Today’s market update focuses on the end of August trading and the market’s bullish bias due to the month-end and the upcoming long weekend. Stephen Whiteside highlights key economic data releases, including inflation numbers and Canadian GDP, that could impact the market’s direction. He notes the current sell signals for major tech stocks like Nvidia and Amazon, with Apple being the only stock still on a buy signal.
Leadership in the stock market has shifted, with utilities, real estate, and financials leading gains rather than tech stocks. Whiteside also reviews the VIX, major indices, currencies, and bonds, noting that while the market is holding up, technology stocks are not currently driving the market higher. He concludes with insights into the strength of financial stocks in both the US and Canada.
Stephen Whiteside
TheUpTrend.com
Saturday, May 4, 2024
