Hello, everyone, and welcome to Monday morning. It’s Stephen Whiteside here from theuptrend.com. In today’s presentation, we’re going to walk through the Leveraged ETF’s that we follow closely. In the pre market this morning, stock index futures are trading above fair value. So so far, it looks like the market wants to do some buying on Monday morning. Commodities are mixed with gold higher and crude oil trading lower on Monday morning. Now, one stock that’s in the news again this morning is Crowdstrike got clipped on Friday. Some people were excited that it closed above $300 on Friday, but it’s trading back down below that level in the premarket this morning. When we look at our price target chart, you can see the next target is 281.25. And that was where we put in a low back in April. So we may be heading down to that level on Monday. Now, moving on to our leveraged ETF’s, we’ll start off in the us market, and we saw a couple of trend changes last week. We’re out of the 3X Bull for the S&P 500 back into the Bear ETF. We’re out of the 3X Bull for the Nasdaq 100 back into the Bear ETF, and we’re out of the 3X Bull for semiconductors and back into the Bear ETF.
Now, what hasn’t changed trends? Well, Small Cap stocks are still holding up, still trading above the upper channel line. We’ve got the energy sector still trading above the upper channel line. We saw weakness in Biotech’s trading into the channel, so a close on Monday below $127.06 would give us a sell signal. We had Gold Miners trade into the channel and through the lower channel line on Friday, looking for a close on Monday below $44.34. And as I mentioned, gold is up in the pre-market this morning. Now, of course, for each one of these symbols, we do have price targets and on our website. And so for the 3x Bear ETF, for the S&P 500, our first target is 781 and then 859. Now, looking at the Canadian leveraged ETF’s, of course, we don’t have the option for 3X, so we’re at 2X, so a little more conservative. But looking at the TSX itself, we are still on a buy signal here for the Bull ETF. So no change in trend, unlike the S&P 500 that rolled over last week. And so we’re on a buy signal for the Bear ETF and then looking at the Nasdaq 100.
We’re on a sell signal and back on a buy signal for the Bear ETF. Then looking at the energy sector. On Friday, the energy stocks closed just below the lower chain line. So we’re now on a sell signal for the Bull and a buy signal for the Bear ETF for the energy sector. Looking at financials, they’re still on a buy signal. No change there. No change in trend for Gold stocks. We’re still on a buy signal here. Just like in the US. We traded down to the lower channel and on Friday. So on Monday we’re looking for a close below $20.31. And then looking at the Energy commodities, we’re still on a buy signal for the 2X bare ETF for Crude oil and we’re still on a buy signal for the 2X Bear ETF for Natural Gas. So no change in trend for those ETF’s. Okay folks, that is all for this morning’s presentation. So far, it looks like the market wants to do a little bit of shopping on Monday morning. It’s not going to be enough to change the overall trend of the market. First thing we’ll be looking for is to see if the market can close above Friday’s high.
That would be the first sign that something new is happening on Monday. Have a great day folks. Next time you’ll hear my voice is on Tuesday morning.
Stephen Whiteside
TheUpTrend.com
Monday, July 22, 2024
