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SPX/USD (S&P 500) — Rotation Keeps Index Heavy

Key Highlights
• S&P slips for a third session, trading near 6,804
• Jobs report raises growth concerns (Oct revised -105K; unemployment 4.6%)
• Energy drags as crude hits multi-year lows
• Tech leadership mixed; market breadth shifting toward defensives/cyclicals

Market Overview
Equities are digesting weaker labor momentum and a renewed sector rotation. The index is struggling to regain traction as energy weakness and valuation sensitivity in parts of tech offset pockets of resilience elsewhere. The tone is cautious, not panicked.

Technical Outlook (H4)
• Stochastic holding mid-range
• Price consolidating below the 20-period MA
• Neutral-to-soft bias unless price reclaims the MA

Key Levels
Resistance: 6874.60; 6934.93
Support: 6756.06; 6690.17

Fremora Takeaway
This is still a rotation-driven pullback rather than a broad risk-off unwind. Bulls want to defend 6,756 and reclaim 6,874 to stabilize momentum. A break under 6,756 increases odds of a deeper fade toward 6,690.

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USO/USD (WTI) — Oversupply Panic Keeps Pressure On

Key Highlights
• WTI collapses toward $55, lowest since early 2021
• Market narrative: “extraordinary oversupply” into 2026
• Floating storage builds; contango signals heavy near-term supply
• Banks warn downside could extend if no production response emerges

Market Overview
Crude is being repriced lower as surplus expectations dominate any geopolitical headline premium. The structure of the market (contango) and rising storage signals are reinforcing bearish conviction. The focus is now on whether producers respond—or if prices must fall further to force supply discipline.

Technical Outlook (H4)
• Stochastic deep in oversold territory
• Price trending below the 20-period MA
• Bear trend intact, but exhaustion bounces are possible

Key Levels
Resistance: 56.54; 58.22
Support: 53.71; 51.78

Fremora Takeaway
WTI is in a breakdown phase—oversold doesn’t mean “bottomed.” Any bounce that fails under 56.54–58.22 remains corrective until proven otherwise. If 53.71 breaks, the market will start treating low-$50s as the base case quickly.