Good morning, everyone.
Welcome to Tuesday morning.. It's Stephen Whiteside here with today's. edition of Stock Market Timing Television.. In the pre market this morning, stock
index features are above fair value.. So, so far it looks like we may see some
buying at the open on Tuesday morning.. Let's start off today's presentation,. looking at a couple of stocks that that
are active in the premarket this morning.. Starting with Take Two Interactive,
it was continuing to hold support at 106.25 up to yesterday's close,
but last night it came out with earnings.. And this morning in the pre market,
it's trading down over 17%.. Another stock out with earnings is Lyft.. It was on a sell signal yesterday,. and it is trading down nearly 17%
in the pre market this morning.. So a couple of stocks getting hit hard,
both of them already on sell signals.. Let's move on and take a look at the VIX.. The VIX closed slightly lower yesterday,. not making a new low,
but still closing slightly lower.. That is still bullish for stocks.. Things would change on Tuesday
with a close above 27.61.. Then, looking at the Dow Diamonds,
we closed higher yesterday.. We're still trying to take
out last week's high.. A close below 318.20 would give
us a sell signal on Tuesday.. And our next target
to the upside is 335.94.. Now, the big winner on the Dow was. Walgreens, up over 4% on the day,
making a new high for this move.. Looking at the SPY S&P 500 ETF,. we were able to trade back
into the channel yesterday.. I need a close above 382.78
to give us a buy signal.. And then looking at the queues. for the Nasdaq 100, we're looking
for a close on Tuesday above 275.45.. Now, I guess on a positive note,
apple didn't make a new low yesterday.. Apple was lower in the morning and then. in the afternoon recovered close
slightly higher on the day.. So that's one for the bulls.. I'm still short Apple, looking to see
if it can break those October lows.. And then a stock that did break. the October low and actually
closed below $200 is Tesla.. And so $200 is no longer
psychological support.. And then the big winner yesterday
for technology stocks was Meta.. Meta up just over six
and a half percent on the day.. Apparently this is in reaction to rumors. or news that Meta is going
to be laying people off.. Unless they're laying off Mark Zuckerberg,. I don't think this is going to be
helpful long term for the stock.. Moving on to the Canadian market,
it was very quiet yesterday.. We had an inside day for the Ishares for the TSX 60.. If we can take out last week's high, then
30 47 is our next mathematical target.. To the upside, BlackBerry
came back yesterday.. It is back on a buy signal.. Joining Shopify.. Shopify is traded through the lower. channel for the past two days,
but has not closed below it.. So we are still on a buy signal here then.. The big winner yesterday was Real Estate.. Anything to do with REITs,. and that's because of one stock,
and that was Summit.. Summit came into yesterday
on a daily buy signal.. And congratulations
to anyone who owns Summit.. Let's finish off looking
at commodity prices.. And we got a pop and copper
on Friday and pullback yesterday.. Still on a buy signal.. No change there.. Gold is still on a buy
signal inside day yesterday.. A lot more interest in silver right now.. Silver is right up at resistance at 21.25.. If we can take out that high from October,
then 22.50 would be our next target. to the upside, then let's
finish off with energies.. Crude Oil made a new high
yesterday before pulling back.. 93.75 is our next target.. That stopped us in August.. Of course, if we can take out 93.75,
then $100 starts to come into play.. And unfortunately,
natural gas had a bad day yesterday.. Yeah, it traded higher and closed higher,
but that was a big bearish reversal day.. And so we'll have to see if we get
any fall through to the upside today.. It's still closed higher on the day,
but that's a pretty ugly reversal.. So let's hope that natural gas can keep. going from here, but we are
looking at a very bearish bar.. Okay, folks, that is all
for today's presentation.. I'm not sure how much volatility
we're going to get today.. It is election day in the US.. Traders might sit on their hands today and
wait to see how things work out tonight.. Have a great day, folks.. Next time you'll hear my voice is. on Wednesday morning music you..