This weekend update focuses on growing signs of caution beneath an otherwise resilient stock market. While the major indices are still holding up, the return of buy signals in the VIX suggests investor fear is increasing. Rising crude oil prices, driven by geopolitical instability, continue to support energy stocks, while Canadian and U.S. financials remain among the strongest-performing sectors. In contrast, gold, technology, and telecommunications continue to lag.
Attention is centered on the weakening semiconductor industry and the broader technology sector, where several leading stocks have suffered significant monthly declines. The NASDAQ remains on a daily sell signal, and SpaceX has fallen 45% from its high after an aggressive post-IPO rally. The presentation concludes by encouraging investors to closely monitor volatility, international markets, and sector rotation as markets prepare for another potentially challenging trading week.
Stephen Whiteside
Sunday, July 19, 2026
