S&P 500 Sits On 7,376 Support Ahead Of CPI And PPI Data

At A Glance

• Asset: S&P 500 index, TradingView feed SP:SPX.
• Observation: 7th November 2026, 07:17 UTC, with the US market closed. The latest daily bar is the completed 6th November session; the latest weekly bar is the completed week of 2nd November.
• Timeframes: daily and weekly, standard candles.
• Data: saved TradingView history, retrieved 7th November at 07:06 UTC. Every moving average and level below is Bored Node's calculation from it; later mentions say "our calculation".
• Trend in one line: a pullback inside a wider uptrend, with price below its 20 and 50 day averages and just above the 200 day.

This is a dated technical assessment for the week of 9th to 13th November, not a guaranteed forecast.

The Chart Read

The S&P 500 closed at 7,376.86 on 6th November. That is 5.96% below the 52-week high of 7,844.52 set on 6th October, in our calculation from daily bars. The index fell 4.36% on 5th November, from 7,688.62 to 7,353.73, a move also covered in Bored Node's report on the global market declines. It then rose 0.31% on 6th November.

On the daily chart, our calculation from TradingView daily closes gives a 20 day average of 7,657.80 and a 50 day average of 7,679.45. The latest close is 3.7% and 3.9% below them. The 200 day average is 7,325.05, which leaves the close 0.7% above it.

Friday's candle is small. Its range was 74.65 points, from 7,369.55 to 7,444.20, and it opened at 7,377.65 after Thursday's close of 7,353.73. Its low stayed above Thursday's low of 7,350.35. One bar does not make a base, but the index did not make a lower low on the day.

The weekly chart shows a longer climb from the low of 6,316.91 on 30th March. The week of 2nd November closed at 7,376.86, down 2.68% from 7,580.07, with a range of 7,350.35 to 7,715.57. It was the fourth weekly close in a row below the one before it, since the week of 5th October closed at 7,811.54.

Our calculation from weekly closes gives a 10 week average of 7,654.38 and a 40 week average of 7,328.68. The latest weekly close sits between them. The weekly trend since March remains up, while the last four bars lean down.

Key Levels

Support, each from the saved bars:

• 7,376.00, the daily low on 23rd July. The 6th November close is 0.86 points above it, and the 5th November close of 7,353.73 was below it.
• 7,350.35, the low on 5th November, also the low of the week of 2nd November.
• 7,325.05, the 200 day average on 6th November.
• 7,313.92, the daily low on 29th July and the weekly low for the week of 27th July.

Resistance:

• 7,444.20, the high on 6th November.
• 7,657.80, the 20 day average, with the 4th November high of 7,715.57 above it.
• 7,758.43, the daily high on 28th October, and 7,770.40, the daily high on 21st October.
• 7,816.70, the weekly high for the week of 10th August.

The support levels sit within about 62 points of each other, so the area from 7,313.92 to 7,376.00 works as one zone.

Bull Case

A daily close that holds above 7,376.00 through the week would keep the index above the July low and the 200 day average. That would fit a pullback inside the wider uptrend rather than a change of direction.

A daily close above 7,444.20 would clear Friday's high and mean the index had recovered part of Thursday's drop. Further strength would then meet the 20 day average, 7,657.80 as of 6th November. A weekly close above 7,580.07, the previous week's close, would end the run of four lower weekly closes.

Bear Case

If the index closes below 7,376.00 again, the level would have failed on a daily close for a second time since 5th November. The next references would be 7,350.35 and the 200 day average at 7,325.05.

A move back under the 20 and 50 day averages after any bounce would leave the index in the position it held on Friday, below both. The index has not yet closed above either since 5th November.

Invalidation

The constructive reading weakens on a daily close below 7,313.92. That level is the lowest support our calculation lists and sits 11.13 points under the 200 day average. A close there would put the index below every listed floor in the zone, and the weekly low of 7,313.92 would also have gone.

On the other side, the bearish reading weakens on a daily close above 7,758.43, the lowest listed swing-high resistance, followed by weekly follow-through.

What Would Change The View

Among the scheduled US events for 9th to 13th November, from the official calendars opened on 7th November:

• Monday 9th November: Fed Vice Chair for Supervision Michelle Bowman discusses community banking in Boston, listed for 8:40 a.m. on the Federal Reserve's November calendar, which does not state a time zone. A 3-year note auction is on the Treasury schedule, with no time stated.
• Tuesday 10th November: October CPI and Real Earnings at 13:30 UTC (8:30 a.m. Eastern), per the Bureau of Labor Statistics schedule. The Fed calendar lists Bowman and Governor Christopher Waller speaking on the economic outlook the same day, at times the page lists without a time zone. The Treasury schedule lists a 10-year note auction, with no time stated.
• Wednesday 11th November: Veterans Day. The Treasury schedule shows a holiday, the BLS lists no release, and the Fed calendar says releases move to 12th November.
• Thursday 12th November: Governor Michael Barr speaks, and the Treasury schedule lists a 30-year bond auction with no time stated.
• Friday 13th November: October PPI at 13:30 UTC, and Bowman speaks again on supervision and regulation.

The week has no Federal Open Market Committee meeting on the Fed page opened. The jobs report on 6th November is the most recent major US data point, covered in Bored Node's report on the October payrolls, which noted that the Fed had held rates at 3.75% to 4% on 28th October.

CPI is the first release to land with the index this close to support, and PPI on 13th November follows. A daily close back below 7,376.00 after either would repeat the failure described in the bear case.

Bored Node's earlier look at US stocks, metals and oil found US share indices below their 20 and 50 day averages on 30th October. The S&P 500 still is, as of 6th November.