• Good morning, everyone, and welcome to Wednesday morning. .
• It's Stephen Whiteside here from TheUpTrend.com. .
• In the pre-market this morning, things are fairly mixed. .
• We do have the Dow trading higher while the S&P 500 and Nasdaq are trading lower. .
• Now, the Dow is being led higher this morning by Walmart, which announced a .
• stock split, and it is trading up, filling the open gap from back in November. .
• Now, it is month-end. .
• Month-end usually has a bullish bias to it, but this week is a little different. .
• We've got a lot of earnings There's a lot of economic numbers coming out. .
• We also have the Fed meeting going on, which concludes this afternoon. .
• We always look for volatility to expand after the Fed meeting comes to an end. .
• Looking at the VIX, the VIX is still on a .
• sell signal here, but is trying to break out, and we're looking for a close above .
• 14.02 on Wednesday to tell us that something new is happening in the VIX. .
• But we know that the VIX has traded up to .
• 15 over the past couple of weeks, and the market really hasn't been that concern. .
• So a breakout above 15 would certainly be a sign that the market is starting to .
• change its bias from being bullish to being bearish. .
• Looking at the Dow, it made a new high yesterday on the back of J. .
• P. Morgan and Goldman Sachs. .
• What didn't work on the Dow on Tuesday? .
• Well, Boeing was down. .
• It's still holding 200. .
• It is still holding 200 in the pre-market. .
• But if it starts to break down, then that .
• would probably head us down towards the October lows. .
• Now, we had a small pullback in the S&P 500 on Tuesday. .
• The big winner was MSCI, gapping up over 9% on the day. .
• At the same time, we had UPS gaping lower, down over 8% on the day. .
• Fairly quiet trading for the Nasdaq 100, going into all the earnings. .
• We had an inside day for the Nasdaq 100. .
• The big winner was Vertex Pharmaceuticals. .
• At the same time, we also hear that Novo Nordisk is up in European trading this .
• morning, and it is now valued at more than $500 billion. .
• It's the second European company to do that. .
• Now, what didn't work on the Nasdaq 100 .
• yesterday was DoorDash and setting up for a potential sell signal on Wednesday with .
• a close below $104.59. Now, we had an inside day for the .
• Russell 2000, an inside day for US microcaps. .
• Technology stocks fairly quiet yesterday. .
• We may see a sell signal today. .
• There's lots of the big cap tech stocks .
• trading lower this morning, and we do have Apple back on a sell signal. .
• Now, semiconductors already on a sell signal, so no change in trend there. .
• Now, when we look at sectors, what worked .
• on Tuesday was the energy sector with crude oil trading higher. .
• The USO was up, and then it was the Oil and Gas Explorers .
• up 1.78%. The energy sector itself was up just a little over 1%, and then it was .
• Marathon Petroleum was the big winner, up over 6% on the day. .
• We also had financials trade higher, a new .
• high for the Financials ETF, and Citigroup was up over 5% on the day. .
• So Citigroup gapping higher on Tuesday. .
• Then looking at the Magnificent 8, and a lot of these are trading down sharply in .
• the pre-market this morning, so we may see some additional sell signals. .
• We've got Alphabets still on a buy signal. .
• It's down in the pre-market this morning. .
• We also have Apple back on a sell buy signal as of Tuesday's close. .
• We were concerned about Apple not being able to get up to $200. .
• Then we've got Amazon still on a buy signal here. .
• We've got Meta making a new high yesterday. .
• New high for Microsoft on Tuesday, new high for NVIDIA. .
• Then looking at Tesla, no change in trend for Tesla. .
• Now, Tesla was able to trade up into the gap. .
• It did not close above the high of that day. .
• We are We're looking at Tesla actually .
• trading lower in the pre-market this morning, so no change in trend for Tesla. .
• Let's finish off looking at the miners. .
• We've got copper miners still on a buy signal here inside day on Tuesday. .
• The GLD is back on a buy signal, still waiting for the gold miners. .
• We're looking for a close for the GDX .
• above $28.54 on Wednesday to give us a buy signal. .
• For the Junior Gold Miners, we're looking .
• for a close above $34.77. We've got the silver on a buy signal right now. .
• Silver Miners also on a buy signal trading back into the channel yesterday. .
• So if we see some selling on Wednesday, we're looking for a close below $25.34. .
• Okay, folks, that is all for this morning's presentation. .
• There's a lot of pre-market action this morning, most of it to the downside. .
• Of course, we don't act on pre-market activity. .
• We wait until we see the actual closing .
• price, and we are looking for volatility to expand this afternoon after the Fed .
• meeting comes to an end and they start speaking to the public. .
• Have a great day on Wednesday, folks. .
• Next time you'll hear my voice is on Thursday morning, and at that time, we'll .
• take a closer look at the Canadian stock market. .
• Market. .