6.25 Thursday SPCX afternoon thoughts

Today, SPCX continues the weak pattern of absorbing valuations after listing, with early trading following the weakness of high-valuation growth stocks in the US stock market, opening slightly lower, and overall volatility expanding.

From a capital perspective, short-term speculative funds that entered during the initial listing phase continue to exit and cash out, while early holders with low-cost positions have strong selling demand, leading to insufficient on-site capital absorption.

Technically, the stock price has been declining in a stepwise manner from the previous highs, with all short- and medium-term moving averages forming resistance. The decline phase saw increased volume, while the minor rebound and corrections were consistently on low volume. The current price is oscillating in the low range of $151-159, with $160 and $165 above forming two dense resistance zones with trapped buyers. A low-volume rebound is highly likely to retreat again. Below, $147 is the key support at the recent low; if it breaks down with volume, a new round of downside space would open.

Intraday capital sentiment is cautious, with most funds waiting for the evening PCE inflation data before making moves. The short slight rebound is merely a technical recovery after consecutive sharp declines. The core pressures of valuation absorption and institutional selling have not dissipated. The overall market shows a weak rebound, and the medium-term downward adjustment channel has not reversed.

Trading suggestion: Short from 157-160, target 153, and if it breaks, see 148$BTC $ETH $SOL