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Stephen Whiteside's market update for August 7, 2024, indicates a positive outlook for stock index futures and commodities, suggesting potential buying at the market open. The VIX has decreased significantly, and a close below 17.51 could trigger a new sell signal, which would shift the market sentiment to bullish. Major US indices have filled previous gaps, while the Canadian market showed a recovery from intraday lows, albeit closing lower overall. Notably, telecom stocks like BCE are performing well, reaching new highs.

In the US, mixed results were observed among the most active stocks, with many showing signs of indecision through inside days. Nvidia experienced a notable gain of 3.78%, while Shopify's earnings report has led to a significant pre-market rise, potentially signaling a new buy signal if it maintains its current levels. Whiteside anticipates that the recent market excitement may taper off, predicting a pullback in the following days unless the VIX generates a sell signal, which would prompt a shift from bearish to bullish sentiment.

Stephen Whiteside
TheUpTrend.com
Wednesday, August 7, 2024

[00:00:01]: Market Overview and Morning Trends
[00:00:23]: Super Micro Stock Analysis
[00:00:40]: US Market Analysis
[00:01:05]: VIX and Major Indices Update
[00:01:40]: Sector Performance in US Market
[00:02:21]: Canadian Market Overview
[00:02:48]: Sector Performance in Canadian Market
[00:03:35]: TSX Most Actives Analysis
[00:05:05]: US Most Actives Analysis
[00:07:23]: Shopify Earnings and Market Expectations