Good morning, everyone.
Welcome to Wednesday morning.. It's Stephen Whiteside here. from TheUpTrend.com with a quick
two minute market update.. In the pre market this morning,. stock index futures are
unchanged at the moment.. So things are very quiet
out there this morning.. There is some stocks in the news,. Target is out with earnings and it
was looking pretty good yesterday.. But today we are trading way down there.. In fact, last time I blinked,
we're trading a little lower than that.. So down sharply in the pre market.. And then we've got Lowes.. And Lowe's has been stuck
at resistance at 212.50.. It's trading just above
that in the Premarket this morning.. Now the VIX traded up into the channel. yesterday all the way up
to the upper channel line.. And we're looking for a close on Wednesday. above 26.06 to give us a buy signal that,
of course, would be negative for stocks.. The US dollar index had a big
reversal day yesterday.. Didn't close higher on the day,
but certainly came off its intraday's lows. to settle just above
support at 106.25.. If you follow the US dollar index,
you know 106.25 is an important. number because that is also
the weekly level of support.. So we're trying to hold
that at the moment.. If we can hold it, that'll be
neutral for the stock market.. If we bounce from here, that of course,
could be negative for the stock market.. Looking at the Dow Diamonds,
we're up at the summer highs right now.. We haven't retested them, but the air
is getting pretty thin up here.. Wouldn't be surprised if we
see the market top this week.. We've only got a couple of days left,. but we're running out
of steam up at this level.. And of course, it's been the Dow that has
been leading the US market higher.. In Canada, of course, we've had
the help of the energy sector.. And the I shares for the TSX 60
are also up at those summer highs.. And here we are trading water up. at the $31 level and we've had
three days to break out above it.. Have not been able to do it.. So that could be our level
of psychological resistance.. We'll just have to wait
and see how things work out.. Yesterday, the big winner
on the TSX was Infotech.. The big loser was the gold sector up
at trying to break out above 270.. And the US it was something similar.. It was the chip sector.. The Philadelphia Semiconductor Index was
the big winner while the Philadelphia Gold. and Silver, the XAU was
the big loser on the day.. Again, trying to break
out to higher highs.. Having trouble this week.. Okay, folks, that's all for this
morning's presentation.. Not a lot to talk about this morning.. Just waiting for time to pass and to see. if this is indeed the week that the
market puts in a short term top.. Have a great day.. Next time you'll hear my voice
is on Thursday morning..