The S&P 500 ($SPX) just logged its fifth straight trading box breakout, which means that, of the five trading ranges the index has experienced since the April lows, all have been resolved to the upside.
How much longer can this last? That’s been the biggest question since the massive April 9 rally. Instead of assuming the market is due to roll over, it’s been more productive to track price action and watch for potential changes along the way. So far, drawdowns have been minimal, and breakouts keep occurring. Nothing in the price action hints at a lasting change — yet.
While some are calling this rally “historic,” we have a recent precedent. Recall that from late 2023 through early 2024, the index had a strong start and gave way to a consistent, steady trend.
From late October 2023 through March 2024, the S&P 500 logged seven consecutive trading box breakouts. That streak finally paused with a pullback from late March to early April, which, as we now know, was only a temporary hiccup. Once the bid returned, the S&P 500 went right back to carving new boxes and climbing higher.
New 52-Week Highs Finally Picking Up
If there’s been one gripe about this rally, it’s that the number of new highs within the index has lagged. As we’ve discussed before, among all the internal breadth indicators available, new highs almost always lag — that’s normal. What we really want to see is whether the number of new highs begins to exceed prior peaks as the market continues to rise, which it has, as shown by the blue line in the chart below.
As of Wednesday’s close, 100 S&P 500 stocks were either at new 52-week highs or within 3% of them. That’s a strong base. We expect this number to continue rising as the market climbs, especially if positive earnings reactions persist across sectors.
Even when we get that first day with 100+ S&P 500 stocks making new 52-week highs, though, it might not be the best time to initiate new longs.
The above chart shows that much needs to align for that many stocks to peak in unison, which has historically led to at least a short-term consolidation, if not deeper pullbacks — as highlighted in yellow. Every time is different, of course, but this is something to keep an eye on in the coming weeks.
Trend Check: GoNoGo Still “Go”
The GoNoGo Trend remains in bullish mode, with the recent countertrend signals having yet to trigger a greater pullback.
Active Bullish Patterns
We still have two live bullish upside targets of 6,555 and 6,745, which could be with us for a while going forward. For the S&P 500 to get there, it will need to form new, smaller versions of the trading boxes.
Failed Bearish Patterns
In the chart below, you can view a rising wedge pattern on the recent price action, the third since April. The prior two wedges broke down briefly and did not lead to a major downturn. The largest pullbacks in each case occurred after the S&P 500 dipped below the lower trendline of the pattern.
The deepest drawdown so far is 3.5%, which is not exactly a game-changer. Without downside follow-through, a classic bearish pattern simply can’t be formed, let alone be broken down from.
We’ll continue to monitor these formations as they develop because, at some point, that will change.
Here’s a quick recap of the crypto landscape for Monday (October 13) as of 9:00 a.m. UTC.
Get the latest insights on Bitcoin, Ether and altcoins, along with a round-up of key cryptocurrency market news.
Bitcoin and Ether price update
Bitcoin (BTC) and major cryptocurrencies rebounded at the start of the week, regaining ground after a sharp October 10 selloff triggered by US President Donald Trump’s renewed tariff threats against China. The correction, which wiped out billions in leveraged positions, marked one of the largest single-day liquidations in crypto trading history.
Bitcoin price performance, October 13, 2025.
Chart via TradingView.
Bitcoin has climbed 2.2 percent in the past 24 hours to trade above US$114,200; the coin plunged below US$109,000 late on October 10 after setting a record high near US$126,200 earlier last week.
The weekend rebound followed Trump’s more conciliatory Truth Social post on October 12, where he wrote:
“Don’t worry about China, it will all be fine! Highly respected President Xi just had a bad moment. He doesn’t want Depression for his country, and neither do I. The U.S.A. wants to help China, not hurt it!!!”
Data from CoinGlass reveals over 1.6 million trades were liquidated on October 10, amounting to more than US$19 billion in forced sales across the crypto market. Other reports place the figure at roughly US$20 billion, the largest single-day liquidation in crypto history, as leveraged long positions on Bitcoin and Ether were rapidly unwound.
The event also saw major altcoins like XRP, Dogecoin and Cardano slump by as much as 30 percent, deepening what traders have described as a “cascade of leveraged liquidations.”
According to Bitcoin researcher Axel Adler Jr., the October 10 shock “changed the regime to moderately bearish,” though market structure indicators suggest the downturn has yet to reach capitulation levels.
Adler also notes that the Bitcoin Bull-Bear Structure Index dropped by 8 percent, and a further decline to -15 percent would “signal continued bearish pressure and the risk of retesting local lows.”
Bitcoin dominance in the crypto market now stands at 56.01 percent.
Ether (ETH) was trading at US$4,105.84 as of the time of this writing. Its lowest valuation on Monday was US$3,802.06, and its highest was US$4,196.98.
Altcoin price update
Solana (SOL) was priced at US$199.11, an increase of 5.8 percent over the last 24 hours and its highest valuation of the day. Its lowest valuation on Monday was US$179.
XRP was trading for US$2.57, up by 6.8 percent over the last 24 hours. Its lowest valuation of the day was US$2.37, and its highest was US$2.64.
ETF data and derivatives trends
The Fear & Greed Index currently reads 40, climbing back to neutral territory after crashing to ‘fear’ last week.
Last week, the cumulative net flows for spot Bitcoin exchange-traded funds (ETFs) were predominantly positive despite the sudden crash on the tail end. According to data from the week of October 6 to October 12, spot Bitcoin ETFs had inflows on four days, with October 10 being the outlier at US$4.5 million in outflows. The inflows were led by BlackRock’s iShares Bitcoin Trust (NASDAQ:IBIT) and the Fidelity Wise Origin Bitcoin Fund (BATS:FBTC).
Cumulative total inflows for spot Bitcoin ETFs stood at US$62.77 billion as of October 10.
Today’s crypto news to know
Crypto funds log US$3.17 billion in inflows despite tariff turmoil
Digital asset investment products saw US$3.17 billion in inflows last week, shrugging off the volatility sparked by renewed US-China tariff tensions. According to CoinShares, Bitcoin accounted for $2.67 billion of that total, underscoring its dominance in institutional portfolios as exchange-traded product volumes hit a record US$53 billion.
US spot Bitcoin ETFs alone attracted US$2.71 billion, even as major cryptocurrencies corrected midweek. October 10’s minor US$159 million outflow suggests investors were largely unfazed by short-term market shocks.
Furthermore, year-to-date inflows have reached a record US$48.7 billion, already surpassing 2024’s full-year total, which analysts say is indicative of a resilient capital rotation into crypto.
House of Doge to list on Nasdaq
In a bid to bring Dogecoin deeper into traditional finance, House of Doge — the corporate arm of the Dogecoin Foundation — announced plans to debut on the Nasdaq via a reverse merger with Brag House Holdings (NASDAQ:TBH).
CEO Marco Margiotta said the listing will help fund new payment and yield infrastructure for Dogecoin, including a pending spot ETF with 21Shares and a treasury product already trading on the NYSE. Backers include Elon Musk’s attorney Alex Spiro, former Texas Governor Rick Perry and members of the Steinbrenner family.
Margiotta said being public will accelerate Dogecoin’s integration into retail payments and cultural sectors like sports, where the firm plans to launch tokenized fan initiatives.
Dogecoin rose more than 10 percent following the announcement. The deal is expected to close in early 2026.
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Forte Minerals Corp. (‘Forte’ or the ‘Company’) ( CSE: CUAU ) ( OTCQB: FOMNF ) ( Frankfurt: 2OA ) is pleased to announce that the Board of Directors has appointed Patrick Evans as an Independent Director and Chairman of the Board.
Mr. Evans brings over 25 years of senior mining executive leadership experience, specializing in mergers and acquisitions, capital markets, and the development of world-class assets across four continents. He currently serves as Chairman of Pan Global Resources Inc.
Mr. Evans’s career includes leading multiple public companies to successful exits and significant value creation. He previously served as CEO of Dominion Diamond Mines and Mountain Province Diamonds Inc. He led the sale of several companies, including Norsemont Mining Inc. (acquired by Hudbay Minerals), Weda Bay Minerals Inc. (acquired by Eramet S.A.), and Southern Platinum (acquired by Lonmin PLC).
Mr. Evans holds degrees in arts and science from the University of Cape Town and previously served as South Africa’s Consul-General to Canada (1994–1998). His industry leadership has been recognized with both the Prospectors & Developers Association of Canada’s Viola R. MacMillan Award and the Association for Mineral Exploration’s Hugo Dummett Award .
The Board is confident that Mr. Evans’s proven track record in mergers, acquisitions, capital markets, and advancing complex multinational operations will directly support Forte as it develops its copper and gold projects in Peru. His appointment significantly enhances the Board’s independence and corporate governance oversight.
As the Independent Chairman, Mr. Evans will oversee Forte’s Board and ensure that management decisions align with the interests of shareholders and the Company’s long-term strategic objectives.
Patrick Elliott , President and CEO of Forte, stated, ‘ The appointment of Patrick Evans represents a transformational addition to Forte Minerals’ Board of Directors. As one of the most accomplished executives in the global mining industry, Mr. Evans brings a distinguished record of leading high-growth companies through major transactions, capital market success, and the development of tier-one mineral assets. His strategic insight and leadership will be instrumental as Forte advances its high-quality copper and gold portfolio in Peru and continues to unlock substantial long-term value for shareholders ‘.
Mr. Evans added, ‘Forte Minerals has built an exceptional portfolio of exploration projects in one of the world’s premier mining jurisdictions. I am excited to collaborate with the Board and management team to unlock the full potential of these assets and drive meaningful growth and value creation for all stakeholders.’
Forte Minerals would also like to extend its sincere gratitude to Mr. Doug Turnbull, P.Geo., who has resigned from the Board of Directors. Mr. Turnbull has served as an Independent Director and Chair of the Compensation Committee since 2010.
Over his fourteen years of dedicated service, Mr. Turnbull has been an integral part of Forte’s growth and governance, bringing more than 30 years of global exploration experience and thoughtful leadership to the Board. His geological expertise and steady guidance have helped shape the Company’s strategic direction from its early stages to its current milestones.
Mr. Turnbull is stepping down on excellent terms to pursue a new opportunity with VBKOM, an engineering company based in South Africa.
The Board and management wish to thank him for his longstanding commitment, professionalism, and contribution to Forte’s success, and wish him continued achievement in his new role.
Corporate Update: Option Grants
In connection with his appointment to the Board of Directors and as Independent Chair of the Company, Mr. Patrick Evans was granted 500,000 stock options. Each option is exercisable for 5 years to acquire one common share of the Company at a price of C$0.78 per share, consistent with the exercise price granted to other directors in recent stock option issuances.
The Company also granted an aggregate of 2,250,000 stock options to directors, officers, and consultants pursuant to its existing stock option plan.
In total, 2,750,000 stock options were granted. All Options are exercisable at $0.78 per share for a period of five years, subject to the terms of the plan and applicable regulatory approvals.
ABOUT Forte Minerals CORP.
Forte Minerals Corp. is an exploration company with a strong portfolio of high-quality copper (Cu) and gold (Au) assets in Peru. Through a strategic partnership with GlobeTrotters Resources Perú S.A.C. , the Company gains access to a rich pipeline of historically drilled, high-impact targets across premier Andean mineral belts. The Company is committed to responsible resource development that generates long-term value for shareholders, communities, and partners.
On behalf of Forte Minerals CORP.
(signed) ‘ Patrick Elliott’ Patrick Elliott, MSc, MBA, PGeo President & Chief Executive Officer
Forte Minerals Corp. info@forteminerals.co m www.forteminerals.com
For further information, please contact: Investor Inquiries Kevin Guichon, IR & Capital Markets E: kguichon@forteminerals.com C: (604) 612-9976
Media Contact Anna Dalaire, VP Corporate Development E: adalaire@forteminerals.com T: (604) 983-8847
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Certain statements included in this press release constitute forward-looking information or statements (collectively, ‘forward-looking statements’), including those identified by the expressions ‘anticipate’, ‘believe’, ‘plan’, ‘estimate’, ‘expect’, ‘intend’, ‘may’, ‘should’ and similar expressions to the extent they relate to the Company or its management. The forward-looking statements are not historical facts but reflect current expectations regarding future results or events. This press release contains forward looking statements relating to the intended use of proceeds of the Strategic Placement. These forward-looking statements and information reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company with respect to the matter described in this press release. Forward-looking statements involve risks and uncertainties, which are based on current expectations as of the date of this release and subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Additional information about these assumptions and risks and uncertainties is contained under ‘Risk Factors and Uncertainties’ in the Company’s latest management’s discussion and analysis, which is available under the Company’s SEDAR+ profile at www.sedarplus.ca, and in other filings that the Company has made and may make with applicable securities authorities in the future.
Forward-looking statements are not a guarantee of future performance and involve risks, uncertainties and assumptions which are difficult to predict. Factors that could cause the actual results to differ materially from those in forward-looking statements include the continued availability of capital and financing, and general economic, market or business conditions. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Although such statements are based on management’s reasonable assumptions, there can be no assurance that the statements will prove to be accurate or that management’s expectations or estimates of future developments, circumstances or results will materialize. The Company assumes no responsibility to update or revise forward-looking information or statements to reflect new events or circumstances unless required by law. Readers should not place undue reliance on the Company’s forward-looking statements.
Neither the Canadian Securities Exchange (the ‘CSE’) nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d4b54275-2dff-445f-bc54-06bb0775c8e5
Thousands of U.S.-bound packages shipped by UPS are trapped at hubs across the country, unable to clear the maze of new customs requirements imposed by the Trump administration.
As packages flagged for customs issues pile up in UPS warehouses, the company told NBC News it has begun “disposing of” some shipments.
Frustrated UPS customers describe waiting for weeks and trying to make sense of scores of conflicting tracking updates from the world’s largest courier.
“I’ve never seen anything like this before,” Matthew Wasserbach, brokerage manager of Express Customs Clearance, said of the UPS backlog. “It’s totally unprecedented.”
Wasserbach’s New York City-based shipping services firm helps clients move shipments through customs. He said the company has seen a spike in inquiries for help with UPS customs clearance.
A Boeing 747 operated by UPS on the tarmac at Louisville International Airport in Kentucky during a winter storm on Feb. 3, 2022.Luke Sharrett / Bloomberg via Getty Images file
More than two dozen people who are waiting for their UPS packages explained the circumstances of their shipments to NBC News.
They described shipments of tea, telescopes, luxury glassware, musical instruments and more — some worth tens of thousands of dollars — all in limbo or perhaps gone.
Others have deep sentimental value: notebooks, diplomas and even engagement rings.
The frustration has exploded online, with customers sharing horror stories on Reddit of missing skin care products, art and collectibles.
They are confused and angry, and they want answers.
“It’s almost impossible to get through to anybody to figure out what is happening,” said Ashley Freberg, who said she is missing several boxes she shipped via UPS from England in September.
“Are my packages actually being destroyed or not?”
Freberg’s boxes of journals, records and books were shipped on Sept. 18, according to tracking documents she shared with NBC News.
Over the next two weeks, she received two separate notifications from UPS that her personal mementos had not cleared customs and as a result had been “disposed of” by UPS.
Then, on Oct. 1, a UPS tracking update appeared for her packages, saying they were on the way. The tracking updates Freberg showed NBC News for that shipment revealed it was the most recent update she had received.
UPS transport jets wait to be loaded with packages at UPS Worldport in Louisville, Ky., on April 27, 2021.Timothy D. Easley / AP file
While sentimental value is impossible to measure, other customers fear they will not be able to recover financially if their goods were destroyed.
Tea importer Lauren Purvis of Portland, Oregon, said five shipments from Japan, mostly containing matcha green tea and collectively worth more than $127,000, were all sent via UPS over the last few weeks and arrived at UPS’ international package processing hub in Louisville, Kentucky. Purvis has yet to receive any of the shipments, only a flurry of conflicting tracking updates from UPS.
A series of notifications for one shipment, which she shared with NBC News, said that the shipment had not cleared customs and that UPS had disposed of it.
But a subsequent tracking update said the shipment had cleared customs and was on the way.
“We know how to properly document and pay for our packages,” Purvis said. “There should be zero reason that a properly documented and paid-for package would be set to be disposed of.”
At least a half-dozen people described an emotional seesaw they were put through by weeks of contradictory UPS tracking updates about their shipments. The updates, they said, compounded the stress of not knowing what had really happened to their possessions.
A UPS Boeing 767 aircraft taxis at San Diego International Airport, in San Diego, Calif., August 15, 2025.Kevin Carter / Getty Images file
AJ, a Boston man who asked that NBC News use only his initials to protect his privacy, said he shipped a package from Japan via UPS on Sept. 12 including Japanese language books, a pillow and a backpack.
After it sat in Louisville for nearly two weeks, AJ got a tracking update on Sept. 26, one of several that he shared with NBC News. “We’re sorry, your package did not clear customs and has been removed from the UPS network. Per customs guidelines, it has been destroyed. Please contact the sender for more information,” it read.
UPS tracking updates for a package shipped from Japan to the United States.Obtained by NBC News
Three days later, on Sept. 29, he received another, and this one read: “On the Way. Import Scan, Louisville, KY, United States.” For a moment, it appeared as though AJ’s shipment might have been found.
But less than 24 hours after his hopes were raised, another tracking update arrived: “We’re sorry,” it began. It was the same notice that his package had “been destroyed” that he had received on the 26th.
Two minutes later, he got his final update: “Unable to Deliver. Package cannot clear due to customs delay or missing info. Attempt to contact sender made. Package has been disposed of.”
International shipping was thrown into chaos after the long-standing “de minimis” tariff exemption for low-value packages ended on Aug. 29.
Packages with values of $800 or less, which were previously allowed to enter the United States duty-free, are now subject to a range of tariffs and fees.
They include hundreds of country-specific rates, or President Donald Trump’s so-called reciprocal tariffs, as well as new levies on certain products and materials.
President Donald Trump holds a chart as he speaks about reciprocal tariffs at a ‘Make America Wealthy Again’ event at the White House on April 2.Brendan Smialowski / AFP – Getty Images file
The result is that international shipping to the United States today is far more complex and costly than it was even two months ago.
The sweeping changes have caught private individuals and veteran exporters alike in a customs conundrum.
It is difficult to know the exact number of the packages that are stuck in UPS customs purgatory. Shipping companies guard their delivery data closely.
UPS reported to investors that in 2023, its international service delivered around 3.2 million packages per day.
This week, the company told NBC News that it is clearing more than 90% of the packages it handles through customs on the first day.
The rest of the packages, or less than 10%, require more time to clear customs and need to be held until they do. That could easily mean that thousands of UPS packages every day are not clearing customs on their first try.
In a statement to NBC News, UPS said it is doing its best to get all packages to their destinations while abiding by the new customs requirements.
“Because of changes to U.S. import regulations, we are seeing many packages that are unable to clear customs due to missing or incomplete information about the shipment required for customs clearance,” it said.
UPS said it makes several attempts to get any missing information and clear delayed shipments, contacting shippers three times.
“In cases where we cannot obtain the necessary information to clear the package, there are two options,” it said.
“First, the package can be returned to the original shipper at their expense. Second, if the customer does not respond and the package cannot be cleared for delivery, disposing of the shipment is in compliance with U.S. customs regulations. We continue to work to bridge the gap of understanding tied to the new requirements and, as always, remain committed to serving our customers.”
A conveyor belt carries envelopes and small packages past UPS workers to their destinations at Worldport on Nov. 20, 2015.Patrick Semansky / AP, file
NBC News asked UPS precisely what it does with packages when it tells customers their shipments have been unable to clear customs and have been “disposed of.” It would not say.
On Sept. 27, a shipper in Stockholm received a formal notification from UPS that two packages her glassware company sent to the United States — which failed to clear customs — would be destroyed.
“We are sorry, but due to these circumstances and the perishable nature of the contents, we are now required to proceed with destruction of the shipment in accordance with regulatory guidelines,” UPS told Anni Cernea in an email she shared with NBC News.
The email continued, “There is no need to contact our call center for further information or to attempt to clear this shipment.”
Cernea said, “It’s just outrageous that they can dispose of products like this without approval from either the sender or recipient.”
From now on, Cernea said, she plans to ship her products via UPS rival FedEx.
Cernea’s decision to switch carriers hints at the worst-case scenario for UPS, which is that people could abandon the company. It is a potential crisis for the roughly $70 billion company.
The company’s stock price is already down more than 30% this year, which analysts attribute to a mix of tariffs, competition and shifting shopping habits.
As she awaits her missing journals and diplomas from England, Freberg is looking ahead to the biggest shipping months of the year.
“I can’t even imagine how bad the holidays are going to be, because that’s a time where loads of people are shipping stuff overseas,” she said.
“If it doesn’t get solved soon, I can only see it becoming an even bigger issue.”
