Market Direction

SPX price nears critical $0.94 resistance level

Published: Nov 7, 2024

SPX’s range-bound action between $0.75 and $0.94 aligns with BTC’s current levels. Dive into the latest market analysis.

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 was able to bounce from a really crucial level at the main uptrend line.
Price has since broken out of the local downtrend and moved in to the main horizontal resistance at $0.94, where price has seemingly rejected... so far.
There is a local support at the current price at $0.84, and beneath this, the main support is at $0.75.
If the price breaks above the $0.94 level, the price will be in price discovery, and $1.20 is a potential target.

9. SPX chart with trendlines, support-resistance levels, and RSI, providing insights into range-bound trading behavior and breakout potential.

Next Support: $0.84
Next Resistance: $0.94
Direction: Neutral/Bullish
Upside Target: $0.94
Downside Target: $0.75

Cryptonary's take

SPX is in a range here between $0.75 and $0.94, with $0.84 as a mid-point. If BTC can breakout then we'd expect SPX to do the same and breakout of $0.94.

However, in the coming days, we're expecting more range bound price action. Although, if $0.84 holds, and BTC breaks out, then the SPX break out could be imminent.