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🚨Tech Stumbles, Markets Hold the Line — Here’s What Really Happened

SPX fights to stay above support as breadth sinks and AI names wobble. Your full weekly breakdown inside.

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Humbled Trader
November 23, 2025

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Markets bounced today on improved hopes for a rate cut, but the week is still on track for a loss (~1.3%) as selling pressure hit tech & AI names. The major indices closed below their 50-day SMAs for the first time since April.
Despite a strong earnings beat from NVIDIA Corporation, investors were more concerned about debt-financed AI build-outs and stretched valuations.
Economic data resumed after the U.S. government shutdown, but the labour market remains patchy and breadth has deteriorated.

‎TLDR Stock Market Weekly Update - Nov 21, 2025

📉 Market Trends

  • Tech & AI under pressure as “over-investment” concerns surface despite strong earnings.

  • Renewed rate-cut hopes spurred today’s intraday recovery (NY Fed President’s dovish commentary).

  • Market breadth hit multi-month lows (S&P, Nasdaq, Russell) as fewer stocks are rallying.

đź“Š Technical Levels & Market Signals

  • S&P 500 (SPX): Broke below its 50-day SMA — a notable shift in trend behaviour. Found near-term support at the 100-day SMA during today’s rebound. Technical translation: Intermediate-term still bullish (trend intact), but near-term cautious/tentative.

  • Nasdaq Composite (COMP): Heavy tech weighting means much of the weakness is tech-driven. RSI and momentum signals are showing signs of strain — consolidation is likely.

đź’° Economic Data, Rates & the Fed

  • The labour market remains murky post-shutdown: mixed signals from Non-farm Payrolls and other reports.

  • Fed outlook: market still sees rate cut possibility, but probabilities have fallen — data dependency emphasized.

  • Treasury yields are slightly lower today but remain range-bound amid uncertainty.

  • With data lagging (shutdown impact), the Fed faces a “data desert” going into year end.

🏛️ Cryptocurrency News

  • Crypto markets remain under pressure alongside tech weakness; risk asset flows are cautious.

  • Safe-haven flows may benefit gold or other non-tech assets in the near term.

Sources: Charles Schwab

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đź“… Coming up next week…

Economic Events:

  • Tue (11/25): Consumer Sentiment, Durable Goods

  • Wed (11/26): Trade Balance, GDP (Advanced)

  • Thu (11/27): U.S. Markets Closed – Thanksgiving

Notable Earnings Reports:

  • Mon (11/24): ZM, SYM

  • Tue (11/25): BABA, NIO, ANF, BBY, DELL, ADSK, AMBA, CLSK

Sources: Earnings Whispers, Charles Schwab

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ROST $174

  • Stock is gapping up and holding new all-time highs after beating Q3 earnings and raising its next quarter guidance.

  • Leaning cautiously bullish on this name, and looking to join the trend to the upside if it can hold the $167s intraday breakout level on the daily.

  • The stock had held up well during last week’s market pullback. If it can hold, said KL, I am interested in joining the dips for a steady trend to the upside.

  • This is purely a technical swing trade and day trade idea.

  • Position Disclosure: No position

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SNDK $200.27

  • This name had an impressive rally on momentum for the last two months.

  • With the recent market pullback, it has retraced some of its gains, breaking below both EMAs and now reaching the $185-195 daily support area.

  • I think short-term, we could see a technical bounce to retest the $220s area.

  • The KL to watch is the previous support around the $185-195s area. If this swing low holds up and closes green, I will look for an entry ride the short-term bounce higher.

  • However, if next week market weakness remains and this stock cracks below $185, it’s no longer a valid short-term long idea.

  • This is purely a technical day trade idea.

  • Position Disclosure: No position

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META $594.25

  • The stock had sold off after the recent earnings report and cracked below the 200SMA on the daily. This was a retracement of around 20%.

  • I think the stock may still have another leg down to flush out more buyers. I do not want to try to time the bottom, but I am watching this daily for a strong reversal signal.

  • The KL I am watching at the moment is the $587 weekly support area. If the stock can form a few strong green days and reclaim over $600. I’m interested in joining the technical bounce to the upside towards $620, $640, or higher.

  • This is a technical swing trade for me. However, if it keeps failing $600 and cracks below $580, the technical bounce thesis is no longer valid. The stock would have more downside towards $560s.

  • Position Disclosure: No position.

🗞️ Market movers you might’ve missed:

- Gap Inc. ($GAP) Gap Jumps On Q3 Beat, Higher FY25 Sales Outlook.
- How we traded: Backside Long Strategy

- Alphabet Inc Class A ($GOOGL) Berkshire reveals $4.3B stake in Alphabet.
- How we traded: Gap Up Reversal Long Strategy

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