Thursday saw an interesting end-of-month trading session with the old school Dow closing 1.5% higher, and the tech-heavy NASDAQ 100 down 0.2%. We’re seeing a similar situation unfold today with the Dow adding to yesterday’s gains, and the NASDAQ losing more ground. The Dow is now trading at levels last reached in January 2022, easily surpassing the highs hit in late July ahead of the multi-month sell-off. The NASDAQ passed its summer peak a few weeks ago, and has moved sideways ever since. This means that both indices are getting closer to making fresh record highs. Meanwhile, the S&P 500 has been unable to cap its July high of 4,607 and this has become a significant level for the index as we head into year-end. But overall, November has proved to be an important month for US equities as the major indices experienced a sharp recovery following three months of successive losses. Now investors have to decide whether stocks have enough momentum to rally from here into year-end, or if a pull-back is coming. Then it’s a question of whether any pull-back becomes a buying opportunity, or a signal that a top is in.