Tech Talk for Friday November 28th 2025

U.S. equity index futures were higher this morning. S&P 500 futures were up 13 points at 8:35 AM EST.

The Canadian Dollar added 0.06 to US71.46 cents after release of Canada's September GDP at 8:30 AM EST. Consensus was a 0.1% increase versus a 0.3% drop in August. Actual was a 0.2% increase.

Today is "Black Friday" in the U.S. The term "Black Friday" comes from a proverbial understanding that the bottom line for U.S. retailers for the year turns from red (i.e. a loss) to black (i.e. a profit) on the fourth Friday in November.

U.S. equity markets close today at 1:00 PM EST. Canadian equity markets have regular trading hours (i.e. close at 4:00 PM EST). Trading activity in both markets are expected to be extremely low. Tradition has it that Canadian equity indices move slightly higher during the day before and after U.S. Thanksgiving Day. Strength by the TSX yesterday is following its historic pattern.

TSX Momentum Barometers for November 27th

The intermediate term Barometer added 0.47 to 70.24%. It remains Overbought.

The long term Barometer was unchanged at 80.57%. It remains Overbought.

EquityClock's Market Outlook for November 28th

A bifurcated economy requires being "choiceful" in stock selection, but there is still plenty to buy at this seasonally strong time of year. See:

https://equityclock.com/2025/11/26/stock-market-outlook-for-november-28-2025/

Technical Notes

TSX Composite Index, S&P/TSE 60 iShares (XIU.TO) and Canada iShares (EWC) moved to all-time highs on Wednesday.

Marriott (MAR) a NASDAQ 100 stock moved above $304.55 to an all-time high extending an intermediate uptrend.

Analog Devices (ADI) a NASDAQ 100 stock moved above $257.11 to an all-time high extending an intermediate uptrend.

Base Metals equities and related ETFs (e.g. XBM.TO) were notably higher on Wednesday and Thursday. Their period of seasonal strength on a real and relative basis is from November 28th to February 18th. See seasonality chart at www.EquityClock.com

Leading strength in the base metals sector on Wednesday was Alcoa (AA) on a move above $41.44 extending an intermediate uptrend. Seasonal influences are favourable on a real and relative basis until December 29th See seasonality chart at www.EquityClock.com

Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for November 26th 2025

Green: Increase from previous day

Red: Decrease from previous day

Source for all positive seasonality ratings: www.EquityClock.com

Commodities

Daily Seasonal/Technical Commodities Trends for November 26th 2025

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for November 26th 2025

Green: Increase from previous day

Red: Decrease from previous day

Links offered by valued providers

Seasonality, Sector Rotations & Shifting Power on Wall Street: Guy Adami, Dan Nathan and Danny Moses.

Seasonality, Sector Rotations & Shifting Power on Wall Street - YouTube

Thanksgiving Rally in Gold, Silver, and Equities: TheTechnicalTraders

Thanksgiving Rally in Gold, Silver, and Equities - YouTube

The setup for stocks into year-end: CNBC

The setup for stocks into year-end - YouTube

Not betting on more decline’: Expert touts year-end rally expectations

‘Not betting on more decline’: Expert touts year-end rally expectations - YouTube

S&P 500 Momentum Barometers

The intermediate term Barometer added 5.00 to 56.60. It remains Neutral. Daily uptrend was extended.

The long term Barometer added 0.60 to 60.60. It changed from Neutral to Overbought on a move above 60.00.

TSX Momentum Barometers

The intermediate term Barometer added 3.32 to 69.67. It remains Overbought. Daily uptrend was extended.

The long term Barometer added 0.95 to 80.57. It remains Overbought.

Disclaimer: Seasonality ratings and technical ratings offered in this report and at

www.equityclock.com are for information only. They should not be considered as advice to purchase or to sell mentioned securities. Data offered in this report is believed to be accurate, but is not guaranteed