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. We talked about this week being a jam packed news week, and it starts off today with PPI numbers coming out at 8:30 this morning. We do see a little weakness in the Dow, and that has a lot to do with one stock.
We’ll get to that in a minute. I’ll keep this presentation brief. Monday was fairly quiet. There was a lot of excitement in the commodity world, but outside of that, the world was fairly quiet. Look at how small that bar was for the VIX.
The VIX dipped below the lower channel line yesterday, but came back and closed just above it. So we’re still waiting for a sell signal for the VIX. Looking at the Dow, which we talked about on the weekend, it had an inside day on Monday. No trend changes for the Dow, 30 stocks from Monday’s trading action. In the premarket this morning, we’ve got Home Depot trading lower.
It was already on a sell signal, so no change in trend for Home Depot. Looking at the Magnificent Eight, no trend changes there. We did have Apple trade up through the upper channel line, so we’re still looking for a close above $218 to give us a buy signal on Tuesday. And for Nvidia, which traded up to the upper channel line, we’re looking for a close on Tuesday above $110.72. Now, looking at the ARK Innovations ETF’s, no trend changes there.
It looks like the market is interested in Fintech, and there’s one other area they seem to be interested in, but they’re not interested in Genomics or the Innovations ETF. So you could see that short covering could bring these ETF’s up to this level right now. Now we’re looking for new buyers to come in and take these ETF’s higher. Looking at the Industrial ETF, no change there. Now it looks like Fintech.
There’s a little interest in the Internet ETF and a little interest in the Space ETF, but, none of those are going anywhere at the moment. No trend changes at all. Now, looking at the cryptocurrency world, we only cover two cryptocurrencies, and that’s Bitcoin and Ethereum, and there’s no trend changes there. And last up, looking at the world of commodities, big move up yesterday in crude oil. That took the energy stocks higher.
Natural gas continues to move higher. No joy for copper yet. Certainly traded higher, but not enough to give us a buy signal. Gold moved up nicely yesterday. It is down a little in the pre market this morning we had platinum move up, not enough to give us a buy signal and silver moved up again, not enough to give us a buy signal.
Now, in percentage terms, looking at the North American markets, the big percentage winner yesterday was the TSX Materials index which moved up to the upper channel line. We don’t have a buy signal just yet. Unlike the Global Gold index index which is back on a buy signal as of Monday’s close. Energy stocks up 3% and change yesterday. Back on a buy signal.
Nice big up move for the GDX, back on a buy signal as well. No joy just yet for the Silver Miners ETF trading up nicely into the channel. And then last up this morning, the Copper Miners ETF traded up into the channel yesterday. Not enough to give us a buy signal just yet. Okay folks, that is all I wanted to cover this morning in today’s quick presentation.
The overall market was fairly quiet yesterday. They are waiting for those PPI numbers to come out this morning and then hey, all hell could break loose or nothing could happen at all. We’ll just have to wait and see. Enjoy the rest of your day. Next time you’ll hear my voice is on Wednesday morning.
Stephen Whiteside
TheUpTrend.com
Tuesday, August 13, 2024
