In today’s stock market update, Stephen Whiteside discusses the market’s reaction to key economic events, including jobless claims, the Philadelphia Manufacturing Index, and existing home sales. The previous day saw gains in major indices, with the TSX 60 ETF re-entering a buy signal, driven by Shopify’s 8% surge. The U.S. market experienced soft buy signals across several indices, including the S&P 500 and Russell 2000, though Whiteside cautions against acting prematurely without stronger confirmation.
Sector-wise, consumer discretionary, energy, and technology led gains, with energy stocks attempting to break above February highs. Notable stock movements include Nvidia maintaining a buy signal, Ford testing key resistance, and Bank of America returning to a buy signal. Bitcoin and Ethereum approached buy signals but failed to confirm. Whiteside emphasizes patience, advising traders to wait for clear signals before entering positions.
Stephen Whiteside
Thursday, March 20, 2025
