Markets Hit New Highs as Key Resistance Levels Approach
U.S. and Canadian markets remain firmly positioned at or near record highs, with the Canadian market, S&P 500 and Vanguard Total Market ETF making new highs. The Nasdaq 100 is also advancing, while energy stocks are among the strongest performers as crude oil has gained nearly 6% on the week. The VIX remains subdued, suggesting options traders continue to have confidence in the market. Semiconductors are higher but have not yet generated a new weekly buy signal, while bonds and gold remain relatively quiet.
The broader message is that the market trend remains positive, but several key areas are approaching resistance. Bitcoin continues to struggle below its 50-day moving average and the FlyPaper Channel, with $62,500 identified as important support and $75,000 as a potential upside target if the July high is broken. Among major ETFs, Canadian financials and telecoms are showing strength, while U.S. indexes continue testing higher targets. Overall, Friday’s market is expected to open quietly, with traders watching key resistance and support levels for the next directional move.
Stephen Whiteside
Friday, August 14, 2026
