In today’s pre-market update, Stephen Whiteside from TheUpTrend.com analyzes key stock market movements, highlighting the impact of economic indicators like employment numbers and consumer sentiment. He notes that while stock index futures and commodities are slightly higher, individual stocks such as Amazon and Nvidia are showing mixed signals. Major indices like the S&P 500 and NASDAQ have seen varied momentum, while the VIX’s decline suggests a supportive environment for higher stock prices. However, the CNN Fear and Greed Index remains in a state of fear, creating a unique market sentiment divergence.
Whiteside also reviews several high-profile stocks, including Tesla, Shopify, and MicroStrategy, offering insights into their current technical trends and potential price targets. He discusses the challenges faced by crypto-related stocks like Hut 8 and BitFarms, as well as the potential downside risks for GameStop. TD Bank’s recovery and resistance levels are examined, while the cannabis sector’s weak performance is highlighted with a focus on Canopy Growth. The session concludes with a reminder about the importance of stock market timing and trend-following strategies.
Stephen Whiteside
TheUpTrend.com
Friday, February 7, 2025
