After a pointy climb of almost 8% within the final 24 hours, as we speak’s SPX6900 worth holds almost $1.1850. This marks the continued upward development that started in early Might, bringing SPX from below $0.60 to a brand new months excessive. Worth is presently regaining its key resistance zone, approaching $1.20. That is the extent the place you possibly can decide whether or not it’s going to rise additional close to the FIB 0.382 zone or if a pullback will seem.

What is going to the worth of the SPX6900 be?

SPX offered constant highs and better lows on each every day and 4-hour charts. A breakout above $1.15 was an upward quantity rise, with consumers supporting it in favor of earlier resistance. You may see bullish constructions in your every day charts. Right here, the SPX6900’s worth motion surpasses the 50% Fibonacci retracement at $1.1084, concentrating on the following retracement zone at $1.2658 (FIB 0.382).

On the weekly chart, 50% and 61.8% retracement ranges, $1.108 and $0.951, respectively, shaped a dependable built-in base. With new weekly closures above each ranges, the bull has regained management. This coincides with the current rally proven on the 30-minute and 4-hour charts the place SPX broke a number of descending development traces.

Momentum builds as technical indicators verify power

On the four-hour chart, the SPX is way above the 20, 50, and 100 EMA, and is presently sitting at $1.0830, $1.0234 and $0.9447. These shifting averages are actually sloping upwards, confirming bullish momentum. The MACD histogram is enlarged, with the blue MACD line remaining above the orange sign line, persevering with its upward momentum.

The RSI is situated close to 59 in a 30-minute timeframe, indicating that SPX is approaching the territory the place it was acquired, however nonetheless has rooms earlier than fatigue. Measurements of probabilistic RSI close to 66.9 and 60.7 additionally help this short-term momentum bias, however don’t rule out delicate pullbacks.

The SPX6900 worth replace additionally exhibits constant Bollinger Band growth. Costs presently embrace the higher band each in 4 hours and within the every day timeframe, suggesting an ongoing development fairly than a reversal. One-sided clouds add to bullish constructions with costs lined up above the clouds.

Why are the SPX6900 costs rising as we speak?

The explanation why the SPX6900 costs have risen as we speak may be traced again to a number of bullish technological developments. First, it is a decisive break that surpasses the horizontal resistance of the important thing with unlocked upside liquidity of $1.15. This degree beforehand served as a ceiling throughout Might, however current breakouts have sparked cease losses and contemporary lengthy curiosity.

Secondly, the resistance on the trendline from April third to April third was decisively damaged, burning upward momentum. This coincided with the golden cross-layer of a low timeframe with 20 EMAs above 100 EMAs. Moreover, Bollinger Band Compression on June 2 set the stage for the current SPX6900 worth spike, adopted by sturdy quantity and fast worth growth.

Moreover, bulls like rising triangles and trendlines help zones between $1.05 and $1.07. There is not any main resistance to the $1.22-$1.26 band, so consumers are nonetheless in management for now.

Brief-term forecast: Can the SPX6900 attain $1.26?

Going ahead, the SPX seems to be poised to retest its resistance zone between $1.20 and $1.22. A profitable breakout of over $1.2220 opens a path in the direction of the following FIB resistance, close to $1.26, adopted by a key 0.236 degree of $1.4605. Nonetheless, if the worth doesn’t shut over $1.20 on quantity checks, merchants needs to be cautious.

On the draw back, help builds round $1.12 and $1.08, adopted by a stronger construction close to the psychological degree of $1.00. Beneath trendline help, which is beneath $1.0697, might result in a reconciliation again to twenty EMA, which is near $1.08.

Given the present positioning past the key EMA, bullish MACD posture, and RSI stability, the volatility of the SPX6900 worth is anticipated to extend on June fifth as the worth is compressed just under the breakout zone.

SPX6900 forecast desk: June 4th