Technical Indicators
Several intermediate- and long-term technical gauges remained constructive by year-end. Approximately 63% of S&P 500 constituents traded above their 200-day moving average. The proportion was higher in the S&P 100 at 70%, while the Nasdaq 100 registered 60%.
Key advance/decline lines sustained long-term uptrends and hovered near all-time highs. In addition, the S&P 500 stayed between its middle and upper weekly Bollinger Bands, and its rising 13-week exponential moving average (EMA) remained above the 26-week EMA, which itself stood above the 40-week EMA—an alignment often viewed as supportive for prices.
The cumulative line tracking new 52-week highs versus new 52-week lows also maintained an uptrend and closed above its 50-day average.
Margin Debt
NYSE margin debt reached a record level at the end of November and finished the year above its 20-month average. The measure has remained above that average and in an uptrend since late 2023. Historically, elevated margin debt can indicate heightened investor confidence, though it may also increase market sensitivity to volatility. Background information on margin statistics is available from the Financial Industry Regulatory Authority.
Analyst Target Price Adjustments
The final 2025 report from Argus Research included several revisions to stock price targets in the information-technology and semiconductor space:
- Nutanix Inc. (NTNX): target lowered to $49.00 for Dec. 31, 2025.
- ON Semiconductor Corp. (ON): target lowered to $62.00 for the same date.
- Teradyne Inc. (TER): target lowered to $227.00.
- Keysight Technologies Inc. (KEYS) and Pure Storage Inc. (PSTG): Argus issued additional commentary, though no specific price revisions were listed in the summary.
No target change for Hewlett Packard Enterprise was contained in the latest update. Nonetheless, the broader technical environment and the adjustments cited for peer companies may inform investor expectations for HPE shares.
Market Breadth Summary
At year-end, 63% of S&P 500 stocks traded above their 200-day averages, illustrating a semi-bullish reading. The figure rose to 70% for the S&P 100, underscoring relative strength among mega-caps, while the Nasdaq 100’s 60% signaled a slightly weaker, yet still positive, breadth condition within high-growth technology issues.
Long-term breadth indicators such as the advance/decline lines reinforced the positive tone by holding near record levels. Meanwhile, the alignment of rising short-, intermediate-, and long-term EMAs for the S&P 500 pointed to continuing momentum into 2026.
Implications for Hewlett Packard Enterprise
Although the Argus note did not update its specific forecast for Hewlett Packard Enterprise, the company remains part of a market landscape characterized by broad large-cap leadership and mixed signals in smaller-capitalization segments. Continued monitoring of margin debt trends, breadth statistics, and sector-wide target revisions may help investors gauge the potential trajectory for HPE during the upcoming year.
Crédito da imagem: Getty Images
