NEO (neo) 
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SPX 6900 is demonstrating significant bullish momentum, surging 18.20% in a single day and maintaining its pattern of higher highs and higher lows. The price is now nearing a potential breakout zone, supported by a strong base below and a bullish continuation pattern forming on the chart. A Fibonacci extension suggests $2.20 as the next key upside target if the current structure holds.
SPX 6900’s Uptrend: Key Insights
After bottoming near the $0.25 level, SPX 6900 has entered a robust uptrend characterized by consecutive higher lows and higher highs. This trend has allowed the price to reclaim significant volume levels and flip resistance zones into support. Currently, the price is consolidating just below its all-time highs, forming what appears to be a bullish pennant pattern. Traders are closely monitoring this structure for a potential breakout toward the $2.20 target.
Key Technical Levels to Watch
- Value Area High + Daily Support at $1.42: As long as the price remains above this zone, the uptrend remains intact.
- Bullish Pennant Formation: The price is consolidating near all-time highs, with converging support and resistance levels indicating a breakout setup.
- Fibonacci Extension Target at $2.20: The 0.618 extension level, calculated from the last swing low to high, points to this region as the next upside target if a breakout occurs.
Market Structure and Recent Performance
The market structure of SPX 6900 has been one of the most resilient in the current cycle. After establishing a macro low around $0.25, the price reversed sharply, reclaiming the 200-day moving average and breaking through key volume profile levels. Each breakout was confirmed with a bullish retest, solidifying high-timeframe support zones that have continued to hold.
Recently, a substantial reaction occurred at the 0.618 Fibonacci retracement level, which triggered a strong rally into all-time high territory. Currently, the price is consolidating within what appears to be a bullish pennant formation. This classic continuation pattern suggests that the price is coiling in equilibrium before making a decisive move. The consolidation is supported by strong trading volume, indicating sustained buying interest and healthy trend conditions.
Critical Support and Resistance Levels
The most important support zone lies between the value area high and daily support level at $1.42. As long as the price stays above this level and the pennant structure remains intact, a breakout toward $2.20 becomes increasingly likely. The $2.20 region represents the 0.618 Fibonacci extension, calculated from the last significant price swing.
What to Expect Moving Forward
SPX 6900 continues to exhibit strong momentum, and the current consolidation phase could lead to another impulsive breakout. If the $1.42 support zone holds firm and the price breaks above the pennant formation, the next likely target is $2.20. Until the market structure shows signs of failure, the bullish continuation remains the primary expectation.
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