The Bottom Line
Seasonal strength by North American indices from late November to early January “kicked in” last week despite limited favourable economic and corporate news. Notable was strength by the NASDAQ Composite Index on a real and relative basis (relative to the S&P 500).
Economic News This Week
U.S. September Construction Spending is released at 10:00 AM EST on Monday
November ISM Manufacturing PMI released at 10:00 AM EST on Monday is expected to improve to 49.0 from 48.7 in October
September U.S. Capacity Utilization released at 9:15 AM EST on Wednesday is expected to increase to 77.3 from 75.8 in August.
November ISM Non- manufacturing PMI released at 10:00 AM EST on Wednesday is expected to slip to 52.0 from 52.4 in October.
November Canadian Employment Report is released at 8:30 AM EST on Friday
Selected Earnings News This Week
Focus this week is on fiscal fourth quarter reports by Canada’s major banks.
Trader’s Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for November 28th 2025
Green: Increase from previous day
Red: Decrease from previous day
Source for all positive seasonality ratings: www.EquityClock.com
Commodities
Daily Seasonal/Technical Commodities Trends for November 28th 2025
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for November 28th 2025
Green: Increase from previous day
Red: Decrease from previous day
Changes last week
Links offered by valued providers
Michael Cambell’s MoneyTalks for November 29th
Michael Campbell’s MoneyTalks – Complete Show (mikesmoneytalks.ca)
Is the Santa Claus Market Rally a Myth? Bob Hoye
https://www.howestreet.com/2025/11/is-the-santa-claus-market-rally-a-myth-bob-hoye/
Why Your Portfolio Might Go Higher in December; Mark Leibovit
https://www.howestreet.com/2025/11/why-your-portfolio-might-go-higher-in-december-mark-leibovit/
Long-term uptrend due for an extended pause, says Fairlead’s Stockton on S&P 500
Long-term uptrend due for an extended pause, says Fairlead’s Stockton on S&P 500 – YouTube
The Shocking Truth About K-Shaped Wealth Gaps and Market Risk: ValueTrendCanada
The Shocking Truth About K-Shaped Wealth Gaps and Market Risk – YouTube
"Impressive" 2025: Seasonal Trends & FOMC Outlook Keep Bulls Running: Schwab Network
"Impressive" 2025: Seasonal Trends & FOMC Outlook Keep Bulls Running – YouTube
Market Strength Broadens — What’s Powering This Rally? Mary Ellen McGonagle
https://www.youtube.com/watch?v=AlPz8MgrQOo
Weekly Update with Larry Berman – November 29, 2025
https://www.youtube.com/watch?v=a6Y8qaa7WxQ
Tom Lee: “We’re Set Up for a Really Strong Rally Into Year-End”
https://www.youtube.com/watch?v=mZw9WF8YIfk
Black Friday Shoppers Prepared to Take on Debt: Martin Armstrong
https://www.howestreet.com/2025/11/black-friday-shoppers-prepared-to-take-on-debt/
Technical Notes for Friday
Steel ETF (SLX) moved above $81.22 to an all-time high extending an intermediate uptrend. Seasonal influences are favourable on a real and relative basis until February 15th See seasonality chart at www.equityclock.com
Silver iShares (SLV) moved above $49.25 to an all-time high extending an intermediate uptrend.
Wal-Mart (WMT) a Dow Jones Industrial Average stock moved above $109.57 to an all-time high extending an intermediate uptrend.
Kinross Gold (KGC) a TSX 60 stock moved above US$27.80 to an all-time high extending an intermediate uptrend.
S&P 500 Momentum Barometers
The intermediate term Barometer added 2.60 on Friday and 18.40 last week to 59.20. It remains Neutral. Daily uptrend was established.
The long term Barometer added 1.00 on Friday and gained 5.60 last week to 61.60. It changed from Neutral to Overbought on a move above 60.00. Daily uptrend was established.
TSX Momentum Barometers
The intermediate term Barometer added 1.42 on Friday and gained 17.53 last week to 71.58. It changed last week from Neutral to Overbought on a move above 60.00. Daily uptrend was established.
The long term Barometer added 0.47 on Friday and gained 4.26 last week to 81.04. It remains Overbought.
Disclaimer: Seasonality ratings and technical ratings offered in this report and at
www.equityclock.com are for information only. They should not be considered as advice to purchase or to sell mentioned securities. Data offered in this report is believed to be accurate, but is not guaranteed
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Equity Clock Publications