Market Direction

SPX targets $0.60 resistance

Published: Nov 26, 2024

SPX is in a crucial zone, testing support at $0.45 while battling resistance near $0.55. A potential double bottom could lead to a breakout. Let’s dive into SPX’s next move.

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.

In the majority, SPX has continued its downtrend and has been unable to breach the above resistance areas.
The main resistance on the local timeframes is the $0.55 to $0.60 area.
SPX is now in the zone that it has used as prior support between $0.45 and $0.50.
One concern here is the continuation of declining volumes.
If SPX can reclaim $0.50, this may help fuel a retest of $0.60, but it's pivotal that the price can get back above the recent local resistance of $0.55.
Price has formed what looks to be a double bottom at $0.45, so this may help fuel a move higher in the short term.

9. SPX chart showing a local downtrend, major support at 0.45–0.50, and resistance at 0.55–0.60.

Next Support: $0.45
Next Resistance: $0.60
Direction: Neutral
Upside Target: $0.60
Downside Target: $0.40

Cryptonary's take

Following a massive move higher, it's not too surprising to see profits being booked by larger holders, which may have impacted the price action here over the last few weeks.

However, we're now likely close to the end of that, and it looks as if the price is double-bottoming here, so this may be a good area to begin building a position if you're underexposed. We're expecting continued chop, but with a chance, SPX will try for a breakout in the coming week.