Market Pulse: November 25, 2025

Executive Summary

U.S. markets showed broad strength on Tuesday, with overwhelmingly positive breadth, heavy volume in advancing stocks, more names trading near fifty-two week highs than lows, and low implied volatility across major indices. The tape looks constructive, with leadership widespread rather than concentrated in only a few names, although some caution persists in smaller cap volatility and event risk.

What Moved the Market

Advances far outpaced declines with strong volume behind the move. Stocks trading near fifty-two week highs greatly outnumber those near lows, pointing to healthy leadership. Major ETFs such as SPY, QQQ and DIA held firm, while implied volatility remained muted. The overall tone was decisively optimistic.

Key Metrics You Should Know

Advance-Decline Count: 426 advances and 74 declines, advance percentage near 85%

Volume Skew: Advancing volume at 2.1 billion and declining volume near 785 million, ratio about 2.7:1

New Highs vs. Lows: 38 names near fifty-two week highs and 1 name near lows

Moving Average Breadth:

• 65% above the 20-day MA
• 52% above the 50-day MA
• 60% above the 200-day MA

Major ETF Readings (Late Session):

• SPY: $675.02
• QQQ: $608.89
• IWM: $245.13
• DIA: $471.18

VIX Index: Around 18.5 (considered a low volatility environment)

Breadth and Internals: Why They Matter

Breadth was strong across the board, and the weight of evidence suggests broad participation rather than a narrow rally. The moving average metrics show a solid foundation without excessive overextension, which creates room for continuation.

Volatility and Options Watch

Implied volatility stayed quiet across major ETFs. This can make option buying more attractive for directional plays or hedges because premium remains relatively inexpensive. Sellers of premium should be aware that IV can rise quickly around news events.

Sector Snapshot and Style Factors

Technology and growth-related areas held their strength, and cyclical groups typically benefit on broad participation days like this one. Small caps continue to show slightly higher implied volatility, which invites some caution for traders rotating aggressively into IWM.

Earnings and Calendar Note

The snapshot references several upcoming earnings releases and a weekly calendar. Traders should check their preferred earnings calendar resource for precise times since earnings events can shift volatility quickly.

Opportunities and Risks to Watch

Opportunities

• Trend-following strategies remain supported by the breadth readings
• Low IV offers potential value for those buying options for directional conviction or tactical hedges

Risks

• Upcoming earnings and macro headlines can spark sudden volatility
• Small caps display higher implied volatility, which can add risk if chasing momentum without protection

Tactical Ideas

Momentum Continuation: Consider long setups in names that lead their sectors with stops placed near short-term moving averages Volatility Play: Consider buying protective puts where risk/reward appears favorable while IV is still subdued

Bottom Line

Market internals appear healthy with strong breadth, heavy advancing volume, and low implied volatility. This can support continued risk-on behavior, though event risk remains an important consideration. Stay mindful of position sizing and consider hedges while the cost of protection is still relatively low.

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