Good morning everyone. Welcome to Tuesday morning..
It's Stephen Whiteside here from theuptrend.com with today's look.
at North American stock market trends in the premarket this morning..
Stock index futures are certainly above fair value..
Dow futures currently up over 500 points..
So it does look like we're going to see.
some buying at the open on Tuesday morning..
Well, yesterday was a fairly quiet day for the markets..
It was positive..
We had the VIX come down to the lower channel line a closed below 30.81..
It would give us a sell signal on Tuesday..
That is certainly possible..
It was an insight day for the S&P 500,.
looking for the SPY to close above 362.04 to give us a buy signal..
375 is our next target and area of resistance..
And a couple of weeks ago we traded above that up to 379.46..
So that will certainly be an important line in the sand..
Inside day for the QQQ's..
We're looking for a close on Tuesday above 273.37, and our next target to the upside.
is 281.25, and we peaked at 284.18.
a couple of weeks ago..
So those are the major targets ahead of us..
Then. Looking at semiconductors, of course,.
if we're looking at the tech sector, we're looking at semiconductors..
The SOX Index had an inside day yesterday..
You can see we need to close above 2354.73 on.
Tuesday to give us a buy signal..
And then looking at the I shares for the TSX 60, we traded up to the upper.
channel line yesterday, closing $0.20 or so below it..
We're looking for a close above 28.77 on Tuesday to give us a buy signal there..
Our next target is 28.91, followed by 29.69..
If we can break through the 28.91 level..
Looking at Bay Street. What worked?.
Well, cannabis stocks were the big winner,.
followed by Infotech, and then followed by utilities..
Then looking at Wall Street, what worked yesterday?.
Well, the big winner was Consumer.
Discretionary, followed by Real Estate, followed by Communication Services..
Then a quick check on the banks..
The banking sector in the US is on its third day of a buy signal..
Canadian banks back on a buy signal as of Monday's close..
And then looking at this chart,.
you can see we made a series of lower highs and lower lows..
So a new lower low last week..
We'll have to see if we can take out the recent high from a couple of weeks ago..
That would certainly be a tell if we could.
change this pattern from lower highs and lower lows to a higher high..
And so that could come into play over the next week or so..
Looking at my five stocks inside day yesterday for Apple,.
certainly the possibility of a buy signal on Tuesday, inside day for Amazon..
Again, there's a possibility of a buy signal on Tuesday..
CME Group trading up to the upper channel.
line, a close above 176.88 on Tuesday would give us a buy signal..
Goldman Sachs, third day of a buy signal..
Haven't really got much traction so far..
Seeing if we can take out the high from a couple of weeks ago on Tuesday..
And then Visa..
Visa back on a buy signal as of Monday's close..
Let's look at those mega trends..
And the US dollar index traded down to the lower channel line..
So right on the edge of a new sell signal..
Japanese yen didn't really respond..
Made a new low yesterday, but a lot of buying back into the Euro..
The Euro is back on a buy signal as of Monday's close..
Then looking at bonds, 30 year bond closed slightly lower yesterday..
Bond yields moved up again, so no change in that scenario..
Then looking at the metals,.
copper still trading in the channel, no direction, still on a buy signal here..
Then looking at gold, still on a sell signal inside day yesterday..
Gold was closed up $5.30 yesterday..
It's down slightly in the pre market this morning..
Then looking at silver..
Silver closed higher yesterday within an inside day from Friday's trading action..
And then last up looking at the energy.
sector, we've got crew all sitting right on the edge of a new daily sell signal..
It is trading higher in the premarket this morning..
And then natural gas made a new low yesterday for this move and it is also.
trading slightly higher in the pre market on Tuesday morning..
Okay folks, that is all for this morning's presentation..
Looks like we're going to get a lot of buying at the open on Tuesday morning..
Of course we care a lot more about how.
the market closes than it opens, but if the market can put in a couple.
of positive days in a row, that would certainly be a change in the story..
We'll just have to wait and see if.
the market can take it through to the upside for another day or two..
Have a great day folks..
Next time you'll hear my voice is on a Wednesday morning..