Stephen Whiteside’s Wednesday morning market update highlights a relatively quiet pre-market, with no major economic numbers expected until energy inventories are released at 10:30 AM. The market is focused on Nvidia’s earnings, with options traders anticipating a 9-10% move in either direction after hours. Despite some early warning signals, Nvidia remains strong, with a critical level to watch at $120.67 for a potential sell signal.
Whiteside also reviews the performance of major indices, currencies, and commodities. The VIX remains on a sell signal, supporting higher stock prices. While some sectors like REITs and semiconductors performed well, others like marijuana stocks saw sharp declines. He concludes with a detailed analysis of the most active stocks, noting several key sell signals, including Tesla and Amazon.
Stephen Whiteside
TheUpTrend.com
Wednesday, August 28, 2024
