In today’s Friday morning update, Stephen Whiteside of TheUpTrend.com provides a market overview with stock index futures trading around fair value in the pre-market. Nike’s stock is trading higher, surpassing its August highs, while FedEx has taken a significant drop, heading towards the bottom of its June gap. The S&P 500, Nasdaq, and TSX all reached new highs, prompting the opportunity to lock in profits. Notable performers include Shopify and Darden Restaurants, both experiencing strong gains.
Whiteside also discusses the VIX decline, supporting higher stock prices. In commodities, crude oil and gasoline continued their rise, while gold is hitting new highs in pre-market action. The semiconductor sector and other major indices encountered resistance after reaching significant price targets. Whiteside emphasizes the importance of taking partial profits as markets hit resistance levels, leaving room for future gains.
Stephen Whiteside
TheUpTrend.com
Friday, September 20, 2024
