TSX Surges While U.S. Markets Remain Technically Weak
U.S. stock index futures were mixed heading into Wednesday, while commodities moved lower, with crude oil continuing to decline and gold slipping modestly. Several key signals remained unchanged: the USO and gasoline ETFs returned to sell signals, Canadian energy stocks generated sell signals, and U.S. energy stocks were close to doing the same. Bonds continued to strengthen as yields moved lower, while the Canadian TSX advanced sharply on strength in financials and base metals.
Gold and silver stocks remained among the strongest areas, with gold stocks up nearly 40% over the past month and silver stocks up more than 36%. The key takeaway is to protect gains rather than chase extended moves; partial profit-taking is recommended, particularly in leveraged ETFs. In the U.S., the Dow approached its upper channel but remained without a buy signal, while the S&P 500, Nasdaq and semiconductors remained below their lower channel lines. NVIDIA earnings are the major event ahead, while individual stocks such as Bank of Nova Scotia and B2Gold have also produced significant recent gains.
Stephen Whiteside
Wednesday, August 26, 2026
