Good morning everyone.
Welcome to Tuesday morning.. It's Stephen Whiteside
here from TheUpTrend.com.. Well, we saw a little tension in the
market yesterday, not enough to give. us any major trend changes.. Things are fairly quiet on Tuesday. morning, so let's dive in and take a
look at yesterday's trading action.. Starting off, take a look at, at the VIX.. The VIX did close higher yesterday, didn't
close above the previous days high.. Still trading below the lower channel
line, so no major damage so far.. Looking for a close above 22.. 40 on Tuesday to give us
a buy signal for the VIX.. Of course, a VIX on a buy signal
is quite negative for stocks.. US Dollar Index made a new low yesterday. before reversing closing
higher on the day.. Again, we're still trading below the lower. Channel line, so no damage
to the stock market so far.. And bonds had a fairly
quiet day yesterday.. Inside day for the 30 year bond.. Moving on to commodities, the price of. gold had a wild day on Tuesday,
made a new high for this move,. before losing it all going into the close.. Certainly closed below the previous days
low, so that's looking bearish things. would change for gold on Tuesday
with the close below 1762.. 93.. Now we had a similar wild day for crude. oil trading up above the upper
channel line before losing it all.. Going into the close.. We are still on a daily sell signal for. crude oil and we're still on a
daily sell signal for natural gas.. Not only was natural gas down sharply. again on Tuesday, it also closed below
the previous low from back in October.. So that's a bearish sign.. Now looking at the major stock market. index ETF's, we saw the Dow diamonds
move back into the channel.. Looking for a close on
Tuesday below 338.01.. Looking at the SPY, we
need a close below 396.. 78.. Looking at the triple Q's, we're
looking for a close below 283.. 65.. And then looking at the Canadian market,. the Ishares for the TSX 60, sitting right
on the edge of a new daily sell signal.. Looking for a close below 30.. 92 on Tuesday to give us a
sell signal for the Ishares.. Now, what's holding the TSX back?. Well, of course, weakness
and commodities yesterday,. did not help at all.. And looking at the Ishares for the energy. sector coming down and testing
the lows from back in November.. Similar situation in the US.. With the Spider energy ETF coming back.. To those previous lows, and we
may break those on Tuesday.. And then looking at gold miners, the GDX. was down 3.61 percent yesterday, sitting
right at the upper channel line.. Closed on Tuesday below 28.04
would give us a sell signal.. Not as much selling in
the Canadian market.. Remember, it is a global gold
index, not just Canadian stocks.. We saw a move down of 1.85 percent, did. not close below the previous days low,
so holding up better than the GDX.. Then a couple of technology stocks.. Apple had a wild day yesterday.. It traded above the upper channel line
before losing it going into the close.. So we are still on a daily
sell signal for Apple.. We're still on a daily
buy signal for Tesla.. But we came right back down to the lower. channel line looking
for a close below 181.. 59 on Tuesday to give
us a sell signal there.. And last up, Chinese stocks have been. performing really well
over the past month.. I haven't focused on them.. I do not want to encourage
people to get involved.. But there's baidu.. Baidu's had a great couple of weeks.
Now.. Obviously, in hindsight,
taking the signals would. have been very profitable.. But only anything Chinese is like
playing musical chairs right now.. You don't know what's
going to happen next.. They still have huge economic risks.. They've got social unrest and they've got. those droughts that are really
holding the country back.. So don't know what's going to snap next,
but something's probably going to snap and. that's probably take the
Chinese stock market down.. And then of course, you've got the US.. Government delisting a lot of these. companies and that's
been going on all year.. So, yeah, the charts are working.. You could have made money, and I just am. not going to recommend anybody get
involved in the Chinese stock market.. Okay, folks, that's all
for Tuesday morning.. Thank you very much for
your time and attention.. And the next time you'll hear my. voice is on Wednesday morning, you..