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SPX/USD — Tech Rotation Deepens

Key Highlights

• S&P slips below 7,000
• Tech underperforms sharply
• Value and defensives gain traction
• Earnings drive next move

Market Overview

US equities pulled back as aggressive selling in technology stocks triggered a rotation rather than a full risk-off move. The S&P 500 surrendered the 7,000 level, while capital rotated into industrials, financials, and consumer defensives.

Concerns around AI-driven valuations and software sustainability are forcing reassessment, even as broader economic data remains supportive. Gold and silver’s recovery helped contain downside risk by easing fears of retail-driven contagion.

Technical Outlook (H4)

• Stochastic attempting bullish turn
• Price below 20-period EMA
• Stabilization phase developing

Key Levels

Resistance: 6967.74; 7018.53
Support: 6862.48; 6806.33

Fremora Takeaway

This is rotation, not collapse. Reclaiming 6,970–7,000 restores upside momentum. Failure below 6,860 risks deeper correction. Earnings will decide which narrative wins.

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WTI — Risk Premium Reset

Key Highlights

• Iran talks erase escalation premium
• Oil stabilizes after sharp selloff
• OPEC+ holds output steady
• New $60–$70 range forms

Market Overview

WTI crude is consolidating near 63.60 after violent repricing earlier in the week. The restart of Iran-US nuclear talks forced traders to unwind escalation-driven longs rapidly, compressing prices back into a neutral range.

Despite stabilization, upside remains capped unless fresh geopolitical risks re-emerge. OPEC+’s decision to keep output unchanged reinforces the view that supply remains sufficient at current levels.

Technical Outlook (H4)

• Stochastic approaching overbought
• Price above 20-period EMA
• Recovery intact, momentum slowing

Key Levels

Resistance: 64.47; 65.92
Support: 62.44; 61.01

Fremora Takeaway

Oil is now trading headlines, not barrels. Above 62.44 keeps recovery alive. Failure there risks renewed pressure toward 61. The market will react fast if Iran talks sour—but without that, upside looks limited.