• 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 quiet. .
• We only have one economic number coming .
• out of any significance this morning, and that is international trade at 8:30. .
• Then we have energy inventories coming out later in the morning. .
• Now, there's lots of stocks in the news this morning. .
• One that I know a lot of you follow is Ford, and Ford was up over 4% yesterday. .
• It's up over 5% in the pre-market this .
• morning, and it is currently trading above the December high. .
• So a new high for this move for Ford on Wednesday morning. .
• Now, the VIX moved lower yesterday. .
• It's back on a sell signal, and we really don't care too much about what the VIX .
• does right now unless it starts breaking out above 15. .
• That would certainly tell us something new is happening in the options market. .
• Now, yesterday was an inside day for the S&P 500 and for the Dow. .
• We are looking at a target of 500 on the .
• SPY as our next major area of resistance, and 5,000 on the index itself. .
• Coming into Wednesday's trading action, we would need to see a close below $485. .
• 81 to give us a sell signal for the SPY. .
• More conservative traders are going to be looking for a close below 482. .
• Then, of course, long-term investors would .
• not be disturbed until the S&P 500 closes below $464. .
• 17 on Friday. .
• And so far this week, we're certainly not expecting that to happen. .
• Now, the Dow Diamonds had an inside day yesterday. .
• The Q's were able to trade slightly above the previous day's high. .
• So no change in trend there. .
• No change in trend for the Russell 2000 or .
• for the Russell microcaps, both moving up into the channel yesterday. .
• Then looking at semiconductors. .
• The SOX index looks like this, and the .
• semiconductor ETF that I usually quote looks like this. .
• The reason I follow this one is it's part of the S&P family, the SPDR family. .
• Unfortunately, a lot of you want me to .
• cover this one, which certainly has a lot more volume. .
• And so in the future, I will be quoting the SMH as you have requested. .
• And you can see it is up yesterday. .
• It was up at the $195 level as up at the high of the day. .
• And we are looking We're waiting to see if .
• it can break out and make a higher high on Wednesday. .
• Now, what happened on Tuesday? .
• Well, materials were the big winner, while technology stocks .
• were the losers on the day, and materials are still on a sell signal. .
• That would change on Wednesday with a close above $83. .
• 03. .
• No joy for real estate. .
• We've got health care making a new high. .
• Lots of big cap health care stocks have .
• had huge run-ups over the in the past couple of weeks. .
• Industrials made a new closing high yesterday. .
• No change in trend for consumer discretionary. .
• Energy stocks in the US still on a buy signal. .
• No change in trend for utilities. .
• And then looking at financials, Very quiet day for financials on Tuesday. .
• Bank stocks still on a sell signal, and .
• the regional bank still on a sell signal, holding the recent low. .
• And of course, the market is a little .
• concerned about what's happening in the regional banking sector, which could .
• roll over to the rest of the market if something major breaks down. .
• Consumer staples still on a buy signal, no change there. .
• Communication services, we saw a pullback .
• yesterday, closing below the previous day's low, and that could be a concern .
• going forward, but right now we are still on a buy signal. .
• No change in trend for technology stocks. .
• Then we saw transports move up. .
• The transports were not part of the list .
• we started with, but I just wanted to throw them in there that the We are back .
• on a buy signal and actually closed above the previous week's high. .
• Next up, let's take a look at the world of commodities. .
• Starting with crude oil, the USO is still on a sell signal. .
• Now, we do have energy inventories coming out later this morning, which could .
• certainly change the direction of this ETF. .
• Now, it is looking bullish, even though we're still on a sell signal here. .
• Notice we put in a recent higher high, and we've put in a series of higher lows. .
• So that is a bullish chart pattern, even though we're still on a sell signal. .
• That is also true for gasoline, which .
• recently put in a higher high and a higher low. .
• So we're still on a sell signal here. .
• For gasoline, we would need a close above 64. .
• 22 on Wednesday to give us a buy signal. .
• Unfortunately, no joy for natural gas. .
• We made a new closing low for this move yesterday, still clustering around the 18. .
• 75 level. .
• If we want to break down from here, then 15. .
• 63 would be our next target to the downside. .
• Looking at the metals, we've got the GLD trading in the channel. .
• It's up a penny in the pre-market last time I checked. .
• Looking for a close above 189. .
• 01 to give us a new buy signal, get us back on track for the GLD. .
• No joy for a palladium, no joy for .
• platinum, and no joy for silver coming into Wednesday's trading action. .
• Last up this morning, let's take a look at the Magnificent 8. .
• And starting with AMD, it is back on a sell signal as of Tuesday's close. .
• No change in trend for Amazon, no change .
• in trend for Alphabet, still on a sell signal here. .
• Then no change in trend for Microsoft, looking for a close below $400. .
• 52 on Wednesday They did give us a sell signal. .
• Nvidia made a new high yesterday, trading .
• right over the $700 level before starting to pull back. .
• No change in trend there. .
• And then looking at Shopify, we had a .
• reversal last week week, but we're not going anywhere. .
• So looking for a close on Wednesday below $79. .
• 44. .
• And then Tesla was up on the day, still trading below the lower channel line, .
• looking for a close on Wednesday above $195. .
• 52. .
• And so far, what we're seeing in the .
• pre-market, we're not seeing that just yet. .
• And again, we are looking for our first close above this bar. .
• And yes, we have traded above it, but we haven't closed above it. .
• And that's the first thing we're really looking for. .
• Our last chart of the day is Netflix. .
• Netflix is still on a buy signal here. .
• We've got an early warning signal yesterday closed in the channel. .
• So we're looking for a close on Wednesday below $546. .
• 80. .
• Okay, folks, that is all for this morning's presentation. .
• So far, it looks like we're going to have a fairly quiet open on Wednesday. .
• Have a great day, folks, and the next time .
• you'll hear my voice is on Thursday morning. .