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SPX/USD — AI Selloff Extends Market Rotation

Key Highlights
• S&P extends losses on AI valuation concerns
• Oracle, Nvidia, Broadcom lead tech decline
• Rotation into value and defensives continues
• CPI risk dominates near-term direction

Market Overview
US equities remain under pressure as investors reassess AI investment returns. Selling remains concentrated in mega-cap growth, while broader market rotation suggests rebalancing rather than systemic risk.

Technical Outlook (H4)
• Stochastic nearing oversold
• Price trading below 20-period MA
• Bearish momentum accelerating

Key Levels
Resistance: 6810.52; 6880.95
Support: 6655.60; 6577.22

Fremora Takeaway
As long as SPX remains below 6,810, rallies are corrective. CPI will determine whether the index stabilizes or extends toward 6,650 support.

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USO/USD (WTI) — Oversupply Caps Recovery Attempts

Key Highlights
• WTI rebounds modestly from multi-year lows
• Venezuela blockade offers temporary support
• Structural oversupply remains dominant theme
• Banks forecast sub-$55 prices into 2026

Market Overview
Oil prices staged a technical rebound, but sentiment remains bearish amid severe oversupply projections. Geopolitical disruptions provide only temporary relief as storage builds and production growth overwhelm demand.

Technical Outlook (H4)
• Stochastic pushing higher
• Price hovering near 20-period MA
• Bounce lacks conviction

Key Levels
Resistance: 57.78; 58.80
Support: 55.58; 54.46

Fremora Takeaway
WTI’s rebound looks corrective within a broader downtrend. Failure above 57.80 keeps downside risk toward $54 intact unless supply fundamentals materially change.