Thoughts on SPCX and the 108.685 Level
Been watching $SPCX for a bit, and that 108.685 low today really caught my eye. It didn't hold as strong support after the initial bounce, which makes me think about what's next. We saw it try to bounce from there, but then it broke down later in the session, testing 108.685 again. The retest and subsequent failure to push higher suggests this level, which might have looked like a potential floor, is now quite vulnerable. If we get a strong move below 108.685 tomorrow, I'd say the technical picture shifts pretty decisively to the downside, potentially opening up a move towards 105. My read is that if it breaks and stays below 108.685 on any real volume, any bounce attempts will likely be met with selling. Conversely, if it miraculously manages to reclaim 110 and build some momentum, that would invalidate the bearish lean I'm currently seeing, but I don't see strong signs of that happening right now given the price action today. It looks like a breakdown on the cards if that 108.685 level doesn't firm up fast. Just my two cents, interested to hear other takes.
That 108.685 level for SPCX seems to be more of a magnet than a floor at this point. Curious to see if any real buying volume steps in to defend it next week, or if it's just a temporary stop before more downside.