In today’s Tuesday morning market update, Stephen Whiteside from TheUpTrend.com discusses the sudden spike in market volatility triggered by an over 8% drop in crude oil prices. He reviews how this decline impacted energy stocks such as Canadian Natural Resources, TC Energy, Baytex, Cenovus, Suncor, and WhiteCap, many of which are now on new sell signals. Meanwhile, the price of gasoline remains above the 200-day moving average, and geopolitical tensions in the Middle East continue to pose a risk despite reports of a ceasefire.
Stephen also highlights mixed movements across other sectors and key stocks. Aerospace and defense stocks remain strong, while lower oil prices benefit airlines like Air Canada, which is back on a buy signal. On Wall Street’s most active list, Tesla spiked significantly and is back on a buy signal, while Super Micro rolled over into a sell. Other tech names like Nvidia, Intel, and AMD continue to hold buy signals. Overall, the market remains optimistic in the premarket, with traders watching for consumer confidence data and comments from the Fed chairman later in the day.
Stephen Whiteside
Tuesday, June 24, 2025
