In Friday’s pre-market update, Stephen Whiteside from TheUpTrend.com reported mixed U.S. index futures, with the Dow leading ahead of July retail sales data. Weekly performance showed the Dow up 1.64%, the S\&P 500 and Nasdaq following, while marijuana stocks surged nearly 32% and cloud computing slipped. Crude oil is up for the week, gold remains in its trading channel, and silver is showing relative strength despite both metals being down. Canadian banks led Thursday’s market, with National Bank showing strong momentum similar to Broadcom. The VIX remains near multi-month lows, signaling bullish conditions, though nearing its historical floor around 12.50.
Cryptocurrencies saw potential reversals, with Bitcoin hitting resistance at 125 before a bearish reversal, and Ethereum failing to reach 5,000. Several crypto-related stocks showed mixed signals, with Hut 8 Mining hitting new highs and Coinbase still on a sell signal. The Magnificent Seven stocks are all back on buy signals, including Amazon and Tesla, which is consolidating at key resistance. Broadcom remains strong, while Shopify may pull back to fill a gap. Whiteside noted that retail sales data could shift market direction, but Friday’s early trading was quiet, and he will return Sunday with a weekly chart review.
Stephen Whiteside
Friday, August 15, 2025
