Stock Market Outlook 02282024

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Good morning, everyone, and welcome to Wednesday morning.
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It's Stephen Whiteside here from TheUpTrend.
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com In the pre-market this morning, things are fairly quiet.
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Stock index futures and commodities are trading below fair value.
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Dow Futures currently down 130 points.
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We do have some economic numbers coming
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out at 8:30 this morning that could change the direction of the market.
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And then we also have energy inventories coming out later in the morning.
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Moving on, looking at the We have VIX.
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The VIX is still on a sell signal.
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That's supportive for higher stock prices.
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In the pre-market, and we've seen a lot of
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gaps higher and lower during earnings season.
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And here's one stock gapping sharply
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higher this morning, and that is Beyond Meat.
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It's up over 60% last time I checked, and
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that would be trading right off the top right-hand corner of the screen.
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So quite an impressive move for Beyond Meat in the pre-market.
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Now, we've got Bitcoin and Ethereum making new highs this morning, and that is going
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to help all the crypto-related stocks on Wednesday.
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We've got Bitfarm making a new high yesterday.
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We've got Coinbase making a new high.
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We've got a new high for Marathon.
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We've got a new high for MicroStrategy,
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and I would assume those stocks are going to continue to move higher on Wednesday.
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Now, I've been watching Apple closely.
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It's still trying to hold support here.
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Once again, it traded through the 181.
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25 level yesterday, but recovered going into the close.
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And a lot of people are paying attention
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right now because we are sitting on the 200-day moving average.
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So we are watching Apple closely, seeing if it can hold here or if it's going to
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start to break down and open up to some new price targets to the downside.
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Then looking at Meta, Meta is still closing above the upper channel line.
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No change there.
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Looking at Microsoft, we may have put in a lower high here.
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Looking for a close on Wednesday below $404 97.
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And NVIDIA is still on a buy signal here last week.
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We actually generated a sell signal.
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We wait for the close to confirm a sell signal, and then we're
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going to take that sell signal and do something with it the next morning.
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You come in the next morning and you find out that NVIDIA is gapping higher in the
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pre-market, so you can either take that sell signal and just go with it and lock
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in profits there, or just ignore the sell signal and just hold on.
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And we're We've still got a partial
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position in NVIDIA coming into Wednesday's trading action.
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Then looking at Tesla, we're still on a
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buy signal here, still dealing with the open gap at $206.
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77.
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You can see we're still dealing with our mathematical resistance at $203.
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13.
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If we can take out that open gap, then 218.
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75 comes into play.
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Then what worked yesterday, well, it was
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biotechs were the big winners two days in a row, followed by US retail.
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And speaking of retail, Macy's announced
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it was closing 150 stores yesterday, and that seemed to help the stock not hurt
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it, and it certainly helped the retail sector.
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Then we've got money still going into the mid Caps in the Russell 2000 and the
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micro-caps, and that's a good sign for the market going forward.
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But we are incredibly overbought here,
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and this is a seasonally weak period for the stock market.
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So it'll be interesting to see how this
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works itself out Of course, we're going to take the signals as they come up.
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Let's finish off looking at the world of commodities.
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Copper is still on a buy signal.
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Copper mining is still on a buy signal.
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The price of gold and the GLD are still on buy signals.
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Unfortunately, nobody wants gold mining stocks at the moment, and even the juniors
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are still on a sell signal, so no change there.
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Then looking at silver, we're back on a sell signal for silver and for the SLV.
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Then looking at the silver miners, no joy there.
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Down at the bottom of the range.
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Next up, looking at the energy sector,
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we've got both crude oil and natural gas moving up on the same day.
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And is that positive for energy stocks?
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No, energy stocks actually pulled back on the day.
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So no change in trend for energy stocks based on Tuesday's trading action.
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Okay, folks, that is all for this morning's presentation.
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So far, it looks like we're going to see a
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little selling at the open on Wednesday morning.
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Have a great day, folks.
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Next time you'll hear my voice is on Thursday morning.

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