In this Tuesday morning market update, Stephen Whiteside reviews pre-market conditions with stock index futures trading above fair value, led by the Nasdaq. Key economic data includes the upcoming JOLTS job openings report. The S&P 500 is testing the 7,000 level, with 7,031.25 as the next upside target. While transports, pharmaceuticals, semiconductors, and select cruise lines showed strength, cryptos, Robinhood, Disney, and several tech names struggled. The VIX remains on a buy signal, indicating continued caution among options traders.
In Canada, the TSX-60 and TSX Composite posted inside days, reflecting indecision, with strength in select banks and consumer names. Commodities showed mixed action, with crude oil and gold rising pre-market, while natural gas experienced a sharp decline after a potential double top. Bitcoin and Ethereum made lower lows, while bear ETFs moved higher. The presentation reinforces the importance of trend-following and disciplined stock market timing.
Stephen Whiteside
Tuesday, February 3, 2026
