Major Sell Signals Hit Banks, Nasdaq 100 and Nvidia
U.S. stock index futures are pointing lower Thursday morning, led by the Dow following weakness in Walmart, while commodities are mixed with crude oil higher and gold slightly lower. The U.S. Treasury’s intervention in the bond market was a major focus after U.S. debt surpassed $40 trillion, while the U.S. dollar continued to weaken. Bitcoin, Ethereum and other cryptocurrencies also surged following a White House meeting with crypto representatives. The VIX remains on daily sell signals, indicating relatively subdued market fear.
The technical picture has weakened in several important areas. The TSX 60, Nasdaq 100 and financial sectors are back on sell signals, with Canadian and U.S. banks experiencing significant declines and several major banks generating new sell signals. Nvidia is also back on a sell signal, while Apple has returned to a buy signal. Energy markets remain relatively firm, but natural gas lacks professional buying interest. With U.S. jobless claims due at 8:30 a.m., the report could influence Thursday’s market direction, with a modestly lower open currently expected.
Stephen Whiteside
Thursday, August 20, 2026
