Thursday delivered extreme volatility across North American markets, with major tech stocks — especially NVIDIA — leading the downturn and putting pressure on the broader indices. The S&P 500, Nasdaq, Russell 2000, semiconductors, and financials all approached or generated new sell signals based on Thursday’s close. Bitcoin also continued its sharp decline, breaking key support levels and dragging crypto-related equities lower. While U.S. markets saw heavy selling, the Canadian market held up relatively better thanks to its emphasis on banks and commodities rather than large-cap tech.
A few pockets of strength emerged, notably consumer staples driven by Walmart’s move to the Nasdaq and outperformance in Dollarama. Meanwhile, health care, biotechs, and pharmaceuticals remained stable. Energy reversed onto a sell signal, gold stocks rolled over, and materials, real estate, and cannabis stocks hit new lows. Despite the bearish tone, members using bear ETFs or short positions performed well under the current market conditions.
Stephen Whiteside
Friday, November 21, 2025
