DC Lite #489

"Can markets function without Nvidia leading? November says yes."

Author

Daily Chartbook
December 01, 2025

Welcome back to DC Lite: Daily Chartbook’s free, entry-level newsletter containing 5 of the day’s best charts & insights.

1. Gold vs. SPX. "Gold is approaching its longest period of sustained strength versus stocks in more than a decade."

2. Tether vs. gold. "Even the crypto world itself is warming to gold. As the chart shows, Tether has been steadily buying more of it over the last 18 months. It now owns about the same amount as Mexico or South Africa … If even DeFi is buying it, the case for gold's bull market remaining intact is quite hard to refute."

3. SPX vs. NVDA vs. MAGS. "Can markets function without Nvidia leading? November says yes."

4. SPX vs. McClellan Oscillator. "$SPX is up 5 straight days [thru 11/28], and its McClellan Oscillator cycled from -55 to +68 in just 1 week. Here's what happened next to $SPX after similar historical rallies."

5. Almost ZBT. "Even 'almost' triggering a Zweig Breadth Thrust is a bullish sign for stocks."

ICYMI

DC Lite #488

Equity ETF flows remain strong to quite strong.

www.dailychartbook.com/p/dc-lite-488

DC Lite #487

"Over the past 12 months, foreign private purchases of US equities outpaced those of US Treasury notes and bonds"

www.dailychartbook.com/p/dc-lite-487

DC Lite #486

"Gold bottom for this correction is in or close"

www.dailychartbook.com/p/dc-lite-486

DC Lite #485

"The P/E ratios of the Mag 7 today are elevated nowhere near the Four Horseman of the '90s"

www.dailychartbook.com/p/dc-lite-485

DC Lite #484

"A measure of US market breadth shows that we’ve just gone through the worst five-day period in two years"

www.dailychartbook.com/p/dc-lite-484

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