Callum Thomas

Weekly S&P500 ChartStorm www.chartstorm.info/p/weekly-s-a...

This week: decennial cycles, ups and downs, Consumer Staples, REITs, equity capital markets in focus, ETF bubble, private vs public markets, commodities...

Market Cycle Guidebook - November 2025

Asset class views, macro outlook, long-term expectations, and over 70 charts tracking macro policy, cycle data, and valuations across a global multi-asset universe...

Download report: www.topdowncharts.pro/p/market-cyc...

Weekly S&P500 ChartStorm - 30 November 2025 This week: monthly observations, technical check, LatAm stocks and geopolitical risk, more on capex, Mid-Caps and size divisions, volume traders, upside opportunities...

Weekly ChartStorm coming soon!

Meantime, be sure to check out last week’s edition + subscribe for updates:

Higher For Longer?

Ultimately bond yields reflect the state of growth and inflation, so unless we get a recession or shock (driving growth/inflation lower), then bond yields might just linger higher for longer...

Fixed Income Outlook: www.chartstorm.info/p/off-topic-...

Commodities are transitioning from cyclical bear to New Cyclical Bull Market.

These are the key charts to watch: gold.topdowncharts.com/p/goldnugget...

The most underestimated and hated asset class right now (US Treasuries) is looking quite interesting I must say.

Definitely a contrarian setup.

But definitely worth looking into...

Further thoughts: www.chartstorm.info/p/off-topic-...

S&P size indexes relative performance

Basically everything that's not mega caps have underperformed --- even large caps have seen significant underperformance (i.e. the S&P500 excluding the top 100 stocks)

Highly unusual, but whenever it happens like this eventually you see some give-back...

From

Rate Cuts = Commodities Up. 📈

A global pivot to rate cuts over the past 2 years has set up a major tailwind to growth ...and ultimately higher commodity prices.

Commodity Outlook: gold.topdowncharts.com/p/goldnugget...

Which stage in the cycle?

The history of US interest rates is one of long-term cycles...

Up phases, and down phases.

High rates, low rates.

But something stands out >> these cycles used to take a long time to run their course. The recent upcycle was faster and sharper.

Is this the beginning of cycle compression?

Explai

Gold is Expensive.

Commodities are Cheap.

Rotation time?

Thoughts: gold.topdowncharts.com/p/goldnugget...

Bonds are still in a bear market...

But here's some clues on the next steps: www.chartstorm.info/p/off-topic-...

Commodity flows signal 🚨

We saw similar surge when commodities turned up from the 2020 crash lows, again accelerating into the 2022 blow-off top, and also earlier back in 2015/16 when commodities started basing after the Supercycle bust.

Bullish signal: gold.topdowncharts.com/p/goldnugget...

Here's some of my favorite charts from the early years of the Weekly S&P500 ChartStorm (2015-2021)

Which one is your fav?

Link: www.chartstorm.info/p/weekly-s-a...

Something big is coming...

...Gold is speaking:

2026 Commodities Bull Market?

Analysis: gold.topdowncharts.com/p/goldnugget...

US S&P stock index valuations
-Mega Caps = extreme expensive
-Large [500 ex-100 largest] = elevated
-Mid [400] + Small [600] = cheap

Source: www.chartstorm.info/p/weekly-s-a...

Chart of the Week - Bond Allocations

(an ominous pattern in portfolio allocations has been detected...)

Here's why we need to have a rethink about bonds: entrylevel.topdowncharts.com/p/chart-of-t...

One to watch in 2026... 👀

Commodities are cheap + have a lot of tailwinds set to come into play in the coming months/years.

8 Reasons to expect upside: entrylevel.topdowncharts.com/p/chart-of-t...

Markets are completely unphased by the US military build-up off the coast of Venezuela.

Which is strange, because it's a clearly observable known unknown...

Risk pricing too Complacent?

Things to monitor: www.chartstorm.info/p/weekly-s-a...

Silver gaining ground vs Gold

(from cheap levels)

Expect to see more of this as global growth accelerates into 2026 and boosts silver (due to industrial uses) more than gold...

From: www.chartstorm.info/p/off-topic-...

The latest Monthly Gold Market Chartbook has just been released.

There's some very important developments in this edition as gold, silver, and miners progress through the bull market.

Download the pack now: gold.topdowncharts.com/p/gold-marke...

Weekly S&P500 ChartStorm: www.chartstorm.info/p/weekly-s-a...

This week: monthly observations, technical check, LatAm stocks and geopolitical risk, more on capex, Mid-Caps and size divisions, volume traders, upside opportunities...

Weekly S&P500 ChartStorm - Risk in Focus This week: key support levels, short-term signals, buying the dip, market cycle perspectives, corporate capex trends and cycles, thinking about risk (frameworks and current outlook)

Weekly S&P500 ChartStorm coming soon!

Meanwhile, check out last week's edition which had a particular focus on risk (and p.s. not just downside risk...):

It might not be a bubble...

...but if there was one chart that looked bubble-like, this is it.

from the Weekly ChartStorm: www.chartstorm.info/p/weekly-s-a...

Weekly Macro/Multi-Asset Pack
-Treasuries (bull case?)
-EM Fixed Income outlook
-EM Equities (risk-watch)
-LatAm Equities (geopol vs bulls)
-Defensives (right and wrong...)

Highlights + download link: www.topdowncharts.pro/p/weekly-mac...

No one is prepared for this...

Reacceleration 26: entrylevel.topdowncharts.com/p/chart-of-t...

A major secular tailwind behind US Equities has been the rise and rise of foreign stockholders.

I'd call this a strength, a potential weakness, and a reflection of multiple facts-of-life in modern markets.

as featured in the Weekly ChartStorm: www.chartstorm.info/p/weekly-s-a...

After spending ~20-years dumping Gold (in the 90's/00's), Central Banks have spent the last 15-year undoing their previous mistake...

Reserves Diversification remains a key driver in the modern Gold bull market.

But it's not the only thing: www.chartstorm.info/p/off-topic-...

Silver just getting started?

Thoughts: gold.topdowncharts.com/p/goldnugget...

Tech share of total S&P500 corporate capex has reached new all-time-highs. 👀

Bubble or boom, this is extreme.

As discussed in the latest ChartStorm (with regards to capex cycles and trends): www.chartstorm.info/p/weekly-s-a...