In Friday’s pre-market update, Stephen Whiteside reviews weekly charts and highlights major market moves. Bitcoin is the big story, down over 24% on the week after briefly falling near $60,000, while gold is up sharply but still struggling to hold above $5,000. Silver, crude oil, and natural gas are lower, with natural gas down nearly 20%. The S&P 500 and Nasdaq are under pressure, with the Nasdaq nearing a weekly sell signal, while the Dow and equal-weighted S&P remain relatively resilient. The VIX has surged nearly 25% but has not yet reached major resistance levels.
Sector-wise, software, small caps, microcaps, and Bitcoin-related stocks have been hit hard, while financials and bank stocks are holding up. Energy stocks continue to show strength despite weaker commodity prices. Canadian markets are experiencing an inside week, with gold stocks under pressure and technology stocks showing limited institutional interest. The overall tone suggests selective strength, growing volatility, and increasing downside risk in key growth sectors.
Stephen Whiteside
Friday, February 6, 2026
