In today’s market update, Stephen Whiteside of TheUpTrend.com discusses the current premarket conditions, noting that stock index futures and commodities are trading above fair value. Palantir is set to join the S&P 500 and may end the day on a buy signal. Other stocks like Boeing are showing minor upward movement but not enough to change their overall trends. Key sectors like energy and technology remain under pressure, with stocks such as Nvidia, Tesla, and Broadcom struggling in the premarket.
Whiteside also highlights trends in commodities, where crude oil and gasoline hit new lows, while natural gas remains on a buy signal. Bitcoin and Ethereum are trading up slightly, but not enough to shift their market direction. While major stock indices are up in the premarket, there is no significant trend reversal yet. Overall, it’s a day of bargain hunting rather than major market shifts.
Stephen Whiteside
TheUpTrend.com
Monday, September 9, 2024
