While the SpaceX (NASDAQ: SPCX) stock rally saw a significant slowdown in September, short volume has continued accumulating and finally reached a two-week high on the penultimate day of the month.
Specifically, SPCX short volume ratio – a measurement tracking short trading relative to overall volume – hit 59.50 on Tuesday, September 29.
The number represents the highest reading in the last two weeks, with the second-highest, 57.74, being recorded on Monday for a significant increase from Friday’s 53.34.
Notably, two recent SPCX stock price peaks – September 17 and 22 – saw comparatively few shorts, with the relevant volume at 51.04 and 54.61, respectively, per the data Finbold retrieved from Fintel on September 30.
Indeed, the September 17 reading is particularly interesting since it represented the two-week low despite SpaceX equity seeing its highest close – $154.81 – of the timeframe on the day.
Similarly, the short volume ratio throughout the period is interesting as it indicates that the proportion of bearish bets has been continuously outweighing longs since September 16.
What’s next for SPCX stock?
Elsewhere, the recent spike appears unlikely to have a bearing on the mid and long-term SpaceX stock performance.
Indeed, despite the short volume ratio being elevated in recent weeks, SPCX shares are down only 1% since September 16 and remain, at $149.24 at the latest close, 3.86% in the green on the 30-day chart.
Still, Elon Musk’s newer public company could face renewed selling pressure through October. After soaring nearly 35% between July 31 and August 12, SpaceX stock slowed down, and subsequent trading extended the gain only slightly to 37% by the September 29 close.
Additionally, SPCX managed to retain a price above the $135 at the initial public offering (IPO), but $150 – the day-one open – has turned into a stubborn resistance that has so far prevented a breakout.
Meanwhile, the Starship Flight 14 rocket test launch failed – akin to its predecessor – to turn into a decisive bullish catalyst, and with Elon Musk forecasting no major technological developments such as the release of artificial intelligence (AI) models comparable to ChatGPT-6 or Fable, the equity can hope for few tailwinds in the foreseeable future.
Simultaneously, with SpaceX stock recording its first-ever proper insider sale last week and the U.S. November midterm elections likely to generate volatility, selling pressure could easily take sway through most of late 2026.
Featured image via Shutterstock
