Good morning, everyone, and welcome to Wednesday morning. It’s Stephen Whiteside here from the uptrend.com. I’ll keep this morning’s presentation really short. We’ve got stock index futures and commodities trading higher in the premarket on Wednesday morning. Now, the big numbers today will be the CPI numbers coming out at 8:30 this morning.
Otherwise, canadian interest rates expected to remain the same. And we’ll wait for energy inventories to come out later in the morning. Looking at the VIX, the VIX pulled back into the channel yesterday. It closed below 14, would give us a new sell signal for the VIX that would be supportive for higher stock prices. Now, we had money running into the commodity sectors on Tuesday.
The winner for the day was silver stocks, followed by copper stocks, followed by gold stocks, all moving higher on Tuesday. Now, looking at the major indices, they’re still trading within the range of the big bar that we had the other day. We haven’t taken out the lows just yet, so that level is still acting as support. That’s also true for the S&P 500 trading in the channel at the moment. We came down on our sell signal.
Being in the channel is neutral, still waiting for a close above the upper channel line to give us a new buy signal. That’s also true for the Nasdaq 100, for the Russell 2000, for the small caps and micro cap stocks all trading in the channel now. Canadian market, different story. We’ve got all the commodity sectors doing well right now, and the TSX 60 made a new high on Tuesday. Let’s finish off today’s presentation
taking a look at the major commodity ETF’s. Starting with the USO. We’ve been down the last two days, but still trading above the upper channel line. Things would change on Wednesday if the USO were to close below 79.54. We’ve got gasoline having an inside day.
Things would change for gasoline on Wednesday with a close below 71.06. And then we’ve got natural gas back on a buy signal here. And we’ve got four dots. I haven’t seen that in a while. And we’ll have to see if we can take out the high from late February.
Then looking at the metals, the GLD made a new high. We’ve got palladium moving back up to the high for March, looking to see if we can take that out. If we can take that out, then we could join platinum, which has already broken out above the march highs. And then we’ve got silver making a new high on Tuesday. Okay, folks, that is all for this morning’s presentation.
A real quick update ahead of the CPI numbers. As you can see, the major indices did not change direction on Tuesday. Still waiting for new buy signals here or a breakdown below the recent low. Enjoy the rest of your day. Next time you’ll hear my voice is on Thursday morning.
Stephen Whiteside
TheUpTrend.com
Wednesday, April 10, 2024
