S&P 500 Futures Settle at 7,544.25 as CPI Miss Sparks Early Drop

The December S&P 500 futures contract settled at 7,544.25 on Tuesday, down 30.00 points or 0.40 percent, ending a run of two higher settles. The session traded between 7,598.75 and 7,493.00 — entirely inside Monday's range — and settled at 48.5 percent of its 105.75-point range, the narrowest since November 3, 2026.

That tight range masked a violent open. The 8:30 AM ET bar fell 63.50 points, the largest decline of any 30-minute bar of the session, and it coincided with the October consumer price index release. The CPI printed 0.4 percent against a 0.3 percent forecast, per the verified forward calendar, with the data dropping at 8:30 AM ET on Tuesday, November 10, 2026.

The contract rebounded in the 9:30 AM ET bar, then slid to the 7,493.00 low in the 12:30 PM ET bar — the bar right after a 12:20 PM ET news-feed item on new office software from an artificial-intelligence developer. The session high, for what it's worth, printed in the quiet 1:30 AM ET bar.

What did the rest of the market do?

The S&P 500 cash index fell 0.38 percent to 7,520.93. The Nasdaq-100 dropped 0.60 percent and the Dow Jones Industrial Average 0.30 percent. The ten-year yield index closed at 4.98 percent after touching a 5.02 percent high, and the volatility index finished at 19.46.

MyAlgoIndex's composite multi-indicator read stands at 64 percent sell, with soft strength and a weakening direction — unchanged in percentage from a session earlier.

Where are the key levels?

The settle sits beneath the 20-day and 50-day settlement averages for a ninth session, and above the 200-day for a second. On the dealer-positioning dataset, the cash close sits 41.07 points beneath the modeled gamma-flip level at SPX 7,562 and 20.93 points above the SPX 7,500 put-side support base. The modeled volatility threshold at SPX 7,600 is the next reference above.

Resistance stack, per MyAlgoIndex:

• 7,651.08 — Pivot R2 (SPX 7,627.76)
• 7,623.32 — modeled volatility threshold, futures conversion (SPX 7,600.00)
• 7,613.63 — midpoint of the 13-week range (SPX 7,590.31)
• 7,598.75 — Tuesday's session high (SPX 7,575.43)
• 7,597.67 — Pivot R1 (SPX 7,574.35)
• 7,585.32 — modeled gamma-flip level, futures conversion (SPX 7,562.00)
• 7,573.75 — 9-day settlement average (SPX 7,550.43)
• 7,545.33 — Pivot Point (SPX 7,522.01)

Support stack:

• 7,544.25 — Tuesday's settle (SPX 7,520.93)
• 7,523.32 — primary put-side support base, futures conversion (SPX 7,500.00)
• 7,493.00 — Tuesday's session low (SPX 7,469.68)
• 7,491.92 — Pivot S1 (SPX 7,468.60)
• 7,443.50 — 200-day settlement average (SPX 7,420.18)
• 7,439.58 — Pivot S2 (SPX 7,416.26)
• 7,406.13 — one standard deviation support (SPX 7,382.81)
• 7,386.17 — Pivot S3 (SPX 7,362.85)

What's the trade setup?

MyAlgoIndex's primary setup: short the December contract from the 7,595–7,605 band (SPX 7,571.68–7,581.68), around Pivot R1 at 7,597.67 and Tuesday's 7,598.75 high. Stop at 7,625 (SPX 7,601.68) — above the 7,623.32 conversion of the SPX 7,600 threshold and beneath Pivot R2 at 7,651.08.

Targets: 7,575 first (SPX 7,551.68), 7,550 second (SPX 7,526.68), and 7,525 third (SPX 7,501.68). Risk-to-reward runs roughly 1:1, 1:2 and 1:3 from the entry midpoint. The 14-day average true range is 130.44 points against a 25-point stop distance — a wide tape for a tight stop.

Invalidation terms are explicit. A settle above Pivot R2 at 7,651.08 negates the thesis. Two consecutive 30-minute closes above 7,605 remove the edge before the stop is hit. A reversal lower in yields, or a strong reaction to the after-close cloud results across artificial-intelligence shares, can carry price through the stop in one move — and a higher low inside Monday's range is the main risk to any short. The analyst's judgment, stated plainly: rebounds into Pivot R1 get sold.

What does Wednesday actually test?

Wednesday is the Veterans Day holiday with CME Globex on normal hours, and the 9:30 AM ET cash open is the first directional test. Tuesday's 7,544.25 settle sits 161.25 points above the 7,383.00 settle of November 5, 2026, after an inside session. In this review's interpretation, the day tests whether a rebound stalls beneath the 7,598–7,623 band — or whether a further rise in yields carries the contract through the 7,523.32 base conversion toward Tuesday's 7,493.00 low.

SPX equivalents use Tuesday's measured 23.32-point basis; the source's own pairs carry its 21.90-point offset.

By Grace Kim