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

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.