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Hey, Ross here:

Last week was a ride.

Nvidia beat earnings again, sending the stock – and the market – gapping up.

But then, jobs data showed better-than-expected growth, leading to worries that the Fed would not cut in December.

Combine that with the still-ongoing fears of an AI bubble…

And we saw a massive bearish engulfing candle on Thursday, with markets opening sharply higher but closing sharply lower instead.

On Friday, markets rebounded a little – but they still closed lower on a weekly basis.

The question is – could the near-term bottom already be in?

In today’s edition, I go over the evidence as to why that may be the case.

Chart of the Day

First, let’s look at the Put/Call ratio.

This measures the volume of put options (aka people going short the market) versus call options (people going long the market).

Last Thursday, the Put/Call ratio spiked to 0.95 – the highest levels since April 2025.

You may think that a high Put/Call ratio is bearish.

But in fact, it tends to be the opposite – with max Put/Call ratios reliably marketing market bottoms instead.

The Put/Call ratio also pulled back on Friday, indicating that Thursday was the high – and perhaps also the near-term market bottom.

Second, let’s look at trading volume.

The S&P 500 ETF saw its highest trading volume on Thursday since April.

It was the same case for the Nasdaq ETF.

Again, these spikes in trading volume – especially selling volume – tend to correlate with market bottoms.

And thirdly, let’s look at the odds of a Fed rate cut in December.

One week ago, options traders were pricing in a less than 45% chance of a rate cut.

But on Friday, New York Federal Reserve President John Williams leaned dovish when he said he sees room for cuts in the “near term”.

Odds for a December rate cut have now increased to nearly 70%.

On top of all that, historically speaking, late November is the strongest time for the market.

Source: @RyanDetrick via X

Now, I don’t put that much stock in seasonality – especially given how much the market has violated it this year.

But it still adds to the weight of the evidence that the short-term bottom may already be in.

Now, does all this mean we should just barge ahead and blindly buy stocks?

Not so fast.

I explain more below.

Insight of the Day

In this kind of volatile market, you can’t rely on just one tool to do the job.

Sure, there’s some good evidence the near-term bottom evidence is in.

But, there is still quite a bit of weakness below the surface.

New lows have outnumbered new highs for the past for the past one-and-a-half weeks…

And the percentage of stocks trading below their medium-term moving averages has been steadily trending down for over a month now.

While I’m confident that the bull market could easily last another six months at least…

It’s almost impossible to predict what the market will do in the immediate term in this high-volatility environment.

That’s why tomorrow, Tuesday November 25, at 11 a.m. Eastern…

I’m going LIVE to host a special State of the Market session…

Where I’ll dive deep into what’s really moving stocks…

The truth behind Thursday’s shocking market rout…

Where the smart money is positioning right now…

Why I’m still optimistic despite all the noise coming from TV pundits and talking heads…

And how to navigate the next major move with confidence (you can’t rely on just one tool to do the job).

If you have any concerns about the current market at all – you don’t want to miss my free live session tomorrow.

So just click here to reserve your spot…

And I’ll see you Tuesday morning at 11 a.m. ET.

P.S. If you’re planning to attend on a mobile device, make sure you download the presentation app now so you don’t miss anything when it starts. See you there.

iOS: https://apps.apple.com/us/app/goto/id1465614785 

Android: https://play.google.com/store/search?q=goto&c=apps

Customer Story of the Day

“Traders Agency is the best thing to happen to me. 

This team of stock gurus has educated me and helped me start earning money in my portfolio.

 Been using the methods that TA teaches for 3 months now and increased my earnings.

Shout out to the Cartier Family for having Ross on their YouTube!

This is not a get rich quick scheme, this is to educate you on how to read the market and make decisions to earn money. 

Thank you Ross and team for passing on your knowledge to me. 

Looking forward to what the future holds.”

Embrace the surge,

Ross Givens

Editor, Stock Surge Daily