SPX continues its strong upward momentum, with bullish energy dominating the market. The current price has broken above 0.3729, accompanied by increased trading volume, indicating active buying. Technical support is gradually moving up to 0.34, while the short-term faces resistance at 0.38. Enhanced risk appetite in US equities and the rebound in the crypto market capitalization are resonating to boost demand for SPX tokens. Attention should be paid to short squeeze in the contract market and rapid capital flow that may bring short-term pullback risks. It is advised to gradually reduce positions at highs and wait for a stable pullback before re-entering.

Recent daily chart data shows that SPX has been climbing steadily since bottoming out on April 7. From April 15 to 17, three consecutive strong bullish candles pushed the price from 0.3152 up to 0.3729, marking an increase of over 18%. In the initial phase of the breakout, trading volume also expanded, indicating aggressive buying activity. Based on the MACD golden cross and RSI nearing the 70 level, there is short-term overbought pressure, but the upward trend remains intact, with support moving higher to around 0.34. There is still potential to challenge the 0.38 resistance.

As the S&P 500 index in US equities reaches record highs, market risk appetite is recovering, driving increased demand for the SPX token that tracks the US large-cap index. Recently, the decline in risk premium and expectations for eased geopolitical tensions have enhanced traders’ willingness to allocate to equity assets, leading to a simultaneous rally in synthetic asset-related products. In addition, the overall crypto market capitalization has rebounded by over 10%, with spillover effects further consolidating SPX's positive momentum. Short-term sentiment is clearly bullish.

The S&P 500 index reached a historic intraday high on Wednesday, marking its first peak since the outbreak of the Iran war. Investor optimism about easing conflict tensions and strong earnings forecasts has driven a return to risk assets. Despite ongoing geopolitical crises, market risk pricing has shifted, with traders factoring in lower short-term escalation risks. Since the conflict began on February 28, the index fell up to 9% but did not meet criteria for a technical correction.

The S&P 500 index hit a record high, signaling a shift in market risk pricing.

The S&P 500 surged past the $7,000 mark for the first time, signaling renewed momentum in U.S. equities. Simultaneously, the broader crypto market cap, excluding stablecoins, rebounded from $1.9 trillion to around $2.2 trillion, reflecting improved sentiment. Both markets show a shift toward risk-on positioning, with equities nearing overbought levels and crypto still having upside potential, indicating a broader return of risk appetite across financial markets.

S&P 500 hits fresh highs as crypto market cap rebounds toward $2.2T

Following the announcement of a two-week ceasefire between the US and Iran, market risk sentiment quickly improved, leading to a significant rebound in US stock indices, with the Dow rising over 1300 points. Fundstrat's Tom Lee stated the market has confirmed a phase bottom and is moving toward historical highs, expecting the S&P 500 to reach 7300 points this year. Investors see this as a buying opportunity amid easing geopolitical risks and falling oil prices.

US-Iran ceasefire boosts market sentiment, Tom Lee says the US stock market's interim bottom may have been confirmed.

On the capital side, prominent whales continue to increase their bullish positions in US equities, while index shorts in a net loss state are facing high-leverage liquidation risks, reflecting rising costs for bullish capital. The rapid inflows and outflows of large funds during strong market sentiment may cause increased short-term volatility. In addition, major short positions in the contract market are near the liquidation line; once triggered, quick pullbacks may occur, so traders should beware of short-term profit-taking risks.

On April 15, a major whale investor with heavy positions in three key markets earned $1.3 million in daily profit while continuing to reduce WTI crude oil short positions by $4.3 million. The combined portfolio's unrealized gains reached $4.7 million, with $1.6 million in US stocks (Nasdaq 100 and S&P 500 longs), $1.33 million in commodities (WTI and Brent crude shorts), and $1.8 million in crypto (BTC and HYPE longs).

"Heavy Positioning in Three Major Markets" Whales Choose to Partially Exit Crude Oil Short Positions, Portfolio Gains $1.3M in a Day

The S&P 500 and Nasdaq 100 continue to hit record highs, with the S&P 500 surpassing 7,000 points and the Nasdaq 100 marking 11 consecutive gains. Meanwhile, a major whale with address 0x14c has shorted both indices with a combined position of $4.3 million. Due to the ongoing rally, the whale faces a floating loss of $267,000 (-168%) and is just $39 away from liquidation on its 20x leveraged S&P 500 short position at a liquidation price of 7,071 points.

Under the continued new highs of the S&P and Nasdaq, a major short whale on the US Dollar Index is only $39 away from liquidation.

SPX6900

The US stock market closed with the crypto sector rising across the board; ABTC surged by over 15.04%.

U.S. stock market close: All three major indices rose over 1%, with cryptocurrency-related stocks leading the gains.

It’s not a given that the European Central Bank’s next move on interest rates will be a hike, according to Governing Council member Martins Kazaks.

Kazaks: Will not oppose bets on two interest rate hikes this year

Waller: Rapid resolution of the Middle East situation may allow for interest rate cuts later this year.

Waller: Overall PCE inflation year-over-year in March may reach 3.5%

Waller: Increasing pressure from rising inflation is harder to ignore

Waller: Prolonged Middle East war will increase inflation and employment risks.

Waller: High inflation and a weak labor market will challenge the Federal Reserve

The Federal Reserve's Waller expressed caution regarding interest rates, warning of the risks of prolonged warfare.

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SPX price today is 0.37, with a live price change of 5.61 in the last 24 hours. Convert, buy, sell and trade SPX on Bybit-eu.

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