52-Week Lows Explode as September Comes to an End
September ended on a broadly weak note, with the TSX 60, TSX Composite, Dow, equal-weighted S&P 500, and Russell 2000 all posting declines and several closing below the previous month’s low—a bearish chart pattern. The NASDAQ was an exception, gaining more than 3%, largely because semiconductors surged nearly 9.5%. Crude oil also rose nearly 9%, while gold fell 6.75%. Market breadth remained particularly concerning, with a dramatic imbalance between new 52-week lows and new 52-week highs suggesting the market may be approaching an oversold condition.
Heading into October, stock index futures were above fair value, but jobless claims could influence the market’s direction. The S&P 500 moved onto a sell signal, joining the equal-weighted S&P 500, while several major stocks and Canadian names continued making new 52-week lows. First Quantum suffered a sharp decline following negative news from Panama and generated a new sell signal. The overall message is cautious: despite strength in a handful of large technology and semiconductor stocks, significant portions of the market are weakening and could continue lower before a meaningful rebound develops.
Stephen Whiteside
Thursday, October 1, 2026
