Will SPX hold $0.56 support?

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SPX:

• Really interesting setup, this is moving closer to the crunch point.
• SPX has held the $0.56 level for a long time now. This is likely the 'line-in-the-sand' level. If the price loses this support, we'd expect a much deeper correction to be likely.
• The price did attempt to break out of the main downtrend line, however, the price was pretty immediately rejected at the horizontal level of $0.76. Price has since pulled back and it's now at the horizontal support of $0.56.
• Generally, volumes are declining as well, which is a negative sign.
• If $0.56 is lost as a major support, it's possible that over the following weeks, that price can move back to $0.24.
• If the price can bounce from $0.56 (we're not expecting it to), then $0.76 is likely to be a local top again, where we expect the price to be rejected from there.

• Next Support: $0.56
• Next Resistance: $0.76
• Direction: Bearish
• Upside Target: $0.76
• Downside Target: $0.24

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Cryptonary's take

SPX doesn't look great here. In the coming days/week, we wouldn't be surprised to see SPX break below its main horizontal support of $0.56. This would be a break in structure and it would be hard to be bullish on SPX after that.

We believe we were very right in our calls to de-risk SPX well above $1.00. In the short term, we think a breakdown is the most likely outcome.