In Tuesday’s morning market outlook, Stephen Whiteside reviews pre-market conditions showing mild weakness in stock index futures and gold, strength in crude oil, and a flat open for Bitcoin. He explains how average true range helps investors judge whether pre-market moves are meaningful or simply normal volatility. The Nasdaq 100 has triggered a new weekly sell signal and is now negative for 2026 after closing below its lower channel line, with continued weakness in software stocks pressuring both U.S. and Canadian tech. Meanwhile, bonds are strengthening as the S&P 500 shows signs of divergence versus its equal-weighted version, and volatility indexes continue trending higher.
Sector performance highlights defensive strength in utilities and materials, while communication services lag. Financials remain under pressure due to broker dealers and insurance stocks rather than banks. Key individual names discussed include NVIDIA, Amazon, Apple, and Enbridge. In Canada, the TSX-60 and broader ETFs bounced off support but remain vulnerable to sell signals if recent lows break. Overall, the tone remains cautious, with rising volatility and weakening leadership suggesting increased downside risk.
Stephen Whiteside
Tuesday, February 17, 2026
