In this Monday morning update, Stephen Whiteside from TheUpTrend.com reports that U.S. stock index futures are down in the premarket, gold is trading lower, and crude oil is slightly higher. With a quiet week ahead for economic data, the focus shifts to technical levels and recent chart patterns. U.S. markets are coming off record highs in major indices, while Canadian traders should be cautious on U.S. holidays, as shown by Shopify’s low volume on Friday. Tesla is already on a sell signal, trading below $300 and at risk of a further breakdown depending on how the current range resolves.
The VIX indicators remain on sell signals, suggesting continued bullish sentiment. Energy and financial sectors in both the U.S. and Canada are strong, while gold stocks have generated new buy signals, though caution is advised until further confirmation. Small-cap and micro-cap strength signals a “risk-on” environment, and overall market tone remains bullish as July historically favors upward momentum. The update concludes with a reminder to stay focused on market trends and signals, encouraging traders to wait for confirmation before making moves.
Stephen Whiteside
Monday, July 7, 2025
