Technical analysis by Alchemy Markets about Symbol SPYX on 10/17/2025

SPX remains capped below the anchored VWAP — sellers still dictating flow. If price can’t reclaim above, a move toward the lower bound of this descending channel remains in play. Watching for a reaction near channel support. Macro Backdrop: Sticky yields: 10Y holding near cycle highs keeps pressure on equity multiples. Fed tone: “Higher for longer” stance limits risk appetite and valuation expansion. Slowing growth: Softening ISM and consumer data hint at cooling demand. Earnings compression: Margin pressures building as labor and input costs stay elevated. Geopolitical overhangs: Middle East tensions and trade friction adding to risk-off tone.