Global tensions and supply disruptions in oil, fertilizer, and helium are beginning to ripple through financial markets, with energy stocks rising while gold and broader equities decline. Helium shortages could soon impact semiconductor production, one of the last sectors holding up the NASDAQ, while volatility remains elevated with room to move higher.
Markets in both the U.S. and Canada are now broadly on sell signals, with major indices forming lower highs and lower lows. While conditions are oversold and a short-term bounce is possible, the overall trend remains bearish. A meaningful recovery would require a breakout above last week’s highs, otherwise rallies are likely just short covering.
Stephen Whiteside
Sunday, March 22, 2026
