SPX support holds at $1.30

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.

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• Firstly, congratulations all.
• Overall, it's just what a chart, and one we've essentially called perfectly.
• This is a move we expected, and upon the breakout of $0.75, we suggested that all the higher targets were then much more achievable. We've now got all of that and burst even higher.
• Price is overbought here in the short term, so at some point, there's likely to be a pullback. Predicting where that is is tricky. However, with the price having doubled in 10 days, it may be close to the $1.60 - $1.70 area. Again, short-term.
• What's also been really impressive is the volume increase; this is crucial for a convincing breakout, and it's exactly what we got.
• In terms of looking for support, it's currently very difficult. However, the $1.30 area stands out to us. But we'll reassess as and when we get a pullback.

• Next Support: $1.30
• Next Resistance: $1.69
• Direction: Neutral
• Upside Target: $1.69
• Downside Target: $1.30

Cryptonary's take

SPX has had a phenomenal run over the past few weeks, particularly in the last week. We do expect a pullback at some point soon, considering how strong the run has been. But that doesn't mean selling your bags; it's just natural to get higher after pulling such a massive move. We're not confident as to when this pullback will come, and it's important to state that. Congratulations to all those who have held SPX.