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Good morning, everyone, and welcome to Tuesday Morning. It’s Stephen Whiteside here from theuptrend.com in the pre market this morning, things are fairly quiet. Stock index futures are slightly below fair value, being led lower by the Nasdaq. In the world of commodities, things are mixed.
Crude oil and natural gas are up slightly, while we’ve got Gold down $11 in the pre market on Tuesday morning. Now, we don’t have any major comic numbers coming out this morning. Unlike the rest of the week. The VIX had an inside day on Monday, so we’re looking for a close above $15.19 to give us a buy signal on Tuesday. That, of course, would be negative for stocks.
Lot of news out regarding Apple on Monday, but didn’t really move the stock much. They’re still trying to close that open gap. We are up another dollar in the pre market. Last time I checked, Monday was all about Tesla. Tesla, I guess, got an upgrade on old news, but there it is popping higher, and that helped lead the Nasdaq higher yesterday.
Looking at big cap tech stocks, we’ve got Amazon trading up sharply yesterday, up to the previous high. Now, our mathematical target was 143 75. We got as high as 143 62. Is that significant? Well, the previous high was 143 63.
So hopefully you had an order in just below that level, and it got filled on Monday. So congratulations. Looking at meta. Meta was up yesterday, coming up to the 312 50 level. Microsoft was up on Monday.
No change there. Big move up for BlackBerry on Monday. And this will probably scare a lot of investors to just not just trade and not follow BlackBerry anymore. We had a huge move down last week. Now another huge move up this week.
Not enough to give us a buy signal on the TSX. We’re still looking for a close on Tuesday above $7.17. Shopify was up yesterday, so still closing above the upper channel line. No change there. What didn’t work on Monday?
Well, Nvidia was down. It’s still on a sell signal. No change there. And we still have semiconductors on a sell signal. Starting to break down below last week’s low.
Now in the pre market this morning, Oracle is in the news and it made a new high for this move yesterday, up challenging the previous high. But in the pre market this morning, we’re trading off sharply, trading down here at 114 and change level. So we’ll have to see how the market deals with it when the market opens. Looking at the rest of the major index ETFs, we’ve got the Dow trading higher yesterday, not enough to give us a buy signal. We still have the S&P 500 on a buy signal.
The ishares for the TSX 60. No joy. They were up yesterday, not enough to give us a buy signal. That would change on Tuesday with a close above $30.64. Now, what really worked on monday were the marijuana stocks and starting off with the ETFs, the alternative Harvest ETF was up over 17%, while the Horizon’s Marijuana Life ETF was up over 8% on the day.
Now, looking at the stockhouse bullboards, you can see the two most popular stocks that traders there follow is Tilray and Canopy Growth, and they ended up being two of the most actively traded stocks on Monday. Tilray in New York is up testing last week’s high. Our next mathematical target is 352. If you want higher targets, you can go take a look at the weekly charts. If we look at Canopy Growth, which I believe was the most actively traded stock on the TSX on Monday, was up over 81% on the day, and you certainly don’t see that very often.
Our next two targets were 156 and 195 and then 234. We hit 234 yesterday and pulled back slightly. If we can take that out, then 273 is our next target on Tuesday. And then CureaLeaf Holdings was up nicely yesterday, up over 13%, heading towards 742. That’s our next target.
We got as high as 732 on Monday. Let’s finish off this morning’s presentation taking a look at the world of commodities. Starting with the energy sector. Both crude oil and natural gas had a small pullback on Monday, unlike the stocks, which were hit a lot harder. Looking at the XEG in Toronto, you can see we traded it down to the lower channel line yesterday, so a close below yesterday’s low on Tuesday would give us a sell signal.
A little more room to go for the XLE in New York. We’re closing at the upper channel line now on the TSX, the most actively traded energy stock on Monday was Canadian Natural Resources, trading down to the lower channel line and closing just below it. So we’re back on a sell signal for Canadian Natural Resources, unlike Suncor, which traded down to the lower channel line yesterday, so a close below yesterday’s low would give us a sell signal on Tuesday. In New York, ConocoPhillips traded down to the lower channel line, so looking for a close below 119.60. And diamondback also traded down to the lower channel line, looking for close on Tuesday below 151.80.
Then looking at gold and silver. Starting with the price of gold, we were up 4.50 yesterday. We’re down $9 – $10 in the pre market this morning, so no joy. There certainly no joy for the price of silver. And then we don’t have any buy signals for the major gold and silver ETFs.
Whether you’re looking at the GDX gold miners ETF we traded up into the channel yesterday, a close above 29.04 would give us a buy signal on Tuesday. Looking in Toronto for the XGD, we’re looking for a close above $17.11, and then looking at the silver miners closing at the lower channel line. So not expecting a potential buy signal on Tuesday, we would need a close above 25.98. Not expecting that to happen. Now, the most actively traded gold stock on the TSX was B2Gold closing right at the upper channel line.
So any higher close on Tuesday would give us a buy signal. Kinross was the next most actively traded stock on the TSX inside day yesterday. No change in trend. Of course. In New York, the biggest gold miner in the US is Newmont.
It traded up into the channel, so looking for a close above 39 30. Now B two gold and Kinross are also the most actively traded stocks in the US. Followed by Barrick in New York. We need a close above $16.15 to give us a buy signal on Tuesday. Not expecting that to happen.
Okay, folks, that is all for Tuesday morning. Stock index futures are still slightly below fair value, so so far it does not look like we’re going to see a lot of buying at the open on Tuesday morning. Have a great day. Next time you’ll hear my voice is on Wednesday morning.
Tuesday, September 12, 2023