SPX6900: Could Rejection at $1.42 Confirm a Bearish Shift?

SPX6900 has bounced from support after a sharp decline, but it now faces strong resistance around $1.42. If the price fails to reclaim this level, it could confirm a shift to a fully bearish market structure and open the door for deeper downside. This area marks a critical decision point for traders.

Key Technical Points

🔹 Bearish Market Structure: The chart now shows a lower high and lower low after breaking the previous uptrend.

🔹 Critical Resistance at $1.42: This level aligns with the 0.618 Fibonacci retracement, the point of control, and a key zone on higher timeframes.

🔹 Downside Risk: A failure here could lead to a full auction rotation, with the value area low as the next major target.

🔹 What to Watch: Volume near this resistance will be key — heavy selling at $1.42 could accelerate the decline.

⚠ Summary: SPX6900’s bounce looks strong at first glance, but unless it breaks above $1.42 with conviction, the risk of a deeper bearish move remains high.