Market Update Into December 1st: Bulls Bounce Back

Despite a shortened trading week due to the holiday, risk appetite showed no signs of slowing, with equities bouncing back and posting solid gains. Semiconductors and small-caps led the charge, though the former chip king, $NVDA, continues to lag as competition in the semiconductor sector intensifies. Meanwhile, Silver rocketed to new all-time highs, ending the week up over 12% as December rate cut odds remain high.

• HPQ Forecast Failure
• ANF Earnings Explosion
• Dell Demand Surges
• NVO Bears Winning

Looking ahead, the Fed’s preferred inflation gauge, PCE, is set to be released on Friday, which could solidify expectations for a December cut. Key earnings from $MRVL, $CRM, and other major tech and semiconductor names will add another layer of volatility as traders assess whether semiconductors can extend their leadership or if capital continues rotating into safety plays like precious metals and healthcare. Let’s take a look at how the charts are setting up.

Weekly Analysis

SPY (SPDR S&P 500)

SPY closed the week higher at $683.05 (+3.65%), pushing the index back to within 1% of its all-time high. Price tested the lower LinkLine, a volatility-aware Heikin-Ashi channel created by James Chellis, for the first time since early 2025 and bounced decisively. With SPY now reclaiming the year-to-date volume point of control, the path toward a new all-time high is becoming increasingly favorable.

QQQ (Invesco QQQ Trust)

QQQ rebounded sharply last week, closing at $619.20 (+4.92%). A bullish MACD cross just confirmed as the ETF charged back above its YTD volume point of control, even as its top holding, $NVDA, ended the week in the red. Given that it can hold above its LinkLine support, the bullish momentum will likely stay intact.

IWM (iShares Russell 2000)

Small-caps led the bullish charge last week, with IWM closing near its all-time highs at $248.63 (+5.48%). A bullish MACD crossover confirmed early last week, and momentum strengthened steadily throughout the week, though overall volume remained muted during the holiday period. With PCE on deck, the rate-sensitive small-cap space is likely to see heightened volatility.

Earnings

Notable Results

KSS (Kohl’s)

• EPS: $0.10 vs $(0.18) est
• REV: $3.41B vs $3.42B est

ZS (Zscaler)

• EPS: $0.96 vs $0.50 est
• REV: $788.10M vs $773.66M est

NIO (NIO)

• EPS: $(0.15) vs $(0.24) est
• REV: $3.06B vs $3.26B est

ZM (Zoom)

• EPS: $1.52 vs $1.21 est
• REV: $1.23B vs $1.21B est

BABA (Alibaba)

• EPS: $0.61 vs $0.49 est
• REV: $34.81B vs $34.43B est

ADSK (Autodesk)

• EPS: $2.67 vs $2.21 est
• REV: $1.85B vs $1.80B est

NTAP (NetApp)

• EPS: $2.05 vs $1.73 est
• REV: $1.71B vs $1.69B est

ANF (Abercrombie & Fitch)

• EPS: $2.36 vs $2.15 est
• REV: $1.29B vs $1.28B est

DELL (Dell)

• EPS: $2.59 vs $2.39 est
• REV: $27.01B vs $27.28B est

KEYS (Keysight)

• EPS: $1.91 vs $1.77 est
• REV: $1.42B vs $1.39B est

BBY (Best Buy)

• EPS: $1.40 vs $1.31 est
• REV: $9.67B vs $9.59B est

DKS (Dick’s Sporting Goods)

• EPS: $2.78 vs $2.70 est
• REV: $4.17B vs $3.94B est

ADI (Analog Devices)

• EPS: $2.26 vs $2.23 est
• REV: $3.08B vs $3.01B est

DE (Deere)

• EPS: $3.93 vs $3.88 est
• REV: $12.39B vs $9.88B est

HPQ (HP Inc.)

• EPS: $0.93 vs $0.92 est
• REV: $14.64B vs $14.70B est

A (Agilent)

• EPS: $1.59 vs $1.59 est
• REV: $1.86B vs $1.83B est

SJM (J.M. Smucker)

• EPS: $2.10 vs $2.10 est
• REV: $2.33B vs $2.32B est

SYM (Symbotic)

• EPS: $(0.03) vs $0.03 est
• REV: $618.46M vs $602.46M est

LI (Li Auto)

• EPS: $(0.05) vs $0.04 est
• REV: $3.80B vs $3.76B est

What’s Happening Now

AVGO Broadcom
AVGO is heading into its strongest month with momentum. December has the highest average return at 8.7%, a seasonal pattern that typically builds from September through year-end. The stock is up 17% this week alone as AI demand, new hardware launches, and institutional buying reinforce the seasonal tailwind.

PLTR Palantir
PLTR’s seasonality is hard to ignore. December has been its worst month by a wide margin, with a 20% win rate and an average return of -8.2% since IPO. Only one December has closed green. That drop comes right after a historically strong November, where PLTR traded down 15%. Momentum is not on its side heading into the final inning.

Believe it or not, this is just a fraction of what happened in the markets last week. For a full rundown delivered straight to your inbox every weekend, sign up for The Official Trendspider Newsletter!