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00:00:00Good Morning, everyone. Welcome to Tuesday morning.
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00:00:03It's Stephen Whiteside here from theuptrend.
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00:00:05Com.
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00:00:06In the premarket this morning, things are fairly quiet.
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00:00:08DOW futures currently up 80 points.
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00:00:10Gold is lower while crude oil is higher on Tuesday morning.
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00:00:15Well, it is the last day of the month.
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00:00:17Yesterday, today, possibly tomorrow, there's a positive bias to
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00:00:22this time of the month as automatic money comes into the market
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00:00:26and traders usually do not like to trade against that automatic money.
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00:00:32In news this morning, we've got
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00:00:34international trade numbers coming out at 8:30.
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00:00:36That's probably the most important number this morning.
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00:00:40Not expecting it to move the market too much.
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00:00:44In earnings, we've got Bank of Nova Scotia and Bank of Montreal out this morning.
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00:00:48Both are trading slightly lower in New York.
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00:00:51And then we've got Target out.
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00:00:52Target is trading higher in the premarket,
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00:00:54but not higher than yesterday's high last time I checked.
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00:00:58So no change in trend for Target so far.
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00:01:01Looking at the VIX, the VIX pulled back in the channel.
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00:01:05Things would change on Tuesday if the VIX were to close below
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00:01:0920.24. We saw the TSX, the S&P 500, and the Nasdaq all move higher yesterday.
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00:01:15No change in trend.
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00:01:17Looking at the US dollar index, small
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00:01:19pullback yesterday, small gain for the 30 year bond.
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00:01:23Then we had gold up yesterday.
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00:01:25Gold was up $6.20 on Monday.
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00:01:28It's down 9.50, $10 last time I checked.
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00:01:32So we're going to see a new low today and possibly break the 1812.50 level.
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00:01:38We got as low as 1812 yesterday before
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00:01:42reversing, giving us a bullish reversal day.
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00:01:44Of course, the day after is what you have to look for.
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00:01:47And we are looking for a higher close to lock in that low yesterday.
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00:01:52But it doesn't look like that's going to happen, unfortunately.
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00:01:55And of course, if we start breaking
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00:01:57down below 1812.50, we can suspect that 1800 may act as psychological support.
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00:02:04But then our next mathematical target is down there at 1750.
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00:02:09Looking at silver, silver made a new low yesterday.
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00:02:12So we've been talking about silver leading
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00:02:15gold lower, and that looks like it's continuing to be the case.
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00:02:18Looking at gold miners, they
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00:02:21had a small gain yesterday on the GDX and the XGD,
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00:02:25but certainly no change in trend coming into Tuesday's trading action.
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00:02:30Now, crude oil was down yesterday.
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00:02:32It's up in the premarket this morning, not enough to give us a new buy signal.
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00:02:35But natural gas was up yesterday.
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00:02:37It is back on a buy signal as of Monday's close, and that helped move
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00:02:42energy stocks up on both sides of the border.
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00:02:45We are getting very close to a new buy
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00:02:47signal on the XEG traded on the TSX, unlike the XLE traded in New York.
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00:02:57Next up, let's take a look at the most actively traded stocks from Monday's
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00:03:00trading action and we'll start off in New York.
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00:03:03Tesla was the volume leader yesterday.
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00:03:05It's up above the upper channel line.
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00:03:08So unlike Apple, Microsoft, Shopify, it did not generate a sell signal
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00:03:12and it is currently trading between the 100 and 200
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00:03:16day moving average looking for a breakout of that range.
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00:03:20Now, AMC was up sharply yesterday up trading above our projected
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00:03:25trading range and so you'll have to do some mathematical
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00:03:28calculations to figure that one out until the chart resets.
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00:03:32Ford was up yesterday, no change in trend.
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00:03:34Fisker, big update yesterday, not a stock I would trade.
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00:03:38Look at the pros in the public, compare that to Ford.
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00:03:41I would trade Ford far before I would trade Fisker.
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00:03:45Then we've got Fubo TV making a new low for this move on Monday.
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00:03:49Then we've got advanced micro devices closing at the lower channel line.
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00:03:53So mathematically, we could see a buy
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00:03:55signal on Tuesday with a close above 81.50. Then looking at
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00:04:00Apple, closing below the lower channel line on Monday, and Amazon.
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00:04:04I'm still short Apple, I'm still short Amazon.
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00:04:07There's no change there. And then NVIDIA.
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00:04:09Nvidia was up yesterday trying to break out above the high from last week.
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00:04:14Again, I wouldn't chase NVIDIA up at those levels.
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00:04:19Looking at the Canadian market, starting off with Manulife.
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00:04:22Manulife trading in the channel again.
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00:04:25So close below 26.32 would give us a sell signal on Tuesday.
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00:04:30And with the weakness in the Canadian
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00:04:31banks, you might see some other Canadian financials also pull back on Tuesday.
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00:04:37Then Enbridge traded up, still closing below the lower channel line.
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00:04:41No change there. Suncor, second day of a a new buy signal.
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00:04:46I'm not sure how much we're going to be able to get out of Suncor, but notice that
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00:04:51the recent low was a higher low, the recent high was a higher high.
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00:04:56Overall, it's a bullish tone for Suncor.
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00:04:59Then looking at Barrick, new low yesterday, no change there.
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00:05:03Athabasca Oil,
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00:05:04second day of a buy signal here, looking to see if we can take out the recent high.
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00:05:10And again, it's looking pretty bullish.
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00:05:12The recent high was a higher high, recent low was a higher low.
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00:05:16That's bullish.
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00:05:17Canadian Natural Resources trading up to the upper channel line looking for a close
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00:05:21above 1711 on Tuesday to give us a buy signal.
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00:05:25And then looking at TC Energy, nothing going on there.
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00:05:28Still need a close above
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00:05:3156.44. Then Cenovus Energy, so we're looking for a close above 25.
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00:05:3557 on Tuesday to give us a buy signal.
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00:05:39Then last up this morning, Crescent Point.
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00:05:41Crescent Point trading up to the upper
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00:05:43channel line yesterday looking for a close above 9.60 to give us
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00:05:47a buy signal, and that is certainly doable on Tuesday.
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00:05:51Okay, folks, that is all for this morning's presentation.
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00:05:54Have a great day. Next time you'll hear my voice is on
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00:05:56Wednesday morning. You're going it.
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00:06:16It's amazing. It.
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00:06:18It It. you.