SPX tests $1.20 after rejection

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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• It's possible that in the very short term, SPX has double-topped. This is until it can find a new local support and put in a higher low.
• The price was rejected at $1.60 for the second time, and it was holding the $1.40 level briefly. We were hoping local support would be formed there that could then aid the price in breaking out to new all-time highs, but not this time.
• The next local support is at $1.20, so we'll be looking there for bids to come back in again.
• To the upside, $1.60 is the key level to break above.
• We still don't think we will see sub $1.00, at least anytime soon. And beyond that, we feel quite safe that we won't see a price break below $1.00 and move into $0.75.
• We also note that in the last few days, volumes have been positive, which is good to see.

• Next Support: $1.20Next Resistance: $1.60
• Direction: NeutralUpside Target: $1.60
• Downside Target: $1.00

Cryptonary's take

Despite the rejection from $1.60, SPX is still holding up well. In the short term, we'd like to see $1.20 held as new support and, therefore, put in that higher low for SPX. It's possible the market continues to be whip-sawed by BTC, but even in this previously, SPX has seemingly held up well, so that's another positive to take.

In the short term, we're essentially looking for SPX to hold the $1.20 area and bounce convincingly from there.