Stock index futures were lower ahead of Wednesday’s session, with and under pressure but still trading within their normal daily ranges. The outlook could change if markets close beyond these ranges, potentially generating new sell signals. The day’s jump supported energy stocks, while precious metals weakened and the semiconductor sector showed increasing pressure, led by memory stocks and several big chip names.
Energy has become the strongest sector in the US and Canadian markets, generating new buy signals in crude oil, energy ETFs and stocks such as Chevron, Canadian Natural Resources, TC Energy and Suncor. The industrials, transportation, airlines, technology, stocks and gold mining sectors remained weak or generated new sell signals. The key message is that market volatility is increasing, but the strongest trend remains in energy, while investors should remain cautious on technology, industrials and precious metals.
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