Technical analysis by Alchemy Markets about Symbol SPYX on 11/5/2025

The S&P 500 just broke below its short-term descending channel — confirming selling pressure is building. High-valuation tech and AI names like NVDA , MSFT , GOOGL , MU , and PLTR are leading the pullback as investors rotate out of crowded trades. Macro headwinds — Fed uncertainty, stretched valuations, and global weakness — are weighing on sentiment. Near-term bias stays bearish unless SPX can reclaim 6,850.