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

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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• 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.

• 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.