📈 S&P 500 (SPX/USD) — Tech Selloff Deepens as Markets Enter “Data Vacuum”
Key Highlights
- Nvidia earnings Wednesday = major market catalyst
- Stocks hit by valuation concerns in AI-linked names
- Fed cut odds collapse from 90% → 45%
Market Overview
US equities slid again Monday, with the S&P 500 closing near 6,672 as tech weakness dragged sentiment lower. Nvidia slipped ahead of earnings, intensifying questions about AI’s return on investment. Blue Owl’s 6% decline amplified worries over AI-linked lending.
Market strategists warn that even slightly soft guidance from Nvidia could trigger broader tech selling. Walmart earnings follow later this week, giving clues on consumer strength heading into holiday season.
With the US still catching up on delayed economic data, traders describe the market as being in a “data vacuum” — making sentiment hypersensitive. The collapse in Fed cut expectations adds to the pressure.
Technical Outlook (H4)
- Stochastic heading toward oversold
- Price below 20-period MA — bearish structure intact
- Loss of 50-day MA converts it to resistance
Key Levels
| Resistance | Support |
|---|---|
| 6743.85 | 6645.10 |
| 6790.08 | 6594.31 |
Fremora Takeaway
SPX/USD stays vulnerable unless it reclaims 6743.
A break below 6645 signals further downside toward 6594.
Nvidia earnings may set the tone for the entire tech-heavy November.
🛢 USO/USD (WTI Crude Oil) — Stabilizing, But Fundamentals Remain Heavy
Key Highlights
- WTI briefly reclaimed $60 on Monday
- Inventory builds continue to weigh on medium-term outlook
- API Weekly data becomes key catalyst today
Market Overview
Oil extended its short-term rebound, testing above $60 as traders monitored the reopening of Russia’s Novorossiysk port after drone attacks. While geopolitical risks add a mild risk premium, WTI remains fundamentally weighed down by swelling inventory levels and bearish agency forecasts.
Massive stock builds across the US, Europe, and Asia reinforce the narrative: supply continues to exceed demand. Agencies (EIA, OPEC, IEA) all forecast oversupply through 2026.
Today’s API Weekly Crude report becomes pivotal — another large build may erase the recent bounce.
Technical Outlook (H4)
- Stochastic mid-range — neutral momentum
- Price sitting near 20-period MA
- Consolidation signals indecision before breakout
Key Levels
| Resistance | Support |
|---|---|
| 61.18 | 58.30 |
| 62.25 | 57.41 |
Fremora Takeaway
WTI must clear 61.18 to extend its rebound.
Support at 58.30 remains critical — loss of this zone reopens the bearish trend.
Short-term recovery = technical.
Medium-term outlook = still bearish unless inventories reverse.
Fremora Community
Join our Telegram group for intraday bias charts and sentiment updates.