The S&P 500 trades at 738.85 after a 1.25% session decline, though the weekly loss remains contained at 0.42%. RSI at 52.5 sits squarely in neutral territory, while price holds 1.83% above the 50-day moving average, preserving the broader uptrend. ATR of 5.48 and realized 20-day volatility at 6.29% point to a measured tape rather than capitulation.

Cross-asset signals remain tightly synchronized, with the NASDAQ 100 correlation at 0.95 and Dow at 0.89 underscoring broad-based risk repricing. European equities are moving in step, with DAX 40 at 0.88 and CAC 40 at 0.83, suggesting today's pullback is global rather than idiosyncratic. News flow over the past 48 hours skews bullish at +0.27 across 16 documents, providing a modest counterweight to the selloff.

Immediate support sits near the 50-day moving average roughly 1.8% below spot, with resistance back toward recent highs. Today's US PPI release is the proximate catalyst — a hot print could pressure rate-cut expectations and extend the decline, while a cooler reading would likely reignite the bid. Traders should watch RSI for a break below 50 as confirmation of deeper downside.