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November 25, 2025

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S&P 500 Breaking Out Again: What This Means for Your Portfolio

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.

Canada’s Big Open Banking Move: Unlocking Consumer Control and Financial Innovation

In its 2025 federal budget, the Canadian government lays out a bold blueprint to foster competition, innovation and inclusion in the financial sector by accelerating open banking adoption.

With the Big Six banks holding 93 percent of banking assets, this consumer-driven reform aims to dismantle longstanding barriers, giving Canadians and small businesses greater control over their financial data and choices.

The promise of open banking in Canada

Open banking, also known as consumer-driven banking, enables secure, reliable and affordable sharing of financial data between banks and third-party service providers. The goal of this framework is to empower consumers by bringing them more customized and transparent financial products and services.

The Canadian government’s recent announcements, including legislative proposals and an oversight shift from the Financial Consumer Agency of Canada (FCAC) to the Bank of Canada (BoC), signal a serious commitment to delivering a competitive and consumer-centric financial ecosystem. Boms explained that, if implemented correctly, open banking could drive innovation and inclusion across Canada’s financial sector.

“It means a more holistic picture of your total financial life, including your investment portfolios,” he commented. “It’s also something that every other G7 country has and has had for quite some time, and so it provides the basis for a more competitive, more innovative and more efficient financial system.”

One shift in the proposed framework that Boms said is vital is the BoC taking control of regulatory oversight.

‘The FCAC, where (oversight) lived originally, really didn’t have any experience in creating a regulatory framework for non-banks,’ he said. In contrast, the BoC has direct experience in licensing for non-banks serving consumers. It oversees fintech firms such as Wealthsimple, Koho, Brim Financial and Venn under the Retail Payments Activities Act.

Smaller financial institutions, including credit unions, will stand to benefit significantly from this change, leveling the playing field with the Big Six banks, which, as mentioned, currently dominate banking assets.

However, Boms emphasized the importance of a risk- and size-based regulatory approach to ensure these smaller players can innovate without undue burdens: “You have to recognize that fundamentally smaller financial institutions, smaller fintechs, don’t have the same resources as bigger incumbents.”

Canadian budget measures supporting competition

This year’s Canadian federal budget introduces several important measures to enhance competition and give consumers more choice beyond the dominant bank oligopoly. One of the flagship promises is to ban transfer fees for investment and registered accounts, fees that currently cost Canadians around C$150 per account.

Draft regulations are expected by spring 2026 to enforce this ban, reducing friction and costs for consumers. Additionally, the budget includes initiatives to simplify switching primary chequing accounts between financial institutions, further lowering barriers for Canadians to move their banking relationships.

The budget also targets cross-border transfer fees by improving transparency, including fees related to foreign exchange margins, so consumers can better understand the costs of sending money internationally.

Accessibility to cheque funds will be improved by raising the dollar threshold and shortening hold periods on cheque deposits, benefiting Canadians who rely on cheques.

To support smaller lenders and foster broader financial inclusion, legislative amendments will make it easier for federal credit unions to scale and for provincial credit unions to enter the federal regulatory regime.

“If (smaller financial institutions) can get access to consumer data digitally, they can then become much more competitive without having to build the same type of infrastructure the biggest banks can afford to build,” said Boms.

A voluntary code of conduct is planned to improve smaller financial institutions’ access to brokered deposit channels, a vital funding source for growth. Furthermore, changes to the Bank Act and Canada Deposit Insurance Corporation Act will raise public holding requirement thresholds for smaller institutions.

That will allow them more flexibility to grow before triggering changes in ownership structure.

While Canada is still rolling out its open banking framework, countries like the UK and Australia demonstrate how open banking adoption fuels economic resilience and consumer benefits.

“Canada has learned from the experiences of (other) jurisdictions, good and bad, and taken those learnings and implemented (them) into what we see here,’ said Boms.

The future of open banking in Canada

With a 2026 target for full read access, market participants are gearing up for a transformative shift in how financial data is handled. This initiative marks a pivotal move toward democratizing financial data and services in Canada.

The BoC’s expanded oversight role, coinciding with the launch of the real-time rail payment infrastructure and phased “write access” capabilities by mid-2027, will accelerate the system’s rollout.

This evolving infrastructure will facilitate instant payments and empower consumers with the ability to initiate actions like bill payments and account switching seamlessly.

Boms and FDATA Canada stand ready to guide this transformation, ensuring that open banking in Canada not only enhances competition, but also maintains safety, security and consumer protection.

Open banking’s architecture also presents fresh opportunities for digital currencies, with new legislation introduced requiring stablecoin issuers to maintain adequate high-quality reserves, clear redemption policies and robust risk management and security standards. Stablecoins could complement open banking by enabling faster, cheaper cross-border payments and settlements, especially for consumers and small businesses.

As open banking takes shape, Canadians and small businesses will gain unprecedented control over their financial lives, a change poised to ignite innovation, unlock economic potential and reshape the country’s banking landscape.

Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

BTU Announces Closing of Over Subscribed Flow Through Financing

BTU METALS CORP. (‘BTU’ or the ‘Company’) (TSXV:BTU)(OTCQB:BTUMF) announces that, further to the news release of November 11, 2025, the Company has closed the previously announced, over-subscribed non-brokered private placement of flow-through common shares by the issuance of 17,700,000 flow-through shares at a price of $0.05 per FT Share (the ‘FT Offering’), for gross proceeds of $885,000.

Each flow-through unit shall be comprised of one common share of the company issued on a flow-through basis and one-half of one common share purchase warrant to be issued on a non-flow-through basis. Each whole warrant shall entitle the holder thereof to acquire one common share of BTU at a price of $0.09 for a period of 12 months following the closing of the offering. The flow-through shares will qualify as flow-through shares (within the meaning of Subsection 66(15) of the Income Tax Act (Canada) and Section 359.1 of the Taxation Act (Quebec).

In connection with the oversubscribed offering, the company paid finders’ fees to eligible finders consisting of $58,450 in cash and 1,106,000 non-transferable common share purchase warrants. Each finder warrant is exercisable to acquire one common share in the capital of the company at an exercise price of $0.05 per common share for a period of 12 months from the date of issuance. Closing of the offering is subject to approval of the TSX Venture Exchange. The securities issued under the offering, and any Shares that may be issuable on exercise of any such securities, will be subject to a statutory hold period expiring four months and one day from the date of issuance of such securities.

‘The overwhelming response for this financing demonstrates strong market support for BTU’s portfolio of Ontario-based exploration projects in both the prolific Red Lake and Wawa mining districts,’ stated Paul Wood, CEO. We look forward to advancing all of our projects immediately and into 2026.’

About BTU
BTU Metals Corp. is a junior mining exploration company. BTU’s primary assets are the Dixie Halo Project located in Red Lake, Ontario (optioned to Kinross) immediately adjacent to the Kinross Great Bear Project, the Dixie East project and its gold and critical minerals properties in the active Wawa gold district. The Company continues to look to acquire high quality exploration projects to add to its portfolio for the benefit of its stakeholders. The Company has no debt and minimal property obligations.

ON BEHALF OF THE BOARD

‘Paul Wood‘

Paul Wood, CEO, Director
pwood@btumetals.com
BTU Metals Corp.
Telephone: 1-604-683-3995
Toll Free: 1-888-945-4770

Cautionary Statement
Trading in the securities of the Company should be considered highly speculative. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements
This news release contains certain ‘forward-looking information’ within the meaning of applicable Canadian securities laws that are based on expectations, estimates and projections as at the date of this news release. The information in this release about future plans and objectives of the Company is forward-looking information. Other forward-looking information includes but is not limited to information concerning: the intentions, plans and future actions of the Company.

Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as ‘expects’, or ‘does not expect’, ‘is expected’, ‘anticipates’ or ‘does not anticipate’, ‘plans’, ‘budget’, ‘scheduled’, ‘forecasts’, ‘estimates’, ‘believes’ or ‘intends’ or variations of such words and phrases or stating that certain actions, events or results ‘may’ or ‘could’, ‘would’, ‘might’ or ‘will’ be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information.

This forward-looking information is based on reasonable assumptions and estimates of management of the Company at the time it was made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others: risks relating to the global economic climate; dilution; future capital needs and uncertainty of additional financing; the competitive nature of the industry; currency exchange risks; the need for the Company to manage its planned growth and expansion; the effects of product development; protection of proprietary rights; the effect of government regulation and compliance on the Company and the industry; reliance on key personnel; global economic and financial market deterioration impeding access to capital or increasing the cost of capital; and volatile securities markets impacting security pricing unrelated to operating performance. The Company has also assumed that no significant events occur outside of the normal course of business. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company undertakes no obligation to revise or update any forward-looking information other than as required by law.


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This post appeared first on investingnews.com