Semis Lead Rebound as ES Retests 7622 OvernightMicro E-mini S&P 500 Index FuturesCME_MINI:MES1!SITCo_📊 SITCo | Wednesday Night Market Review November 11, 2026 · Preparing for Thursday Wednesday’s cash session strengthened the recovery. SPY gained 1.32%, semiconductor ETF SMH rose 4.82%, and more S&P 500 stocks moved above their 20-, 50-, and 200-day averages. By the evening snapshot, MES had pulled back from 7,654.50 toward 7,622, while NVDA gave back its cash-session gain in overnight trading. MES — The breakout gets its first retest MES cleared 7,590–7,600 and 7,622 during the rebound. The first question Thursday is whether buyers can hold 7,619.25–7,622 on a retest. Continuation: Acceptance above 7,622 puts 7,654.50 back in play, followed by 7,680.25 if Wednesday’s high clears. Failed breakout: Rejection at 7,622 followed by acceptance below 7,600 weakens the continuation thesis and brings 7,570.50, then 7,537, into view. Chop: Repeated moves through 7,622 with no follow-through and mixed internals favor patience. Breadth improved while cap weight led RSP gained 0.80%, while RSP/SPY fell 0.51%. Equal weight participated, but cap weight did more of the work. The share of S&P 500 stocks above their 20-, 50-, and 200-day averages rose to 72.56%, 71.76%, and 63.81%, respectively. Regional banks lagged, with KRE/XLF down 0.77%. Semiconductors are Thursday’s confirmation test MU gained 11.89%, AMD 7.32%, and AVGO 3.99% during the cash session. NVDA rose 2.87% to 173.73, then traded near 161.20 in the overnight snapshot. Watch whether SMH holds 489.41 and whether NQ can defend its overnight range once cash trading resumes. Cross-asset check VIX closed at 17.48 and VIX1D at 12.64, both lower on the day. The evening 10-year yield indication was near 5.00%, while HYG/LQD edged up in cash trading and showed a softer reading overnight. Volatility eased during the rally, but credit and regional banks offered mixed confirmation. SITCo read: The recovery has broader participation than the semiconductor headlines alone suggest. Thursday’s test is whether MES can hold the breakout area with support from NQ, semis, and cash-session internals. The levels frame the scenarios. Price action and an approved setup govern execution.