Market Set to Open Higher: Key Moves in SPY, Nasdaq, and Commodities

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/