June 23, Tuesday SPCX Afternoon Outlook

Last night, SPCX experienced its largest single-day decline since listing, dropping 16.43%, with the stock price falling to $154.6. It has been declining with increased volume for three consecutive trading days, clearly indicating a short-term bearish trend.
Multiple negative factors are resonating: the company disclosed a large $20 billion debt issuance plan, raising market concerns about continued cash burn and increased debt repayment pressure. Coupled with the Fed's hawkish expectations heating up, U.S. Treasury yields remain high, leading the market to abandon long-term narrative-based high-valuation targets, with institutions collectively cashing out.
Additionally, the stock's circulating shares only account for 4.2% of the total share capital, concentrated among short-term retail investors. With insufficient buying support, selling pressure can easily trigger a stampede.
Furthermore, at the end of the half-year, institutions are rebalancing their portfolios, shifting funds into stable profit sectors like chips, further diverting capital from the market.

Technically, the price has broken through key support levels consecutively, with all short-term moving averages turning downward. Bearish momentum continues to release.
The short-term resistance is at $160-165, which was the starting point of yesterday’s plunge and the area of selling pressure;
Support below is at $148, with a core defense at the $135 issuance price level. If this is broken effectively, valuation bubbles will further clear.

Trading suggestion: Buy between $145-$155, target $170, and if broken, aim for $180.
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