Stephen Whiteside from TheUpTrend.com provides an overview of the US market’s premarket conditions on Monday, September 23, 2024. He notes that stock index futures and commodities are trading above fair value, suggesting a positive start to the week. The VIX remains on a sell signal, which supports higher stock prices on a short-term basis. Key sectors like home builders, technology, and the semiconductor sector reached price targets but have since pulled back slightly.
Stephen highlights movements in ETFs and sectors, including SPY, Nasdaq 100, and retail, where traders have locked in profits. He also mentions Canadian markets, with notable performance in the TSX 60 and venture exchange. Moving to commodities, crude oil and natural gas are still on buy signals, and gold has reached new highs. He concludes by observing resistance in the market and noting that it will be interesting to see if the market retests or breaks through these levels.
Stephen Whiteside
TheUpTrend.com
Monday, September 23, 2024
