In Monday’s pre-market update, Stephen Whiteside notes stock index futures trading below fair value, Bitcoin falling under $70,000, and gold pushing back above $5,000. While the Dow surged to the 50,000 milestone for the first time—boosted by an 8% rally in NVIDIA and strong gains in Caterpillar, 3M, and Amgen—the S&P 500 and Nasdaq failed to generate new buy signals. Much of Friday’s sharp rally appeared to be driven by short covering rather than fresh institutional buying.
Despite bullish closes above the previous day’s highs for the S&P 500 and Nasdaq, key indexes remain below recent highs and within prior trading ranges. The VIX pulled back but remains elevated, signaling continued options market concern. Strength in transports and energy stocks has helped support the broader market, while most Magnificent Seven stocks showed limited follow-through outside of NVIDIA. Traders are watching key technical levels closely for potential breakout signals.
Stephen Whiteside
Monday, February 9, 2026
