EB Daily Market Report - Wednesday, November 12, 2025

Executive Summary

• Futures were higher overnight and our major indices gapped up at the opening bell
• Outside of the Dow Jones, however, those gains were lost throughout the trading session
• Health care stocks (XLV, +1.45%) remain hot, as do financials (XLF, +0.98%)
• 5 sectors are lower, led by energy (XLE, -1.34%); crude oil prices ($WTIC, -4.41%) are tumbling, weighing on the XLE
• Other commodities like silver ($SILVER, +5.02%) and gold ($GOLD, +2.03%) are gaining; the latter is back to $4200 per ounce
• The 10-year treasury yield ($TNX) is down 4 basis points to 4.07%
  Medical equipment ($DJUSAM, +1.09%) is threatening to clear a key 8-month resistance level - more on this below in Sectors/Industries section
• Biotechnology ($DJUSBT, +1.43%) is another health care area seeing all-time highs today
• Advanced Micro Devices (AMD, +7.79%) is the S&P 500's best performer after issuing a bullish AI forecast

Market Outlook

Transports are on the move to the upside. It's way too early to determine if this is just another head fake or not, but if this truly is the start of a lengthy uptrend, it would be quite bullish for the S&P 500. First, let's look at the Dow Jones Transportation Average ($TRAN) chart:

November absolute and relative strength are part of transports' DNA. In fact, the TRAN has outperformed the benchmark S&P 500 9 times over the last 10 years:

It'll be important seasonally for the TRAN to make a move now, because December hasn't been so kind. Instead, the end of year has typically spelled trouble for transportation stocks.

Sectors/Industries

Health care (XLV) has been hot of late and we're seeing strength in one industry at a time within the group. Today, the medical equipment group ($DJUSAM) is attempting to do something it hasn't done since March - close above 3050. Here's the current chart:

I count today to be the 15th time that the DJUSAM has traded at 3025 or above without once closing above 3050. That's the definition of very important price resistance. A breakout should be respected. There have been many medical equipment companies with strong market reactions after posting quarterly results that came in well above estimates.

ChartLists and Trading Strategies

I highlighted the breakout in the DJUSAM above, so it makes sense to point out some of the best-performing medical equipment companies. I've listed the top medical equipment companies in both the Strong Earnings ChartList (SECL) and the Raised Guidance ChartList (RGCL), in StockCharts Technical Rank (SCTR) order:

I like a number of these stocks, but AORT and A are probably two of my favorites. TXG is one of the riskiest, but also one that could make a significant upside move in coming months. It's a fast mover and could be considered by those with high risk tolerance levels.

Upcoming Earnings

We are tracking the daily Upcoming Earnings and the Weekly Upcoming Earnings Relative Strength ChartLists for Q3 earnings. They are included on our website under ChartLists. Earnings season is winding down, but we'll continue to prepare these ChartLists for the next 2-3 weeks.

Economic Reports

Economic reports due out based on government data continue to be delayed, because of the U.S. government shutdown. The House will be voting on reopening the government at 7pm ET today. If passed, it will move to the White House for President Trump to sign into law.

Happy trading!
Tom