November 13, 2025

Markets

Stock futures were little changed on Thursday after a continued rotation in the market powered the Dow Jones Industrial Average to new highs.

Wednesday once again highlighted the split between technology and value sectors, with health care and other traditional industries outperforming. While this rotation has been a welcome development for those seeking broader market participation, it may also reflect a cautious shift away from higher-risk assets.

Investor sentiment improved Wednesday amid growing confidence that the six-week U.S. government shutdown — the longest in history — was nearing its end. That optimism proved justified when President Donald Trump signed a funding bill late in the evening to reopen the federal government through the end of January.

The extended shutdown left investors without key economic data, including the October jobs and inflation reports, which fueled some of the recent choppiness. White House Press Secretary Karoline Leavitt noted these reports may ultimately never be released, warning the shutdown could trim as much as 2 percentage points from Q4 GDP. Most economists, however, see minimal long-term impact on growth.

Portfolio

We enter Thursday’s session holding positions in SOUN, RDW, ONDS, METU, A, and WFC.

Now that the shutdown has officially ended, the market can refocus. After 40 days of political and trading uncertainty, the Senate has agreed to extend funding through January 30.

Expect a brief digestion phase — a bit of back-and-forth — before the next directional move takes shape. SPY is pressing back into the 685 gap zone, reclaiming momentum after last week’s rebound off 669. Price is now trading solidly above both EMAs, with the 9EMA curling above the 20EMA, signaling a transition back toward bullish control.

This move places SPY directly into a key resistance zone — the same supply band that capped it earlier this month. It’s a pivotal moment. A confirmed hold above 683 opens the door for a run toward 700. If SPY stalls here, look for a controlled pullback into the 678.5–675.8 area, which should provide the first level of support to reload.

The structure remains bullish as long as dips hold above the rising EMA stack. This is the short-term plan as we enter a historically strong seasonal window for pattern trading. Ideally, we want to be positioned for a breakout before those seasonal flows ignite — as that could fuel a much larger move into December.

Patience is key here. After a roller coaster stretch over the past two weeks, the next big reward is setting up — and it’s coming soon.