SpaceX IPO: Key Levels and Market Outlook

Summary

In the wake of a minor market pullback, attention is focused on SpaceX's IPO, which opened at $150 and reached a high of $176. While some analysts suggest a potential valuation of $63, the immediate trading range to watch is between $150 and $176. Holding above $176 could see it test $189 and potentially $200, whereas failing to hold $150 could lead to a drop to $100 and then to the $63 valuation. The market itself appears to be in a neutral to bullish state, with a historical tendency for pullbacks around midterm election years. A key concern is the upcoming Fed meeting where any hint of interest rate hikes could significantly impact the market. For traders, new leveraged ETFs, SPCH for bulls and SPC for bears, are available for SpaceX starting Monday. The speaker is not bearish on SpaceX long-term, believing it will become one of the world's largest companies, but advises caution and patience, particularly if the $150 level is not maintained.