WEEKLY MARKET RECAP: WEEK ENDED NOVEMBER 21, 2025
A Shift in Cosmic Sentiment
Markets pulled back in a full week of trading before the Thanksgiving holiday, as tech valuations corrected, economic data painted a mixed picture, and shifting rate cut probabilities introduced renewed volatility. With Mercury and Venus tightly conjoined in Scorpio, and Mars pressing forward in Sagittarius, investors were caught between secrecy and speculation—reflected in both price action and sentiment.
MARKET-MOVING NEWS: VOLATILITY RETURNS AS TECH CORRECTS
Equities sold off for the week, led by the NASDAQ Composite, which dropped 2.7% and posted its third straight weekly decline. The S&P 500 fell 1.9%, while the Dow Jones Industrial Average shed 1.8%. AI-linked names continued their retracement from October highs, reflecting investor reassessment of valuations in light of a tightening liquidity environment.
This tech pullback occurred under Mars in Sagittarius square Saturn in Pisces, a configuration often marked by exuberant action checked by limits. Mars, the market’s risk appetite, was pushing expansion in a sign that favors bold moves and high conviction. But Saturn—stationary retrograde—imposed invisible boundaries, particularly in sectors where optimism outpaced fundamentals.
The Cboe Volatility Index (VIX) surged as high as 28 intraday on Thursday before settling back to 23.4, up from just under 20 the week prior. This rise tracks with the Scorpio clustering of Mercury and Venus—an archetype prone to secrecy, rumor, and strategic hedging. Traders are no longer positioned for calm.
THE FED: UNCERTAIN PATH TO DECEMBER
Markets were whipsawed midweek by shifting expectations around Federal Reserve policy. A Fed member’s dovish comments on Friday sharply raised the probability of a December rate cut to 72%, up from just 30% on Wednesday, according to CME FedWatch.
The bond market responded accordingly. The 10-year U.S. Treasury yield dropped from 4.15% to 4.06%, flattening long-end risk as short-term expectations recalibrated. The 2-10 spread widened to 55 basis points. Investors are increasingly pricing in not just a pause, but an early pivot.
This rapid change reflects Mercury’s current retrograde shadow in late Scorpio, a period that tends to cloud clarity and generate mixed signals. In traditional astrology, Scorpio is ruled by Mars—currently in a fire sign—meaning markets may be quick to act on limited or contradictory information. The Fed now finds itself the center of speculation, not authority.
LABOR MARKET: SOLID JOB GAINS, BUT A RISING UNEMPLOYMENT RATE
A long-delayed report from September surprised to the upside, showing 119,000 jobs added versus expectations closer to 50,000. However, unemployment rose to 4.4%—the highest reading since October 2021. This divergence is important. Payrolls reflect momentum. Unemployment reflects slack.
Astrologically, this split mirrors Saturn’s retrograde position in Pisces—a sign often associated with collective sentiment and emotional undercurrents. On the surface, job growth looked solid. Beneath it, labor force participation and structural shifts are pressing through. Markets aren’t sure which part of the story to trade.
BITCOIN BREAKDOWN
Bitcoin extended its recent bear market move, falling to $85,000—a 32% drawdown from its all-time high near $125,000 in October. The continued selloff in digital assets suggests waning speculative appetite and a rising demand for liquidity.
With Pluto now back in Aquarius, early degree, the narrative around decentralization and trustless systems is evolving. This isn’t just price volatility—it’s systemic re-evaluation. Aquarius is the sign of technology, but also of disruption. Pluto tears down before it rebuilds. Expect further sorting in crypto assets through Q1.
EARNINGS SEASON WRAP: HIGHER MARGINS, LOWER GUIDANCE
As Q3 earnings season wrapped up, FactSet reported S&P 500 profit margins rose to 13.1%, the highest level since tracking began in 2009. This marks the seventh consecutive quarter of rising margins.
Despite that strength, several large-cap firms issued cautious forward guidance—particularly in tech and consumer discretionary. Communication Services (+3.0%) and Healthcare (+1.9%) posted gains for the week, but Information Technology dropped sharply (-4.7%), reflecting rotation out of growth and into defensives.
This bifurcation is consistent with Venus in Scorpio—selective, strategic capital allocation. Investors are rewarding discipline and punishing overextension. The broad rally from earlier this year is over. Now it’s about picking winners inside sectors, not sectors themselves.
GLOBAL MARKETS: A SHARP RISK-OFF TURN
International equities also came under pressure. The MSCI EAFE Index lost 3.4% on the week. Germany (-4.2%), Spain (-4.3%), and China (-5.5%) posted some of the steepest losses. Emerging Markets fell 3.7%, despite standout resilience from India (-0.7%) and Indonesia (+0.5%).
Jupiter retrograde in late Cancer continues to suppress confidence in foreign growth stories. Cancer relates to security—investors are risk-averse, favoring safe havens over growth proxies. With Neptune also retrograde and sitting at 29° Pisces, markets globally are showing heightened sensitivity to illusion, sentiment, and narrative instability.
FIXED INCOME AND FUND FLOWS: BONDS GAIN, EQUITIES LOSE MOMENTUM
Fixed income was a relative winner. High-credit, long-duration U.S. bonds posted gains between 0.5% and 0.7% on the week. The broad Bloomberg Aggregate Bond Index is now up 7.1% YTD. Meanwhile, corporate bonds and MBS are also positive YTD, showing continued inflows from equity rotations.
Fund flows in October (latest data) reinforce this shift. Taxable bond funds pulled in $64 billion, while municipal bonds added $9.7 billion. U.S. equity funds saw $16.7 billion in outflows, with mid- and small-cap growth leading the withdrawals. Large Blend funds, however, continued to attract inflows—reflecting a “flight to scale.”
The Node’s transit through Pisces highlights this movement toward consolidation and institutional-scale assets. In times of transition, investors favor what they understand—liquidity, scale, and pricing power.
SECTOR & STYLE RETURNS: ROTATION TO VALUE CONTINUES
Growth underperformed across all size buckets. Large Growth lost 2.4% for the week, with Mid and Small Growth trailing similarly. YTD leaders in Small Cap Growth remain up just 7.7%, lagging the broader market. Meanwhile, Value posted smaller declines on the week, continuing its outperformance trend into November.
Among S&P 500 sectors, Communication Services is now up 27.4% YTD, leading all major groups. Technology remains strong YTD (+19.2%) but faces mounting pressure. Real Estate, Utilities, and Consumer Staples are starting to find a bid after months of lagging, consistent with defensive rotation.
OUTLOOK: DATA DROUGHT INTO A HOLIDAY WEEK
The week ahead features fewer scheduled reports due to both the Thanksgiving holiday and delays from the recent government shutdown. Backlogged reports such as October’s CPI, unemployment, and GDP are still pending.
Markets will enter the holiday stretch under the influence of a Moon in Pisces (early week), and then Aries—raising potential for overreaction to limited data. Mercury’s retrograde station is less than two weeks away. Traders should anticipate headline sensitivity, low liquidity, and possible mispricing into month-end.
FINAL WORD
The week ending November 21 marked a critical pivot. The AI rally that carried 2025 to record highs is unwinding under its own weight. Profit margins remain elevated, but positioning is clearly defensive. Bonds are back in favor. Crypto is under pressure. And the Fed is back on center stage.
With key planets retrograde in water signs and Scorpio still dominating the Mercury-Venus story, markets are in a phase of internal reassessment. Information is partial. Sentiment is reactive. Investors should avoid broad exposure and focus on names and sectors with durable cash flows and strategic advantages.
Volatility is back. So is the need for discipline.