SPX6900 price prediction today: Can SPX clear $0.76 resistance?

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.
• Charting wise, SPX is really clean, we can clearly see how it respects trend lines in terms of support and resistance.
• Price broke down from the bearish pennant and continued it's downtrend until it filled our Yellow Buy box. Unfortunately the fill was a super quick move so it was very difficult to buy.
• Price has now been rejected off the underside of the uptrend line and the horizontal level of $0.76. $0.76 is the resistance level price that needs to clear above.
• To the downside, the supports are hard to work out, but the obvious levels is the range between $0.41 to $0.55. Although, it's arguably higher, between $0.48 and $0.55.
• We do note volumes are downtrending.

• Next Support: $0.48 - $0.55
• Next Resistance: $0.76
• Direction: Neutral/Bearish
• Upside Target: $0.76
• Downside Target: $0.55

Cryptonary's take

Some of you guys will dislike me and call me a "sideliner," but SPX looks most likely to revisit the Yellow box or at least be close to that area. If you're under-positioned or have no position, we'd add between $0.40 and $0.55.

A break above $0.76 would invalidate our short-term these and would likely see price run back to all-time highs.