Market Direction

Election decides SPX move above $0.75

Published: Nov 4, 2024

As SPX squeezes between $0.65 support and $0.75 resistance, the market eagerly awaits the election results. Will the outcome push SPX higher or trigger a pullback? Let’s explore SPX’s current setup and potential moves.

Disclaimer: This is not financial or investment advice. You are responsible for any capital-related decisions you make, and only you are accountable for the results.

The price has doubled, just shy of the $1.00 area, and has pulled back more substantially now.
The price continues its downtrend, with the price now below the $0.75 horizontal support, and the main uptrend line is being tested.
The main uptrend line has convergence with the horizontal level of $0.65. If these levels are broken to the downside, the price likely swiftly revisit $0.50.
To the upside, $0.75 is the area to reclaim.
We continue to note declining volumes here.

9. SPX 4-hour chart on TradingView, highlighting key levels, trend lines, and RSI, showing SPX’s recent trend and potential breakout zones.

Next Support: $0.65
Next Resistance: $0.75
Direction: Neutral
Upside Target: $0.90
Downside Target: $0.50

Cryptonary's take

SPX is in a crucial area here, to be honest. Price is squeezing into the pinpoint between the local downtrend line and the main uptrend line. Price likely breaks in the direction of the election winner; if Trump wins, price breaks up. Harris wins, price breaks down. Price is now tight between two key levels, $0.65 and $0.75. The election outcome tomorrow is likely pivotal for short-term price direction.