yesterday. .
• Then looking at energy stocks on the TSX, .
• we were down another 1.22%. Now, if you were with us recently, we were .
• watching to see if the XEG could hold the 16.02 level. .
• Of course, if that were to break, then we would look two lines down. .
• That would be the new playing field. What happened? .
• Well, we've traded down to that target. .
• If we continue to move lower from here, 14.45 could be our next target if we start .
• breaking down below 15.23. Now, the TSX Energy stocks have broken .
• through the bottom of the Fly Paper Channel, joining US energy stocks, which .
• were already trading below the Fly Paper Channel,. .
• And so that's a very bear sign for the energy sector going into 2024. .
• Next up, let's take a look at the Magnificent Eight. .
• And these stocks all look like they're .
• topping at the moment, and money is coming out of these stocks going into other high .
• tech stocks, which are doing fairly well at the moment. .
• Alphabit's struggling. .
• It got a negative court ruling yesterday, .
• and it is down slightly in the premarket this morning. .
• Looking for a close on Tuesday below 133.59. For Amazon, we're looking for a .
• close below 144.41. For Apple, we're looking for a close below .
• 190.49. Apple is the best performer of this group at the present time. .
• Then looking at Meta, we traded down .
• through the lower channel line yesterday, so we could be back on a sell signal on .
• Tuesday with a close blow, 321.91. Then looking at Microsoft, looking for a .
• close above 375.08 to give us a new buy signal on Tuesday. .
• Then looking at nVidIA, and this is the big change here. .
• Money has come out of nVidIA and gone into other chip stocks. .
• We'll look at that in a second. .
• For nVidIA, we're looking for a close above 475. .
• 73 on Tuesday to give us a buy signal. .
• There's the Semiconductor sector making a .
• new high for this move on Monday being led higher by Advanced Micro Devices. .
• But the biggest winner on Monday was Broadcom, which was up 9% on the day. .
• Then looking at Shopify in New York, we're .
• looking for a close below $70.90 on Tuesday. .
• In Toronto, we're looking for a close .
• below 96.48 to give us a sell signal on Tuesday. .
• Last up, trading water here. .
• We've got Tesla on a buy signal, but hasn't been going anywhere for a while. .
• Still stuck in that area of the open gap. .
• Even though we filled the gap a while ago, we're still trading in that area. .
• Looking for a close on Tuesday below 235. .
• 56 to give us a sell signal for Tesla. .
• Let's finish off today's presentation .
• looking at the ARK Invest ETFs, and they're all doing pretty good. .
• The only one that's really struggling here .
• is Genomics, and it has not gone up in a straight line. .
• We saw a pullback here in early November, and we've struggled to move higher. .
• But then if you look at the Innovation ETF, we're one day off a new high. .
• Then we've got the Industrials doing well, .
• we've got Space doing well, and we've got the Internet doing well. .
• And so all areas of the art invest ETFs, .
• except Genomics, have been doing well over the last month. .
• Okay, folks, that is all for this .
• morning's presentation, waiting to see how the world reacts to the CPI numbers. .
• Then, of course, we've got the Fed coming out on Wednesday, and that, of course, .
• could totally change the direction of the market. .
• Enjoy the rest of your day. .
• Next time you'll hear my voice is on Wednesday morning. .