Market Direction

SPX faces resistance at $0.75

Published: Nov 12, 2024

SPX’s recent pullback signals possible consolidation at $0.65 support, with BTC and SOL also near key levels. Let’s examine the technical outlook for these crucial assets.

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 has broken below its main uptrend line and back beneath the $0.75 horizontal support.
However, price is now attempting to bounce from the $0.65 area, although it may find that $0.75 horizontal level and the underside of the main uptrend line, may act as new resistance.
Beneath current price, the support is at $0.65 and then $0.55. If $0.65 is broken, it's possible we see a revisit to the $0.50 to $0.55 area.
Volume did pick up over the last 48 hours. However, it was selling rather than buying volume.

9. SPX price chart depicting recent price pullback below support line, with current support at 0.65 and potential resistance at 0.75.

Next Support: $0.65
Next Resistance: $0.75
Direction: Neutral
Upside Target: $0.75
Downside Target: $0.55

Cryptonary's take

SPX is still at a relatively high level, and it has now had a number of pullbacks where it's able to find support. Unfortunately, SPX is beneath its horizontal level of $0.75 (likely now new resistance), and it's also out of its main uptrend.

If SPX can reclaim both, then expect a swift revisit back to the highs of $0.94. However, this may be tricky as there are a number of resistance overheads.