SPX tests $0.90, eyes $1.10

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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• The last week's price action hasn't been ideal, although we did expect a pullback from the $ 1.60s which we called for in our last Market Direction.
• Price has now pulled back to the prior all-time highs. This could potentially become a new level of support, considering this was an old resistance level. Beneath prior highs (where we are currently at $0.93, say), there is a lot of support, with a big cluster between
• $0.72 and $0.75, although we wouldn't be surprised to see the price have a small bounce from $0.90.
• The buying area we have identified is sub $0.72 if we get it. This is between $0.59 and $0.72.

• Next Support: $0.90
• Next Resistance: $1.10
• Direction: Neutral
• Upside Target: $1.10
• Downside Target: $0.75

Cryptonary's take

Yes, this is down a fair amount in the last week, but if you were heavily positioned in SPX, you've avoided a lot of the pain in the market that we've seen over the last 6-8 weeks, so I certainly wouldn't see this as a bad thing. Ultimately, $0.93 is still mega, and it's a price that's mostly above all of 2024's pricing.

In the short term, it's possible we will see a bounce in SPX from $0.90, maybe retesting to $1.10. But if $0.90 breaks, the main support zone will be $0.72 to $0.75.

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