S&P 500 macro outlook · updated 12 November 2026
Is the S&P 500 bullish or bearish?
As of 12 November 2026, the S&P 500 scores 55 out of 100 on the WatchTower Terminal macro composite, a neutral read. The S&P 500 carries a Neutral macro bias with a composite score of 54/100. A hawkish rate backdrop and extended tightening cycle are compressing valuation multiples, while resilient growth data and firm year-end seasonality provide support. Speculative positioning sits mid-range, so there is little crowding to lean against in either direction. The balance of forces leaves the index without a clear macro tilt.
Composite score
55
Neutral
56+ bullish · 45 to 55 neutral · under 45 bearish
Reading of 12 Nov, 09:30 London
What is behind the number.
Current drivers
- Hotter inflation prints cap multiple expansion
- Market pricing points to further central-bank tightening
- Growth data continues to beat forecasts and stay resilient
- Speculative positioning mid-range, with no crowding to fade
How this score is built
Published weights, not a black box.
Every index is scored on the weights shown here, on the same 0 to 100 scale as every other market, so a 56 here means what a 56 means anywhere else.
- COT level20%
- Earnings20%
- Bank research15%
- Seasonality15%
- Central bank15%
- Fundamentals15%
The rest of the board
Ranked strongest to weakest on the same scale.
About S&P 500
Is S&P 500 bullish or bearish right now?
As of 12 November 2026, S&P 500 carries a neutral macro read, scoring 55 out of 100 on the composite. 56 and above reads bullish, below 45 reads bearish, and the band between is neutral.
What is driving S&P 500?
Current drivers include: Hotter inflation prints cap multiple expansion; Market pricing points to further central-bank tightening; Growth data continues to beat forecasts and stay resilient; Speculative positioning mid-range, with no crowding to fade.
How is the S&P 500 macro score calculated?
Equity indices run on their own published weights: cot level 20%, earnings 20%, bank research 15%, seasonality 15%, central bank 15%, fundamentals 15%, re-weighted over the inputs an index actually has. 56 and above reads bullish, below 45 reads bearish.
Where can I track S&P 500 in real time?
This page reads it live with no account. In WatchTower Terminal, Asset scores carries the live S&P 500 score and every driver behind it, alongside every G10 currency, metals and global indices, and Asset in full and Score history add the written read and the full history. The terminal is $10 for your first month, then $49 a month, or $490 a year with 2 months free. Cancel from Billing at any time.
Track it live
This is 1 number. The terminal shows the working.
Every component and the weight it carries, in Asset scores, with the history of how the score has moved, the positioning behind it and the research it came from. The terminal is $10 for your first month, then $49 a month. Cancel from Billing at any time.