In today’s premarket update, Stephen Whiteside from TheUpTrend.com notes that stock index futures and commodities are trading slightly below fair value, with no significant economic data expected before the market opens. The VIX remains on a sell signal, supporting higher stock prices unless it closes above 18.65. The US dollar index saw minor gains after a new low, while other major currencies showed minimal changes. In the bond market, 30-year bonds pulled back slightly, and bond yields inched higher. Commodities showed mixed performance, with gold, platinum, and silver reaching new highs, while crude oil and natural gas experienced minor fluctuations. Major indices like the TSX 60, Dow, and S&P 500 saw little change, with financials, energy stocks, and the Nasdaq showing minor movements.
The update also focused on individual stocks, particularly the “Magnificent Eight” (including Shopify). Nvidia remains a key focus with its upcoming earnings, while other tech giants like Apple, Amazon, Alphabet, Meta, and Tesla saw minimal changes in trend. Shopify’s performance was highlighted, with its US listing dominating over its Canadian counterpart. Despite Shopify’s strong trading volumes in the US, it hasn’t yet filled an open gap in its Canadian listing. Tesla remains on a buy signal, though with low interest from professionals. Whiteside concluded by encouraging viewers to subscribe, like, and share the video, noting that the next update will be on Wednesday morning.
Stephen Whiteside
TheUpTrend.com
Tuesday, August 27, 2024
