Welcome to our weekly newsletter where we provide an overview of the main US and UK indices, along with analyses of selected assets that are outperforming the market.
Let’s get into this week’s newsletter!
US & UK INDICES OVERVIEW
S&P 500
The S&P 500 is proving its ability to bounce back as we move deeper into the fourth quarter of 2025. So far this year, it’s gained 12.26%. That’s a solid win for investors who lean on this index to gauge the broader market.
But like any journey, it hasn’t been all smooth sailing. November has thrown a bit of a curveball, with the index down 3.47% this month as markets take in recent economic news.
This past week was a bit choppy, with the index down 1.95%. However, Friday brought a 0.98% rebound.
Why does this matter? Well, that bounce came right at a critical support level, a signal that big institutional buyers stepped in to hold the line.
Think of these support areas as safety nets. They show where the market finds its footing.
While the weekly dip might feel discouraging, it doesn’t undo the larger uptrend we’ve been seeing. It’s just a reminder to keep an eye on these key levels.
The S&P’s all-time high of $6,920 was reached on October 29, 2025. Since then, we’ve seen some pullbacks, with price testing support around the $6,550 zone, a level that first emerged on October 10.
This area has been holding firm, and last Thursday was a perfect example. Prices dipped sharply to test that support, but buyers came in to steady things. That’s a good sign as markets often test important levels before building momentum again.
So, what’s next? The focus is on whether the S&P can hold that $6,550 support and push higher. If it does, breaking back above the all-time high would confirm that the longer-term bull trend hasn’t lost steam.
That’s the ultimate goal here, to have higher highs and higher lows, the hallmark of a healthy uptrend. For now, that structure is still intact, which is encouraging.
The S&P’s long-term bias remains upward for now, and as long as that remains true, there’s plenty of reason for optimism and opportunities.
Dow Jones
The Dow Jones Industrial Average has been taking a more steady approach compared to some of its peers this year, but the bigger picture remains positive.
So far in 2023, the index is up 8.70%. But November has been rough, with the index sliding 2.77% this month.
The overall trend still looks good. On a monthly scale, the Dow is in a bull trend, though the current pullback is something we should monitor closely.
If the dip continues, the next key support level to watch is at $45,073, which was the high in early 2024. This is a major zone where buyers might step in to stabilize things.
What’s encouraging is that the long-term uptrend is still intact. Even with this recent dip, the Dow has maintained its structure of higher highs and higher lows, a sign of strength.
Think of this phase as a breather, a consolidation period within that broader upward movement.
The focus now should be on whether the Dow can find its footing around the current levels or higher.
If we see it stabilize and start forming higher lows again, that will likely set the stage for the next leg up.
For now, keep an eye on that $45,073 level. As long as it holds, there’s reason to stay optimistic about what’s ahead for the Dow.
Remember, staying informed and paying attention to these key levels can make all the difference when navigating volatile market movements.
Nasdaq 100
The Nasdaq 100 has been the frontrunner this year, gaining over 15% so far. It’s a great example of the tech sector’s resilience, even when the broader economy is facing headwinds.
But like any market, it has its ups and downs. November has been a bit of a rollercoaster, with the index pulling back by more than 6%.
This kind of dip can feel unnerving, especially since it’s the sharpest one we’ve seen among the major indices. But it’s not entirely unexpected.
The Nasdaq is packed with growth stocks, which are known for being more volatile. I’ve learned over the years that after a strong run-up, a pullback is often just the market taking a breather.
Just last month, the Nasdaq 100 hit a new all-time high of $26,182. Since then, it has retreated to find a new floor.
The next major support level I’m watching is around $22,133, which was the high point of 2024. While that seems far off, there are likely smaller support areas along the way that could stop the slide.
So, what should you do? My advice is to watch where the price stabilizes and starts building a new base.
When you see the index holding a support level and creating higher lows, that’s often a good signal that the next upward move is beginning. A break back above the $26,182 high would confirm the bull trend is back in action.
For now, remember that the long-term trend still looks healthy. The key is to see if this is just a temporary consolidation or the start of something more serious.
As long as the price stays above those key support zones, the Nasdaq 100 is still in a good position to climb to new heights.
FTSE 100:
The FTSE 100 has been a reliable performer for UK investors this year, with the index up an impressive 16.72% year to date.
But if you’ve been watching November closely, you’ve likely noticed a bit of profit-taking after a strong rally.
The index is down 1.83% this month, which isn’t entirely surprising as pullbacks often happen after a long run of gains.
This past week brought a 1.64% decline, but Friday gave us a small glimmer of hope with a 0.13% uptick.
Why does that matter? Because that bounce came right at a key support level, it hints that buyers are stepping in to defend it.
Let’s step back for a moment. The FTSE 100 hit its all-time high on November 12, 2025, at 9,930—just shy of the big 10,000 milestone.
That round number is more than just psychological; it’s a long-term target many investors have been eyeing and a potential magnet for future momentum.
While the recent dip hasn’t derailed the broader uptrend, it’s clear the next move depends heavily on renewed buying pressure.
So, where do we go from here? The current pullback could simply be a pause, a chance for the market to catch its breath.
But it’s worth watching how price behaves at these support levels. If the uptrend resumes, that 10,000 target comes back into focus.
And if the index manages to push past it, it could open the door to more investment flowing into UK equities.
PERFORMANCE REVIEW
HCA Healthcare (HCA)
HCA Healthcare is having an outstanding year, and it’s a great example of how strong performance can stand out even in a tough market.
The stock has climbed an impressive 63.58% year-to-date, leaving broader market indices far behind.
What’s even more encouraging is that November alone added another 6.81% to those gains, showing resilience at a time when many stocks are struggling.
This past week, HCA continued its upward trend with a solid 3.88% weekly gain. Friday was particularly strong, closing up 3.09%, which signals that there’s still plenty of buying interest.
The stock has been riding the 20-day simple moving average as support, a positive sign, and it’s staying well above both the 50- and 200-day moving averages—two key indicators that show long-term strength.
If you’ve been following HCA, you’ll know the stock hit an all-time high of $417 earlier this year. Breaking above that level in September was a big moment.
After the initial breakout, the price pulled back to test $417 again, a natural move in any strong trend. What’s important here is that $417 held up as support, along with the 20-day moving average.
From there, the stock resumed its climb, forming higher highs and higher lows, which is exactly what you want to see in a healthy uptrend.
Looking ahead, the next milestone to watch is the $500 mark. That’s a psychological level where some resistance may arise. However, if this momentum continues, HCA has a good chance of clearing $500 without much trouble.
HCA is thriving during a time when the major indices are pulling back. That tells us there’s strong fundamental backing and likely some institutional support driving this.
As long as the stock keeps forming higher highs and higher lows, the path forward looks promising.
OUTPERFORMING ASSET FOR THE WATCHLIST
Eli Lilly and Company (LLY)
Eli Lilly and Company is putting on an impressive show of strength, and it’s definitely a stock that has caught my eye. Year to date, it’s already up 37.27%.
In November alone, the stock jumped 22.81%. I’ve been watching the large-cap pharmaceutical space for a while, and that’s one of the strongest monthly gains I’ve seen.
Just this past week, it continued its rally, adding another 3.36%. Trading around $1,059, it has smashed through several key resistance levels
I remember when it set its previous all-time high of $972 back in August 2024. Seeing it break convincingly above that level is a powerful signal.
A key moment for me was watching the stock break the $1,000 mark on November 11, 2025. This was a significant psychological barrier, and the fact that buyers pushed right through it showed real confidence in the company’s fundamental value and growth prospects.
Over the past year, the stock was consolidating, trading in a range between $623 and $972 from August 2024 to November 2025. This long sideways movement acted like a coiled spring, building up energy that we’re now seeing released in a strong upward move.
For support levels, the $1,000 mark is a key area to watch, with the previous high of $972 serving as another potential support below it.
As long as the stock continues making higher highs and higher lows, it still has room to grow. To be transparent, it’s not the cheapest pharmaceutical stock at this price. However, with its strong momentum and solid track record, it’s worth keeping on the watchlist.
If it pulls back to a key support level, it could be a good opportunity to invest in what appears to be a sustained uptrend for a leader in the industry.
Looking Ahead
53% of U.S. stocks are trading above their 200-day moving average, holding steady from last week. The market is currently in a correction phase, and we expect it to move higher once it bounces from support.
Keep it simple. Keep it Sublime.
The ST Team
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