Technical analysis by FP Markets about Symbol SPYX: Buy recommendation (7/15/2025)

Of late, we have seen price action on the S&P 500 consolidate around all-time highs of 6,290 and is on track to form a small ascending triangle. The nearest support to note resides at the 1W level of 6,121, closely shadowed by a 1M support from 6,040. Based on the current technical picture, this clearly remains a buyers’ market. - FP Markets Research TeamThe team recently looked at the S&P 500 and highlighted that the major Stock market Index hit fresh all-time highs of 6,302. We also noted a possible ascending triangle forming around said highs, which, as you can see, experienced an initial fakeout to the upside on Tuesday, followed by a fakeout to the downside yesterday. While recent price action invalidates the pattern, it does show that buyers are strong at this level, following the sizeable lower candle wick yesterday.