EB Daily Market Report - Friday, November 7, 2025

Dear Members.

The bears are out in full force, adding to yesterday's heavy losses with all of the major indexes lower.

One could argue that a decent pullback was overdue and that the selling will help to set the market up for a rally into year end. For sure the selling has helped take some of the air out of the market and now we'll want to see how it closes and if the bulls can hold the line at an important technical level.

In the case of the S$P that key level of support is the 50 day moving average, currently at 6669. The S&P dipped below that level earlier in the session but has since moved back above.

That 50 day level is important since the last time it was below that level was in April. So you can see why holding the line is important for the bulls.

The VIX is elevated today, moving back above 20, but is well off its high of the day. So there's some indication the worst of the selling could be over. Still, we'll want to see where the S&P closes and if it holds that key 50 day moving average.

Traders have repeatedly used almost any pullback to "buy the dip." Will it be different this time or could we see additional selling? I think we'll have a better sense of that by day's end and into the beginning of next week. But it has been tough to bet against the market for quite a while now and I'm certain the bulls will make every effort to keep the momentum they have enjoyed as we move into an historically bullish time of the year.

Tom will be back with his Weekly Market Report on Monday.

At your service,

John Hopkins