In today’s update, Stephen Whiteside discusses the market’s reaction to premarket movements in the U.S. stock indexes, crude oil, and gold. He notes that U.S. jobless claims, set to be released later, could significantly influence market sentiment. Stocks tied to China have been performing well, and the price of copper has risen due to increased demand, which has bolstered mining stocks.
He also highlights the contrasting performance between U.S. and Canadian energy stocks, with U.S. energy stocks seeing more strength. The VIX remains on a buy signal, keeping pressure on the overall market. Meanwhile, Canadian Natural Resources is holding at key support levels, and its pullback has been modest. Stephen identifies $50 as a critical resistance level for the stock.
Stephen Whiteside
TheUpTrend.com
Thursday, October 3, 2024
