Market Insights: Tech Selloff, TSX Trends & Bitcoin Updates – Nov 28, 2024

Stephen Whiteside’s Wednesday morning market update highlights a relatively quiet pre-market, with no major economic numbers expected until energy inventories are released at 10:30 AM. The market is focused on Nvidia’s earnings, with options traders anticipating a 9-10% move in either direction after hours. Despite some early warning signals, Nvidia remains strong, with a critical level to watch at $120.67 for a potential sell signal. Whiteside also reviews the performance of major indices, currencies, and commodities. The VIX remains on a sell signal, supporting higher stock prices. While some sectors like REITs and semiconductors performed well, others like marijuana stocks saw sharp declines. He concludes with a detailed analysis of the most active stocks, noting several key sell signals, including Tesla and Amazon. Stephen Whiteside TheUpTrend.com Wednesday, August 28, 2024 https://theuptrend.com/morning-market-outlook-08282024/

28 Aug 20248min

In today's premarket update, Stephen Whiteside from TheUpTrend.com notes that stock index futures and commodities are trading slightly below fair value, with no significant economic data expected before the market opens. The VIX remains on a sell signal, supporting higher stock prices unless it closes above 18.65. The US dollar index saw minor gains after a new low, while other major currencies showed minimal changes. In the bond market, 30-year bonds pulled back slightly, and bond yields inched higher. Commodities showed mixed performance, with gold, platinum, and silver reaching new highs, while crude oil and natural gas experienced minor fluctuations. Major indices like the TSX 60, Dow, and S&P 500 saw little change, with financials, energy stocks, and the Nasdaq showing minor movements. The update also focused on individual stocks, particularly the "Magnificent Eight" (including Shopify). Nvidia remains a key focus with its upcoming earnings, while other tech giants like Apple, Amazon, Alphabet, Meta, and Tesla saw minimal changes in trend. Shopify's performance was highlighted, with its US listing dominating over its Canadian counterpart. Despite Shopify's strong trading volumes in the US, it hasn't yet filled an open gap in its Canadian listing. Tesla remains on a buy signal, though with low interest from professionals. Whiteside concluded by encouraging viewers to subscribe, like, and share the video, noting that the next update will be on Wednesday morning. Stephen Whiteside TheUpTrend.com Tuesday, August 27, 2024 https://theuptrend.com/morning-market-outlook-08272024/

27 Aug 20246min

Stephen Whiteside's Friday morning update from TheUpTrend.com highlights the pre-market optimism, with stock index futures and commodities trading above fair value. However, the market's direction remains uncertain as all eyes are on the Jackson Hole Fed meeting, where Chairman Powell is set to speak. Whiteside discusses the recent pullback in bonds and its impact on the stock market, as well as the mixed performance in currencies and commodities. Notably, higher bond prices and a downtrend in the U.S. dollar have provided support to the stock market, but Thursday's slight rebound in the dollar and bond yields created some tension. In the equity markets, Whiteside reviews key indices like the S&P 500, Nasdaq 100, and the TSX 60, all of which are holding above their upper channel lines, signaling no immediate concern for sell signals despite Thursday's bearish reversals. Financial stocks, particularly broker-dealers and insurance companies, continue to perform well, while semiconductors experienced a significant pullback. Peloton, a notable mover, surged over 35% on Thursday, with several profit-taking levels hit. As the market awaits Powell's comments, Whiteside advises watching for increased volatility later in the day. Stephen Whiteside TheUpTrend.com Friday, August 23, 2024 https://theuptrend.com/morning-market-outlook-08232024/

23 Aug 20248min

In today's market update, Stephen Whiteside from TheUpTrend.com notes that the pre-market is relatively quiet, with stock index futures trading above fair value. Initial jobless claims are expected at 8:30 AM, which could influence market sentiment. The 30-year bond closed higher, while bond yields declined, suggesting a risk-on environment as money flows into higher-risk bond markets. Major indices like the Dow, S&P 500, and Nasdaq 100 showed slight gains, with the Nasdaq nearing a key resistance level. Sectors like consumer discretionary, materials, and real estate performed well, while financials and energy showed weakness. Bitcoin returned to a buy signal, whereas Ethereum remained on a sell signal. In Canada, the market saw a quiet trading day, with the TSX 60 and Vanguard Canada ETFs showing little movement. Energy stocks like Canadian Natural Resources and Suncor are on the brink of sell signals, while TD Bank is expected to report disappointing earnings. Among commodities, crude oil continued its decline, and precious metals like gold and silver showed mixed performance. The update concludes with an overview of the most active stocks, including Nvidia, Tesla, and Palantir, highlighting that most remained on buy signals despite minor pullbacks. Stephen Whiteside TheUpTrend.com Thursday, August 22, 2024 https://theuptrend.com/morning-market-outlook-08222024/

22 Aug 20248min

In the premarket on Wednesday, stock index futures are trading above fair value, with Target shares rising after its earnings report. The market is relatively calm ahead of the FOMC minutes and employment number revisions later in the day, which could shift market direction. The VIX remains on a sell signal, and the Dow is slightly down but near the top of its range. Stephen Whiteside highlights key movements, such as the SPY reaching a price target and the Nasdaq 100 and Russell 2000 approaching their next targets. In the commodities sector, crude oil and gasoline continue to decline, while gold edges higher, closely tied to the movement of the US dollar. On the TSX, commodity-related stocks dominate the most active list, with notable mentions including Canadian Natural Resources, Manulife, and Shopify. In the US market, technology stocks like Nvidia, AMD, and Tesla are still performing well, with no major changes in trend. Intel and NIO, however, remain at the bottom of their ranges. The video wraps up by noting the upcoming energy inventories report, which could impact the energy sector. Overall, the market appears poised for a higher open, with commodities remaining quiet in the premarket. Stephen Whiteside TheUpTrend.com Saturday, May 4, 2024 https://theuptrend.com/morning-market-outlook-08212024/

21 Aug 20248min

In this Tuesday Morning Market Outlook, Stephen Whiteside from TheUpTrend.com highlights the current state of the financial markets, noting a calm pre-market environment except for the rising price of gold. The major U.S. indices, including the Dow, S&P 500, and Nasdaq 100, continued their upward momentum, with the Nasdaq 100 attempting to break through resistance. The Russell 2000 also saw gains, particularly in small caps and micro caps. Monday's U.S. market saw strong performances from Biotech stocks, Silver miners, Homebuilders, and Gold stocks, while the Canadian market recorded new closing highs in the Vanguard Canada ETF and iShares TSX 60, though Energy stocks experienced a decline. Whiteside also touches on other key areas, including the bond market, where risk-on trades continue to push emerging markets and junk bonds higher. Commodities had a mixed performance, with crude oil and gasoline on sell signals, while natural gas remained on a buy signal. Gold and other precious metals showed strength, and Bitcoin and Ethereum remained on sell signals. Lastly, despite a potential railroad strike involving CN and CP, the market appears unconcerned, with both stocks on buy signals. Whiteside concludes by noting that trends from the previous Friday continued into Monday and may persist into Tuesday. Stephen Whiteside TheUpTrend.com Tuesday, August 20, 2024 https://theuptrend.com/morning-market-outlook-08202024/

20 Aug 20243min

In today's update, Stephen Whiteside from TheUpTrend.com discusses the current state of the stock market, highlighting that stock index futures are trading below fair value in the pre-market. Despite mixed results in commodities, with crude oil lower and gold higher, the overall market has had an impressive week. The VIX for the Nasdaq, Russell, and S&P 500 is back on a sell signal, suggesting a potential for higher stock prices. The Dow, which lagged earlier, gapped higher, and key indices like the S&P 500, Nasdaq 100, and Russell 2000 have all shown positive movement. The Canadian market also saw gains, with the TSX 60 nearing resistance levels, and sectors like financials, energy, and gold stocks showing strength. Whiteside also reviewed the most actively traded stocks in both the Canadian and U.S. markets. In Canada, stocks like Enbridge, Manulife, and Canadian Natural Resources showed significant movement, while in the U.S., Nvidia, Tesla, and Amazon returned to buy signals. Despite a slight pullback in the pre-market, Whiteside emphasized that the market remains overbought on a short-term basis, with no immediate signs of a top forming. He advises keeping an eye on closing levels, particularly Thursday’s lows, for any significant downturns. Stephen Whiteside TheUpTrend.com Friday, August 16, 2024 https://theuptrend.com/morning-market-outlook-08162024/

16 Aug 20246min

Stephen Whiteside from TheUpTrend.com provides a Thursday morning market update, noting that stock index futures and commodities are trading above fair value in the pre-market. He highlights the positive response to economic indicators earlier in the week, including PPI and CPI numbers, and anticipates further market reactions to upcoming retail sales and jobless claims data. The VIX is back on a sell signal, indicating support for higher stock prices. In the update, Whiteside discusses various stocks and sectors, noting that bond prices continue to rise, while several Dow 30 stocks have generated buy signals. He points out that financials, particularly insurance companies and broker-dealers, led the market on Wednesday, despite regional banks lagging. The Canadian market is also moving higher, led by the tech sector, with Shopify and other key stocks generating buy signals. The update concludes with an overview of Bitcoin and Ethereum, which remain on sell signals with no change in trend. Stephen Whiteside TheUpTrend.com Thursday, August 15, 2024 https://theuptrend.com/morning-market-outlook-08152024/

15 Aug 20245min