SpaceX Hits $2.8 Trillion and Sixth Place, but the Chart Flashes Its First Warning
SpaceX (SPCX) climbed into the world’s most valuable companies this week, then stalled. The SpaceX stock spiked near $212 on Tuesday before sliding back toward $202, leaving its first clear sign of fatigue on the chart.
The pullback arrived three sessions after the IPO at $135, with the rocket maker briefly worth about $2.8 trillion at its premarket high. That figure pushed it close to Amazon before the gains faded.
Momentum Fades as RSI Rolls Out of Overbought
The relative strength index tells the clearest part of the story. During the run toward $214, RSI pushed into overbought territory near the 80 mark on the five-minute chart (blue circles).
It has since rolled over and slid toward the low 40s. In plain terms, the buyers who powered the debut are losing short-term control (red arrow).
The signal stays soft until RSI reclaims the 60s while price pushes back above the $214 high. Until then, momentum favors sellers on the intraday timeframe.
Ranking and ETF Demand Tell a Stronger Story
The momentum picture looks weak, yet the structural demand behind SPCX stock does not. The latest ranking shows SpaceX sitting sixth among the world’s largest companies, with a market capitalization of about $2.52 trillion.
That places it ahead of Taiwan Semiconductor (TSMC) at $2.29 trillion and just behind Amazon at $2.65 trillion. The premarket spike briefly lifted SpaceX above Amazon for the fifth time before it settled back.
Demand has also been broad across markets. Issuers rushed leveraged SpaceX ETFs to market, while traders cleared $1.4 billion in SPCX perpetuals on a single decentralized venue when several exchanges ran short of shares.
SpaceX Stock Hinges on the $201 Fibonacci Support
A Fibonacci retracement drawn from the $214.77 high down to the $157.41 first-session low maps the levels that matter now. Price near $202 is pinned to the 0.236 level at $201.23.
Holding that line keeps almost the entire run intact and signals a shallow, healthy pause. A clean break opens the 0.382 level at $192.86, which also marks Monday’s regular-session close.
Below that sits the 0.5 midpoint at $186.09 and the 0.618 golden pocket at $179.32. The golden pocket lines up with the early post-debut spike high, so it forms the strongest support on the chart.
The risk is that the leverage stacked through new ETFs amplifies any slide. Skeptics have already flagged the valuation as stretched. Ipek Ozkardeskaya, senior analyst at Swissquote Bank, said:
“We can say with certainty that this valuation makes absolutely no sense today. People are buying SpaceX in the expectation that others will buy too and push the price higher – that’s speculation.”
Defending $201 keeps the uptrend alive and points back toward the $214 ceiling. Losing it shifts attention to $193, then the $179 golden pocket that could decide whether this is a pause or a deeper unwind.
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