US Market Outlook 02022024

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Good morning, everyone, and welcome to Friday morning.
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It's Stephen Whiteside here from theuptrend.
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com.
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In the pre-market this morning, ahead of employment numbers, stock index futures
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are up across the board being led higher by the Nasdaq.
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Now, we were expecting a jam-packed week with the Fed meeting, all the earnings
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coming out, the economic reports, and that's exactly what we've gotten.
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Now, the VIX is on a buy signal right now,
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which is negative for stocks, but what we've been talking about, we really need
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to see a breakout above 15 before we're We're going to get overly concerned.
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Now, with all the earnings announcements,
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the Nasdaq 100 is being thrown around hard this week.
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It came down hard on Wednesday, giving us a sell signal.
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It came back on Thursday with an inside day.
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It was up $4. 91.
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Yesterday, it is up another $4.
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55 in the pre-market this morning.
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If that's the way the market ends, the day will be back on a buy signal.
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Now, at the same time, the world's focused
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on what's happening with technology stocks stocks in the Nasdaq.
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The US regional bank sector is being hit hard this week.
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Now, it's not something we talk about very
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often, but remember, it was a year ago when Silicon Valley Bank unraveled, and
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that put enormous downward pressure on the North American markets.
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We've got the regional banks on a sell signal.
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We've got US banks back on a sell signal.
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We even have insurance companies back on a sell signal.
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Just keep that in the back of your mind
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while everyone is focused on technology stocks.
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Now, the Dow is still on a buy signal.
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The S&P 500 is still on a buy signal.
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The Russell is still on a sell signal coming back into the channel yesterday.
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The Microcap stocks also came back into the channel on Thursday.
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There could be a possibility for new buy
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signals in both of those areas of the market.
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Now, technology stocks had an inside day.
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Again, they're going to move up with Meta moving higher today.
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Semiconductors had a new low for this
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move, actually closed lower on the day on Thursday.
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Then looking at the meta itself, it's still on a buy signal here.
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It is up sharply in the pre-market, up over 16%, heading towards $468.
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75.
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Then looking at Amazon, it is up in the
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pre-market this morning, and it is back on a buy signal as of Thursday's close.
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It is trading up above our projected trading range.
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If you go to the weekly chart, you'll see
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our next target on the weekly chart is $175.
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Now, another stock that's up in the pre-market this morning is advanced
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microdevices, and it is still on a buy signal, so that has not changed.
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Now, at the same time, the world is going to be focused on meta.
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We've got Apple trading lower in the
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pre-market this morning, heading down towards 181.
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25. If we start taking out the January lows,
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then 175 would be our next target to the downside.
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And then Tesla.
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Tesla was up on the day yesterday.
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It's down in the pre-market this morning.
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You can see it's clustering around 187. 50.
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If we take out the January low, then 171.
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88 would be our next target.
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Now, broadly enough, with the Nasdaq moving up sharply on Thursday, it was not
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technology stocks that led the Nasdaq higher.
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The big winner on the Nasdaq was
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Constellation Energy, followed by Warner Brothers, followed by Dollar Tree, and
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then followed by Amgen, and finally, Charter Communications.
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Those were the big winners on the Nasdaq,
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and those are not big cap technology stocks.
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Let's finish off this This morning's
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presentation, taking a look at the world of commodities.
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We've got copper trading back into the channel.
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Could that be a lower high this week?
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We'll just have to wait and see if we could fall through to the downside.
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We're still on a buy signal.
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Inside day for copper miners.
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Then looking at the price of gold, the futures contract ended the day up $3.
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70.
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Yesterday, we saw the GLD continue to move higher.
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Then we've got gold miners, whether you're looking at the big caps or the small caps,
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they are back on a buy signal as of Thursday's close.
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The price of silver had a wild day, traded
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down through the lower channel line, then came back, still on a buy signal here.
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Silver miners still on a buy signal, no change there.
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Then looking at the energy sector, the USO and gasoline are both back on sell signals
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as of Thursday's close, joining natural gas already on a sell signal.
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That put downward pressure on the big cap energy stocks in the XLE.
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It also put downward pressure on the
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equipment makers and the explorers, all still on buy signals here.
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And the junior small cap energy stocks
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still on a buy signal, so no change in trend for the stocks themselves.
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Okay, folks, that is all for this morning's presentation.
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We do have employment numbers coming out at 8:30.
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It could change some of the market,
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but it looks like Metta is going to lead the Nasdaq higher on Friday morning.
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Have a great day. Have a great weekend.
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The next time you'll hear my voice is on Monday morning.

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