In this market update, Stephen Whiteside from TheUpTrend.com reviews the recent downturn in the stock market, triggered by Walmart’s earnings miss, which led to sell signals across major indices, including the Dow, S&P 500, and NASDAQ. The retail sector experienced significant declines, with Target hitting new 2024 lows and Costco also affected. Technical indicators show a bearish trend, with multiple sectors, including financials, energy, and gold stocks, falling into daily sell signals. The VIX spiked, signaling increased fear, and a continuation of the downtrend could erase a year’s worth of market gains within weeks.
Stephen also examines commodity markets, noting that crude oil remains weak, gold is testing key resistance levels near $3,000, and silver may soon generate a sell signal. Weekly charts indicate a mixed outlook, with volatility expected to dominate the year. While the end of the month often brings bullish tendencies due to automatic investments, this is not a guarantee of upward movement. Investors are urged to monitor key support levels closely as the market remains uncertain.
Stephen Whiteside
TheUpTrend.com
Sunday, February 23, 2025
