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This weekend update warns that escalating global conflict in the Middle East and expanding trade tensions are creating major risks for the global economy and stock markets. Shipping disruptions in the Strait of Hormuz and Red Sea threaten oil, fertilizer, helium, and semiconductor supplies, potentially triggering a severe global recession. Rising tariffs and commodity shortages could worsen manufacturing slowdowns and accelerate inflation.

The stock market outlook remains bearish as the VIX continues rising and major U.S. indexes remain on weekly sell signals. The Magnificent Seven are now leading markets lower, institutional stress is growing, and the Japanese carry trade and Middle Eastern investment flows are fading. Commodity-heavy Canadian markets may outperform the U.S., but the overall outlook suggests continued downside risk and the need for strong portfolio protection.

Stephen Whiteside

Markets are set to open lower Friday as futures decline and volatility stays elevated. The VIX continues rising week-over-week, signaling persistent market pressure. While commodities are strong and may support Canadian equities, rising bond yields and oil prices are creating headwinds for U.S. stocks.

Most major indexes remain in downtrends with new lows appearing in the NASDAQ and large-cap tech. Energy and gold stocks remain resilient, while bonds continue to fall. The market is still trading within a defined range and needs a clear breakdown to signal the next major move.

Stephen Whiteside
Friday, March 27, 2026

In this pre-market update, Stephen reviews futures trading lower and commodities mixed before key jobless claims data. Despite multiple technical buy signals across sectors, the VIX remains elevated and the market is still in a trading range, prompting a cautious approach.

Materials, consumer discretionary, and select financial and airline stocks showed strength, while energy and communications lagged. The main takeaway is to reduce risk, avoid going all-in, and consider only small positions until stronger trend confirmation appears.

Stephen Whiteside
Thursday, March 26, 2026

Pre-market activity points to a higher open as falling crude oil prices boost equities, while gold continues to climb. However, caution remains after major indices showed weakness on Tuesday and volatility increased. A breakout above recent highs is needed to confirm a shift in market direction.

Meanwhile, the bond market selloff persists, driving yields higher and signaling that interest rate cuts may be delayed. Energy stocks are ლიდing, while copper and mining stocks lag. Traders are closely watching whether the market can build momentum or resume its downward trend.

Stephen Whiteside

Wednesday, March 25, 2026

Markets reversed sharply on Monday after early weakness, triggered by aggressive short selling in crude oil and buying in equities just before a major news catalyst. This led to a powerful short covering rally, pushing indices higher by the close.

However, the rally lacked strength beneath the surface. Key indices failed to break above resistance levels, forming negative chart patterns. While Canada showed relative strength, the broader market trend remains downward, with caution dominating sentiment.

Stephen Whiteside
Tuesday, March 24, 2026

Global tensions and supply disruptions in oil, fertilizer, and helium are beginning to ripple through financial markets, with energy stocks rising while gold and broader equities decline. Helium shortages could soon impact semiconductor production, one of the last sectors holding up the NASDAQ, while volatility remains elevated with room to move higher.

Markets in both the U.S. and Canada are now broadly on sell signals, with major indices forming lower highs and lower lows. While conditions are oversold and a short-term bounce is possible, the overall trend remains bearish. A meaningful recovery would require a breakout above last week’s highs, otherwise rallies are likely just short covering.

Stephen Whiteside
Sunday, March 22, 2026

Triple witching Friday arrives with less volatility than in the past, as market participants position themselves ahead of time. Futures are modestly lower and the VIX remains elevated, reflecting uncertainty. Commodities are mixed, with oil pulling back and gold attempting a modest rebound after recent losses.

The broader market remains in a defensive posture, with multiple indexes on weekly sell signals and hovering near critical support levels. Energy stocks continue to outperform, while gold and mining sectors show significant weakness. Investors are closely watching whether key support levels hold or break.

Stephen Whiteside
Friday, March 20, 2026

Markets are relatively quiet in the pre-market, but commodities are seeing significant volatility, with oil moving higher and gold dropping sharply by over $200. Silver is under even more pressure, highlighting broad weakness in precious metals. Major index ETFs remain near recent lows, with the Dow breaking below both support and its 200-day moving average, while the S&P 500 tested key support and the NASDAQ continues to trade within a range.

Sector performance remains mixed, with energy stocks showing resilience despite broader market weakness, while financials and metals stocks continue to struggle. Bond prices are falling, pushing yields higher, and volatility is rising but not yet signaling a clear market bottom. Overall, markets remain range-bound, with traders watching closely for a breakdown in the NASDAQ as a potential bearish signal.

Stephen Whiteside

Thursday, March 19, 2026

Markets are positioning ahead of the Federal Reserve announcement, with futures pointing higher but little conviction overall. The key driver today will not be policy changes, but the Fed’s tone, which could spark increased volatility later in the day. The VIX declined slightly, signaling short-term support for equities, though not enough to confirm a strong bullish outlook.

Indexes like the S&P 500 and Nasdaq are hovering around important price targets, while bank stocks and financials are attempting to move higher. Airline stocks are showing resilience despite energy concerns, and commodities remain largely under pressure. Traders are watching for end-of-day confirmation to determine the next market direction.

Stephen Whiteside
Wednesday, March 18, 2026

Tuesday’s premarket action remained subdued, with slight weakness in futures and strength in commodities. Monday’s gains failed to push major indexes beyond key price targets, suggesting the market is pausing ahead of the Federal Reserve meeting. Volatility is expected to increase midweek as traders await clearer direction.

Financial stocks edged higher, with select names approaching potential buy signals, while airline stocks rallied but remain in broader downtrends. The Magnificent 7 continues to show indecision, with some stocks reversing recent weakness. Meanwhile, select stocks like MicroStrategy and Arm Holdings displayed notable movement, though overall market trends remain unchanged.

Stephen Whiteside
Tuesday, March 17, 2026