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. Stock index futures are mixed. Dow futures are lower, while the Nasdaq and the S&P 500 are trading higher. Now this was supposed to be my thumbnail this morning, but sometimes things don’t work out the way you want them to. And it was certainly turned out to be an exciting game, but a very disappointing game for some of us. Now looking at the VIX, the VIX is struggling to move higher here. But you know, we are coming into the month end. We are coming into some holidays next week, so not expecting a lot more downward pressure over the next few days. But the VIX is, looks like it wants to move higher. And of course, if it starts doing that, that tells us options traders in Chicago are getting nervous about the market. Now, what worked yesterday? Well, the, the big winner was Canadian energy stocks were the big winners, and what didn’t work were big cap chip stocks. They were the big losers on Monday, starting off with the Dow.
The Dow has been playing catch up with the Nasdaq and the S&P 500 over the last week. It had a nice big update on Monday. What worked on the Dow, while Amgen was the big winner, followed by Goldman Sachs and Chevron, and energy stocks topped the performance list on most major indices yesterday. What didn’t work was the big loser, but as you can see, not much damage there. It is still on a buy signal. Now looking at the S&P 500, we’re looking for a close on Tuesday below $539.56. What worked well, Mosaic was the big winner. It is back on a buy signal as of Monday’s close, joining Baker Hughes already on a buy signal and another energy related stock. And Apache is back on a buy signal as of Monday’s close. What didn’t work Resmed was the big loser, followed by Supermicro coming right down to the lower channel line. So a close on Tuesday below yesterday’s low would give us a new daily sell signal. And then Nvidia is back on a sell signal as of Monday’s close. Then we’ve got Qualcomm back on a sell signal as well.
Now looking at the triple qs and some of the stocks that led and were disappointing on the S&P 500 also made it onto the Nasdaq 100 list. We dipped into the channel yesterday for the first time in a month and closed below $472.85 would give us a new sell signal on Tuesday. Now Diamondback was the big winner yesterday, up nearly 4%. 3rd day of a buy signal for Diamondback. On the losing side, we had Sirius down over 8% back into the channel. It closed below $2.63. Would give us a new daily sell signal. We’ve got Marvell back on a sell signal and we’ve got Broadcom back on a sell signal as of Monday’s close. Now looking at the TSX, we had a big update on Monday. Not enough to give us a buy signal. The TSX was led higher by Africa oil up over 10%. Then we had Birchcliff up nicely on the day, back on a buy signal. What didn’t work? Well, it was a gold stock. Osisco down already on a sell signal. So no change in trend there. No change in trend for Energy Fuels. Already on a sell signal.
And we now have Celestica back on a sell signal as of Monday’s close. Putting in a double top, then looking at the TSX 60. We are back on a buy signal as of Monday’s close, being led higher by first quantum. Second day of a buy signal there. Then looking at Brookfield, we are back on a buy signal as of Monday’s close by one penny. Then Torbaline had a nice outside reversal day, trading up to the lower channel line. Then we’ve got Algonquin power back on a buy signal as of Monday’s close. What didn’t work? Well, Cameco is already on a sell signal, so no change there. Then we had Shopify come down to the lower channel line for the third day in a row. A close below $86.87 would give us a new sell signal for Shopify on Tuesday. Then Opentext inside day for Open Text. So not a lot of damage there. Let’s finish off looking at commodity, starting with crude oil, which was positive on the day, trying to break away from 81.25. If we can do that, then 84.38 would be our next target. To the upside, natural gas had an outside reversal day yesterday.
If you were with us last week, we were looking to see if it could hold that uptrend line and the Flypaper channel. And so far that is working out. So let’s see if we can take another run at those recent highs then looking at the grains. You know, if you’re worried about inflation, we’ve got corn making a new low. Yesterday we had soya beans making a new low, and we had wheat make a new low on Monday. Looking at the metals, copper had a very quiet day yesterday. Still on a sell signal. No change there. No change for gold. We’re still on a buy signal here. A close below $2,326.20 cents would give us a sell signal on Tuesday. Then looking at the price of silver, no change there. Bouncing off the lower channel line. So a close below 29.60 would give us a sell signal on Tuesday. Okay folks, that is all for Tuesday morning. So far, it looks like we’re going to have a fairly quiet open. Have a great day. Next time you’ll hear my voice is on Wednesday morning.
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Stephen Whiteside
TheUpTrend.com
Tuesday, June 25, 2024
