Technical analysis by WiseLeoTrading about Symbol SPYX: Buy recommendation (10/17/2025)

Outlook While short term caution is warranted due to the recent decline and elevated volatility, the US500 remains in a long term uptrend supported by strong annual gains. Expectations of continued resilience from large cap stocks maintain a positive outlook going into year end. However, models suggest a cautious path for the near future, anticipating the index to correct, indicating potential headwinds. The critical support zone remains near 6,400. Fundamental Analysis US500 demonstrates robust long term health, up over 11% compared to one year ago. This performance is fundamentally driven by resilient large cap earnings and underlying strength in technology and consumer sectors. Major financial institutions, including JP Morgan, Goldman Sachs, and Citigroup, have recently raised their year end targets into the 6,000 – 6,900 range, citing expectations of continued strong earnings and potential tailwinds from monetary policy shifts and interest rate cuts. However, current sentiment has introduced short term caution due to recent macroeconomic developments and elevated volatility. Technical Analysis The index is currently trading around a key support of 6,600 points, reflecting a short term decline from the previous session. The short term trend is showing signs of a possible bearish correction or pullback, despite longer timeframes maintaining underlying bullish momentum. Volatility is notably elevated, with the VIX above 25.00, suggesting increased market uncertainty and potential for sharp swings. Immediate resistance is clearly defined near the recent high of 6,725. Immediate support is seen around 6,600 points. Short term bearishness is primarily attributed to technical factors like profit taking. Analysis by Terence Hove, Senior Financial Markets Strategist at Exness