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SPX/USD (S&P 500) – Pullback Extends from Record Highs

Key Highlights

• Tech and financials weigh on indices
• Policy uncertainty pressures sentiment
• Inflation fears resurface via PPI signals
• Geopolitical risk adds to caution

Market Overview

US equities extended their pullback on Wednesday as sector-specific weakness combined with rising policy uncertainty. Despite solid economic data, investors showed reduced appetite for risk near record valuation levels.

Technical Outlook (H4)

• Stochastic recovering from oversold
• Price below the 20-EMA
• Stabilization attempt underway

Key Levels

Resistance: 6961.08; 7002.25
Support: 6891.83; 6851.02

Fremora Takeaway

The S&P 500 is digesting gains rather than breaking structure. Holding above 6891 keeps the broader uptrend intact, but bulls must reclaim the 20-EMA to restore confidence. Near-term direction hinges on macro clarity and policy tone.

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USO/USD (WTI) – Geopolitical Premium Fades

Key Highlights

• Oil retreats on Iran de-escalation signals
• Risk premium unwinds quickly
• Fundamentals remain oversupplied
• $60 level becomes key battleground

Market Overview

WTI crude reversed sharply on Wednesday after initial strength, as comments suggesting reduced Iran tensions triggered aggressive profit-taking. The move highlighted how dependent oil prices currently are on geopolitical headlines rather than supply fundamentals.

Technical Outlook (H4)

• Stochastic falling from overbought
• Price pressure near the 20-EMA
• Momentum clearly weakening

Key Levels

Resistance: 61.26; 62.48
Support: 58.56; 57.23

Fremora Takeaway

Oil’s failure to hold above $61 signals fading conviction behind the recent rally. As long as geopolitical risk cools, downside pressure may persist toward the high-$50s. Sustained strength requires renewed tension or supply disruption signals.