Good morning, everyone, and welcome to Wednesday morning. It’s Stephen Whiteside here from theuptrend.com. In the premarket this morning, things are fairly quiet. Stock index futures are trading slightly above fair value. Now, yesterday the triple Q’S finally hit $500 and stopped on a dime. They are trading slightly higher this morning but still below the dollar 500 level. Now, the VIX had an inside day on Tuesday. We’re looking for a close on Wednesday above $12.90 to give us a new buy signal for the VIX. That, of course, would be negative for stocks. What worked on Tuesday? Well, banks on both sides of the border were the big winners. What didn’t work on Tuesday? Well, the Canadian energy sector was the big loser, followed by us transportation stocks. Now, the Dow had a small pullback on Tuesday. The big winner was intel once again. So intel’s been leading the Dow higher over the last couple of days. Unfortunately, the losers outweighed the winners. On Tuesday, Dow was the big loser of the day. It’s been on a sell signal since the middle of May, so no change there. Looking at the S&P 500, very small gain yesterday, very quiet trading. Incyte was the big winner on the day, trading up to the upper channel line.
Not enough to give us a buy signal. Still need a close up. Just $0.07 higher on Wednesday. Albemarle was the big loser on the day. It’s been on a sell signal since the middle of May. So no change there. Then looking at the Nasdaq 100 itself, a small gain on the day we hit 500. That was the high of the day. Before pulling back, we are trading up a dollar or so in the pre market, so we may take another run at 500 on Wednesday. So congratulations to anyone who got orders filled yesterday at 500. Now, the big winner on the Nasdaq 100 on Tuesday was Tesla, up 3.71%. The big loser on the day was Datadog trading right down to the lower channel line yesterday. So a close below $125.66 would give us a sell signal on Wednesday. Looking at the Canadian market, the TSX had an inside day small pullback. The big winner was Maple Leaf Foods. That’s not something you see very often. And then Badger was the big loser. Looking at the TSX 60, also an inside day small pullback. Yesterday, the big winner was the National Bank. So it’s certainly trying to recover a lot of those losses from last month.
And then we’ve got Restaurant Brands already on a sell signal, so no change in trend there. Let’s finish off with a quick look at Commodity ETF’s, starting with the USO trading down to the lower channel line yesterday. So a close below $79.60 would give us a sell signal on Wednesday. For gasoline. We’re looking for a close below $67.95 and then looking at natural gas already on a sell signal. No change there. Looking at the metals, it was a fairly quiet day for gold. Still on a buy signal. Fairly quiet trading for silver as well. An inside day. No change there. We saw palladium trade back into the channel on Tuesday. A close below $89.27 would give us a sell signal on Wednesday. Joining platinum already on a sell signal as of Tuesday’s close. Okay folks, that is all for Wednesday morning’s presentation. So far, it looks like we’re going to have a fairly quiet open on Wednesday morning. Enjoy the rest of your day. Next time you’ll hear my voice is on Thursday morning.
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Stephen Whiteside
TheUpTrend.com
Wednesday, July 10, 2024
