S&P500: Futures Firm Today as Buyers Lean on the 50-Day MA for Fresh Support

Stocks Tick Higher as S&P Futures Lean on Fresh Support

E-mini S&P 500 futures are up a little early Wednesday, and traders are leaning on that reclaim of the 50-day moving average at 6849.25, now acting as fresh support. The contract is still boxed inside the short-term range of 6986.75 to 6817.50, but the near-term tell is simple: 6902.25. Overcome and hold above it, and buyers have room to press. Stay under it, and the market likely hands control back to sellers.

Will the Market Finally Warm Up Above 6902.25?

Buyers held the 50-day moving average overnight, and the first real upside trigger is the 50% level at 6902.25. A sustained push above there would show traders are willing to lean back into risk, and it could unlock an acceleration toward 6986.75, with stretch potential into 7011.75. You don’t need to overthink it — the smart money will probably wait for confirmation, but the path is clean if buyers keep leaning.

If futures can’t regain and hold above 6902.25, that tells you the market isn’t ready. Sellers would get the edge again with a breakdown under the 50-day moving average, and the door reopens for a pullback toward 6817.50, with 6785.00 sitting as the next meaningful pivot. For now, sentiment feels cautious but not outright defensive.

Are Stocks Starting to Stabilize After Tuesday’s Messy Trade?

U.S. equity futures are firmer — S&P 500 up about 0.4% and Nasdaq 100 matching the move, while Dow futures add a modest 0.2%. That’s after the cash market logged a third straight down day Tuesday, with the S&P 500 off 0.2% and the Dow shedding 302 points. Traders were still digesting the late batch of employment data, which painted a mixed picture.

The U.S. economy lost 105,000 jobs in October, pushing unemployment to 4.6%, the highest since 2021. But November added 64,000 jobs, topping expectations. Not great, not disastrous — just enough to keep traders unsure about momentum into year-end. Energy names were hit hardest as crude closed at its weakest level since 2021, dragging Exxon and Chevron roughly 2% lower.

What’s the Market Really Keying On?

Right now the crowd is watching the Fed speakers — Governor Waller and NY Fed President Williams — for any hint on how they’re reading the cooling labor data. No one wants to be caught offsides heading into Thursday’s CPI, which is the next real volatility event. Positioning feels light, conviction feels shaky, and futures are trying to build a floor.

Bottom line: overcome 6902.25, and buyers have a clean shot to press higher. Lose it, and the contract probably slips back into that lower end of the range as traders wait for CPI to decide the next move.

More Information in our Economic Calendar.