en-us French Canadian Arabic Chinese German Hindi Japanese Korean Spanish
How was the video ?
    • 00:00:02
      Good Morning, everyone, and welcome to Wednesday morning.
    • 00:00:04
      It's Stephen Whiteside here from theuptrend.
    • 00:00:06
      com.
    • 00:00:07
      In the premarket this morning, stock index futures are down across the board.
    • 00:00:11
      So so far, it looks like we're going to
    • 00:00:12
      see some selling at the open on Wednesday morning.
    • 00:00:16
      I don't think it's going to be enough to generate new buy signals for the major
    • 00:00:19
      indices, but we'll just have to wait and see.
    • 00:00:23
      Now, Tuesday was an interesting day.
    • 00:00:24
      Most of the major indices were down except the DOW and the DOW was led higher by
    • 00:00:29
      Caterpiller, which was up over $23 in closing at the high of the day.
    • 00:00:34
      So quite an incredible move for Caterpiller.
    • 00:00:37
      Now, on the back of that big move from
    • 00:00:40
      Caterpiller, the DOW was able to remain positive all day.
    • 00:00:43
      And we're looking for a close for the DOW Diamond s below $351.49 on Wednesday.
    • 00:00:49
      Not expecting that to happen.
    • 00:00:50
      And of course, that lower channel line is going to continue to move higher daily.
    • 00:00:55
      What didn't work on the DO?
    • 00:00:56
      Well, it was Verizon was the big loser.
    • 00:00:58
      Now, Verizon's had great recovery off the recent low.
    • 00:01:03
      The recovery was not positive enough to generate a buy signal.
    • 00:01:07
      We did run up to resistance at $34.38 and stopped.
    • 00:01:12
      And now it looks like we're going to come back down and retest the low down at
    • 00:01:18
      31.25. Notice that from the time that Verizon
    • 00:01:21
      started to recover here, that the pros showed no interest in taking control.
    • 00:01:26
      So that was a warning sign that this was
    • 00:01:28
      just a short covering rally and it has now started to fade.
    • 00:01:34
      What else didn't work on the DOW?
    • 00:01:35
      Well, Walgreens and Merck, both already on cell signals, led the DOW lower yesterday.
    • 00:01:42
      Notice Merck traded right back down to the
    • 00:01:44
      recent low, and we'll have to see if that low holds on Wednesday.
    • 00:01:49
      Also notice that we put in a high here,
    • 00:01:51
      then a lower high, and now another lower high, which of course is bearish.
    • 00:01:57
      Looking at the SPY, we need a close below
    • 00:02:00
      452.20 on Wednesday to give us a sell signal.
    • 00:02:03
      For the Triple Qs, we're looking for a
    • 00:02:05
      close below 377.36. For the IWM, we're looking for a close
    • 00:02:10
      below 194.14. And for the IWC, for the microcap stocks, we're looking for a close
    • 00:02:17
      below 112.58. Next up, let's take a look at the fear index.
    • 00:02:23
      And historically, I would tell you that a
    • 00:02:26
      close above 1426 would be negative for the stock market.
    • 00:02:29
      We saw some selling yesterday.
    • 00:02:31
      We're going to see some selling today.
    • 00:02:33
      We really need to give the VIX more room right now.
    • 00:02:37
      It's in a tight range.
    • 00:02:39
      You can see across the bottom here.
    • 00:02:41
      Yeah, we popped a couple of weeks ago, but really didn't get anywhere.
    • 00:02:46
      And so I'm really looking for a breakout above 17.
    • 00:02:49
      If that were to happen, that would probably correspond directly with new
    • 00:02:53
      daily sell signals for the S&P 500, the Nasdaq 100, etc.
    • 00:02:58
      So we need to give the VIX a little more room at the present time.
    • 00:03:02
      Next up, looking at crypto, we're still on
    • 00:03:04
      a daily sell signal for both Bitcoin and Ethereum.
    • 00:03:08
      And then for the major Bitcoin stocks,
    • 00:03:10
      Coinbase and Marathon, they are still on sell signals, so that has not changed.
    • 00:03:17
      Then looking at the big cap tech stocks, we're still waiting for Apple.
    • 00:03:20
      Apple's got earnings out later in the week, and so investors may wait
    • 00:03:24
      until those earnings come out before they decide what to do next.
    • 00:03:28
      You can see the pros in the public are currently taking profits right now.
    • 00:03:32
      That has not been enough to affect the overall price.
    • 00:03:36
      They've been able to sell into some
    • 00:03:38
      strength up here, but they are liquidating at the moment.
    • 00:03:42
      Then looking at Amazon, Amazon's on a buy signal from just two days ago.
    • 00:03:48
      We had quite a wild week last week for Amazon.
    • 00:03:51
      We need to close below 129.49 on Wednesday to give us a sell signal.
    • 00:03:57
      A lot of times when you want to hold on a
    • 00:04:00
      stock longer, so let's say that you got in on the right side and now you want to
    • 00:04:04
      continue to hold for an event or quarterly earnings or dividend payment, etc.
    • 00:04:10
      It's often wise to move from the right side to the mid term chart.
    • 00:04:16
      You've been in there a while and so now
    • 00:04:18
      you want to give the stock a little more breathing room.
    • 00:04:20
      Right now, we would need a close below 127
    • 00:04:24
      on the midterm chart versus 129.49 on the right side chart.
    • 00:04:31
      Then looking at who's in control, you can
    • 00:04:33
      see that the pros gave up control last week.
    • 00:04:35
      Then they took control again, but again,
    • 00:04:38
      it does not look like they want the stock to go much higher from here.
    • 00:04:42
      Then looking at Alphabet, we had that big pop, and now I'm expecting to come back
    • 00:04:47
      and fill that gap at some time over the next couple of weeks.
    • 00:04:51
      Then looking at Meta, Meta is still on a buy signal up here.
    • 00:04:55
      It popped last week on earnings, and now we're looking for a close on net Wednesday
    • 00:05:00
      below 303.60. And you can see the pros are still in control, no change there.
    • 00:05:07
      Then looking at Microsoft, we're still on a sell signal here looking for a close
    • 00:05:11
      above 345.70 on Wednesday to give us a new buy signal.
    • 00:05:14
      Currently holding support at 328.13. If
    • 00:05:17
      that breaks, then 312.50 would be our next target to the downside.
    • 00:05:22
      Then looking at NVIDIA, still on a buy
    • 00:05:24
      signal here that would change on Wednesday with a close below 452.61. If we can take
    • 00:05:30
      out the June high, then $500 would be our next target.
    • 00:05:35
      Looking down, of course, if we break 437.50, then 406.25, and then 375 come
    • 00:05:42
      into play, and 375 is at the top of the open gap.
    • 00:05:47
      Then looking at Tesla, Tesla is still on a sell signal.
    • 00:05:50
      On Wednesday, we're looking for a close
    • 00:05:52
      above $273.04. Let's finish off this morning's
    • 00:05:57
      presentation looking at the major commodity the ETFs.
    • 00:06:01
      And the energy sector had a small pullback
    • 00:06:04
      on Tuesday, starting off with the crude oil.
    • 00:06:06
      You can see a very small pullback there.
    • 00:06:09
      A small pullback for gasoline.
    • 00:06:11
      Gasoline had an inside day or a day of indecision.
    • 00:06:14
      Natural gas, unfortunately, is still on a
    • 00:06:16
      daily sell signal, filling a gap on Tuesday.
    • 00:06:20
      We are looking to see if 6.64 will hold.
    • 00:06:23
      It is a a bearish picture here.
    • 00:06:25
      Yes, we made a higher high in June.
    • 00:06:28
      We certainly made a higher high from the May high, but now in July, we put in a
    • 00:06:33
      lower high, and now we're going to have to see if support at 6.64 holds.
    • 00:06:38
      If it breaks, then 6.25 comes into play.
    • 00:06:42
      Looking at the energy ETFs, the X LE had a small pullback yesterday.
    • 00:06:47
      Oil and gas equipment had a small
    • 00:06:49
      pullback, as did the Explorers, and as did the small cap energy stocks.
    • 00:06:54
      But certainly not concerned about possible
    • 00:06:56
      sell signals on Wednesday unless the energy sector collapses.
    • 00:07:02
      But that's not what we're seeing in the premarket this morning.
    • 00:07:05
      The GLD is still on a sell signal, no change there.
    • 00:07:09
      The SLV has come back and is back on a sell signal as of Tuesday's close.
    • 00:07:14
      Then looking at the miners themselves, the
    • 00:07:17
      GDX is still on a sell signal, no change there.
    • 00:07:20
      No change for the junior miners.
    • 00:07:21
      And unfortunately, we've got the silver
    • 00:07:24
      miners back on a sell signal as of Tuesday's close.
    • 00:07:29
      Okay, folks, that is all for this morning's presentation.
    • 00:07:31
      Still looking for some selling at the open on Wednesday morning.
    • 00:07:35
      Have a great day.
    • 00:07:36
      Next time you'll hear my voice is on Thursday morning.

    Share

    Embed