In Thursday’s premarket update, Stephen Whiteside from TheUpTrend.com reviews a volatile market following a mid-week bearish reversal day. Despite a strong open on Wednesday, a wave of selling into the close generated numerous bearish reversal signals, including for the Vanguard Canada ETF and the iShares Global 100. However, many stocks still managed to close higher, making the reversal only moderately significant. Thursday’s jobless claims report is expected to influence the market’s next direction, and traders are watching for confirmation of Wednesday’s signals via a lower close.
Stephen also highlights sector-specific and stock-specific developments, including mixed earnings reactions and technical buy/sell signals. Tesla remains on watch for a breakout above $253.25, while IBM and American Airlines continue to trade lower. Canadian financials showed strength, and semiconductors, small caps, and micro caps generated new buy signals. Gold reversed sharply on Wednesday but rebounded in the premarket, and the VIX continues to drift lower. Overall, while Thursday opens with slight weakness, the market remains in a wait-and-see mode pending further confirmation.
Stephen Whiteside
Thursday, April 24, 2025
