Technical analysis by Trade Nation about Symbol SPYX on 15 hour ago
Summary: The S&P 500 (-0.01%) slipped for a second consecutive session, dragged by weakness in tech. The Magnificent 7 (-0.16%) edged lower, with Intel (-3.66%) among the worst performers on reports of a potential 10% US government stake, partly offset by news that SoftBank will buy $2bn in Intel shares. Broader sentiment was weighed down by a hawkish rates re-pricing and a weaker-than-expected NAHB housing market index (32 vs. 34 expected). There were some bright spots: the Russell 2000 (+0.35%) outperformed, and Europe’s STOXX 600 (+0.08%) inched up to a 3-month high. Geopolitics remained in focus as Trump pushed for a summit between Putin and Zelenskiy, with US and EU officials moving on security guarantees for Ukraine. Conclusion for S&P 500 trading: The index remains under mild pressure, reflecting rate concerns and housing weakness, while Intel headlines added volatility to tech. Broader market resilience—highlighted by small-cap outperformance—suggests downside is limited in the near term, but the S&P 500 may stay range-bound until clearer signals emerge on rates and housing momentum. 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.
