Journal · 5 written reads
Daily stock market journal
A short read of the US stock market after the close: the market regime, what drove it and what to watch next. Read the newest entry for today's backdrop before you read a stock's research. Entries marked "Week in review" look back over the week and ahead to the next. The journal starts on 10 November 2026 and has 5 written reads.
How the regime call has moved over time: the regime timeline on the market regime page →
November 2026
-
Week in review
→Neutral
The coming week's dated company catalysts fall on Sunday, 15 November, and Monday, 16 November. They include two quarterly reports, two debt maturities, a clinical readout, insurer coverage changes and filing deadlines. Sunday, 15 November Amylyx Pharmaceuticals (AMLX): full LUCIDITY results are presented as a late-breaking oral session at ObesityWeek 2026 in Washington, D.C., at 8:30 a.m.…
-
Friday
→Neutral
The S&P 500 (via SPY) fell 0.4% on the day; SPY closed at 754.37 and 56.9% of stocks were above their 50-day average. The 2-year Treasury yield rose 35 basis points (bp) in the week to 12 November 2026, outpacing the 24 bp rise in the 10-year yield, according to Federal Reserve data. This points to bond markets pricing tighter policy for longer. None of that reached the inputs that set the call.
-
Thursday
→Neutral
The S&P 500 (via SPY) fell 0.4% on the day; SPY closed at 757.12 and 57.2% of stocks were above their 50-day average. Market breadth fell below the 60% line the regime rules require for a risk-on call, which means fewer stocks are taking part in the index's advance. At the close, 571 of 998 stocks were above their own 50-day average. Breadth is the only input short of its line.
-
Wednesday
→Risk-on
The S&P 500 (via SPY) rose 1.3% on the day; SPY closed at 759.81 and 61.3% of stocks were above their 50-day average. Market breadth rose above the 60% line the regime rules require, and that was the last missing condition for a risk-on call. At the close, 612 of 998 stocks were above their own 50-day average, a 61.3% share. That clears the line by a thin margin, so breadth is the input closest to its threshold.
-
Tuesday
→Neutral
SPY, which tracks the S&P 500, closed at 749.92 and 59.0% of stocks were above their 50-day average. Breadth slipped just under the 60% line the regime rules require for a risk-on call, and that one shortfall sets today's read. 577 of 978 stocks closed above their own 50-day average. That is 59.0%, one point short. The other inputs still meet their risk-on conditions. The S&P 500 (via SPY) closed 2.