SPX6900 has shown significant recovery after a steep drop but is now facing heavy resistance at the $1.42 level. Reclaiming this level may confirm a trend change.
Current Market Situation of SPX6900
After reaching an all-time high, SPX6900 has seen a significant drop, breaking below past higher levels and thereby invalidating the bullish market structure. The current aggressive bounce is testing dense resistance, indicating a possible bearish retest rather than a true reversal.
Key Technical Points
• **Bearish Market Structure:** Lower highs and lower lows established after trend breakdown. • **Critical Resistance at $1.42:** Control point, 0.618 Fibonacci level, and high timeframe resistance coincide. • **Full Auction Rotation Risk:** Value area low is the next key downside target.
Future Price Movement Expectations
SPX6900 is trading at a crucial resistance zone. A reclaim of $1.42 could stabilize the trend. However, failure to break above will likely confirm a bearish retest, leading to a move towards the value area low at $0.97.
In the near term, SPX6900 faces critical conditions that will determine the directional movement. Success or failure in breaking resistance at $1.42 will be key in assessing the trend.
