In today’s premarket update, Stephen Whiteside discusses stock index futures trading slightly below fair value and reviews the market’s performance for the week and month. The S&P 500 and Nasdaq 100 remain under pressure, with both attempting but failing to hold recent gains. The Russell 2000 faces a potential monthly sell signal, while commodity stocks provide some upward momentum for the TSX. Crude oil remains range-bound, while gold continues its strong rally, up nearly 7% for the month. Meanwhile, the VIX indicates bullish sentiment among options traders, but broader market trends suggest caution as major indices struggle with key resistance levels.
Stephen highlights a shift in market behavior, explaining why “this time is different.” Investors are no longer buying the dips as they did in past bull markets, and key support levels have turned into resistance. He also notes that geopolitical tensions and travel advisories may negatively impact sectors like airlines and hospitality. Stocks such as FedEx and Nike are already showing weakness, while Tesla remains in a prolonged downtrend. Despite potential short-term rallies, the overall market remains uncertain heading into the weekend.
Stephen Whiteside
Friday, March 21, 2025
