Morning Market Outlook 01092024

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Good morning everyone, and welcome to Tuesday morning.
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It's Stephen Whiteside here from the
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uptrend.com. Well, odly enough, this morning's stock index futures look very
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similar to what they looked like at this time yesterday morning.
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But during the day yesterday, Nvidia came out with some news and Nvidia moved up
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sharply higher back on a buy signal as of Monday's close.
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Now that had ripple effects across the
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markets yesterday and it is a one day event.
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And I'm not going to get overly excited about what happened yesterday.
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A lot of things didn't change at all and
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we'll go through some of those semiconductors were up sharply yesterday.
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Still on a sell signal.
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No change there.
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We do have some other big cap tech stocks that we follow back on buy signals.
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I wouldn't chase any of these on Tuesday.
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We've got Meta, we've got Microsoft, we've
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got Shopify all on buy signals as of Monday's close.
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What didn't work?
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Well, Apple and Tesla are still on sell signals, so no change there.
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Now the real winners on Monday were actually the biotech sector and we saw the
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index up over 4% on the day, being led higher by Amgen and Moderna.
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We also had other stocks in the pharmaceutical area also do well,
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including Abbot labs making a new high for this move on Monday.
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Now the triple qs traded up into the
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channel yesterday, not enough to give us a buy signal.
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The Dow Diamond still on a buy signal.
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The SPY ETF is back on a buy signal as of Monday's close.
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I would wait and see if we get another
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close above the upper channel line before I would do anything.
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The ishares for the TSX 60 made a new high
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yesterday for this move and still on a buy signal.
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No change there.
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Now the VIX came down to the lower channel line yesterday, did not close below it.
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So on Tuesday we're looking for a close below 12.93. No change in trend for the
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VIX, for the Nasdaq, or for the Russell 2000.
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Now I'd feel a little more bullish this
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morning if any of the VIX indices were back on sell signals.
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I'd also feel a bit more bullish this morning if the US Dollar Index started to
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trend lower and yesterday it had an inside day.
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I'd also be a little more bullish if we saw more buying in the bond market.
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The TLT closed higher yesterday,
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but didn't close above the previous day's high, and the XBB closed higher on Monday.
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But it had an inside day, so no real
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changes for the US dollar index or for the bonds.
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Looking at commodities, crude oil closed
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lower yesterday, didn't take out last week's low just yet.
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We are looking for a close above 74.
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20 to give us a buy signal on Tuesday.
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Natural gas had a wide bar yesterday.
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It made a new high for this move, then
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closed slightly lower on the day, so no change there.
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Canadian energy stocks still on a buy signal.
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That would change on Tuesday if the XEG
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closed below $15.62. We do have a lot of energy stocks that look like this.
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Cenovus is on a sell signal right now.
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At the same time, TC Energy and Enbridge made new highs on Monday.
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Then looking at us energy stocks, they're
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back on a sell signal as of Monday's close.
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A lot of us energy stocks look like Conoco
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Phillips and Occidental Petroleum at the same time.
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We've got Phillips 66 still on a buy signal.
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That would change on Tuesday with a close
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below $133.16. Now the price of gold was down $16 yesterday.
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Still on a sell signal here it's up $7 in the pre market.
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We also have silver trading higher in the pre market.
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In both cases, it would not be enough to change the trend.
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New low for this move for the GDX and the
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XGD at the same time, silver stocks are holding Friday's low, so no change there.
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Barrick traded right up to the upper
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channel line on Monday, so a close above 23.
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90 would give us a buy signal for Barrick on Tuesday.
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No joy for Kinross.
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New low for this move.
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No joy for B2Gold.
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Looks like it wants to try to hold $4 as support there.
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We'll have to keep an eye on that and see
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if we can get any upward momentum for B2Gold.
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And last up this morning, Boeing is still in the news again today.
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It is trading lower once again in the pre market this morning.
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Not taking out yesterday's low just yet,
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but certainly no change in direction for Boeing on Tuesday morning.
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Okay folks, that is all for this morning's presentation.
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Yesterday was a wild day.
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It was led higher by Nvidia.
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I wouldn't chase anything on Tuesday.
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Yesterday was a one day event.
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We're looking for fall through to the upside on Tuesday.
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And so far from what we're seeing in the
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pre market this morning, the market just doesn't want to do that.
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So if you have a symbol that generated a
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buy signal from Monday's trading action, you can wait for the next close above the
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upper channel line to confirm that buy signal.
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Otherwise, I would just stand aside on Tuesday morning.
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Have a great day.
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Next time you'll hear my voice is on Wednesday morning.

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