Good morning, everyone, and welcome to Tuesday morning. It’s Stephen Whiteside here from theuptrend.com. In the pre market this morning, things are fairly quiet. No major economic numbers coming out this morning. We’ve got stock index futures slightly below fair value, while commodities are higher.
Both crude oil and gold trading up in the pre market on Tuesday morning. That could certainly help the canadian market. The VIX had a small pullback yesterday, looking for a close on Tuesday below 13.79. And if that were to happen, we certainly become more bullish on the market for the most part. Yesterday was an inside day for the Dow, for the S&P 500 for the Nasdaq.
So all three of those major indices traded within the previous day’s range. We had a little more of a breakout for mid caps, small caps and micro caps, all still on sell signals, though. What worked, what didn’t work well, it was a fairly quiet day we had. Real estate was the winner, but not up more than 1%. And we had energy as the loser again, now down less than 1%.
So a fairly quiet day on Monday. There’s the real estate sector moving up into the channel, still on a sell signal. Energy stocks an inside day there. So no change in trend. Nothing to worry about for the energy sector.
Now moving on to the canadian market, it was a fairly quiet day. The ishares for the TSX 60 actually closed unchanged on the day. That doesn’t happen very often. Utilities was the big winner again, up less than 1%, while healthcare was the big loser. And of course that is a more volatile section of the market.
So there’s the energy stocks having an inside day. We saw a reversal in the gold sector, but did not close below the previous day’s low. So not overly concerned there. Then we’ve got financials back on a buy signal here. This particular ETF has struggled to get over the dollar 50 level.
If we can do that, then 51.56 would be our next target to the upside then, looking at the infotech sector, it was an inside day yesterday, just like the Nasdaq. And then we had the telecom sector closing slightly higher on the day. It’s still on a sell signal here, but we have one telecom stock in the most active list that did generate a buy signal yesterday. We’ll get to that in a minute. Moving on to the most actively traded stocks in New York.
It was Tesla up there at the top, still looking for a close on Tuesday above $174.73. We’ve got valet back on a buy signal as of Monday’s close, joining Sofi already on a buy signal. No joy for intel. Making a new low for this move. No joy for Nio.
Still on a sell signal. We’re still on a sell signal for Marathon Digital. We had an inside day yesterday for Advanced Micro Devices. No change in trend there. New high for Amazon on Monday.
Amazon running up and stopping just below our 187.50 price target. We got as high as 187.29. Then looking at Tilray, we had a small pullback yesterday. No change in trend there. Then we see Apple making a new closing low for this move.
Very quiet trading for Apple on Monday, moving over to the canadian market, starting off with the TD Bank still on a sell signal here, making a new low, taking out the low from March and looking to see if we’re going to head down to the February low. Now, we talked about the TD Bank struggling to get over the 200 day moving average that is still, still holding us in check. And we are projecting down towards those February lows. Then looking at Baytex Energy, that was a very bearish day yesterday. Remember, it comes after we ran up to our price target of 5.47, put in a bearish reversal day, and now we’re seeing fall through to the downside.
So that could be bearish for Baytex going forward. Then looking at TC Energy, new low for that stock for this move. Then we’ve got Aurora Cannabis moving up yesterday. It’s still trading within the previous day’s range. So that’s an inside day.
Athabasca Oil Sands back on a buy signal here. Then we’ve got the Royal Bank making a new high for this move. And we had an inside day for canadian natural resources closing slightly lower on the day. So no change there. Canopy Growth trading slightly lower on the day yesterday.
No change in trend for Canopy Growth. And then Crescent Point closed just down a penny on the day, so nothing going on there. Now, the first telecommunications stock to come up on the most active list is Telus. It’s back on a buy signal as of Monday’s close. Now, there’s certainly no guarantee this buy signal is going to work out.
As you can see, the stock has not been loved. It’s been making a series of lower highs and lower lows. The only thing I can say is at this point, you got to think that most people that wanted to sell the stock have sold the stock. I mean, not only has there been bad news, but there’s been downward pressure on the stock and that’s forced a lot of people out of it. So this is a low risk buying opportunity.
Nothing’s guaranteed. And if you’ve been waiting to get into a telecommunications stock, then here’s one that’s all ready to go. Then last up, the first gold stock in the most active list is B2 Gold. Made new high for this move yesterday. Closed slightly higher on the day when everything was said and done.
Okay, folks, that’s all for this morning’s presentation. Monday was a fairly quiet day, and Tuesday looks like it’s starting off to also be a fairly quiet day. Enjoy the rest of your day, and next time you’ll hear my voice is on Wednesday morning.
Stephen Whiteside
TheUpTrend.com
Tuesday, April 9, 2024
SPDR Dow Jones Industrial Average ETF Trust (DIA), SPDR S&P 500 ETF Trust (SPY), QQQ Trust (QQQ), iShares Russell 2000 ETF (IWM), Vanguard Small-Cap Index Fund ETF Shares (VB), iShares Micro-Cap ETF (IWC), Real Estate Select Sector SPDR Fund (XLRE), Energy Select Sector SPDR Fund (XLE), iShares S&P/TSX 60 Index ETF (XIU.TO), iShares S&P/TSX Capped Energy Index ETF (XEG.TO), iShares S&P/TSX Capped Financials Index ETF (XFN.TO), iShares S&P/TSX Global Gold Index ETF (XGD.TO), S&P/TSX Capped Telecommunications (^GSPTTTS), Tesla(TSLA), Vale (VALE), SoFi Technologies (SOFI), Intel (INTC), NIO (NIO), Marathon Digital Holdings (MARA), Advanced Micro Devices (AMD), Amazon.com(AMZN), Tilray (TLRY), Apple (AAPL), The Toronto-Dominion Bank (TD.TO), Baytex Energy (BTE.TO), TC Energy (TRP.TO), Aurora Cannabis (ACB.TO), Athabasca Oil (ATH.TO), Royal Bank of Canada (RY.TO), Canadian Natural Resources (CNQ.TO), Canopy Growth (WEED.TO), Crescent Point Energy (CPG.TO), TELUS (T.TO), B2Gold (BTO.TO),
