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It's Stephen Whiteside here from the uptrend, today's look at
It's Stephen Whiteside here from the uptrend, today's look at North American stock market
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Stock index, Futures are certainly about fair-value Dow futures currently
Stock index, Futures are certainly about fair-value Dow futures currently up over 500 points, so it does look like we're going to see some buying at the open on Tuesday morning
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It was positive, but we had the Vic's come down
It was positive, but we had the Vic's come down to the lower Channel 9, a close below 3081 would give us a cell signal on Tuesday
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It was an inside day for the S&P 500, looking
It was an inside day for the S&P 500, looking for the spider to close above 36204 to give us a Buy Signal
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375 is our next Target and area of resistance and
375 is our next Target and area of resistance and a couple of weeks ago, we traded above that up to 37946
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So that will certainly be an important Line in the
So that will certainly be an important Line in the Sand inside day for the queues
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Our next Target to the upside is to 8125 and
Our next Target to the upside is to 8125 and we peeked at the to 8418 a couple of weeks ago
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So those are the major targets ahead of us than
So those are the major targets ahead of us than looking at the semiconductors
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Of course, if we're looking at the tech sector were
Of course, if we're looking at the tech sector were looking at semiconductors the socks index had an inside day yesterday, you can see, we need to close above 23, 5473 on Tuesday to give us a
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Buy Signal and then looking at the ishares for the
Buy Signal and then looking at the ishares for the TSX 60, we traded up to the Opera Channel on yesterday closing at $020
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I was looking for a close above 2877 on a
I was looking for a close above 2877 on a Tuesday to give us a Buy Signal
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If we can break through the 28th, 91 level, looking
If we can break through the 28th, 91 level, looking at Bay Street, what worked will cannabis stocks were the big winner followed by infotech and Then followed by utilities, then looking at the Wall Street, what
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Followed by real estate, followed by communication Services, then a
Followed by real estate, followed by communication Services, then a quick check on the bank
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is on his third day of a Buy Signal Canadian
is on his third day of a Buy Signal Canadian Banks back on a by signal as of Monday's close
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And then looking at this such art you can see
And then looking at this such art you can see we made a series of lower highs and lower lows Sonu, lower low last week
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I will have to see if we can take out
I will have to see if we can take out the recent high from a couple of weeks ago
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That would certainly be a tell if we could change
That would certainly be a tell if we could change this pattern from lower highs and lower lows to a higher high
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And so that took could come into play over the
And so that took could come into play over the next week or so, look at my five stocks inside day yesterday
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Certainly the possibility of a Buy Signal on Tuesday inside
Certainly the possibility of a Buy Signal on Tuesday inside day for Amazon
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Again, there's a possibility of a Buy Signal on Tuesday,
Again, there's a possibility of a Buy Signal on Tuesday, cmegroup trading up to the upper Channel 9
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A close above 17688 on Tuesday would give us a
A close above 17688 on Tuesday would give us a Buy Signal Goldman Sachs their Devil by signal haven't really gotten much traction so far
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Seeing if we can take out the high from a
Seeing if we can take out the high from a couple of weeks ago, on Tuesday, and then Visa Visa back on a by signal, as of Monday's close
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Didn't really respond made a new low yesterday but a
Didn't really respond made a new low yesterday but a lot of buying back into the year of yours back going to buy signal as of Monday's close
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I've been looking at bonds 30-year Bond close slightly lower
I've been looking at bonds 30-year Bond close slightly lower yesterday
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I've been looking at the other metals Copper Still trading
I've been looking at the other metals Copper Still trading in the channel
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Still on a by signal here, I've been looking at
Still on a by signal here, I've been looking at Gould still on a cell signal inside date yesterday, gold was closed up
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Then looking at silver, silver, close, higher yesterday, with in
Then looking at silver, silver, close, higher yesterday, with in an inside date from Friday's trading action
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We've got crew, all sitting right on the edge of
We've got crew, all sitting right on the edge of a new daily cell signal
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It is trading higher in the pre-market this morning, and
It is trading higher in the pre-market this morning, and then natural gas made a new low yesterday for this move and it is also trading slightly higher in the pre-market on Tuesday morning
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Looks like we're going to get a lot of buying
Looks like we're going to get a lot of buying at the open on Tuesday Morning
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Of course, we care a lot more about how the
Of course, we care a lot more about how the market closes, then it opens
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But if the marketing can put in a couple of
But if the marketing can put in a couple of positive days in a row that would certainly be a change in the story will just have to wait and see if the market can take it
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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.com with today's look
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00:00:06at North American stock market trends in the premarket this morning.
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00:00:10Stock index futures are certainly above fair value.
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00:00:12Dow futures currently up over 500 points.
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00:00:15So it does look like we're going to see
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00:00:17some buying at the open on Tuesday morning.
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00:00:20Well, yesterday was a fairly quiet day for the markets.
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00:00:23It was positive.
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00:00:24We had the VIX come down to the lower channel line a closed below 30.81.
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00:00:30It would give us a sell signal on Tuesday.
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00:00:32That is certainly possible.
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00:00:33It was an insight day for the S&P 500,
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00:00:36looking for the SPY to close above 362.04 to give us a buy signal.
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00:00:41375 is our next target and area of resistance.
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00:00:45And a couple of weeks ago we traded above that up to 379.46.
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00:00:50So that will certainly be an important line in the sand.
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00:00:54Inside day for the QQQ's.
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00:00:55We're looking for a close on Tuesday above 273.37, and our next target to the upside
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00:01:01is 281.25, and we peaked at 284.18
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00:01:05a couple of weeks ago.
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00:01:07So those are the major targets ahead of us.
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00:01:11Then. Looking at semiconductors, of course,
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00:01:13if we're looking at the tech sector, we're looking at semiconductors.
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00:01:16The SOX Index had an inside day yesterday.
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00:01:19You can see we need to close above 2354.73 on
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00:01:23Tuesday to give us a buy signal.
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00:01:25And then looking at the I shares for the TSX 60, we traded up to the upper
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00:01:29channel line yesterday, closing $0.20 or so below it.
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00:01:33We're looking for a close above 28.77 on Tuesday to give us a buy signal there.
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00:01:39Our next target is 28.91, followed by 29.69.
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00:01:44If we can break through the 28.91 level.
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00:01:47Looking at Bay Street. What worked?
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00:01:49Well, cannabis stocks were the big winner,
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00:01:51followed by Infotech, and then followed by utilities.
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00:01:55Then looking at Wall Street, what worked yesterday?
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00:01:57Well, the big winner was Consumer
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00:01:59Discretionary, followed by Real Estate, followed by Communication Services.
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00:02:05Then a quick check on the banks.
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00:02:07The banking sector in the US is on its third day of a buy signal.
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00:02:10Canadian banks back on a buy signal as of Monday's close.
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00:02:14And then looking at this chart,
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00:02:16you can see we made a series of lower highs and lower lows.
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00:02:20So a new lower low last week.
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00:02:22We'll have to see if we can take out the recent high from a couple of weeks ago.
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00:02:26That would certainly be a tell if we could
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00:02:29change this pattern from lower highs and lower lows to a higher high.
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00:02:33And so that could come into play over the next week or so.
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00:02:36Looking at my five stocks inside day yesterday for Apple,
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00:02:40certainly the possibility of a buy signal on Tuesday, inside day for Amazon.
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00:02:44Again, there's a possibility of a buy signal on Tuesday.
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00:02:48CME Group trading up to the upper channel
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00:02:50line, a close above 176.88 on Tuesday would give us a buy signal.
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00:02:55Goldman Sachs, third day of a buy signal.
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00:02:57Haven't really got much traction so far.
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00:03:00Seeing if we can take out the high from a couple of weeks ago on Tuesday.
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00:03:04And then Visa.
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00:03:05Visa back on a buy signal as of Monday's close.
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00:03:09Let's look at those mega trends.
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00:03:11And the US dollar index traded down to the lower channel line.
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00:03:14So right on the edge of a new sell signal.
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00:03:17Japanese yen didn't really respond.
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00:03:19Made a new low yesterday, but a lot of buying back into the Euro.
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00:03:23The Euro is back on a buy signal as of Monday's close.
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00:03:26Then looking at bonds, 30 year bond closed slightly lower yesterday.
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00:03:30Bond yields moved up again, so no change in that scenario.
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00:03:34Then looking at the metals,
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00:03:36copper still trading in the channel, no direction, still on a buy signal here.
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00:03:40Then looking at gold, still on a sell signal inside day yesterday.
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00:03:45Gold was closed up $5.30 yesterday.
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00:03:48It's down slightly in the pre market this morning.
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00:03:51Then looking at silver.
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00:03:52Silver closed higher yesterday within an inside day from Friday's trading action.
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00:03:58And then last up looking at the energy
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00:04:00sector, we've got crew all sitting right on the edge of a new daily sell signal.
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00:04:04It is trading higher in the premarket this morning.
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00:04:06And then natural gas made a new low yesterday for this move and it is also
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00:04:12trading slightly higher in the pre market on Tuesday morning.
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00:04:15Okay folks, that is all for this morning's presentation.
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00:04:18Looks like we're going to get a lot of buying at the open on Tuesday morning.
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00:04:22Of course we care a lot more about how
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00:04:24the market closes than it opens, but if the market can put in a couple
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00:04:28of positive days in a row, that would certainly be a change in the story.
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00:04:32We'll just have to wait and see if
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00:04:34the market can take it through to the upside for another day or two.
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00:04:39Have a great day folks.
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00:04:40Next time you'll hear my voice is on a Wednesday morning.