Technical Notes
Weakness by the S&P 500 Index triggered a spike in the VIX Index ($VIX) to an eight month high at 28.18%.
The spike in VIX reflected a move by the S&P 500 Index ($SPX) below intermediate support at 7,507.77 and by S&P 500 SPDRs (SPY) below $747.47
The drop by the S&P 500 Index was triggered primarily by technical weakness in the technology sector. Technology SPDRs (XLK) dropped below $166.27 setting an intermediate downtrend. Semiconductor ETF (SMH) dropped below $503.63 completing a double top pattern. Technology stocks breaking support setting/ extending intermediate downtrend included Nvidia (NVDA) on a move below $189.59, Micron (MU) on a move below $68.16, Palo Alto (PANW) on moves below $334.75 and $321.39, Advanced Micro Devices (AMD) on moves below $440.50 and $424.03. Crowd Strike (CRWD) on a move below $221.36, Lam Research (LRCX) on a move below $193.74, Microchip Technology (MCHP) on a move below $68.75, Oracle (ORCL) on a move below $114.08, MongoDB on a move below $300.00 and ON Semiconductor (ON) on a move below $65.80
Bucking the trend extending intermediate uptrends were Starbucks (SBUX) on a move above $109.88, Mondelez (MDLZ) on a move above $68.16 and Duke Energy (DUK) on a move above $131.49 and $132.18.
Trader’s Corner
Equity Indices and Related ETFs
Commodities
Sectors
Links offered by valued providers
What’s the S&P 500 Signaling Under the Surface | Market Snapshot, November 2026
What’s the S&P 500 Signaling Under the Surface | Market Snapshot, November 2026 – YouTube
Market Call: Jeff Parent’s outlook on Technical Analysis (Nov. 5, 2026)
Market Call: Jeff Parent’s outlook on Technical Analysis (Nov. 5, 2026) – YouTube
What 40 Years of Data Say after a 13% Nasdaq Drop: TastyLive
What 40 Years of Data Say After a 13% Nasdaq Drop – YouTube
S&P 500 Momentum Barometers
The intermediate term Barometer plunged 9.20 to 62.60. It remained Overbought.
The short term (20 days) Barometer plunged 10.20 to 65.00. It remained Overbought.
The long term Barometer plunged 7.80 to 61.20. It remained Overbought.
TSX Momentum Barometers
The intermediate term Barometer dropped 4.89 to 49.07. It remained neutral.
The short term (20 days) Barometer dropped 7.65 to 54.21. It changed from overbought to neutral on a drop below 60.00.
The long term Barometer dropped 5.34 to 51.40. It remained neutral.
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