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Market Trends | Stocks
Safe Havens Lead as Momentum Slows
David Russell
October 23, 2025

Downloads are available here. TradeStation’s ideas on TradingView are available here.

Sizing Up the Market

Sector 21-day %
Health care +7%
Utilities +4.8%
Technology* +2.5%
Real estate +2.3%
Consumer staples +1.6%
S&P 500 +0.7%
Industrials +0.4%
Materials -0.7%
Consumer discretionary* -1%
Communications* -1.5%
Financials -2.5%
Energy -2.8%
Source: TradeStation data
*-Megacap growth sectors
  • S&P 500 still in range from October 10 candle (6,651-6,762)
  • October 21: Was it “turnaround Tuesday?”
  • S&P 500 has gone 9 days without a new 52-week high, the longest since breaking out June 27
  • Safe havens outperforming (see table)
  • Momentum tech stocks fall: BE IONQ IREN
  • Significant uncertainty:
    • Waiting on Fed (10/29)
    • Earnings (biggest companies next week; see below)
    • Government shutdown
    • Tariffs & trade

News & Events

  • NFLX: Biggest drop in 2-1/2 years on Brazil tax hit; small upside on EPS, revenue, guidance
  • ISRG: Rallies on strong results, optimism about da Vinci 5 robots
  • PEGA: Gains on strong bookings. New cloud-computing / AI stock?
  • GM: Strong outlook as earnings beat
  • MMM: Rallies on turnaround potential
  • RTX: Breaks out amid strong results, guidance

S&P 500, daily chart, with select patterns and indicators.

Chart Patterns

  • WMT pulls back above old highs
  • AAPL pulls back above old highs
  • HOOD pulls back to 50-day MA
  • NVDA: Stuck under October 10 bearish outside candle
  • GS slides after results

Upcoming Events

  • Earnings tonight: INTC F DECK NEM
  • Fri 10/24: *CPI*
  • Tue 10/28: Consumer confidence
    • Premarket: DHI PYPL UNH GLW
    • Postmarket: STX TER V
  • Wed 10/29: EIA crude oil inventories, *FOMC*
    • Premarket: BA VZ CAT CVS
    • Postmarket: *META* *GOOGL* *MSFT* WOLF SBUX KLAC
  • Thu 10/30:
    • Premarket: LLY MRK BMY
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About the author

David Russell
David Russell is Global Head of Market Strategy at TradeStation. Drawing on more than two decades of experience as a financial journalist and analyst, his background includes equities, emerging markets, fixed-income and derivatives. He previously worked at Bloomberg News, CNBC and E*TRADE Financial. Russell systematically reviews countless global financial headlines and indicators in search of broad tradable trends that present opportunities repeatedly over time. Customers can expect him to keep them apprised of sector leadership, relative strength and the big stories – especially those overlooked by other commentators. He’s also a big fan of generating leverage with options to limit capital at risk.

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