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

With the market closed on Thursday for the holiday and a shorter session on Friday, this past week was quieter than usual. Still, the markets are showing good signs of recovery as we wrap up November.

If you’ve stayed invested throughout the year, you’ve likely seen some steady gains. The S&P 500 is up 16.45% year to date, which is great to see despite the ups and downs we’ve experienced.

November itself was a bit flat, but last week gave us a nice 3.73% gain, showing that the market is bouncing back from its recent dip.

So, what should we be looking for? The key level to watch is the all-time high of $6,920, set in October. During the pullback in November, we saw support hold strong at $6,550. This is a good sign and it tells me that buyers are still confident and ready to step in.

My strategy here is to watch for a clear break above that $6,920 high. If we see the market close above that level, it’s a strong signal that the upward trend is likely to continue.

This could set us up for more gains as we head into the end of the year.

Dow Jones

The Dow Jones Industrial Average has been making steady progress this year with a year-to-date gain of 12.16%. While November wrapped up with an indecision candle, it still managed to post a 0.32% gain for the month.

That’s not bad, especially considering a shortened trading week and some ongoing market uncertainty.

Much like the S&P 500, the Dow faced a correction in November before finding its footing and recovering back to its earlier levels.

Right now, the momentum is pointing up, which is a good sign as we head into the new week.

If the index can push past its all-time high of $44,431, set earlier this month, the next big milestone to watch is the $50,000 mark, a key psychological level for investors.

What’s encouraging is that the technical setup looks solid. Even with a cautious close in November, the bounce from support levels and current upward trend suggest that investors, particularly institutions, remain optimistic about blue-chip stocks as we approach year-end.

It’s not flashy or headline-grabbing progress, but this kind of steady growth can be exactly what keeps portfolios moving in the right direction.

Nasdaq 100

The Nasdaq 100 is leading the way among the major indices, up 21.05% year to date. That premium over the S&P 500 and Dow reflects the continued strength in technology names, even as the sector has experienced its share of volatility throughout the year.

November closed as a reversal candle with a bearish body, mirroring the pattern we saw in the S&P 500 and Dow Jones. The index is still working to break above its all-time high of $26,182, which was set in October.

The recovery from the recent correction is encouraging, and if the Nasdaq can push through that resistance level, we should see the year-to-date gains accelerate further.

The pattern here is consistent with the other indices, showing a November correction followed by recovery, with momentum now building to the upside.

For investors focused on growth and technology, the Nasdaq’s leadership position among the major indices remains intact.

The key now is watching whether that all-time high gives way, which would likely signal renewed confidence in tech names heading into 2026.

FTSE 100: 

Even with all the attention on the big gains in the US markets, it’s worth noting what’s happening with the FTSE 100 over in the UK.

It’s had a solid year, posting an 18.93% gain so far. For anyone invested in the UK market, that’s a respectable return.

November was pretty flat, with the index only adding 0.03%, which seems like it was just taking a breather after its recent run-up.

The weekly chart shows a more encouraging picture. Last week saw a strong 1.9% gain, which helped offset some of the recent dip. Friday also ended on a positive note with a small 0.27% gain.

So, what should you be watching for? The big number is 10,000. It’s a huge psychological milestone, but it’s also a technical resistance level that could be tough to break.

Before we even get to that, the first step is to get past the high of 9,930 from November 12th. If the FTSE can break and stay above that level, and then push through 10,000, it would be a strong signal that the upward trend is continuing.

It’s also encouraging that during the small dip between November 19th and 20th, support levels held strong.

This created a solid base for the current recovery. My approach is to be patient and let the index continue to climb at its own pace.

PERFORMANCE REVIEW

Apple (AAPL)

Apple is showing us why it’s a staple in so many investment portfolios. But as many of us know, holding this stock requires a good deal of patience.

It’s known for its deep corrections and long periods of going sideways. So far this year, Apple is up 11.35%, and it had a solid 3.14% gain in November alone.

Let’s look at what happened. The stock broke out in October, climbing past its previous all-time high of $260. November continued that momentum, setting a new record and doing better than the broader market.

That $260 level was a tough ceiling since December 2024. I remember watching it drop to $169 in April 2025 before it started to climb back. That was a 203-day stretch of just moving sideways, a classic Apple move that can test your resolve.

If this upward trend continues, the next major milestone to watch is the $300 resistance level. Both the weekly and daily charts are looking positive right now, with the price staying above key support levels.

The big question for us as investors is whether we are heading into a strong uptrend like we saw from 2019 to 2022, or whether we should brace for another one of those deep pullbacks.

Either way, breaking out above $260 is a great sign if you’re in it for the long haul. It’s a good reminder that patience with a solid company often pays off.

OUTPERFORMING ASSET FOR THE WATCHLIST

Cencora (COR)

Cencora’s performance this year has been nothing short of impressive. It’s the kind of steady, strong trend that often goes unnoticed until it becomes impossible to ignore.

So far in 2023, the stock has climbed 64.2%, significantly outpacing broader market indices. November was a standout month, with a 9.21% surge that propelled the stock to new record highs.

In fact, Cencora has been building momentum since September, stringing together three consecutive months of gains.

If December follows suit, we might see the stock push toward the $400 mark, which is a key psychological milestone.

Here’s what makes this run particularly unique: the stock broke out of a 106-day consolidation pattern on October 8th and hasn’t looked back since.

It hasn’t even dipped back to touch its 20-period moving average, which speaks to the strength of its momentum.

If you’re watching closely, the $377 level from November 25th is an important resistance point. A break and close above that could confirm the next leg of the rally.

However, realistically, stocks don’t move up in a straight line forever. The weekly chart showed a small 0.89% gain, but also a reversal candle with a long wick, hinting at some hesitation toward the end of the week.

That’s worth keeping in mind as you look ahead. It’s normal to see some back-and-forth action, and in many cases, this can present opportunities.

Looking Ahead

57% of U.S. stocks are now trading above their 200-day moving average, an increase from 53% last week. The market is recovering from its correction phase, and we anticipate further growth as momentum continues to build.

Keep it simple. Keep it Sublime.

The ST Team

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