Publication Date: November 12, 2026
AEX
On Thursday morning, November 12, the AEX stood at 1,139 points. This puts the index 3 points, or 0.25%, lower than a week earlier.
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Outlook
The AEX has had a particularly volatile week. At the end of last week, the index fell from 1,143 to 1,111 points, a decline of 2.8%. Early this week, a strong recovery of 3% followed, bringing the index to 1,145 points—just two points below its record high.
This price movement has led to an adjustment of our model’s short-term forecast. The recovery from 1,111 to 1,145 points is viewed as the final upward move within a broader corrective phase. Our model therefore anticipates a new price decline toward the range between 1,100 and 1,110 points.
Once this corrective phase is complete, our model suggests there will be room for a resumption of the long-term uptrend. This keeps our price target of 1,230 points on track.
The chart below shows the AEX’s price movement since early 2026 and our expected future price trajectory.
Nasdaq Futures
On the morning of Thursday, November 12, the Nasdaq futures contract is trading at 28,230 points. This puts the futures contract 110 points, or 0.4%, lower than a week earlier.
The Nasdaq futures contract reached a level of 26,366 points late last week during a sharp price decline. A strong recovery to 28,697 points followed early this week.
Our model views this rally as a temporary rebound within a broader corrective phase. In the short term, therefore, we anticipate another price decline toward the range between 26,000 and 26,300 points. Despite this risk of correction, our positive long-term scenario, with a price target of 32,500 points, remains unchanged for now.
The chart below shows the price movement of the Nasdaq futures contract since early 2026 and our expected future price trajectory.
S&P 500
On the morning of Thursday, November 12, the S&P 500 index stood at 7,593 points. This puts the index 99 points, or 1.3%, lower than a week earlier.
Outlook
The S&P 500 also experienced a volatile week. During the sharp decline in prices late last week, the index reached a level of 7,300 points. In the days that followed, it rebounded to 7,654 points.
Our model views this rebound as a temporary recovery within a broader corrective phase and therefore anticipates a further decline toward the range between 7,250 and 7,300 points.
The corrective phase may come to an end within this price range. If a convincing bottom forms here, it will create room for a resumption of the long-term uptrend. This would bring our price target of approximately 8,100 points back into focus.
The chart below shows the price movement of the S&P 500 index since early 2026 and our expected future price trajectory.
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