Technically Speaking – November

December 4, 2025

Long Term Resistance SP500:  6920

Long Term Support SP500:   6550 then 6350

The markets had a volatile November, with tech taking the biggest hit. The NASDAQ finished the month down about 1.5%, while the equal weighted S&P 500 finished the month up about 2%. The tech heavy NASDAQ is still leading the way for year, up about 21%, and the equal weighted S&P 500 is still lagging behind, up about 9% for the year. But what November showed us is that investors have begun taking some profits from the tech sector and finding other sectors to invest in. Value stocks have become more attractive to many people who are getting nervous with the tech valuations. Investors are still focused on the Fede and what they will say at their meeting this month. If the Fed decides to cut rates again this month and also has a dovish outlook for 2026, then you could see investors pour money back into tech and small cap companies. If the Fed has more of a hawkish tone going into 2026, then you could see investors remaining cautious with tech and finding opportunities in other sectors.

I still see the long-term resistance for the S&P around 6,920. If the S&P breaks through this resistance, we could see the S&P reach 7,000 for the first time. If investors turn bearish then we could see the S&P drop to 6,550 and if it drops through that support level, then we could see the S&P drop to around 6,350. I am still cautiously optimistic as I look at what the Fed has to say coming into the end of the year. There are always buying opportunities to find in the markets. However, it is not a bad time to slowly raise some cash, as we end the year, from sectors that have exceeded expectations during 2025.