EB Daily Market Report - Wednesday, November 5, 2025

Dear Members:

A brief update today as Tom is closely monitoring the plethora of earnings reports that have taken place or are about to come.

The bears were feeling good yesterday, then today came, and the bulls said yesterday's selling was enough with all of the major indexes higher.

If you look at the charts of the major indexes you will see they held perfectly where they needed to, all bouncing as they approached their respective 20 day moving averages. This doesn't mean we couldn't see some additional profit taking but we can see that the bulls will do what they need to do to keep the momentum going.

Interestingly, today's move higher comes in spite of government bond yields moving substantially higher off of recent lows indicating the Fed might be more reluctant to lower rates as aggressively as traders would like to see. So we should at least keep this in mind; i.e., will traders see this as a negative development?

The current range on the S&P is quite clear; 6920, the most recent high to the upside and 6772, the 20 day, to the downside. We could easily trade between these levels until something develops that might give traders additional clues as to near term direction of the market.

Tom will be back with his Daily Market Report tomorrow.

At your service,

John Hopkins