In today’s premarket update, Stephen Whiteside discusses the rise in stock index futures, driven by strong gains from Nvidia and Super Micro, which are supporting the Nasdaq. Meanwhile, Chinese markets are experiencing profit-taking, with the FXI ETF down 10%. Commodities show a mixed performance, with gold rising and crude oil slightly down. Major U.S. indices, including the S&P 500 and Nasdaq 100, reached their lower channel lines without breaking through, while Canadian energy stocks continue to outperform their U.S. counterparts.
Stephen also reviews the insurance sector, noting a significant pullback as Everest dropped 8.5%. His technical analysis of FedEx reveals a turbulent 2024, with several gaps in the stock’s chart, indicating a disconnect between the company and market expectations. Despite long-term buy signals, FedEx’s short-term challenges make it a riskier trade.
Stephen Whiteside
TheUpTrend.com
Tuesday, October 8, 2024
