Stephen Whiteside’s latest market outlook highlights growing signs of weakness across major U.S. indexes as early warning signals emerge on multiple Panic Zone charts. While the Canadian market remains relatively flat due to conflicting strength in energy stocks and weakness in mining shares, U.S. markets experienced intraday volatility with the NASDAQ leading declines. Whiteside notes that semiconductor stocks, including the SMH ETF, are showing increased downside pressure, raising concerns about a broader market pullback if support levels fail.
The video also focuses heavily on commodity and sector rotation trends. Gold, silver, platinum, palladium, and mining stocks have all shifted back to sell signals, while crude oil and energy sectors continue to show relative strength. Major technology names including Tesla, Amazon, Meta, Applied Materials, ASML, Micron, and Seagate remain under pressure, with NVIDIA earnings positioned as a key market catalyst. Overall, the analysis suggests traders should prepare for heightened volatility and closely monitor support levels and volatility indexes for confirmation of a market top.
Stephen Whiteside
Tuesday, May 19, 2026
