Equities and crypto markets will probably wait for positive news on the debt ceiling discussion before attempting to resume the up-move.
What are the important support and resistance levels to watch for in the S&P 500 Index , Bitcoin, and the major altcoins? Let’s study the charts to find out.The S&P 500 Index has been trading near the 20-day exponential moving average for the past few days. This suggests a tough battle between the bulls and the bears for supremacy in the near term.The gradually rising 20-day EMA and the relative strength index near the midpoint suggest a range-bound action in the short term.
On the upside, the bulls will have to clear the hurdle at 4,200. The index may then rally to 4,325 where the bears will again pose a strong challenge. During the correction from this level, if buyers flip 4,200 into support, it will enhance the prospects of a rally above 4,325.After being unsuccessful for a few days, the bulls finally managed to push and sustain the U.S. dollar index above the 20-day EMA on May 11.
This is an important level to keep an eye on because if it cracks, the selling could intensify and the pair may plunge to $20,000.
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