Market Technical Analysis

November 21, 2025
A person stands on a mountain overlook against a blue sky, with text reading Market Sense by HB Wealth, Market Technical Analysis, November 21, 2025.
Line chart showing the S&P 500 Index price trend, 14-day RSI, and rate of change from 2021 to mid-2025. Price peaks and dips, RSI drops to 34.88, and the rate of change falls below zero, indicating recent downside momentum.

The longer-term equity bull market remains intact, supported by S&P 500 moving averages that are still trending higher, but stocks’ short term sell-off looks likely to deepen nonetheless. Momentum, represented by 14-day RSI, is not yet oversold and MACD (moving average convergence divergence) has just crossed into negative territory, hinting at a deeper correction emerging. Typically, 14-day RSI needs to reach the 30 level before short term corrections are complete in the index. Notably, momentum non-confirmations (RSI failed to rise with price) throughout October, correctly signaling a correction coming in November.

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Gina Martin Adams, CFA, CMT

Chief Market Strategist, Shareholder

Gina Martin Adams, CFA, CMT, is the Chief Market Strategist for HB Wealth. With more than 25 years of experience at leading global financial institutions, Adams brings deep expertise in market analysis, thematic research, and translating complex economic trends into actionable strategies. She collaborates with HB Wealth’s investment team to deliver timely market perspectives, share actionable insights, and enhance the firm’s visibility as a leading voice in the industry. She contributes to advancing proprietary research, supporting the development of new investment products, and enhancing the client experience through thought leadership and education. She pursues a top-down perspective and model-based approach, leveraging fundamental, technical, and quantitative perspectives to inform investment decisions, and frequently presents her views in the media and at industry conferences, professional associations and investment organizations.

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Matthew

Senior Investment Research Analyst

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