The Direxion Daily S&P 500 Bear 3X ETF (SPXS) closed down 0.82% at 6.03 on Friday, November 22, as the S&P 500 showed resilience despite potential headwinds. The S&P 500's recent performance, with a two-day return of 0.5%, suggests short-term resistance, as indicated by the VIX signal. This resistance is compounded by rising equity financing costs and constrained dealer balance sheets due to increased Treasury issuance. Additionally, Bank of America strategists have highlighted the risk of unwinding trades favoring U.S. stocks, particularly as the Nasdaq 100 approaches critical levels against the S&P 500. This could prompt a rotation out of U.S. equities, impacting the broader market.