Chart the Market (04/08/2026)
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Chart the Market (04/08/2026)

Published: 4 August 2026,06:03

Published: 4 August 2026,06:03

Chart The Market

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SPCX,  H4:                                                               

SpaceX shares had previously been trading beneath a well-defined downtrend trendline, reflecting persistent selling pressure following the stock’s earlier decline. However, the share price found strong support near the $110.00 level, where the downward momentum stalled and transitioned into a period of consolidation.

The latest price action has provided an encouraging technical development. After briefly breaking below the lower boundary of the consolidation range in the previous session, SpaceX quickly recovered and moved back within the range. This false breakdown suggests that selling pressure may be exhausted and that buyers are beginning to regain control of the market.

Following the recovery, the stock is now positioned near the upper boundary of its consolidation range and appears poised for a potential breakout. A sustained move above the current range would represent a significant improvement in the technical outlook and could serve as a strong bullish reversal signal.

Should the breakout be confirmed, it would indicate that the consolidation phase has resolved to the upside, potentially attracting renewed buying interest and momentum-driven traders. In this scenario, the next major upside target would be the key resistance level near $147.60.

Resistance Levels: 128.30, 149.00

Support Levels: 109.40, 93.30

SP500, H4

The S&P 500 has broken above its short-term descending channel, signaling the end of the recent corrective phase and reinforcing the broader bullish trend. Following the breakout, the index rallied by more than 2.3%, highlighting the strength of buying momentum and confirming a bullish technical outlook.

The breakout has propelled the S&P 500 back into record-high territory, with the index now trading above the 7,600 level. This development suggests that investors remain confident in the prevailing uptrend and that the market continues to attract strong buying interest despite trading at historically elevated levels.

From a technical perspective, momentum indicators continue to support the bullish case. The Relative Strength Index (RSI) has advanced into the overbought region, reflecting strong upward momentum, while the MACD remains firmly above the zero line and continues to diverge higher, indicating that bullish momentum remains intact.

Although a period of short-term consolidation or profit-taking cannot be ruled out after the recent surge, the overall market structure remains constructive. As long as the S&P 500 is able to sustain trading above the 7,600 level, the index is expected to maintain its bullish trajectory and potentially extend its advance to fresh record highs.

Resistance Levels: 7693.00, 7810.75

Support Levels: 7582.80, 7436.70

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