Monday Takeaways: Why This Bull Market Is Just Getting Started

Shah Gilani|October 27, 2025

Every signal confirms the same thing – this bull market is real…

Record day on Wall Street Friday. Futures surging on China trade optimism. The S&P 500 cruising perfectly in its uptrending channel. Mega-cap earnings about to prove fundamental strength.

We’re in a bull market, people. Enjoy it.

There are four reasons everything’s lining up for higher prices…

• Technical picture: S&P 500 in perfect uptrending channel with room to run
• Geopolitical: Trump-Xi meeting signals tariff compromise coming
• International: Argentina’s Milei victory shows U.S. influence working
• Fundamentals: This week’s Big Five earnings will confirm the strength.

From Meta’s $765 breakout level to Amazon’s $211 buying opportunity, from Microsoft’s $540 resistance to Google’s new highs – every major stock has a clear path higher.

I’ll break down why the China trade “dust-up” is actually bullish, which earnings report matters most for your money, and how to position yourself for the next leg of this rally.

Click on the image below to understand why this bull market has much further to run.

Transcript

Hey, everybody. Shah Gilani here with your Monday Takeaways.

I have to pull up the charts, people, because it’s going to be about earnings this week more than anything else. Yeah, plenty of other stuff going on, but really first and foremost, it’s going to be about earnings. So, where do we start with last week?

Guess what? Here’s the S&P 500’s one-year chart. Look at this.

We’re just cruising along here in the middle of this channel. Yeah, what a breakdown and what an opportunity that was.

Another record day on Wall Street on Friday. Absolutely perfect picture. Center of this uptrending channel. Plenty of room to go on the upside.

Now we have some bullish action this morning in the futures pre-open on account of the fact that the president, yes, Trump, looks like he is going to find some kind of compromise with President Xi of China when they meet later this week. The talk is that we know the supposed 100% tariffs that he was going to put on China were not sustainable. And so that passed us last week. That’s why we rallied at the end of the week.

That’s why we made new highs. And now here is the president in the Far East in Japan today, going to meet with some world leaders and then eventually with Xi. The talk is, yeah, it’s a setup that they’re going to discuss. They’re going to discuss fentanyl, which is really code for that’s what we want you to think is most important, but really it’s about – for the Chinese, it’s about chips, and for the United States, it’s about rare earths and now soybeans.

So forget fentanyl. It’s just really a bit of a red herring. Because the Chinese do want access to chips, but it’s not that important for them. It’s not as important that the Chinese get chips, that the U.S. doesn’t impede China’s ability to get certain chips because they don’t really – well, while they care, in the end they won’t because they’ll just make their own and they’ll make them better. So that’s coming.

So really, China has it over the United States. The U.S. certainly needs the rare earth. Now this meeting is supposed to be less contentious than was perhaps thought. And then there was a question last week – maybe they wouldn’t even be meeting.

That seems to have all changed, hence a bit more bullishness this morning, a good bit more bullishness. But that being said, we’ve been here many times before. Nothing is ever as it seems with this administration, and we can only hope things will turn out and the market will continue higher. There could be a dust-up. So that’s where we go there.

Meantime, as far as the rest of the world goes, we have to hand it to the president. His power is pretty important. President Javier Milei of Argentina – really good showing in the elections, and the dollar bonds, Argentine dollar bonds that the U.S. is backing, are soaring. So that’s because Milei did very well.

And that’s what Trump said. If you don’t do well, if he doesn’t do well, then we’ll pull back on our support for Argentina, period. Wow. So the people of Argentina voted for Milei’s candidates and his party, and things look much better there.

So that’s the power of this president. Yes, he is a TACO president at times, but pretty powerful. So here we are. The most important takeaway from all of that is we’re in a bull market, people. Enjoy it.

Now the biggest news this week is going to be – yes, there are some central banks meeting and what they’ll do with rates will be important. Most importantly will be Japan. If they hike, that might have an impact, a negative impact on the market. But that remains to be seen. If they hike, it won’t be too much, hopefully.

If it is a lot, guess what? We’re going to have a little bit of a dust-up. That being said, it’s really about earnings. Earnings.

So I’m going to give you my little picture on all of them. First up, Meta this week.

Now here’s the story with Meta. For all these, I’m just going to give you some numbers.

Meta needs to get above $765 here. So it needs to get up here. It needs to get up in this range above here to break up here. And so we have a slightly downtrending channel here as far as Meta goes. It needs to break that up and move higher. The earnings have to be good. The guidance has to be good.

Meta cannot miss on margins. They cannot miss and guide cautiously on the future in terms of AI spending. That would not go over well. So Meta is important.

It needs to break out of this downtrend for that to turn things around because it’s one of the leaders, obviously.

Now Microsoft has been flat, flat as a pancake for a while after this big, huge move up it had.

It’s just been going sideways for a good period of time here. So, as far as Microsoft goes, they need to get above – they need to get to $535, $540.

If they get to about $540, people, they break up above here, all right? Guess what? Then they’re going to make another new high and we’re out of this and we’re in another leg higher for Microsoft. It’s going to be a pretty hard push for Microsoft to get there.

Anything breaking down below $500 – not good for Microsoft, not good for the market.

Google. And Google, well, just hitting it out of the park. New all-time high on Friday. Boom, really nice pattern here.

Look for strength in Google. Let’s just hope they don’t guide negative because this area would become support and we’re talking about $236 to $238 thereabouts. We break down through there, not looking good. So these are areas of concern. I think we should stay above these if the earnings are good. It’s going to be about guidance. It’s going to be about spending.

Amazon is up next. And listen, Amazon, people, is an opportunity.

I am thrilled with Amazon. If Amazon comes down here, it’s a buy. Think, you know, get to $211 in there, it’s an absolute buy if you don’t own it or if you want to add to it.

This is just a lot of sloppiness, but here we are – pretty good day on Friday. I think it’s an opportunity because eventually Amazon is going to break out. But this is just a little bit of congestion here. I don’t see Amazon collapsing. Earnings should be decent.

Again, if they’re not, then we’re going to come down here and test this $211 area down here below the 200-day, which is, by the way, $214. That could be a problem for Amazon. I look at it as a buying opportunity.

And last but not least, yay for Apple because the iPhone 17 seems to be doing exceptionally well. Stock’s doing really great after just an ugly dust-up, and then a heck of a move higher.

New highs. Got to hand it to Apple. If they report well, the stock will continue higher. If they don’t, it’s coming right back down. It’s going to test $245.

It’s going to test this maybe $248 if it breaks down here. Not good. So those are your takeaways for this Monday. It’s really going to be about earnings.

It’s also going to be about some international geopolitics. So there’s a lot of stuff to keep an eye on this week. So keep your eyes open. Cheers, everybody