Market Notebook

by Cory Haupt | Nov 23, 2025

Discussion –

PRICE ACTION:
Equity prices, as measured by the ticker SPY, and bond prices, as measured by the ticker BND, closed lower over the last week.

SPY -1.92%
BND +0.49%

TECHNICAL ANALYSIS:
SPY price appears to be trending upwards.

BND price appears to be trending upwards with the possibility of near-term price consolidation. Looking back to early September, BND prices have begun consolidating in a range-bound trading pattern.

SENTIMENT:
Negative momentum appears to be building in equity prices, as equity investors embrace fear rather than optimism. Large pullbacks in crypto prices are cooling speculative trades.

ECONOMY AND FUNDAMENTALS:
Economic fundamentals remain positive, with data suggesting the U.S. economy remains resilient. The Federal Reserve appears to be acting appropriately with two goals in mind: to keep inflation under control and support real economic activity.

All the best during the week ahead!

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Disclaimer: Nothing in this discussion should be considered investment advice. The content of this discussion is strictly my personal opinion and subject to change at a moment’s notice. Investment advice can only be provided to you by your investment professional and not by a general market discussion such as this one. If you wish to speak with an investment advisor, contact us. We can probably help.

Market Notebook

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