Macroeconomic worries are fueling the sell-off in the S&P 500, Dow and Nasdaq and this adding additional sell pressure to Bitcoin and the entire crypto market.
Let’s study the charts of the S&P 500 index, the U.S. dollar index and the major cryptocurrencies to determine the key levels that could signal the start of a trending move.The S&P 500 index attempted a rebound off the uptrend line on Sept. 14 but the weak rebound showed a lack of urgency to defend the level. Sellers took advantage of this situation and pulled the price below the uptrend line on Sept. 15.The level of 3,886 from where the index had bounced on Sept.
The downsloping 20-day exponential moving average and the relative strength index below 37 suggest that bears are in command.
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