Market Direction

SPX pushes above $0.90 resistance

Published: Dec 31, 2024

SPX pushes past $0.90 resistance and holds $0.75 as strong support. A breakout to $1.00 appears likely as bullish momentum builds.

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 managed to break out of the previous resistance zone between $0.72 and $0.75.
Price has now pushed into the $0.90 area, which was just shy of prior all-time highs.
There is a small resistance zone between $0.87 and $0.91 that the price will need to break out of.
If the price does pull back, we'd expect $0.72 to $0.75 to be a new major support for price. We'd be very surprised if the price broke back below this level.

9. SPX daily chart displaying a breakout toward 0.90, nearing prior all-time highs at 1.00 resistance.

Next Support: $0.75
Next Resistance: $1.00
Direction: Bullish
Upside Target: $1.00
Downside Target: $0.75

Cryptonary's take

Overall, the chart looks great here. It looks likely that SPX can break to the upside, get above $0.91 and then push onto the all-time highs and the $1.00 mark in the short term. It's possible that SPX might need the rest of the market to break higher also to help give it momentum, but charting and structure-wise, SPX looks good here.