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Journal ·

Stock market on Wednesday, 11 November 2026

The read of the US stock market after the close: the market regime, what drove it and what to watch next.

Regime Risk-on

The session

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. The portfolio bought Palomar Holdings (PLMR) and Zeta Global Holdings (ZETA).

What holds the risk-on call

S&P 500 vs its 200-day average+3.9%
−2% risk-off+0.5% risk-on

3.4 points above its risk-on line.

Stocks above their 50-day average61.3%
40% risk-off60% risk-on

1.3 points above its risk-on line: the input closest to a line.

VIX17.49
28

10.5 points below 28, the line for risk-on and risk-off.

close. The heavy segment is the risk-on side of each line. Risk-on needs all three on it; any one past its risk-off line makes the call risk-off; anything between is neutral. Breadth from 55% counts when the S&P 500 (via SPY) is at least 5% above its trend.

Market regime

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. The other two inputs are not close. The S&P 500 (via SPY) closed 3.9% above its 200-day average, against the 0.5% the rules ask for. The Cboe Volatility Index (VIX) closed at 17.49. That is in the calm band, under 18, and far below the 28 trigger. The close-of-day read is risk-on.

Key numbers

Levels at the 11 November 2026 close, except rates, the credit spread and Fed funds as of 9 November 2026; rates as of 10 November 2026. Weekly and monthly figures name their period.

MetricLevelRead
RegimeRisk-onFlip from neutral
VIX17.49Calm
Stocks above their 50-day average61.3% (612/998)Healthy
S&P 500 (via SPY)759.81+3.9% vs its 200-day average (731.5)
10Y Treasury4.88%−2 bp week over week
2Y Treasury4.56%−2 bp week over week
10Y-2Y spread0.25%−13 bp week over week
10Y breakeven inflation2.20%−4 bp week over week
Real 10Y rate2.68%+2 bp week over week
High-yield credit spread3.34%+2 bp week over week
Fed funds3.88%—
Initial jobless claims189K (week ending 31 October 2026)−6K week over week
Unemployment rate4.1% (October 2026)—
Nonfarm payrolls159.3M (October 2026)—
Housing starts1,221K (September 2026)—

Regime assessment

This suggests the index's uptrend now has broad participation behind it. When most stocks clear their medium-term trend, gains depend less on a handful of large names. Volatility is subdued and the index sits well above its long-term trend. Neither shows stress.

Rates and credit are context for the call; they do not move it. Federal Reserve data show the gap between 10-year and 2-year Treasury yields narrowed 13 bp (basis points) to 0.25% in the week to 10 November 2026. That was the largest weekly move among the rate series. The 10-year breakeven inflation rate fell 4 bp to 2.20% over the same week. This suggests the narrowing came partly from softer inflation expectations at the long end. The high-yield credit spread was 3.34% on 9 November 2026, up 2 bp on the week. That is a small move and does not point to credit strain.

The forward view is that any change to the call is most likely to come from breadth, because it sits just above its line while SPY and the VIX are far from theirs. That view is wrong if the call changes because the S&P 500 falls to within 0.5% of its 200-day average, or the VIX reaches 28, while breadth stays above 60%.

What would change the call

Risk-on is held by the S&P 500 more than 0.5% above its 200-day average (now +3.9%), breadth above 60% (now 61.3%) and VIX below 28 (now 17.49).

It drops to neutral if any one of these happens:

  • The S&P 500 falls to within 0.5% of its 200-day average.
  • Breadth falls to 60% or below.
  • VIX reaches 28.

It turns risk-off if any one of these happens:

  • The S&P 500 closes more than 2% below its 200-day average (now +3.9%).
  • Breadth falls under 40% (now 61.3%).
  • VIX rises above 28 (now 17.49).

What to watch

  • The next breadth reading. The call drops to neutral if breadth falls to 60% or below (now 61.3%). This is the input closest to its line.
  • The next VIX close. It shows whether volatility stays in the calm band, far from the 28 trigger.
  • The next weekly jobless claims release. It tests whether claims hold near the 189K level for the week ending 31 October 2026. This is context for the read and does not change the call.

Status

Risk-on as of 11 November 2026; flip from the neutral read published 10 November 2026.