Limited macro catalysts leave financial markets in wait-and-see mode
Financial markets continue to navigate through a week that has so far offered few significant macroeconomic cues, and they are quickly digesting the post–shutdown enthusiasm. Equities remain positive, bonds are mixed, and commodities continue their upward trend (though gold remains in a wait-and-see phase). Volatility is declining.
Our intermarket dashboards confirm a sentiment picture that is still neutral but improving compared to recent days, with the S&P 500/VIX ratio moving back above its moving average. The tech sector remains in the spotlight, but the S&P 500/Nasdaq ratio is holding near one-month highs, close to the yearly average, and does not seem poised to fall back quickly. This is a trend we will monitor in the coming weeks, as it could signal either greater investor caution or—under a more optimistic scenario—a sector rotation ahead of a broader, more uniform market rally.
Global equities and bonds both remain in a positive trend, above their short-term moving averages. The upward momentum in commodities continues.
A day without major macroeconomic data releases, with attention focused on speeches from three Fed governors. On the earnings front, all eyes are on Cisco’s results.
Our forward-looking analyses continue to point to a favorable phase for equity markets, while the outlook for bonds remains uncertain, despite some signs of recovery. The outlook for commodities remains positive—though not for gold, which is still waiting for a clear direction. The Dollar Index is taking a pause, and volatility continues to decline.
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NOTES AND WARNINGS
Data compiled by kbmeter.com. Analysis date: 12 November 2025 - 7:18 AM GMT+1
This content is provided for informational purposes only and should not be considered financial advice. All scores and assessments are based on the previous trading day’s closing prices. Futures indications refer to the date and time of the analysis.
