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Todayβs Summary
Thursday, November 20, 2025
Indices: Dow -0.84% | S&P 500 -1.56% | Russell 2000 -1.82% | Nasdaq 100 -2.38%
Sectors: The only positive sector was Consumer Staples, gaining +0.72%. Tech lagged, dropping -3.14%.
Commodities: Crude Oil fell -1.09% to $58.76 per barrel. Gold inched higher by +0.15% to $4,083 per oz.
Currencies: The US Dollar Index rose +0.11% to $100.22.
Crypto: Bitcoin dropped -5.38% to a six-month low of $86,537. Ethereum slid -6.37% to a four-month low of $2,831.
Volatility: The Volatility Index saw its third double-digit gain this week, spiking +11.67% to its highest close since April at 26.41.
Interest Rates: The US 10-year Treasury yield dropped to 4.086%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
π Today's Chart of the Day was shared by @SubuTrade.
- The S&P 500 opened higher by +1.4% today as $NVDA initially jumped following last nightβs earnings report. However, it violently reversed, finishing down more than -3.2% for its worst day since last Thursday.
- According to @SubuTrade, bearish reversals of this magnitude are extremely rare, with just two prior examples since 1957, both occurring this decade in April 2020 and April 2025.
- Forward returns were positive across the board in both cases, but drawing firm conclusions is tough with only two data points. Context matters, and both cases occurred shortly after sharp, bear-market-sized drawdowns. This time, $SPX is only -5.1% off record highs.
The Takeaway: The S&P 500 logged one of the sharpest bearish reversals in its history today, gapping higher by +1.4% before closing lower by -3.1%. While forward returns were bullish in the two prior cases, the market backdrop was very different from the βmax painβ weβve seen so far this time around.
Quote of the Day
"At its root, risk is about mystery. It focuses on the unknown, for there would be no such thing as risk if everything were known."
- Peter Bernstein
Top Links
SMH 2025 vs. 2021 - CappThesis
Frank Cappelleri examines the outlook for the Semis ($SMH).
Leadership Just Lost Its Grip - The Daily Number
Grant Hawkridge looks at the continued deterioration in market breadth.
The Glitch - Not Financial Advice - The Rotation Report
Aaron Jackson discusses today's reversal and what stood out.
This Time Is Different - TrendLabs
JC Parets highlights a few notable differences between the dot-com bubble and today's market environment.
Top Tweets
