Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

Macro and Geopolitical Research House

Steno Research

Steno Research is a new macro and geopolitical research house. We are based out of Copenhagen, Denmark, but have an international team and a strong network of sources and partners around the world. The team is lead by Andreas Steno, previous global head of strategy at Nordea Bank, and Mikkel Rosenvold, former chief consultant in the Danish Ministry of Finance.

Macroeconomics

<ul><li>Happy Saturday everyone, and welcome back to our weekly positioning watch, where we dissect how traders and investors are positioning themselves in the current market.</li><li>As with every other rally, retail investors end up blindly following the big players, and long risk might very well be the play to make as flows from ETFs and retail investors continue to lift markets.</li><li>And with that in mind, we have spiced up today’s version, moving away from the CFTC report and instead trying to have a look at what various surveys are telling us about the current market.</li></ul>

Happy Saturday everyone, and welcome back to our weekly positioning watch, where we dissect how traders and investors are positioning themselves in the current market.As with every other rally, retail investors end up blindly following the big players, and long risk might very well be the play to make as flows from ETFs and retail investors continue to lift markets.And with that in mind, we have spiced up today’s version, moving away from the CFTC report and instead trying to have a look at what various surveys are telling us about the current market.

Positioning Watch – The Goldilocks Scenario is Intensifying

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>We downgraded our near-term outlook on SPX and QQQ to neutral last week (11/19/25), after being bullish since 4/22/25, while we maintained our intermediate-term bullish outlook (as of 5/14/25).</li>
<li>Crucial support levels of 6480-6520 on SPX and $580-$583 on QQQ held last week, and we are back to being near-term bullish as long as these supports continue to hold</li>
<li>The latest pullback offers an attractive entry point into all the speculative growth areas that we were pounding the table on since May, WITH A STOP AT LAST WEEKS LOWS</li>
</ul>


We downgraded our near-term outlook on SPX and QQQ to neutral last week (11/19/25), after being bullish since 4/22/25, while we maintained our intermediate-term bullish outlook (as of 5/14/25).
Crucial support levels of 6480-6520 on SPX and $580-$583 on QQQ held last week, and we are back to being near-term bullish as long as these supports continue to hold
The latest pullback offers an attractive entry point into all the speculative growth areas that we were pounding the table on since May, WITH A STOP AT LAST WEEKS LOWS


Back to Near-Term Bullish on SPX and Nasdaq 100; Supports Held at SPX 6480-6520 and QQQ $580-583

Independent in-depth research from Finimize, Finimize

Finimize Research

Independent in-depth research from Finimize

Finimize

Finimize is the #1 information platform for modern investors. We empower people to become smarter investors with bitesize insights from world-class analysts. 1 million+ strong community, 250 partners.

Cross Asset Strategy

<ul>
<li>Technological revolutions follow a sequence: they start with a disruptive “installation phase”, then go through a critical “turning point”, and are finally followed by a “deployment phase”.</li>
<li>According to Carlota Perez, AI isn’t the start of a new technological revolution: it’s a critical milestone in the current, longstanding “information and telecommunication” revolution.</li>
<li>Being aware of different phases is valuable when investing. It can help you play the contrarian card – staying cautious during the frenzy and making bolder bets during the downturns.</li>
</ul>


Technological revolutions follow a sequence: they start with a disruptive “installation phase”, then go through a critical “turning point”, and are finally followed by a “deployment phase”.
According to Carlota Perez, AI isn’t the start of a new technological revolution: it’s a critical milestone in the current, longstanding “information and telecommunication” revolution.
Being aware of different phases is valuable when investing. It can help you play the contrarian card – staying cautious during the frenzy and making bolder bets during the downturns.


AI And Investing In The New Technological Revolution

Cross-Asset Strategist & Quantitative Analyst, Pennock Idea Hub

Cam Hui

Cross-Asset Strategist & Quantitative Analyst

Pennock Idea Hub

We are creators of independent equity research. The Pennock Idea Hub team are veterans of the investment industry. Much of our team has spent their careers at Merrill Lynch, Deutsche Bank, RBC Capital Markets and Wood Gundy. We have taken every aspect of research back to the studs and returned to first principles. The Pennock Idea Hub marries the interests of the sell and buy side. 

We offer the best research for institutional investors by:

-Only publishing research from veteran analysts
-Eliminate the inherent conflicts of the traditional sell and buy side relationship
-Ensure our team is always accessible; collaboration with clients nurtures our collective success

Cross-Asset & Quantitative Research

<ul>
<li>The combination of positive price and fundamental momentum points to a rally into year-end.</li>
<li>Sentiment readings are not extended, which is supportive of a beta performance chase</li>
<li>There are also early signs of a leadership shift from growth to value, indicating broadening breadth, but that’s not a necessary condition for an additional price advance.</li>
</ul>


The combination of positive price and fundamental momentum points to a rally into year-end.
Sentiment readings are not extended, which is supportive of a beta performance chase
There are also early signs of a leadership shift from growth to value, indicating broadening breadth, but that’s not a necessary condition for an additional price advance.


<ul>
<li>We have heard many concerns from chartists in the past few months about the narrow nature of breadth in the U.S. equity market.</li>
<li>Investors need to distinguish between narrow relative leadership and weak breadth. While leadership is narrow, absolute breadth remains positive.</li>
<li>We reiterate our view that equity investors should adopt a barbell strategy of overweight U.S. large-cap growth and non-U.S. developed market value stocks.</li>
</ul>


We have heard many concerns from chartists in the past few months about the narrow nature of breadth in the U.S. equity market.
Investors need to distinguish between narrow relative leadership and weak breadth. While leadership is narrow, absolute breadth remains positive.
We reiterate our view that equity investors should adopt a barbell strategy of overweight U.S. large-cap growth and non-U.S. developed market value stocks.


United States

Invesco QQQ Trust Series 1 is an exchange-traded fund incorporated in the USA. The ETF tracks the Nasdaq 100 Index includes 100 of the largest non-financial companies by market cap listed on Nasdaq. The Index reflects companies across major industry groups including computer hardware and software, telecommunications, retail/wholesale trade and biotechnology.

Price Gauge
52-week Range	0.00 - 0.00
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Invesco QQQ Trust Series 1 (QQQ US)

Positioning Watch – The Goldilocks Scenario is Intensifying

Happy Saturday everyone, and welcome back to our weekly positioning watch, where we dissect how traders and investors are positioned

Steno Research

Back to Near-Term Bullish on SPX and Nasdaq 100; Supports Held at SPX 6480-6520 and QQQ $580-583

Back to Near-Term Bullish on $SPX and Nasdaq 100 $NDX; Crucial Supports Held at 6480-6520 on SPX and $580-$583 on $QQQ, we are near-term bullish as...

Vermilion Research

AI And Investing In The New Technological Revolution

Understanding the phases of technological revolutions can guide investment strategies, with AI seen as a critical milestone in the current...

Finimize Research

Buy the Dip For the Year-End Rally

Positive price and fundamental momentum suggest a year-end rally, with sentiment not extended. Early signs of broadening breadth, while welcome,...

Cam Hui

The Challenges of Narrow Breadth

Investors should focus on the positive absolute breadth in the U.S. equity market despite concerns about narrow relative leadership.

Cam Hui

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Positioning Watch – The Goldilocks Scenario is Intensifying

Happy Saturday everyone, and welcome back to our weekly positioning watch, where we dissect how traders and investors are positioned

Steno Research

Back to Near-Term Bullish on SPX and Nasdaq 100; Supports Held at SPX 6480-6520 and QQQ $580-583

Back to Near-Term Bullish on $SPX and Nasdaq 100 $NDX; Crucial Supports Held at 6480-6520 on SPX and $580-$583 on $QQQ, we are near-term bullish as...

Vermilion Research

AI And Investing In The New Technological Revolution

​Understanding the phases of technological revolutions can guide investment strategies, with AI seen as a critical milestone in the current...

Finimize Research

Buy the Dip For the Year-End Rally

​Positive price and fundamental momentum suggest a year-end rally, with sentiment not extended. Early signs of broadening breadth, while welcome,...

Cam Hui

The Challenges of Narrow Breadth

​Investors should focus on the positive absolute breadth in the U.S. equity market despite concerns about narrow relative leadership.

Cam Hui

Understanding the phases of technological revolutions can guide investment strategies, with AI seen as a critical milestone in the current...

Positive price and fundamental momentum suggest a year-end rally, with sentiment not extended. Early signs of broadening breadth, while welcome,...

Investors should focus on the positive absolute breadth in the U.S. equity market despite concerns about narrow relative leadership.