Stephen Whiteside’s February 18th market outlook highlights mixed pre-market strength in equities and commodities alongside continued weakness in Bitcoin. The VIX is not following normal seasonal patterns and may expand into March, suggesting increased volatility ahead. The S&P 500 is holding support at the 100-day moving average, while the Nasdaq has broken lower toward its 200-day, signaling broader technical deterioration in growth stocks.
Commodities such as copper, gold, silver, and crude oil are under pressure, though energy stocks remain relatively strong. Bitcoin remains in a confirmed downtrend, with potential risk toward $50,000 if recent lows break. Bear ETFs continue to outperform, and crypto-related equities could see short-covering bounces. Technology-focused ARC ETFs remain out of favor, with most still on sell signals.
Stephen Whiteside
Wednesday, February 18, 2026
