Steve Miller on $SPY (Nov 7, 2026)

Okay, the stock market. We will take a look at the S&P 500, Nasdaq, RSP, and VIX indices.

RSP is the green color here, and it is the equal weight. You can see that the RSP cycle line here is pointing to a new high this week, because that's what happened, while the S&P 500 was moving downwards.

So let's start by looking at the S&P 500 index. You can see here where they were all falling in this area and that major bottom was formed, then they all fell in this area and that's where this bottom was formed here.

The market then moved upwards to a new peak here in October. This peak here in August was the previous cycle here. This peak here in June was actually where technology stocks peaked.

This means that this upward phase has already collapsed. This is the black line here in the Standard & Poor's 500 index. What it does is set the stage for a decline here until next spring.

Here is the S&P 500 index without any additions except for our indicators, reversal finders, Slim Ribbon, Slim Ribbon PO, and Options Bias indicator. What you can see here is that the momentum conditions have shifted downwards here. This happened on November 19th.

Let me bring this back up so you can see it. This is the SPX indicator. Now, when I move on to the NDX index, I understand that this type of analysis is very strange to many people.

Therefore, in this case, I presented both scenarios for the S&P 500 index, and the bearish scenario is the one that carries the most weight in my opinion.

We see that even today in the stock market, which has seen, as you know, a fairly good upward movement. The S&P index reached around 80. Now, as I prepare this report, they have almost given up all of those gains.

You can see the S&P 500 index. We are looking at the short term, and it is bearish, very bearish. In fact, the S&P 500 and Nasdaq indices are the most affected by these artificial intelligence stocks.