• 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. .
• Stock index futures and commodities are trading below fair value. .
• Dow Futures currently down 130 points. .
• We do have some economic numbers coming .
• out at 8:30 this morning that could change the direction of the market. .
• And then we also have energy inventories coming out later in the morning. .
• Moving on, looking at the We have VIX. .
• The VIX is still on a sell signal. .
• That's supportive for higher stock prices. .
• In the pre-market, and we've seen a lot of .
• gaps higher and lower during earnings season. .
• And here's one stock gapping sharply .
• higher this morning, and that is Beyond Meat. .
• It's up over 60% last time I checked, and .
• that would be trading right off the top right-hand corner of the screen. .
• So quite an impressive move for Beyond Meat in the pre-market. .
• Now, we've got Bitcoin and Ethereum making new highs this morning, and that is going .
• to help all the crypto-related stocks on Wednesday. .
• We've got Bitfarm making a new high yesterday. .
• We've got Coinbase making a new high. .
• We've got a new high for Marathon. .
• We've got a new high for MicroStrategy, .
• and I would assume those stocks are going to continue to move higher on Wednesday. .
• Now, I've been watching Apple closely. .
• It's still trying to hold support here. .
• Once again, it traded through the 181. .
• 25 level yesterday, but recovered going into the close. .
• And a lot of people are paying attention .
• right now because we are sitting on the 200-day moving average. .
• So we are watching Apple closely, seeing if it can hold here or if it's going to .
• start to break down and open up to some new price targets to the downside. .
• Then looking at Meta, Meta is still closing above the upper channel line. .
• No change there. .
• Looking at Microsoft, we may have put in a lower high here. .
• Looking for a close on Wednesday below $404 97. .
• And NVIDIA is still on a buy signal here last week. .
• We actually generated a sell signal. .
• We wait for the close to confirm a sell signal, and then we're .
• going to take that sell signal and do something with it the next morning. .
• You come in the next morning and you find out that NVIDIA is gapping higher in the .
• pre-market, so you can either take that sell signal and just go with it and lock .
• in profits there, or just ignore the sell signal and just hold on. .
• And we're We've still got a partial .
• position in NVIDIA coming into Wednesday's trading action. .
• Then looking at Tesla, we're still on a .
• buy signal here, still dealing with the open gap at $206. .
• 77. .
• You can see we're still dealing with our mathematical resistance at $203. .
• 13. .
• If we can take out that open gap, then 218. .
• 75 comes into play. .
• Then what worked yesterday, well, it was .
• biotechs were the big winners two days in a row, followed by US retail. .
• And speaking of retail, Macy's announced .
• it was closing 150 stores yesterday, and that seemed to help the stock not hurt .
• it, and it certainly helped the retail sector. .
• Then we've got money still going into the mid Caps in the Russell 2000 and the .
• micro-caps, and that's a good sign for the market going forward. .
• But we are incredibly overbought here, .
• and this is a seasonally weak period for the stock market. .
• So it'll be interesting to see how this .
• works itself out Of course, we're going to take the signals as they come up. .
• Let's finish off looking at the world of commodities. .
• Copper is still on a buy signal. .
• Copper mining is still on a buy signal. .
• The price of gold and the GLD are still on buy signals. .
• Unfortunately, nobody wants gold mining stocks at the moment, and even the juniors .
• are still on a sell signal, so no change there. .
• Then looking at silver, we're back on a sell signal for silver and for the SLV. .
• Then looking at the silver miners, no joy there. .
• Down at the bottom of the range. .
• Next up, looking at the energy sector, .
• we've got both crude oil and natural gas moving up on the same day. .
• And is that positive for energy stocks? .
• No, energy stocks actually pulled back on the day. .
• So no change in trend for energy stocks based on Tuesday's trading action. .
• Okay, folks, that is all for this morning's presentation. .
• So far, it looks like we're going to see a .
• little selling at the open on Wednesday morning. .
• Have a great day, folks. .
• Next time you'll hear my voice is on Thursday morning. .