Indices Hold Support as Bitcoin Lingers Near Key Levels

The stock market is experiencing a period of stable trading as indices hover near support levels. The equal-weighted S&P has recovered to its outperformance and poked above its 20-day moving average (MA), a positive sign for long-term health.

However, the Nasdaq struggled to surpass its 50-day MA and is currently below its 20-day MA, testing psychological support at $25K. The Russell 2000 has been the relative outperformer over the summer but has been drifting lower since June's peak, testing its 50-day MA.

Bitcoin, meanwhile, is showing net positive technicals and momentum that has only just dropped out of an overbought state. It may take some time to establish a strong base, but buyers are likely to jump in as the 200-day MA comes back into play.