Stephen Whiteside reviews Thursday’s pre-market action, noting stock index futures and Bitcoin trading above fair value while gold and crude oil are lower. Energy stocks in both Toronto and New York hit upside price targets, while metals remain in holding patterns with gold, silver, and platinum still lacking confirmed breakouts. Bitcoin and Ethereum show minor pre-market strength, but no trend changes are expected. Meanwhile, the VIX remains elevated even as the Dow makes new highs, signaling continued concern among options traders.
In Canada, Shopify caused major volatility, reversing sharply after testing resistance, impacting the TSX and technology ETFs. Financials pulled back but remain above key levels. In the U.S., major indices continue struggling with significant resistance levels—S&P 500 near 7,000, Nasdaq near 617, and Dow Transports at 20,000. Several high-profile stocks including NVIDIA and Amazon remain stuck at key psychological levels. Elevated volatility persists, with traders cautious despite attempts at upward momentum.
Stephen Whiteside
Thursday, February 12, 2026
