Technical Assessment: Bullish in the Intermediate-Term

Argus

•

Nov 28, 2025

Technical Assessment: Bullish in the Intermediate-Term

Summary

While many will be loosening their belts as they head to the malls on Black Friday, the stock market will finish November at 1:00 p.m. EST while the bond market will close at 2:00 p.m. That means an early curtain call for those at the office (or working from home) and less time for the major indices to accomplish another milestone. The S&P 500 (SPX) needs to close up 27.60 points to finish the month in the green and to bring the winning streak to seven straight months. The last seven-month streak occurred from February through August of 2021. The Nasdaq needs to tack on 511 points to make it eight consecutive months higher, while the Nasdaq 100 (QQQ, 614.27) has to rally by 15 points to achieve eight months. The majors have all ripped higher for four straight days, with the SPX popping 4.2%, the Nasdaq surging 5.2%, and the QQQ rebounding 4.9%. On Wednesday, the three indices all rallied to back above their 21-day exponential and 50-day simple averages, while the Nasdaq and the QQQ stopped right at a 61.8% retracement of the recent pullback. The SPX has bullishly exceeded this key retracement region. Market breadth remains strong, with the four-day average of NYSE advancers/