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 still in a long-term uptrend, but November is certainly testing our patience. While the index is up a solid 14.49% for the year, we’ve seen a 1.55% dip this month as the market takes a breather.
From a bigger perspective, the support levels have been holding strong. I’ve been watching the weekly chart, and since we broke that key $6,147 level, the trend has been our friend, marching steadily upward. That said, the last few weeks have been mostly sideways, which tells me the market is consolidating before its next move.
Friday’s trading session was a great example of this resilience. The market opened down nearly a full percent, dipping below the 50-day moving average, a line that has consistently acted as a support for months. I’ll admit, it was a moment to hold your breath. But by the end of the day, buyers came back in force and pushed the price right back above that critical support line.
So, what should we watch for now? The next major hurdle is the all-time high of $6,920 from October 29th. If support continues to hold and we see disciplined buying, I believe the long-term bullish trend will stay in place, setting the stage for new highs. It’s a reminder to stay patient and trust the trend.
Dow Jones
The Dow Jones has been showing impressive strength this year, already up over 10% in 2025. What’s really interesting is that it even managed to hit a new record high this month, despite a small dip in November.
From my perspective, the situation is pretty clear, as long as the price continues to find solid support on the daily timeframe and keeps making those higher highs and higher lows, the path of least resistance is upwards.
If we see it push past that recent all-time high, that’s confirmation that this bullish trend is indeed continuing, as many of us have anticipated.
Nasdaq 100
Even with a 19.02% gain this year, the Nasdaq 100 has hit a bit of a speed bump, dipping 3.29% this November. When I first started investing, moves like this would have made me nervous. But I’ve learned that corrections are a normal part of the market’s rhythm, especially within a strong uptrend like the one we’ve seen in 2025.
Think of it as the market taking a healthy breather. From what I can see, the overall bullish structure remains intact.
My approach here is to stay the course, expecting this pullback to resolve and for the index to continue its impressive upward trend. It’s a good reminder that patience is key.
FTSE 100:
The FTSE 100 has been solid in 2025, rising an impressive 18.66% so far. But November’s performance has been more cautious, with the index dipping a slight 0.19% from last month’s close.
Right now, all eyes are on the 10,000 level, a significant psychological milestone. The index hasn’t managed to break above it just yet, and the hesitation has created a classic indecision pattern.
This could either be a brief pause before climbing higher or the start of a deeper pullback to test lower support levels.
Friday’s session, while it ended 1.11% lower, showed some encouraging signs. Buyers stepped in near the 20-day moving average at 9,695, creating a bounce off support.
This is a good signal that the bulls aren’t done yet. If you’ve followed the markets for a while, you’ll know that holding key support levels like this often sets the stage for the next move higher.
The next critical zone is the all-time high from November 12th at 9,930. A close above this level, particularly if it clears the big 10,000 barrier, would confirm the bullish momentum we’ve seen building all year. But it doesn’t have to happen all at once. Small, steady progress is still progress.
Over the past week, the index gained a modest 0.16%. Momentum may be slowing, but it hasn’t turned bearish yet. The key takeaway? Markets don’t move in straight lines. It’s natural to see some consolidation or even minor corrections along the way.
For now, focus on whether the FTSE can hold its support levels and use this as an opportunity to build strength for its next leg up. Sometimes, a little patience is all it takes to see the bigger picture come together.
PERFORMANCE REVIEW
Cardinal Health (CAH)
Cardinal Health has been a standout performer this year, with an impressive 73.65% gain so far. October was a game-changing month, with the stock jumping 21.41% as investors started seeing its true potential.
And it didn’t stop there. November has added another 7.65%, pushing the stock past the $200 mark, which had previously been a key resistance level.
For months, Cardinal Health’s stock was stuck in a range, hovering between $137 for support and $168 for resistance. Think of this as a period of quiet preparation, like gathering strength before a big move.
That all changed on October 30th, when the company’s earnings report was released. In one day, the stock surged 15.32%, breaking out of its range and signaling something big was happening.
Since then, the stock has been on a clear upward path. This kind of steady, strong movement often points to institutional investors backing the trend, a sign of confidence. Now, $200 is shaping up to be a new support level, which is both a psychological and technical win.
For investors, the setup here is encouraging. Even though the stock has climbed steadily, there’s always the possibility of a pullback to support. That could be an opportunity to enter before the next leg higher.
If you’re following Cardinal Health, keep an eye on how the stock behaves around $200. Pullbacks can often be a healthy part of a long-term uptrend, and this stock’s recent performance suggests it has room to grow.
OUTPERFORMING ASSET FOR THE WATCHLIST
Cencora (COR)
When you look at the healthcare sector, Cencora really stands out, much like Cardinal Health. It’s racked up an impressive 61.09% gain this year, with November alone adding a solid 7.14%. This isn’t just a fluke; it shows Cencora is pushing ahead while many other stocks are just treading water.
But it’s not just the gains that catch your eye, it’s Cencora’s sheer consistency. Once it cleared that $309 mark back in October, it just kept climbing, straight up, with hardly a pause.
Drilling down to the weekly chart, you can see a real sense of discipline in its movement. It’s consistently charting higher highs and higher lows, always staying above its 50-week moving average. Even when it takes a rare dip below, it tends to bounce back strong within a couple of weeks, resuming its upward trajectory.
This past week, we saw a small gain of 0.34%, enough to keep that positive momentum rolling. Yes, Friday ended with a slight dip of 0.96%, but from a pragmatic view, this looks like normal profit-taking, a healthy pause within a powerful uptrend, not a sign of trouble.
Looking at the daily chart, all the moving averages are perfectly lined up, signaling a strong bullish trend, with the price comfortably above the 20, 50, and 200-day averages. What we’re patiently waiting for now is that ‘healthy pullback’ to support. This isn’t a bad thing; it’s actually a confirmation that the next leg higher will be sustainable. Once we see that dip, and the stock bounces back, a break above its previous high would be the clear signal that Cencora is indeed ready for its next impressive move up.
My experience tells me that healthcare stocks like Cencora and Cardinal Health, which are clearly outperforming the general market, often continue to show that strength when the broader market finds its footing again. So, as we head into the end of 2025, these are definitely the stocks you’ll want to keep a close eye on.
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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