Good morning, everyone, and welcome to Tuesday morning. .
It's Stephen Whiteside here from TheUpTrend. .
om. .
In the pre-market this morning, things are fairly quiet. .
Stock index futures are trading a little below fair value. .
Commodities are mixed with crude oil flat, .
while gold is slightly higher on Tuesday morning. .
Now, this is an extremely busy week for the market. .
We've got a Fed meeting starting today. .
We've got lots of earnings coming out, and .
we also have lots of economic numbers coming out. .
So it could certainly end up being a volatile week. .
Now, historically, we are coming into month end. .
Usually has a bullish bias to it, but that .
just might not be the case this week with all that's going on. .
Now, moving on to the Canadian market. .
The TSX is trading up at the top of the panic zones right now, and this is a very .
high-risk time to be putting new money into the market. .
But we are on a short-term buy signal. .
We saw some weakness recently. .
Our chart, which is designed for swing .
traders, our right-side chart, currently on a buy signal. .
That would change on Tuesday with a close below 20,902. .
Now, in our database, we also have a .
midterm chart, which is more designed for position traders, and it certainly gives .
the market a little more room to breathe down towards 20,600. .
We'll be watching these charts closely .
over the next few weeks to see if we do get any new sell signals. .
But right now, the market is still pointing higher. .
We've got the TSX on a buy signal, the TSX-60, mid-caps, small caps, but .
unfortunately, micro-caps haven't caught up yet. .
That could certainly happen on Tuesday. .
What worked, what didn't work on Monday? .
Well, Infotex, just like in the US, led .
the market higher while energy stocks were down on the day. .
That's crazy because if you were watching the news yesterday, there's a lot .
happening in the Middle East and not all good. .
We did see a new high for this move for crude oil before reversing. .
Now, it reversed but didn't close below .
the previous day's low, so not as bad as it could have been. .
The first sign, something new, of course, .
is if we close below the previous day's low on any chart. .
Looking for a move up to 81.25 this week, .
which would take us back up to what was support back in October. .
And then from there we would expect to .
move up to 87.50. That is not happening on Tuesday morning. .
Now, looking at the HOU, the Leveraged ETF, it had an inside day yesterday. .
And then looking at energy stocks, the XEG .
also had an inside day on Monday, so no change in trend for those. .
Suncor closed down slightly yesterday. .
Canadian Natural Resources has been in the channel for the last three days, so .
certainly the possibility of a sell signal on Tuesday with a close below 84.93. .
Now, we're not expecting a trend change for Whitecap or Bayex or Cenovus . .
They're all holding up fairly well. .
And then moving on to technology stocks. .
This is where all the money made on Monday. .
A new high for the index, new high for the XIT ETF. .
Then we've got Celestica making a new closing high yesterday. .
We had Shopify up over 2%. .
Then we've got Bitfarm's back on a buy signal there. .
A new high for Constellation software, new high for CGI. .
Then we've got Dye & Durham back on a buy signal as of Monday's close. .
New high for Enghouse here. .
And We've got Lightspeed back on a buy signal as of Monday's close. .
Then we're looking at Open Text making a new closing high yesterday. .
What didn't work, unfortunately, the most followed stock on the stock house .
billboards, Pyrogenesis, is on its second day of a sell signal, so no joy there. .
Okay, folks, that's all I wanted to cover this morning. .
The winners in the tech sector, .
unfortunately, the losers yesterday, and not by much less than 1%. .
That was the energy sector, and hopefully, things can turn around .
for that sector, which is still on a buy signal at the present time. .
Have a great day, folks. .
Next time you'll hear my voice is on Wednesday morning. .
Morning. .