S&P 500 Update 19 November 2025

Down but not out, yet.

An 11% retracement brings price down to 6,200, the beginning of the move up from 1 August. The mood is sombre. So many different types of bad news. Yet we still can’t break the spike low from 10 October.

The question we’re asking ourselves is when does the fabled QE actually start? Or put another way, when do we give up on it starting? The next FED meeting is 10th December.

Things are a lot clearer when looking at the Dow Jones