US Stock Market Outlook 02142024

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Good morning, everyone. 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, stock index futures are above fair value.
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Dow futures currently up 100 points.
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Commodities are mixed with a crude oil up
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while gold is down another $3 in the pre-market on Wednesday morning.
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Now, yesterday was a big day for the VIX, and we generated a buy signal on Monday,
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big fall through to the upside on Tuesday, and we certainly traded and closed above
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the $15 level that we were We're looking for.
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So yes, I think the market is paying attention to this move in the VIX.
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Seasonality, we're right on cue.
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We're supposed to make a low in the middle
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of February and then start to move up, and maybe that started yesterday.
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We'll just have to wait and see.
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Now, there's a lot of stuff going on in
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the market yesterday besides the stock market.
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We had Bitcoin making a new high.
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It ended the day down $815.
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It's up $2,000 today, making another new high for this move.
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We had a big shift in the US Dollar Index
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moving sharply higher while the Euro and the rest of the usual suspects, the
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Australian dollar, Canadian dollar, all moved lower on the day.
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Now, we had a huge sell-off in bonds on
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Tuesday, and of course, that puts pressure on bond deals, and that's probably what
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contributed to a lot of the downward pressure in the stock market yesterday.
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Now, crude oil continued to move higher.
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It hasn't taken out the January high just yet, but we are getting pretty close.
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Going in the opposite direction.
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Gold was down over $25 on Tuesday, making
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a new low for this move and trying to find support at the $2,000 level.
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Looking at the major indices, we've got
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the Dow back on a sell signal as of Tuesday's close.
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For the SPY, we're waiting for a close below $492.
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85.
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On Wednesday, for the triple cues, we're looking for a close below $426.
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82.
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For the Russell 2000, we're looking for a close on Wednesday below $193.
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74.
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And for the IWC, for the microcaps, we're looking for a close below $111.
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71 on Wednesday.
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Now, after having a bullish day on Monday.
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US Banks pulled back hard on Tuesday,
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looking to see if we can hold the recent support.
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That's also true of the Regional Banks, which again had a very bullish day on
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Monday, but no fall through to the upside on Tuesday.
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And we came down and looking to see if we can hold the low from last week.
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Now, what worked or what didn't work yesterday?
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Well, nothing worked.
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Consumer Discretionary was the worst performing sector.
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We've got Consumer Discretionary still on a buy signal here.
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That would change on Wednesday with a close below $175.
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26.
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The biggest loser in the Consumer
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Discretionary sector was Carmax trading into the channel.
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So we're looking for a close on Wednesday below $71.
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50.
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Next up, let's take a look at the mining sector, starting with the price of copper,
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which closed lower on the day after trading up into the channel.
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Copper miners made a new low yesterday.
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Then looking at the price of gold, as we
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mentioned, it was down over $25 yesterday, trying to hold 2000.
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And there's the GLD down $2.
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58 on Tuesday and trying to hold the 184 level.
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Looking at the gold miners, they were down sharply yesterday.
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The junior gold Miners were down sharply.
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And of course, going in the other
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direction are the bear ETFs moving sharply higher on Tuesday.
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Then looking at the price of silver, the SLV moved lower yesterday, and Silver
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Miners made a new low for this move on Tuesday.
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Let's finish off looking at a couple of
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the magnificent eight stocks, starting off with Apple, which had never generated a
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buy signal, so we're not waiting for a sell signal.
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We've been on a sell signal for a few weeks now.
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Now we've Microsoft back on a sell signal as of Tuesday's close.
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We've got Shopify back on a sell signal,
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and we've got Tesla back on a sell signal as of Tuesday's close.
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So Tesla just lasted a couple of days, and that was it.
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And now we're looking to see if the recent low can hold.
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Okay, folks, that is all for this morning's presentation.
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It looks like we're going to get a bounce on Wednesday morning.
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There isn't any real economic numbers coming out this morning that's going to
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affect the overall stock market, so we'll just have to wait and see.
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But I think today could be a pause day
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before we start heading lower again on Thursday.

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