The S&P 500 is trading below the 7,600 area that SpotGamma calls a risk pivot, even as a Tuesday-to-Wednesday gap has filled. Momentum readings lean toward sell, and the index faces key tests at 7,600 and 7,500.
The S&P 500 stood at 7,548.52 (-0.59%) as of 3:35 PM EST on Nov 13, and the Fundstrat view of a steadying market holds up in the data. The gap between Tuesday's high of 7,543.92 and Wednesday's low of 7,571.88 closed when today's low of 7,499.02 printed.
Yet the daily chart is still a recovery under a ceiling. Today's candle opened at 7,622.26 and reversed from 7,623.51, right under the 7,600 area. That fits the Bloomberg view that positioning offers support, not an all-clear.
Momentum indicators lean toward sell
The daily summary gauge reads -0.39, a Sell signal. RSI (14) sits at 46.1, which is neutral and below 50, while the MACD histogram is -1.72, a sell reading near a cross.
Trend strength is weak. ADX (14) is at 15.6 and ATR (14) at 107.6, which points to a choppy range with volatile days.
The averages split. The index trades below the daily 50-day SMA at 7,667.19 and the 20-day EMA at 7,599.41, but above the 200-day SMA at 7,340.25. Rebound highs of 7,758 on Oct 28, 7,716 on Nov 4 and 7,653 on Nov 12 are each lower than the last.
Levels that decide the next move
Resistance sits at 7,600, then the 50-day SMA near 7,667. SpotGamma sees 7,700 as the next push. On the downside, the first daily support is at 7,550.97, then 7,508.89, and the Nov 5–6 demand area runs 7,350–7,444. For readers new to the concept, support and resistance levels mark where price has previously stalled or bounced.
In the bull case, a break above 7,600 puts the 7,667 average and the 7,700 gamma target in reach. Fundstrat wants the index to reclaim the 7,600–7,800 range convincingly, which would need help from NVIDIA earnings on Nov 17 and the Anthropic IPO on Nov 18. In the bear case, a loss of today's 7,499 low would take the index into the negative-gamma zone SpotGamma flags, and that could speed a move toward 7,444 and then the 7,350–7,340 floor.
Chips and yields add pressure
The headwinds are real. The PHLX Semiconductor index is at 10,114.1 (-3.74%), The VIX is 19.2 (+2.67%). The U.S. 10Y yield is 5.155% (+1.04%), and the Fed meets Dec. 8–9.
The low 11.5 implied correlation versus 25 last week means stocks are moving on their own stories, which cushions the index but can break quickly if AI selling spreads. The September-to-November range has held between 7,350 and 7,844.
Source: Investing.com
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