VoSI Weekend Review for the Week Ended December 5, 2025

The market continued to drift higher this past week, albeit with far less velocity than that seen the week prior following a price U&R through the early October lows in all of the major market indexes two weeks ago. The indexes stalled on Friday as volume expanded, with the NYSE Composite reversing along its prior early November high. The market may bide its time from here as we await Wednesday's latest Fed policy announcement. Expectations are for a 1/4% rate cut, but what will be more important will be the tone of the rate cut with respect to the language used in the announcement and also by Head Fedhead Jerome Powell during his ensuing press conference. While a dovish rate cut as the Fed indicates more cuts to come would be positive for the market, a hawkish rate cut might not receive such a warm reception.
Precious metals gold and silver held steady for the week, with silver posting a new all-time high. COMEX Silver Futures peaked at $59.90 an ounce on Friday before backing down slightly. This follows last week's bullish breakout and so strikes us as normal action as we look for any pullback to the 10-dma in the iShares Silver Trust (SLV) as a potential add/entry point. Meanwhile, gold and the SPDR Gold Trust (GLD) closed tight for the week as the yellow metals continues to consolidate along the $4200 an ounce level, establishing a clear price plateau.
Higher gold prices are bullish for the miners, and indeed we have seen this area of the market rally nicely over the past 2-4 weeks. On Thursday we sent out VDU reports on six gold miners which ran higher on Friday before stalling out. For now, we would watch for pullbacks into 10-dma support as potential long entries from here.
We also sent out reports on several nuclear power related names as they posted pocket pivots on Thursday. Friday saw all four of the names pull back to moving average support, with Oklo (OKLO), Uranium Energy Corp. (UEC) and the Direxion Daily Uranium Industry Bull 3X (URAA) ETF holding 20-dema support. This puts them in better long entry positions using the 20-dema as tight selling guide in each case.
Rare earth and strategic metals names shown below also posted pocket pivots on Friday, and we sent out reports accordingly. Some of these names pulled in on Friday, so we would watch for any continued pullbacks into moving average support where lower-risk entries would be found using the 10-dma and/or 20-dema in each case as a tight selling guide.
Quantum computing names are in similar positions as they attempt to round out potential bottoms. On Thursday, we sent out Pocket Pivot Reports on IonQ (IONQ), D-Wave Quantum (QBTS), and Rigetti Computing (RGTI) and would watch for pullbacks to the 20-dema in each case as potential long entries using the 20-day line as a selling guide.
In our view, the nuclear power, rare earth and strategic metals, and quantum computing names might work if the general market reacts bullishly to the Fed on Wednesday. This remains an open question, however, as we have seen many long set-ups fizzle out rather quickly since the market peaked back in late October. For now, the general market situation remains quite fluid, and the potential for a rally failure given the low volume seen all the way up off the lows of two weeks ago remains, particularly if the Fed comes out with a hawkish rate cut. While markets could head lower, and CME FedWatch shows no rate cuts in 2026 until its 3rd meeting in April, it does show 3 cuts in total for the year. Further, global liquidity in all its 'not-QE, QE' forms is a material metric that guides market direction and is reaccelerating. Investors should remain nimble and alert after building up cash reserves during the prior sharp decline off the peak in late October.
The Market Direction Model (MDM) switched to a BUY signal on Friday, December 5, 2025.