SPX — Still Below Anchored VWAP, Eyes on Lower Channel Bound

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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.

Penafian

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