Market Direction

SPX battling resistance at $0.76

Published: Feb 13, 2025

SPX remains range-bound between $0.56 and $0.76, struggling to break higher. A decline in volume signals possible downside risk, with a potential retest of $0.56 or even $0.20.

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.

SPX remains in its longer-term downtrend, like most memes.
Currently, the rice is butting up into the horizontal resistance of $0.76, and the price is rejecting from there (so far). Beyond $0.76, the next major horizontal resistance is at $0.92.
$0.56 remains the key level of support that the price will need to hold above.
A break below $0.56, would potentially see SPX revisit $0.20.
We're keeping tabs on the volumes, a declining volume usually sees the price move lower.

4. SPXETH daily chart tracking price movement, horizontal resistance at 0.76, major support at 0.56, and volume analysis for trend confirmation.

Next Support: $0.56
Next Resistance: $0.76 (then $0.92)
Direction: Neutral/Bearish
Upside Target: $0.92
Downside Target: $0.56

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Cryptonary's take

Price is now meaningfully below the levels it was at when we suggested de-risking from SPX a few weeks back.

SPX is now range bound between $0.56 and $0.76. If the price can break out of $0.76 (we're not sure we expect it to), then a move into $0.92, would potentially set up a really attractive opportunity to Short. We would also, of course, suggest de-risking into both $0.76 and $0.92 (assuming it reaches $0.92).