Near-term US Equity trends are bullish, and despite Thursday’s minor setback, I don’t think much can be made of the selling pressure technically. My thinking is that AMZN’s strong results, along with a possible strong result out of AAPL, might help this market show further gains into early to mid-November before additional consolidation plays out. Despite the lagging in quite a few of the major sectors, until there is sufficient evidence of Technology having peaked out, then expecting this week’s minor pullback might not work out as planned for Market bears. Overall, I am expecting that US stock indices have entered a much choppier trading environment between now and the end of November. Thus, initially, I would suspect a potential push back to highs if AAPL and AMZN can both deliver on earnings. However, I continue to feel like SPX-6950 appears like a poor risk/reward at a time when breadth has been waning in recent months.
Bottom line, until/unless SPX-6550 is broken, any minor setback shouldn’t prove too serious just yet and should offer attractive opportunities to buy dips.
Overall, despite Thursday’s pullback from the highs of this channel, I think it’s difficult to expect that too much damage has been done, and it very well could prove to be the case that the first pullback remains buyable.
Most of this optimism stems from the fact that charts of NVDA 3.04% and AAPL 1.03% remain in great technical shape, and AMZN 0.18% and NFLX -3.20% ’s after-hours rallies very well could serve to help Technology push even further to the upside.
Specifically, I don’t expect that ^SPX breaches 6764 on this first pullback from Wednesday’s highs (10/29) and then attempts to rally back to highs. This area lines up with former early October highs and should offer support on this week’s weakness.
If NVDA 3.04% were to begin to show more pronounced weakness along with AAPL 1.03% and Technology makes a larger breakdown, then it would be prudent to start discussing a larger selloff. At present, that hasn’t happened yet, so this minor weakness should initially prove buyable.
S&P 500 Index
AMZN gaps higher out of its triangle post earnings on Thursday
While it’s always important to wait until the details of the earnings call have been released, the early gap higher in AMZN 0.18% post earnings on Thursday seems quite bullish technically.
AMZN 0.18% ’s 3Q earnings came in at $1.95 vs. the consensus of $1.56, and Cloud computing grew much faster than expected.
The stock has largely proven to be a laggard in trading for most of 2025, trading within a large triangle pattern. This might be changing if AMZN 0.18% can manage to hold its after-market gains, which have carried the stock up to $244.
Initial resistance lies near $260, but I suspect this will be exceeded as AMZN 0.18% could eventually push higher to $321.
Overall, tomorrow (Friday, 10/31/25) will confirm whether this stock can show similar gains on its trading day. If this does happen, it represents a very bullish breakout from a consolidation pattern that has been in place since February.
Amazon.com, Inc
META breakdown is likely something that bounces in the short term, but it has its work cut out for it
Following the early gap-down in META -1.80% which nearly reached the 50% retracement of the April-August advance ($640 is an important level) the shares bounced over $16 off the lows to close nearly unchanged from its opening price of $669.15.
I expect that this might reach $700 without too much trouble before it finds resistance, and above $700 might allow for $720-$730. However, this was a rather violent high-volume breakdown, so it’s not wrong to say that in the short run, META -1.80% is not as attractive technically as MSFT -1.17% , or NVDA 3.04% , or GOOGL 4.04% .
However, I do expect that an eventual move back to highs is possible into Year-end. However, I just cannot make the comment that it should happen right away. Initially, a rally is likely over the next week (or two) and then some additional selling likely plays out in November. Additional support levels under $650 lie at $640 and then $602.50.
Meta Platforms, Inc
AAPL’s results seem to be largely in line, outside of weaker China data
AAPL’s earnings failed to cause much movement in the stock as of post Thursday’s close, and the stock as of 4:35 pm EST was trading $272.02 vs. a Thursday close of $271.40
Their 3Q revenue came in at the highest ever despite some weaker-than-expected data out of China. However, despite a lack of volatility post earnings, it’s important to note that the stock has already broken out back to new all-time highs, which happened back on 10/20/25.
Thus, I tend to view the “lack of an earnings disaster” to be a big positive for AAPL 1.03% , which currently represents more than 6% of ^SPX.
A push up to $280-$283 looks likely for AAPL 1.03% , and my view is that the combination of AMZN 0.18% , NFLX -3.20% , and AAPL 1.03% data likely can help ^SPX stabilize and turn back higher in early November before any mid-month weakness.
For those who utilize DeMark indicators to help identify counter-trend exhaustion, it’s notable that AAPL shows no evidence of exhaustion on a weekly timeframe (despite some daily exhaustion signals). Thus, it looks incorrect to expect a big downside reaction given that AAPL 1.03% ’s weekly exhaustion looks quite premature.
Only on a pullback down under $255 would its rally be postponed, and this doesn’t seem likely on a technical basis. At present, AAPL looks bullish, and I suspect this likely can push higher into early November.
Apple Inc
