SpaceX stock (NASDAQ: SPCX) is navigating one of its most turbulent stretches since the IPO. Shares have shed roughly 27% in July alone, falling well below the $135 IPO price. The daily chart paints a clear bearish picture, and structural damage overhead is substantial. SPCX’s daily chart confirms a firmly bearish structure. The stock closed at $118.24 on July 23, well below all major exponential moving averages. The EMA20 sits at $137.24, the EMA200 at $138.84, and the EMA50 at $142.32. Price is trading roughly $19–$24 below those levels. That is not a minor technical gap. It represents a firm ceiling of distributed resistance built since the post-IPO peak.