Market Direction

SPX targets $0.90 after $0.75

Published: Dec 6, 2024

SPX rebounded from $0.59 support, battling resistance at $0.75. A breakout could push prices toward $0.90, while $0.57-$0.59 remains critical support for a downside.

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SPX bounced from the main horizontal support at $0.59, and the price has now moved into the next major horizontal resistance at $0.72.
Price is also battling at the main downtrend line and looking for a breakout of that level.
The $0.75 area is tricky for the rice to overcome due to the downtrend line resistance and the horizontal resistance, but the price action looks positive so far.
If the price does break down, we would expect the $0.57 to $0.59 level to hold as a strong support zone for the price.

9. SPX chart detailing horizontal resistance and support levels, recent price movements, and volume trends in a 12-hour timeframe.

Next Support: $0.59
Next Resistance: $0.75
Direction: Neutral/Bullish
Upside Target: $0.75 (then $0.90)
Downside Target: $0.57 - $0.59

Cryptonary's take

Chart-wise, SPX looks positive here, particularly considering that it's battling at a number of resistances, but the price is holding up well. If the price can break out and retest $0.75, this would set up a move to test into the $0.90 level. Let's see how the price reacts/holds up over the weekend.