The S&P 500 maintains a cautiously bullish stance as US yields climbed sharply last week, driven by a split FOMC, tight liquidity from elevated TGA balances, and historically low RRP levels. Market anxiety rising as the BLS still has not released October CPI or jobs data—fueling fears of accelerating inflation and deeper labor deterioration. ADP data also disappointed, showing weak private-sector hiring. Meanwhile, the Trump administration announced it intends to finalize a comprehensive trade and rare earths agreement with China before Thanksgiving. Under the proposed framework, the US suspends 100% of China tariffs and gains unrestricted access to Chinese rare earth minerals, while China removes all retaliatory non-tariff measures against American firms. Both sides will temporarily roll back tariffs for a one-year negotiation window.
Key Levels: Support 6,708.6 │ Resistance 6,899.7
Investor Takeaway: RSI 53 trending down above MA; MACD shows emerging buys. Market supported by trade optimism but overshadowed by macro opacity due to missing CPI and labor data.