Technical analysis by Trade Nation about Symbol SPYX on 8/14/2025

S&P 500 hits new high on rate cut bets – The index rose +0.32% to another record as markets priced in further Fed easing. Gains were broad-based, with 421 constituents higher, while small-caps outperformed sharply (Russell 2000 +1.98%, best two-day run since April). The Magnificent 7 lagged (-0.31%), easing from Tuesday’s record. Macro backdrop – Optimism was supported by rate cut expectations despite geopolitical tensions. Trump warned of “very severe consequences” for Russia without a ceasefire, while US Treasury Secretary Bessent urged Europe to toughen energy sanctions. Risk appetite – Bitcoin hit a fresh record above $124,500, underscoring investor appetite for risk assets. Takeaway for traders – Breadth-driven rally suggests underlying market strength beyond mega-caps, with small-cap momentum potentially spilling over into the broader index. Key Support and Resistance Levels Resistance Level 1: 6520 Resistance Level 2: 6580 Resistance Level 3: 6637 Support Level 1: 6400 Support Level 2: 6372 Support Level 3: 6340 This communication is for informational purposes only and should not be viewed as any form of recommendation as to a particular course of action or as investment advice. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. Opinions, estimates and assumptions expressed herein are made as of the date of this communication and are subject to change without notice. This communication has been prepared based upon information, including market prices, data and other information, believed to be reliable; however, Trade Nation does not warrant its completeness or accuracy. All market prices and market data contained in or attached to this communication are indicative and subject to change without notice.