SPX/USD – Risk Appetite Holds Despite Data Uncertainty

Key Highlights

• S&P 500 extends gains above 6950
• Geopolitical risk largely ignored
• Breadth remains supportive
• Focus shifts to US labor data

Market Overview

US equities continue to push higher, with the S&P 500 maintaining strength above recent resistance. Investor confidence remains resilient, as geopolitical developments fail to disrupt broader risk sentiment.

The rally appears broad-based, supported by post year-end positioning and expectations that economic data will allow the Fed room to ease policy later this year.

Technical Outlook (H4)

• Stochastic in overbought territory
• Price trending above 20-period EMA
• Bullish momentum intact but extended

Key Levels

Resistance: 6989.22; 7025.31
Support: 6908.88; 6870.96

Fremora Takeaway

The uptrend remains intact above 6908, though stretched momentum suggests consolidation risk. Sustained gains require supportive labor data to justify current optimism.

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USO/USD – Oil Remains Pressured Despite Geopolitical Noise

Key Highlights

• Oil trades below $58 amid weak momentum
• Venezuela headlines fail to spark volatility
• Demand concerns dominate sentiment
• US data remains key driver

Market Overview

WTI crude continues to trade defensively after slipping below the $58 level, with markets balancing geopolitical uncertainty against soft demand expectations. Despite headline risk, price action remains muted.

Traders appear focused on macro demand signals rather than supply disruption narratives, keeping crude locked in a narrow range ahead of key US data.

Technical Outlook (H4)

• Stochastic nearing oversold territory
• Price below the 20-period EMA
• Bearish bias remains dominant

Key Levels

Resistance: 57.26; 58.28
Support: 55.54; 54.57

Fremora Takeaway

Oil remains fragile below 57.26, with demand concerns outweighing geopolitical support. A hold above 55.54 is needed to prevent further downside pressure.