Good morning, everyone..
Welcome to Wednesday morning, Stephen Whiteside here from theuptrend.com..
Well, Tuesday, turned out to be nothing day..
We seem to be very choppy here..
We're trying to see if we can break out above last week's highs or break down below last week's lows for the major indices, so far that hasn't happened..
You seen some interest in mid cap and micro-cap stocks..
But otherwise, it's up in a fairly quiet so far this week..
I should be able to get you out of here in about 4 minutes. We will just quickly run through all the charts and you can see I what didn't happen yesterday..
That's a start of looking at the VIX for the S&P 500. No Trend change here. We made a lower close yesterday and that is bullish..
It's also bullish for the VIX for the NASDAQ to continue to move lower and the VIX for the Russell 2000..
So those are some bullish signs. On the Bearish side where we have not been able to break out above last week's high for the Dow, for the S&P 500, or for the NASDAQ 100..
Now, on the bullish side, we're seeing some money.
go into mid-caps and micro-caps. So that's bullish..
When we walk through the major sectors, we see no Trend changes yesterday, even for some of the sectors we were concerned about. You can see Consumer Staples traded through the lower channel yesterday,.
but then ended the day higher. And as we walk through the sector's here, we get to energy..
Energy made another new high yesterday..
We saw Energy Hardware, Energy Drillers all make new highs yesterday. Then getting back to reality, Financials,.
nothing going on there..
Nothing going on with banks..
And insurance companies trading up at last week's Highs. Ahen we're looking at to Healthcare..
We were concerned about Healthcare yesterday, but it closed higher on the day as did Biotech..
So nothing going on there..
That looking at Pharmaceuticals, Pharmaceuticals made a new high yesterday as did Industrials for this move..
We saw a new high yesterday for a Materials, and for Medals and Mining. And then back to reality, technology stocks, nothing new there..
Nothing new for semiconductors..
Nothing new for Communication Services, or Transports or Utilities..
Next up..
Let's take a look at commodity prices. Crude oil prices.
continue to move higher on Tuesday. While gasoline prices saw a small pull back, and Natural Gas prices closed down.
just the penny..
Looking at the metals. Gold traded back in the channel yesterday after generating a Sell signal on Monday. No change in trend for Palladium or Platinum..
And then we saw the price of silver move up and close just above the upper channel line..
Let's finish off this morning's presentation looking at some of the volume leaders from Tuesday's trading action, starting off with DiDi Global..
Nice, big pop on Monday..
Unfortunately, that turned out to be a bearish reversal day and then we saw follow through the downside on Tuesday. T close.
Below 1.81 would give us a Sell signal on Wednesday..
Amazon, bounced off the channel line yesterday..
No change there. No change for Advanced Micro Devices..
Still closing above the Upper Channel Lune..
Apple had to an interesting day on Tuesday, bounced off the lower channel line to close, just above the Upper Channel line. A close below 143.65 would give us a Sell signal on Wednesday..
A new closing high for NIO for this move..
A nice big pop for Transocean..
Hit our next Price Target..
Then looking at Southwestern Energy back up at the last week's High's. AMC had Sell signal on Monday..
Trading back in the channel on Tuesday. A close.
Above 13.46 would give us a new Buy Signal on Wednesday..
Then looking at.
Ford bouncing off the lower channel line. Looking for a close below 13.13 on Wednesday..
Then, we've got Nvidia closing just above the upper channel line..
So no change in trend for NVIDIA..
Okay, folks, that's all for this morning's presentation, stock index, Futures are below.
Fair value..
Futures currently down about a hundred points Commodities are mixed with crude oil and natural gas higher..