S&P 500 Index price analysis

The S&P 500 Index (SPX) is witnessing a tough battle between the bulls and the bears near the 20-day exponential moving average (EMA) of 4,511. Sellers pulled the price below the 20-day EMA on Aug. 2, indicating that the bullish momentum is weakening.

The bulls pushed the price back above the 20-day EMA on Aug. 4, but the bears aggressively sold the rally. This suggests that the bears are pouncing on relief rallies. The index could decline to the 50-day simple moving average (SMA) of 4,414, which could act as strong support.

The 20-day EMA is flattening out and the relative strength index (RSI) is near the midpoint, indicating a balance between supply and demand. If the price rebounds off the 50-day SMA, it will suggest that lower levels continue to attract buyers.

$BTC $ETH $BNB