From here, we might expect some backing and filling unless there is a catalyst that snaps the market out of its current funk in a substantial manner, such as an emergency rate cut from the Fed, for example. That said, expect more volatility as the government will be releasing approximately 22 economic reports that were delayed by the recent record government closure.
Leading big-stock NASDAQ tech stocks generally illustrate the selling pressure over the past week or more, with the exception of Apple (AAPL), which remains in a base and posted a pocket pivot on options expiration Friday while Alphabet (GOOGL) which posted a new all-time closing high on Friday. Nvidia (NVDA) is attempting a U&R along the lows of its prior base but stalled badly on Friday amid an up market day after breaking down hard on Thursday.
Semiconductors outside of Nvidia (NVDA) remain in No Man's Land but are generally oversold to a point where we might expect some backing and filling going forward, particularly as we head into the Holiday season, beginning with the upcoming short Thanksgiving Holiday trading week.
Gold and silver remain in consolidations as the SPDR Gold Trust (GLD) and the iShares Silver Trust (SLV) both hang along 20-dema support with the GLD closing above the 20-day on Friday while the SLV closed one penny below. Both metals sold off on Thursday overnight but recovered sharply on Friday morning as the SLV traded as low at 44.17 during the overnight EXTO session Thursday night before recovering to close at 45.30 on Friday.
Bitcoin ($BTCUSD) remains in a brutal downtrend, trading down near $80,000 overnight on Thursday before recovering back to the upside. We find it curious that many Bitcoin perma-bulls are now trying to call a bottom when they failed to see the top several weeks ago. Despite Bitcoin reaching levels never predicted by anyone as it has always reached new highs even after it was pronounced "dead" by mainstream media, 500+ times and counting(!), it has also gone through its share of deep corrections of as much as -94%. That said, since 2023, corrections have been contained to within 30-something% as it has been in a bull market, similar to 2015 & 2016. For now, there are no concrete long entry set-ups in $BTCUSD. The decline in $BTCUSD is likely a leading indicator of liquidity drying up in this market and until this changes it may continue to struggle. Barring any major catalysts and given the current technical damage, it is likely that a period of healing and consolidation, at best, needs to occur before any major recovery can take place.
In the meantime, two reports sent out earlier showcase why Bitcoin has corrected so sharply, defying metrics. In crypto, gray swans are common thus it never pays to argue with the market. Reasons for the downturn can come well after the downturn has occurred.
The market remains in a fragile state and for now caution is advised as investors should review selling guides and risk-management plans for any remaining positions.The Market Direction Model (MDM) switched to a SELL on Thursday, November 20, 2025.