• 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. .