Stephen Whiteside of TheUpTrend.com provides his Thursday morning market update, noting premarket activity where stock index futures are up, but commodities like gold are down. He emphasizes the significance of upcoming economic data, particularly jobless claims, which could influence market direction. Reflecting on Wednesday’s volatile trading, driven by a Fed event, he highlights a dramatic VIX spike, which could indicate a potential market bottom, though evidence is still pending. Stephen reminds viewers of the importance of locking in profits, as rapid declines can erase months of gains.
He reviews significant market trends, including the sell signals in key indices like the Russell 2000 and S&P 500 equal-weighted index, and the downward moves in Canadian and U.S. stocks, including Shopify, Nvidia, and Tesla. Sectors like energy and mining are under pressure, and the Canadian market remains bearish across multiple sectors. Stephen concludes by advising viewers to sell into strength and monitor key support levels. He emphasizes timing and trend-following as critical for successful trading.
Stephen Whiteside
TheUpTrend.com
Thursday, December 19, 2024
