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Trends in the pre-market this morning, stock index, Futures are
Trends in the pre-market this morning, stock index, Futures are above a value
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They've come off their morning highs and currently have the
They've come off their morning highs and currently have the Dow futures up around 200 points
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So, we're looking for some buying at the open on
So, we're looking for some buying at the open on Wednesday morning, of course, today is a Fed day so it's not expecting a lot of Market Direction between now and 2 pm
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There's a couple of open gaps to be filled on
There's a couple of open gaps to be filled on the way back up and I wouldn't be surprised if we took a run at the bottom or the top of the first open Gap today
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After the FED meeting after the yeah, probably after the
After the FED meeting after the yeah, probably after the press conference, starting off looking at the fear index
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of course, if that doesn't happen on Wednesday that lower
of course, if that doesn't happen on Wednesday that lower channel line is starting to move up a daily looking at the vix ETF
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So again we're having an had an inside day on
So again we're having an had an inside day on Wednesday, so a day of indecision, nothing new there
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As I mentioned yesterday today, we walk through the leveraged
As I mentioned yesterday today, we walk through the leveraged ETFs and we'll start off in the Canadian Market
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So, in all of these, you should have taken money
So, in all of these, you should have taken money off the table by now, if you haven't done
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You don't have to completely liquidated position, but it's good
You don't have to completely liquidated position, but it's good to sell into strength
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I so 10, 6762 is our next Target here at
I so 10, 6762 is our next Target here at the Double Bear, for the S&P 500
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We went from being long, the bull Tipping long, the
We went from being long, the bull Tipping long, the bear when you look at the up your next price target for the bear ETF you can see that this way up there at 2:34
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Now you can always split the difference and that's at
Now you can always split the difference and that's at 195, if I would be lucky and some profits, if we were able to move up to 195, looking at the Gold sector and that we talked
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about this, a lot over the past couple of weeks,
about this, a lot over the past couple of weeks, we're still stuck in the range
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And so, I really wouldn't get involved in the gold
And so, I really wouldn't get involved in the gold sector until we see a break out of that range
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And then looking at the semiconductors were looking for a
And then looking at the semiconductors were looking for a move up to 6250, then looking at the financials
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Next Target is 3125, we got as high as 3124
Next Target is 3125, we got as high as 3124 yesterday, so that's a shame
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If you weren't able to get filled, but you may
If you weren't able to get filled, but you may be able to get filled on Wednesday, moving over to Commodities all
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We've got the crew doll moving down to the lower
We've got the crew doll moving down to the lower channel on yesterday, a close Below, 8732 on the Uso, would give us a cell signal on Wednesday
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We're now on a cell signal for natural gas, with
We're now on a cell signal for natural gas, with a big drop of a nearly 16%
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I looking at the metals, no, change for any of
I looking at the metals, no, change for any of the metals, we've got the gold on a cell signal
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So, the 21,000 875 level should break course, 20000 is
So, the 21,000 875 level should break course, 20000 is potential psychological support than 18,000
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And then looking at a cerium, we traded down pretty
And then looking at a cerium, we traded down pretty close to $1,000 in 2070 yesterday
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Morning wouldn't get overly excited about that, you know, check
Morning wouldn't get overly excited about that, you know, check on the market after 2 pm
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And usually, the first move, the market makes after the
And usually, the first move, the market makes after the FED meeting is not the right direction
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00:00:04Good morning everyone and welcome to Wednesday morning.
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00:00:06My name is Stephen Whiteside from theuptrend.com.
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00:00:09with today's look at North American stock market Trends.
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00:00:12In the pre-market this morning, stock index Futures are above fair value.
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00:00:16They've come off their morning highs and currently have the Dow futures up around 200 points.
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00:00:22So, we're looking for some buying at the open on Wednesday morning. Of course, today is a Fed day, so we are not expecting a lot of Market Direction between now and 2 pm.
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00:00:32And then of course, after 2 pm
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00:00:34we expect price volatility to expand dramatically. Looking up
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00:00:39there's a couple of open gaps to be filled on the way back up. And I wouldn't be surprised if we took a run at the bottom or the top of the first open Gap today.
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00:00:49After the FED meeting, probably after the press conference. Starting off looking at the Fear Index.
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00:00:56So we had an inside day yesterday.
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00:00:58So a day of indecision for the Fear Index
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00:01:00Things would change on Wednesday if we were to close below
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00:01:04$26.25.
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00:01:06of course, if that doesn't happen on Wednesday, then the lower channel line is starting to move up a daily. Looking at the VIX ETFs.
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00:01:13So again we're having an had an inside day on Tuesday. So a day of indecision. Nothing new there.
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00:01:21As I mentioned yesterday, today we can walk through the leveraged ETFs. And we'll start off in the Canadian Market.
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00:01:27We're currently long, the double Bear for the TSX 60.
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00:01:32We're up at the previous highs.
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00:01:34Our next Target to the upside is 10.62.
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00:01:37So, in all of these, you should have taken money off the table by now, if you haven't done
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00:01:41so, today would be a good day to do that.
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00:01:44You don't have to completely liquidate a position, but it's good to sell into strength.
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00:01:48The market generally goes down faster than it goes up.
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00:01:52And for the past many years, it doesn't go down for long.
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00:01:57So we want to take advantage of any sharp move to the downside.
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00:02:01Like the ones we've seen over the past week.
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00:02:03I so 7.62 is our next Target here. Looking at the Double Bear for the S&P 500.
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00:02:09We're looking for a move up to 9.77. For the double Bear for the NASDAQ,
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00:02:14we're looking for a move up to 10.16.
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00:02:17Then will switch in the energy sector.
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00:02:19We went from being long the bull, to being long the bear. When you look at your next price target for the bear ETF. You can see that it's way up there at 2.34.
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00:02:29Now you can always split the difference and that's at 1.95. I would take some profits, if we were able to move up to 1.95. Looking at the Gold sector. We talked
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00:02:41about this a lot over the past couple of weeks. We're still stuck in the range.
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00:02:44We traded up to the top of the range.
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00:02:46And now, we're back at the bottom of the range.
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00:02:48We have not broken out the range at all yet.
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00:02:52And so, I really wouldn't get involved in the gold sector until we see a break out of that range.
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00:02:59Look at the US market, we're long
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00:03:01the triple Bear for the S&P 500.
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00:03:03Next Target is 29.69.
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00:03:06For the triple Bear for the NASDAQ.
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00:03:08Next Target is 68.75.
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00:03:11Here's the triple Bear for the Small Caps.
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00:03:14Next Target is $50.
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00:03:16And then looking at the semiconductors. Were looking for a move up to 62.50. Then looking at the financials.
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00:03:23we are long the triple Bear for the financial sector.
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00:03:25Next Target is 31.25. We got as high as 31.24 yesterday, so that's a shame.
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00:03:32If you weren't able to get filled, you may be able to get filled on Wednesday. Moving over to Commodities.
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00:03:39We've got the crude oil moving down to the lower channel on Tuesday. A close below 87.32 on the USO would give us a Sell signal on Wednesday.
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00:03:48We're on a Sell signal for gasoline.
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00:03:50And now we are on a Sell signal for Natural Gass with a big drop of a nearly 16%.
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00:03:56And we've talked about how volatile natural gas can be.
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00:03:59And that's exactly what it looks like.
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00:04:01Looking at the metals, no, change for any of the metals. We have gold on a Sell signal.
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00:04:06We've got a Palladium.
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00:04:08We've got platinum, and we've got silver.
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00:04:10All on Sell signals.
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00:04:11Coming into Wednesday's trading action.
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00:04:14Let's finish off with Bitcoin.
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00:04:16We moved lower yesterday, and we're moving lower again this morning.
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00:04:21So, the 21,875 level should break.Of course, 20, 000 is a potential psychological support. Then 18,750
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00:04:29would be our next Target below 20,000.
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00:04:33And then looking at Ethereum. We traded down pretty close to $1,000 yesterday.
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00:04:39So, if $1000 breaks, then 937.50.
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00:04:43would be our next Target to the downside.
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00:04:46Okay, folks, that's all for this morning's presentation.
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00:04:49We're going to see some buying at the open on Wednesday
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00:04:51morning. I wouldn't get overly excited about that. Check on the market after 2 pm,
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00:04:56that's when volatility will start to explode.
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00:04:59And usually, the first move the market makes after the FED meeting, Is not the right direction.
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00:05:05So just be careful of getting overly excited about which way the market goes right after the FED announcement.
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00:05:12Have a great day next time you hear my voice is on Thursday morning.