Market Direction

SPX6900 price prediction today: Can SPX break past $1.20 soon?

Published: Oct 14, 2024

SPX is setting up for a potential breakout to $1.10-$1.20, but it faces resistance at $1.00. Will it hold support at $0.70? Here’s today’s price analysis.

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.

Note this is a 4-hour timeframe chart.
SPX is setting up the same pattern as what we reported at the back end of last week, and then we saw the price break higher. Perfectly called.
Price is now forming that pattern, a bullish pennant that has a bullish bias. Break-out targets would be $1.10 to $1.20. However, the $1b MCap level will be a key psychological level to pass.
To the downside, the mid $0.70's would be support. It's possible that if price does pull back more substantially, this area is strongly bidded.
We are seeing declining volumes which may indicate that momentum is at the beginning stages of fading in the short-term for SPX.

9. SPX-WETH 4-hour chart showing price action with triangle pattern, key support levels, and volume analysis indicating upward momentum

Next Support: $0.70
Next Resistance: $1.00
Direction: Neutral/Bullish
Upside Target: $1.10 - $1.20
Downside Target: $0.70

Cryptonary's take

It's possible that SPX has a more meaningful correction at some point, but so far, the move has been phenomenally strong, with 20-30% corrections swiftly bought up. If we're right and the market is moving into a more bullish regime, then we'd expect a continuation of these more shallow pullbacks. If the price can break out of the pennant, then SPX could be well north of a $1b MCap before the weekend is here. Overall, it's a super hard one to call here, though.