November 13, 2025 | Volatility Returns: Stocks Sink, Gold Firms, Bitcoin Wobbles

S&P 500

The S&P 500 closed sharply lower today, dropping 1.7% as technology shares led a broad selloff across the index. Major tech and AI-related stocks -including Tesla (-6.6%), Robinhood Markets (-8.6%), and Coinbase (-6.9%) – were among the worst performers. Meanwhile, some defensive and materials names such as Cisco Systems (+4.6%) and NIKE (+2.9%) bucked the trend, registering gains.

The S&P 500  is approaching its near-term trend line (diagonal line on chart). A breach of that level opens the door for a test of stronger support at 6535 (green horizontal line).

The main reasons for today’s S&P 500 decline were largely profit-taking after recent gains and growing market skepticism about the likelihood of a Federal Reserve rate cut in December, which is now seen as only 50.7% probable.

This has pressured technology and growth stocks heavily, leading to a broad-based selloff across most sectors. Investors are also digesting mixed economic signals and geopolitical developments, but the focus remains on monetary policy uncertainty and valuation concerns as primary market drivers today.

Gold

Gold eased by 18.57 on the day, settling at 4,176. The metal opened stronger but retreated as a broad stock market selloff briefly pulled investors out of safe-haven positions. Even with the dip, gold remains sharply higher year-to-date, supported by ongoing economic uncertainty, fading expectations for near-term Fed rate cuts, and persistent inflation pressures. Overall, gold continues to act as a key defensive asset and a proven long-term store of value in an environment shaped by heavy fiscal deficits and aggressive monetary expansion.

After forming solid support near 3,900, gold has been attempting another move higher. A retest of the recent all-time high around 4,375 (red horizontal line) would likely serve as major resistance. A decisive break and close above that level would be strongly bullish. On the downside, a failure to hold the rising trendline (green diagonal) would increase the likelihood of a pullback toward near-term support at 3,900.

Bitcoin

Earlier in 2025, Bitcoin tracked the Nasdaq closely, with their 30-day correlation reaching about 70% as both responded to shifts in global economic conditions and interest rate expectations. More recently, however, that relationship has weakened. Bitcoin now trades more than 30% below its Nasdaq-implied fair value, reflecting a shift of investor focus back toward traditional equities. It has also tended to fall more sharply on equity down days than it rises on up days.

Adding to the pressure, Bitcoin is now hovering uncomfortably close to slipping below the key psychological $100,000 level.

Stat tuned!

Martin Straith November 13th, 2025

Posted In: The Trend Letter

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