{"id":225811,"date":"2024-01-08T21:16:14","date_gmt":"2024-01-08T15:46:14","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=225811"},"modified":"2024-01-08T21:16:14","modified_gmt":"2024-01-08T15:46:14","slug":"sp-500-echoing-bearish-vibe-at-all-time-highs-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/sp-500-echoing-bearish-vibe-at-all-time-highs-crypto-news\/","title":{"rendered":"S&amp;P 500 echoing bearish vibe at all-time highs &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div id=\"fxs_article_content\">\n<p>\n                        <span class=\"fxs_socialmedia_bar_share_label\">Share:<\/span><\/p>\n<p>Following a surprise beat from Friday\u2019s <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.fxstreet.com\/macroeconomics\/economic-indicator\/nfp\">non-farm payrolls<\/a>, the S&amp;P 500 concluded the first trading week of the year on the back foot and snapped a nine-week winning streak. Attention now shifts to Thursday&#8217;s US CPI inflation release at 1:30 pm GMT.<\/p>\n<h2 class=\"fxs_headline_medium\">Technical landscape favours bears, at least in the short term<\/h2>\n<p>Unquestionably, the market average has exhibited a clear-cut uptrend since breaking out north in 2013 on the monthly <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.fxstreet.com\/rates-charts\/chart\">chart<\/a>. And we are fast approaching the all-time high (ATH) of 4,818, with obvious support calling for attention as far south as 4,102.<\/p>\n<p>Meanwhile, out of the weekly chart, you will note that the unit has pencilled in what many technical analysts would refer to as an Evening Star candlestick formation: a bearish cue. Although this timeframe also demonstrates a clear uptrend (alongside the monthly chart), the bearish candlestick formation, together with resistance at 4,743 and negative divergence from the Relative Strength Index (RSI), echoes a downside bias that directs focus to support coming in at 4,595.<\/p>\n<p>The daily timeframe, although also trending northbound, recently manoeuvred south of support from 4,725 and is, as of writing, testing the grip beneath the level as a possible resistance. This is a move shining the technical headlights on daily support from 4,653, and a break under here would expose daily support from 4,578 (set just beneath weekly support mentioned above at 4,595).<\/p>\n<h2 class=\"fxs_headline_medium\">Direction?<\/h2>\n<p>Under weekly and daily resistance between 4,743 and 4,725, respectively, short to medium-term direction favours bears at the moment. Daily support at 4,653 serves as a logical downside target, though overwhelming bids here opens the door for further underperformance towards weekly support from 4,595.<\/p>\n<p><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/editorial.fxstreet.com\/miscelaneous\/image-638403247225276699.png\"><\/a><\/p>\n<p><small>Charts: TradingView\u00a0<\/small><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Share: Following a surprise beat from Friday\u2019s non-farm payrolls, the S&amp;P 500 concluded the first trading week of the year on the back foot and snapped a nine-week winning streak. Attention now shifts to Thursday&#8217;s US CPI inflation release at 1:30 pm GMT. Technical landscape favours bears, at least in the short term Unquestionably, the [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":4942,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[201,248,251,246,842,257,255,250,252,247,253,249,456,308,256,254],"class_list":["post-225811","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others","tag-blockchain","tag-bsc","tag-chainlink","tag-coin","tag-cpi","tag-cryptocurrency","tag-gta","tag-looks-rare","tag-oracle","tag-polygon","tag-quickswap","tag-safe-moon","tag-sp500","tag-technical-analysis","tag-wallet","tag-wordpress"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/225811","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=225811"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/225811\/revisions"}],"predecessor-version":[{"id":225813,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/225811\/revisions\/225813"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/4942"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=225811"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=225811"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=225811"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}