Equity Indices Performance
SPX closed at 7580.07 down 1.82% from the prior 7720.39 because NDX fell 1017 points to 28384.85 which means the 3.46% tech decline set the session tone across large caps. SPY finished at 755.72 down 1.77% after testing the 750.36 low and failing to reclaim the 761.46 high which means downside momentum carried through the close. QQQ ended at 690.49 down 3.47% from 715.34 because its futures printed 28543 which means the 3.45% futures drop extended into cash trading. IWM fell 1.65% to 279.33 while DIA declined 1.07% to 517.13 which means small and industrial names offered limited offset to the tech led move. Nasdaq volume reached 2.184 billion shares which means participation stayed elevated on the downside.
Futures Extension and Commodities
ES futures closed at 7614.5 down 1.8% while NQ futures settled at 28543 down 3.45% which means the gap between cash and futures left little room for overnight recovery. YM futures printed 51928 down 1.11% which means Dow exposure followed the broader equity pressure without divergence. Gold fell 3.68% to 3882.90 because silver dropped 5.94% to 49.09 which means metals sold off in tandem with risk assets. Crude rose 0.87% to 102.89 while Brent fell 2.31% to 112.23 which means energy showed mixed signals that failed to counter the equity decline. Copper declined 1.44% to 6.4865 which means industrial metal demand signals remained soft.
| Index | Close | Change | Implication |
|---|---|---|---|
| SPX | 7580.07 | -1.82% | Tech weakness pulled broad index lower |
| NDX | 28384.85 | -3.46% | 1017 point drop set downside tone |
| QQQ | 690.49 | -3.47% | Futures pressure extended into close |
Support Resistance and Volume Context
SPX support rests at 7527.56 with resistance at 7637.48 which means a break below the low would extend the 140 point daily loss. NDX support sits at 28093.24 which means the 3.46% drop left the index 291 points above that level. SPY volume reached 67.7 million shares which means turnover confirmed the 13.64 point decline from 769.36. Russell 2000 closed at 2811.84 down 1.66% which means small caps participated but lagged the tech led selloff in magnitude.
Cross Asset Rotation Signals
Metals weakness alongside equity losses points to broad risk aversion because gold and silver both printed multi percent declines on the day. Energy mixed performance left no offsetting bid which means the session lacked defensive rotation into commodities. Crypto assets showed BTC at 76767.76 down 1.3% while ETH fell 0.67% which means digital assets followed the risk off tone without independent strength.
| Asset | Level | Change | Meaning |
|---|---|---|---|
| Gold | 3882.90 | -3.68% | Metals sold off with equities |
| Crude | 102.89 | +0.87% | Mixed energy failed to offset decline |
| Silver | 49.09 | -5.94% | Sharp drop reinforced risk aversion |
Scenario Triggers and Market Bias
Scenario weights stand at 45% for extension lower if NDX breaks 28093 support which means further tech supply would pressure SPX toward 7527. 35% weight sits on stabilisation if SPX reclaims 7637 resistance which means a close above that level would ease the immediate downside read. 20% weight rests on rotation if metals recover above 4000 which means commodity stabilisation would reduce the risk off signal across assets. Risk sits at 65% because the 3.46% NDX drop and 1.82% SPX decline left breadth thin with no offsetting volume in defensives.
| Experience | Focus from Tape |
|---|---|
| Beginner | Track daily closes versus listed support levels |
| Intermediate | Note how NDX percentage moves exceed SPX on down days |
| Advanced | Watch metals equity correlation for regime confirmation |
Tech led a 1.8% SPX decline and 3.5% NDX drop as metals also sold off sharply.
This is analysis, not financial advice. Always manage your risk.
