Market Outlook: Gold Surges, Nasdaq 100 Nears Resistance & Biotech Stocks Soar

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/