• Good morning, everyone. Welcome to Wednesday morning. .
• It's Stephen Whiteside here from TheUpTrend. .
• com In the pre-market this morning, stock index futures are above fair value. .
• Dow futures currently up 100 points. .
• Commodities are mixed with a crude oil up .
• while gold is down another $3 in the pre-market on Wednesday morning. .
• Now, yesterday was a big day for the VIX, and we generated a buy signal on Monday, .
• big fall through to the upside on Tuesday, and we certainly traded and closed above .
• the $15 level that we were We're looking for. .
• So yes, I think the market is paying attention to this move in the VIX. .
• Seasonality, we're right on cue. .
• We're supposed to make a low in the middle .
• of February and then start to move up, and maybe that started yesterday. .
• We'll just have to wait and see. .
• Now, there's a lot of stuff going on in .
• the market yesterday besides the stock market. .
• We had Bitcoin making a new high. .
• It ended the day down $815. .
• It's up $2,000 today, making another new high for this move. .
• We had a big shift in the US Dollar Index .
• moving sharply higher while the Euro and the rest of the usual suspects, the .
• Australian dollar, Canadian dollar, all moved lower on the day. .
• Now, we had a huge sell-off in bonds on .
• Tuesday, and of course, that puts pressure on bond deals, and that's probably what .
• contributed to a lot of the downward pressure in the stock market yesterday. .
• Now, crude oil continued to move higher. .
• It hasn't taken out the January high just yet, but we are getting pretty close. .
• Going in the opposite direction. .
• Gold was down over $25 on Tuesday, making .
• a new low for this move and trying to find support at the $2,000 level. .
• Looking at the major indices, we've got .
• the Dow back on a sell signal as of Tuesday's close. .
• For the SPY, we're waiting for a close below $492. .
• 85. .
• On Wednesday, for the triple cues, we're looking for a close below $426. .
• 82. .
• For the Russell 2000, we're looking for a close on Wednesday below $193. .
• 74. .
• And for the IWC, for the microcaps, we're looking for a close below $111. .
• 71 on Wednesday. .
• Now, after having a bullish day on Monday. .
• US Banks pulled back hard on Tuesday, .
• looking to see if we can hold the recent support. .
• That's also true of the Regional Banks, which again had a very bullish day on .
• Monday, but no fall through to the upside on Tuesday. .
• And we came down and looking to see if we can hold the low from last week. .
• Now, what worked or what didn't work yesterday? .
• Well, nothing worked. .
• Consumer Discretionary was the worst performing sector. .
• We've got Consumer Discretionary still on a buy signal here. .
• That would change on Wednesday with a close below $175. .
• 26. .
• The biggest loser in the Consumer .
• Discretionary sector was Carmax trading into the channel. .
• So we're looking for a close on Wednesday below $71. .
• 50. .
• Next up, let's take a look at the mining sector, starting with the price of copper, .
• which closed lower on the day after trading up into the channel. .
• Copper miners made a new low yesterday. .
• Then looking at the price of gold, as we .
• mentioned, it was down over $25 yesterday, trying to hold 2000. .
• And there's the GLD down $2. .
• 58 on Tuesday and trying to hold the 184 level. .
• Looking at the gold miners, they were down sharply yesterday. .
• The junior gold Miners were down sharply. .
• And of course, going in the other .
• direction are the bear ETFs moving sharply higher on Tuesday. .
• Then looking at the price of silver, the SLV moved lower yesterday, and Silver .
• Miners made a new low for this move on Tuesday. .
• Let's finish off looking at a couple of .
• the magnificent eight stocks, starting off with Apple, which had never generated a .
• buy signal, so we're not waiting for a sell signal. .
• We've been on a sell signal for a few weeks now. .
• Now we've Microsoft back on a sell signal as of Tuesday's close. .
• We've got Shopify back on a sell signal, .
• and we've got Tesla back on a sell signal as of Tuesday's close. .
• So Tesla just lasted a couple of days, and that was it. .
• And now we're looking to see if the recent low can hold. .
• Okay, folks, that is all for this morning's presentation. .
• It looks like we're going to get a bounce on Wednesday morning. .
• There isn't any real economic numbers coming out this morning that's going to .
• affect the overall stock market, so we'll just have to wait and see. .
• But I think today could be a pause day .
• before we start heading lower again on Thursday. .