SPX 6900 Forms Bullish Pennant After 18% Rally — $2.20 in Sight

SPX 6900 has surged 18.20% on the day, continuing a strong bullish market structure that began at the $0.25 low. Since then, price has consistently posted higher highs and higher lows, reclaiming major volume levels and flipping resistance into support.

The latest pivot came from a clean reaction off the 0.618 Fibonacci retracement, propelling price into the ATH region. Now, SPX appears to be forming a bullish pennant, with converging support and resistance signaling a potential breakout setup.

Volume remains elevated, which confirms healthy trend participation. The $1.42 level is now acting as a key support zone, aligned with the value area high and a daily level. As long as this region holds, the current consolidation is likely a continuation pattern.

A confirmed breakout from this pennant structure would project a move toward the $2.20 Fibonacci extension, taken from the previous swing low to high.

Key Levels:

Support: $1.42
Resistance: ATH / Breakout Zone
Target: $2.20 (Fibonacci Extension)