Good Morning, everyone. Welcome to Tuesday morning..
It's Stephen Whiteside here from theuptrend..
Com..
In the premarket this morning, things are fairly quiet..
DOW futures currently up 80 points..
Gold is lower while crude oil is higher on Tuesday morning..
Well, it is the last day of the month..
Yesterday, today, possibly tomorrow, there's a positive bias to.
this time of the month as automatic money comes into the market.
and traders usually do not like to trade against that automatic money..
In news this morning, we've got.
international trade numbers coming out at 8:30..
That's probably the most important number this morning..
Not expecting it to move the market too much..
In earnings, we've got Bank of Nova Scotia and Bank of Montreal out this morning..
Both are trading slightly lower in New York..
And then we've got Target out..
Target is trading higher in the premarket,.
but not higher than yesterday's high last time I checked..
So no change in trend for Target so far..
Looking at the VIX, the VIX pulled back in the channel..
Things would change on Tuesday if the VIX were to close below.
20.24. We saw the TSX, the S&P 500, and the Nasdaq all move higher yesterday..
No change in trend..
Looking at the US dollar index, small.
pullback yesterday, small gain for the 30 year bond..
Then we had gold up yesterday..
Gold was up $6.20 on Monday..
It's down 9.50, $10 last time I checked..
So we're going to see a new low today and possibly break the 1812.50 level..
We got as low as 1812 yesterday before.
reversing, giving us a bullish reversal day..
Of course, the day after is what you have to look for..
And we are looking for a higher close to lock in that low yesterday..
But it doesn't look like that's going to happen, unfortunately..
And of course, if we start breaking.
down below 1812.50, we can suspect that 1800 may act as psychological support..
But then our next mathematical target is down there at 1750..
Looking at silver, silver made a new low yesterday..
So we've been talking about silver leading.
gold lower, and that looks like it's continuing to be the case..
Looking at gold miners, they.
had a small gain yesterday on the GDX and the XGD,.
but certainly no change in trend coming into Tuesday's trading action..
Now, crude oil was down yesterday..
It's up in the premarket this morning, not enough to give us a new buy signal..
But natural gas was up yesterday..
It is back on a buy signal as of Monday's close, and that helped move.
energy stocks up on both sides of the border..
We are getting very close to a new buy.
signal on the XEG traded on the TSX, unlike the XLE traded in New York..
Next up, let's take a look at the most actively traded stocks from Monday's.
trading action and we'll start off in New York..
Tesla was the volume leader yesterday..
It's up above the upper channel line..
So unlike Apple, Microsoft, Shopify, it did not generate a sell signal.
and it is currently trading between the 100 and 200.
day moving average looking for a breakout of that range..
Now, AMC was up sharply yesterday up trading above our projected.
trading range and so you'll have to do some mathematical.
calculations to figure that one out until the chart resets..
Ford was up yesterday, no change in trend..
Fisker, big update yesterday, not a stock I would trade..
Look at the pros in the public, compare that to Ford..
I would trade Ford far before I would trade Fisker..
Then we've got Fubo TV making a new low for this move on Monday..
Then we've got advanced micro devices closing at the lower channel line..
So mathematically, we could see a buy.
signal on Tuesday with a close above 81.50. Then looking at.
Apple, closing below the lower channel line on Monday, and Amazon..
I'm still short Apple, I'm still short Amazon..
There's no change there. And then NVIDIA..
Nvidia was up yesterday trying to break out above the high from last week..
Again, I wouldn't chase NVIDIA up at those levels..
Looking at the Canadian market, starting off with Manulife..
Manulife trading in the channel again..
So close below 26.32 would give us a sell signal on Tuesday..
And with the weakness in the Canadian.
banks, you might see some other Canadian financials also pull back on Tuesday..
Then Enbridge traded up, still closing below the lower channel line..
No change there. Suncor, second day of a a new buy signal..
I'm not sure how much we're going to be able to get out of Suncor, but notice that.
the recent low was a higher low, the recent high was a higher high..
Overall, it's a bullish tone for Suncor..
Then looking at Barrick, new low yesterday, no change there..
Athabasca Oil,.
second day of a buy signal here, looking to see if we can take out the recent high..
And again, it's looking pretty bullish..
The recent high was a higher high, recent low was a higher low..
That's bullish..
Canadian Natural Resources trading up to the upper channel line looking for a close.
above 1711 on Tuesday to give us a buy signal..
And then looking at TC Energy, nothing going on there..
Still need a close above.
56.44. Then Cenovus Energy, so we're looking for a close above 25..
57 on Tuesday to give us a buy signal..
Then last up this morning, Crescent Point..
Crescent Point trading up to the upper.
channel line yesterday looking for a close above 9.60 to give us.
a buy signal, and that is certainly doable on Tuesday..
Okay, folks, that is all for this morning's presentation..
Have a great day. Next time you'll hear my voice is on.
Wednesday morning. You're going it..
It's amazing. It..
It It. you..