Good morning, everyone, and welcome to Tuesday morning. It’s Stephen Whiteside here from theuptrend.com. In the pre-market this morning, stock index futures are basically flat. We’ve got commodities mixed with gold higher while crude oil is slightly lower on Tuesday morning.
Well, things turned around on Monday. The VIX pulled back. Still looking for a close below 12.72, on Tuesday to give us a sell signal for the VIX.
All the weakness we saw last week was in the magnificent seven and the semiconductor sector. The rest of the market has so far held up fairly well.
It was an inside day for the Dow yesterday. Looking at the S&P 500, we’re still on a sell signal here, but traded up into the channel. Closed above Friday’s high. So that’s a bullish sign. Equal weighted S&P 500 still on a buy signal. No change there. Looking at the vanguard total world ETF, we’re trading back up into the channel. So things are looking fairly bullish right now. We’ve got the Q’s closing above Friday’s high. We’ve got the Equal Weighted NASDAQ 100 closing above Friday’s high, and the Next Generation NASDAQ 100 closing above Friday’s high. Now, we saw money go back into the Russell 2000, into small caps and micro caps over the last week, and that continued yesterday. So no change there.
Looking at the Magnificent Eight. We’ve got Apple holding up fairly well. A close above $230.22 would get us back on a buy signal on Tuesday.
Not looking for a buy signal for Amazon. Maybe for Alphabet, with earnings coming out. We need to close above 187.51 on Tuesday to give us a buy signal. For Meta close above $504.02. For Microsoft, we’re looking for a close above $453.09. And then for Nvidia, looking for a close above $127.47. Looking at Shopify, we made a new low yesterday on both sides of the border. Now Tesla reports today and we’re in the channel at the moment. So a close above $254.71 would give us a new buy signal on Tuesday.
Looking at commodity prices, we’ve got crude oil making a new low. Yesterday, gasoline made a new low, while natural gas traded up into the channel. A close above 15.24 would give us a buy signal on Tuesday.
Then looking at the GLD, second day of a sell signal. The GLD is trading higher in the pre-market this morning.
No joy for palladium, no joy for platinum, and no joy for silver.
Looking at the Canadian market, it was Marijuana stocks were the big winners yesterday. With Tilray moving up and Canopy Growth moving up nearly 17% on the day. Then looking at Sleep Country, which was the big winner yesterday, up over 27%. Then looking at Bombardier. New 52 week high for Bombardier on Monday.
What didn’t work?
Mining stocks didn’t work yesterday. So there’s Ivanhoe was the big loser, followed by Lundin. And then Air Canada made a new low for this move yesterday. We got down to 16.07, 16.03 is the 52 week low and then 16.02 is our next price target. And it looks like we’ve reversed from there, but we need to see if we can start breaking out above the 16.80 level. Then looking at the TSX itself, it was up on the day yesterday. TSX 60 moved higher. So no change there. We are looking at the Energy sector. It dipped below the lower channel line once again. We are trading up into the channel yesterday. We’ve got Gold stock still on a buy signal. No change there, no change for Financials. And Infotech is still holding up fairly well, even with the downward pressure from Shopify.
Now, looking at the most actives, TC Energy was the most actively traded stock yesterday, followed by Enbridge, followed by TD Bank, and then we had Suncor and then followed by Royal Bank which had an inside day on Monday. No change in trend for any of those stocks on Monday.
Okay, that’s all I wanted to cover in this morning’s presentation. So far, it looks like we’re going to have a fairly quiet open on Tuesday morning.
Enjoy the rest of your day. Next time you’ll hear my voice is on Wednesday morning.
Stephen Whiteside
TheUpTrend.com
Tuesday, July 23, 2024
