S&P 500 Price Analysis: Continued northward movement last week, approaching overhead resistance at 5

Columns：Market News author：BTCZXW time：2024-08-27 16:31:37

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Price Analysis 8/26: SPX, DXY, BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA

While Bitcoin and altcoins are experiencing some profit-taking today, the overall uptrend remains intact.

S&P 500 Price Analysis

The S&P 500 continued its northward move last week, approaching the overhead resistance level of 5,670.

The 20-day exponential moving average (5,509) has started to turn upward and the relative strength index (RSI) is also in positive territory, indicating that buyers are in the ascendant. A breakout and close above 5,670 could kick off a new rally to 6,000.

Time is running out for the bears. If they want to rally, they will have to quickly pull the price below the moving averages. Once that happens, the index could remain stuck between 5,119 and 5,670 for a while.

Dollar Index Price Analysis

Sellers dominated the Dollar Index (DXY) last week, pushing the price below the critical support level of 101.

The sharp drop has pushed the RSI into oversold territory, indicating that bears are firmly in control. Any rebound attempt is likely to be met with selling again around 101.50 and the 20-day exponential moving average (102.40).

If the price falls below 100, it may further decline to 98.50. Only a recapture of 101.50 can ease the current bearish pressure.

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