Stock Market Trends 08082023
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      Good morning everyone and welcome to Tuesday Morning.
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      It's Stephen Whiteside here from the
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      uptrend.com in the pre market this morning.
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      Stock index futures and commodities are down across the board.
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      Dow futures currently down 200 points.
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      Yesterday was a fairly lightly traded day.
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      Canadian markets were closed.
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      Yesterday was an inside day for many of the major indices including the VIX.
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      On Tuesday we're looking for the VIX to close below $14.19. That would change us
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      from being short term bearish to being short term bullish and at the moment
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      doesn't look like that's going to happen on Tuesday.
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      Now it's very easy to notice that the S&P
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      500 had an inside day on Monday trading within the previous day's range.
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      That of course is a day of indecision.
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      Of course the headlines are very positive, but that's not exactly what happened.
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      Looking at the Nasdaq, the Nasdaq actually
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      dipped slightly below Friday's low before recovering and volume was very light.
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      The queues on Monday only traded 37
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      million shares and change on Friday that was 61 million.
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      So a lot more people interested in selling on Friday than buying on Monday.
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      There's the Russell 2000 closing higher yesterday, making a new low for this move.
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      Very quiet day for the chips on Monday.
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      Still on a sell signal, no change there.
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      Apple continued to move lower on Monday
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      and since the rebalancing, Apple isn't having as much of an effect on
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      the market as it previously did, we are coming into the Fly Paper Channel.
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      This is a place we'd look to see if Apple
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      could find some footing here and find new buyers.
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      We are down at the 100 day moving average,
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      heading towards the 200 day moving average.
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      Our next mathematical target is 175 and just above that is an open gap.
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      So that is certainly a legitimate target for Tuesday.
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      Looking at Tesla, Tesla made a new low yesterday before recovering.
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      Still closing lower on the day it regained the $250 level.
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      At the close there is an open gap not too far below where we are right now.
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      And if that gap doesn't hold, then 218 75
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      would be our next mathematical target to the downside.
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      And you can see the 100 and 200 day moving average is around the 225 level
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      and you can see that that would take us into the Fly Paper Channel as well.
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      So looking for places to find support at the moment.
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      And so far the market has not stopped moving lower.
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      Now the TSX 60 was up $6.95 on Friday.
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      It is down $4.10 in the pre market.
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      So not going to catch any of Monday's
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      positive trading action on Tuesday morning.
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      We do have commodities down across the board.
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      Crude oil pulled back yesterday.
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      Remember 81.25 was our top of our projected trading range.
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      We've now expanded that and looking to see if we can continue higher.
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      We're not going to do that on Tuesday morning.
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      Natural gas had a great day on Monday.
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      Back up to the 2.73 level on the futures
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      contract and unfortunately, it's pulling back a bit in the pre market this morning.
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      Now energy stocks in the US.
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      Were up just slightly on Monday and so I would expect that energy stocks on both
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      sides of the border will be down on Tuesday.
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      And then looking at gold, it was down
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      yesterday, it's down in the pre market this morning.
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      Silver is also down in the pre market this morning.
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      I don't think that's going to help gold and silver stocks and the GDX was down
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      yesterday a little over three quarters of a percent.
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      I would expect the XGD to be down one or 2% on Tuesday.
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      Last up this morning biggest loser on Monday were biotech stocks and that
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      probably had something to do with Moderna, which was down over 6% on the day.
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      So certainly no change in trend for either of those.
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      Okay everyone, that is all for Tuesday morning.
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      As you can see, while Monday got some very
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      positive headlines, it really didn't do anything.
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      The trade is still to the downside and not expecting any trend changes on Tuesday,
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      but we may see some additional sell signals.
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      Enjoy the rest of your day.
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      Next time you'll hear my voice is on Wednesday morning.

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