In Monday’s market update, Stephen Whiteside from TheUpTrend.com reports that stock index futures and commodities are trading slightly above fair value in the pre-market, indicating potential buying interest. On Friday, the market responded positively to comments from the Fed chairman, and upcoming durable goods orders could influence market direction. Key highlights include the VIX remaining on a sell signal, supportive of higher stock prices, while Bitcoin and Ethereum continue their recent upward momentum. The US dollar’s decline and the euro’s rise are also seen as positive indicators for the stock market.
In the stock market, the TSX 60 made a new high, while the SPY had an inside day, still dealing with resistance. Small caps, mid caps, and micro caps all moved higher on Friday, with financials, including banks and regional banks, showing strong gains. In Canada, notable updates include a new high for Great West and buy signals for Dennison Mines and Baytex. In the US, there were no major trend changes for the most active stocks, with Nvidia, Tesla, and others having inside days, while Peloton and Lucid saw gains. The market remains cautiously optimistic, with no significant trend shifts from Friday.
Stephen Whiteside
TheUpTrend.com
Monday, August 26, 2024
