Market Direction

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

Published: Oct 18, 2024

SPX tests $0.76 resistance today. Will it break out or fall back to support between $0.48 and $0.55? Explore today’s SPX price prediction and 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.
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.

9. SPX 4-hour chart displaying price movement, trend lines, support and resistance zones, indicating possible price retracement and future breakout levels.

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.