TML Report – November 26, 2025 – NASDAQ and S&P 500 Reclaim the 50-day SMA

Market Overview

The NASDAQ and S&P 500 both reclaimed their key moving averages over the last two days. The S&P is currently exhibiting more relative strength than the tech-heavy NASDAQ, although not by much.

Even the small-caps powered up and reclaimed their moving averages, which is a bit of a surprise given how weak the Russell 2000 has been on a relative basis.

Now that he major indexes have pushed back through key resistance, we need to see constructive action continue as rotation among the leaders continues.

We saw continued strength in healthcare this week, led by biotech, pharmaceutical, and medical equipment stocks. Also, many prior leaders have bounced to varying degrees. Some will base build and continue higher, many will not.

If the major indexes can hold above their key moving averages while rotation continues and setups begin to evolve, that would be enough for me to start adding back exposure.

Indexes

QQQ

The NASDAQ closed back above key resistance this afternoon. Let's see if the healthy action continues.

SPY

The S&P 500 closed back above key resistance this afternoon. Let's see if the healthy action continues.

IWM

The Russell 2000 exhibited surprising strength over the last few days, given how weak it has been on a relative basis.

DIA

The DOw followed the other major indexes higher over the last few days and closed back above all of its key moving averages as well.

Focus List

TER

TER successfully retested its prior all-time high and looks like its setting up to move higher.

FROG

FROG is a new potential leader in the software group, which has been showing some relative strength lately.

HOOD

HOOD is still trading below its key 50-day SMA, but look like it's ready to reclaim this key moving average soon.

AMGN

AMGN is an institutional quality biotech favorite that appears to be setting up for an attempt at new all-time highs.

TEVA

TEVA looks ready to make a move to new 52-week highs from here over the next few trading days.

HALO

HALO is another high-quality biotech names forming the right side of a constructive base, not far from new all-time highs.