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Publication date: November 20, 2025
It is Thursday, November 20. The AEX notes 945 in the morning session. That is 26 points (2.65%) lower than last week's reading.
What happened on the AEX in the past week?
The AEX closed the previous week weak again with a close at 952. This was caused by increased fears in the market that interest rates would not be cut further in the US in December. This week, the AEX opened at the weekly high of 952 before falling to the provisional weekly low at 927. On Thursday, the AEX rebounded following Nvidia's excellent quarterly results.
What does this mean for sentiment on the AEX?
The general sentiment on the AEX remains uncertain due to the absence of key macroeconomic data and uncertainty surrounding interest rate policy in the US.
What is the outlook for the AEX?
For the short term, in the most likely scenario, we can expect a continuation of the correction in the AEX. This correction could push the AEX further back into the 915 - 910 zone and serve as a prelude to a new top around 1,015.
Below 880, the longer-term positive scenario expires and the AEX enters a neutral zone with an increased risk of further decline. As long as 880 holds, the positive scenario remains in place.
Above is the chart of the AEX as of January 2025. The arrows indicate the most likely scenario for the coming months.
What happened on the Nasdaq this past week?
The Nasdaq futures are at 25,170 on Thursday morning, Nov. 20. That is down 490 points (1.9%) from last week.
The Nasdaq futures are also having a weak week because of the pervasive uncertainty surrounding interest rates. With a weekly low of 24,375, the correction is now 8% from the top at 26,510. Nvidia's figures are currently causing a recovery in equity markets.
What is the expectation for the Nasdaq futures?
Positive with a longer-term price target of 27,800. The Nasdaq will continue to correct toward the 24,000 to 23,200 zone in the most likely near-term scenario. From that level, the Nasdaq can continue upward toward the price target. With a close below 22,200, the positive scenario expires.
Below is the chart of the Nasdaq futures from January 2025 with the most likely scenario.
What happened on the Dow Jones Industrial Average (DJIA) Index this past week?
The DJIA is currently trading at 46,470 points, which is 1,980 points (4.1%) lower than last week's reading.
The DJIA experienced a weak week after powerfully reaching the record high and the old price target. With a weekly low of 45,987, the DJIA has now corrected 5% from its high at 48,500.
What is the outlook for the Dow Jones Industrial Average Index?
The expectation is positive with a long-term price target of 50,000. In the most likely scenario, the DJIA can complete the initiated correction in the short term in the 44,300 to 43,300 zone. Thereafter, the movement can be initiated toward the longer-term price target of 50,000. The scenario expires at a close below 43,200.
Below is the chart of DJIA futures from January 2025 with the most likely scenario plotted.
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In the Economic Calendar, we cover the most important topics through an explanation and vision. Read here the Economic Calendar for the week, November 17 through November 21, 2025, and from Friday afternoon, you can read here the agenda for the week, November 24 through November 28, 2025.
Disclaimer: Investing involves risk. Our analysts are not financial advisors. Always consult an advisor when making financial decisions. The information and tips provided on this website are based on our analysts' own insights and experiences. They are therefore for educational purposes only.
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