- Good morning, everyone, and
welcome to Wednesday morning. .
- It's Stephen Whiteside
here from theuptrend. .
- com.
While it is very early in the morning, .
- stock index futures are
trading above fair value. .
- Commodities are mixed with crude oil .
- higher while gold is lower in the
pre market on Wednesday morning. .
- Well, yesterday we saw a little
bit of tension in the market. .
- The VIX is back on a buy
signal as of Tuesday's close. .
- Things would change on
Wednesday with a close below 13. .
- 59. .
- Now, it was the Dow that
rolled over yesterday. .
- The Nasdaq was the biggest loser, but
the Dow actually generated a sell signal. .
- Now again, for people that are new,
this is a short term sell signal. .
- More conservative investors are going to .
- need more evidence before
they start selling. .
- The Dow Diamonds stuck up here at 390. .
- 63. .
- And as you can see on the midterm chart, .
- we have a little ways to go before
we actually generate a sell signal. .
- It was all about technology
stocks yesterday. .
- Intel was the biggest loser on the Dow. .
- It's still on a buy signal. .
- No change there. .
- Salesforce was the second biggest
loser, down over 5% on the day. .
- Trading down to the lower channel line. .
- Still looking for a close on Wednesday .
- below 296 24 to give us
a new daily sell signal. .
- We do have a change in
trend for Microsoft. .
- Back on a sell signal,
putting in a lower high. .
- We had trouble getting over 421.
80. .
- That is still a major area
of resistance for Microsoft. .
- Apple continued lower down nearly 3% on .
- the day, heading towards
our next target of 168. .
- 75. .
- Then we've got Unitedhealth Group making
a new low for this move on Tuesday. .
- Now one stock that the market is still .
- concerned about, of course, is
New York Community Bank Corp. .
- It made a low on Monday
inside day on Tuesday. .
- Inside days are basically pause days,
so that has not been resolved yet. .
- And then what did work on Tuesday? .
- Well, Nvidia actually
closed higher on the day. .
- It is trading up in the
pre market this morning. .
- Our next price target is 875,
which we've previously hit. .
- It is trading below that level in
the pre market on Wednesday morning. .
- Now Shopify has been on a sell signal
for a few weeks now, so no change there. .
- We've got Tesla back on a sell signal on
Monday, fallow through to the downside on .
- Tuesday, looking to see if
it can hold the February low. .
- Let's finish off this morning's .
- presentation, taking a
look at commodity stocks. .
- And we'll start off with the miners. .
- And we've got copper still
on a buy signal here. .
- Copper miners traded down to the
lower channel line yesterday. .
- So certainly a potential for
a sell signal on Wednesday. .
- We had a lot of bearish
reversal signals on Tuesday. .
- The price of gold wasn't. .
- The GLD is trading up towards 200. .
- It's trading slightly lower in
the pre market this morning. .
- Now, we do have a bearish reversal
signal for the gold miners. .
- It traded up to the previous
high and pulled back. .
- Now, it did not close lower on the day and .
- it did not close below
the previous day's low. .
- So it is a very weak bearish reversal
signal for the big cap miners. .
- They were up over half a percent. .
- The junior miners were up just slightly on .
- the day, so there's not as much
interest in the juniors at the moment. .
- And of course, we'd love to see more
interest in the juniors than the big caps. .
- Silver reversed yesterday,
closing lower on the day. .
- There's the SLV closing lower on the day. .
- After making a new high for this move, and .
- then looking at silver miners again,
we made a new high for this move. .
- This is this move right here. .
- But unfortunately we closed lower on
the day, so that is a bit of a concern. .
- Looking at the energy sector, starting off .
- with crude oil, we pulled
back in the channel yesterday. .
- A close below 72. .
- 87 would give us a sell signal
for the USO on Wednesday. .
- Gasoline is back on a sell
signal as of Tuesday's close. .
- You can see we put in a
lower high last Friday. .
- And then looking at natural gas,
we're still on a buy signal here. .
- Moving up on Tuesday. .
- Now, looking at the major energy etfs for .
- the big caps, we're still
on a buy signal here. .
- No change.
No change for the small cap energy stocks. .
- We closed slightly higher on the day we've .
- closed in the channel for
the past couple of days. .
- So a little concern there. .
- Looking for a close on Wednesday below 51. .
- 43. .
- Now, anytime you're looking at an ETF or
an index, it's a group of stocks, so it is .
- going to filter out the best
performers and the worst performers. .
- In this case, the only energy
stock in the Dow 30 is Chevron. .
- It's been on a sell
signal for a few days now. .
- Now, the best performing energy stock on .
- the S&P 500 from Tuesday's trading action
is Baker Hughes, which has barely moved .
- since generating a buy
signal over a week ago. .
- On the other hand, the best performing big .
- cap energy stock is Diamondback, which
is up about 20% in the last month. .
- Yesterday had an inside day and looking
for a close on Wednesday below 176. .
- 51. .
- Okay, folks, that is all for
this morning's presentation. .
- Looking for a positive open on Wednesday. .
- From what we're seeing so far, we do have
some economic numbers coming out today. .
- We've got some job numbers. .
- And then, of course, we have the energy
numbers coming out later in the morning, .
- which could change the
direction of the market. .
- Have a great day. .
- 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. .