Тech-Driven Rally Keeps S&P 500 Elevated as Bitcoin Maintains Bullish Trend

In its latest S&P 500 Chart Book, 10x Research notes that securing an attractive entry point for U.S. equities is becoming increasingly difficult unless the tech sector undergoes a correction following this week’s earnings. The firm points out that such a correction would require a major challenge to the AI-driven market narrative, an outcome it views as unlikely, given that companies can continue to guide for higher AI-related capital expenditures, which investors have consistently rewarded.

S&P 500 Technical Analysis

The S&P 500 currently trades above its upper Bollinger Band at $6,833, signaling potential pullback risk. According to the report, more attractive entry zones lie near $6,745 or at the lower band of $6,616. The index remains technically overextended, suggesting a cooling phase may be needed to reset momentum.

Bitcoin's Technical Indicators

On the crypto front, Bitcoin’s Relative Strength Index (RSI) stands at 65%, paired with a Stochastics reading of 88%, both flashing bullish indications. However, 10x Research warns that should the RSI climb above 70% and Stochastics exceed 90%, bearish conditions could emerge. Conversely, a dip in both indicators below 30% and 10%, respectively, would hint at a bullish reversal zone.

At present, Bitcoin remains 5.3% away from triggering a trend change, maintaining a bullish structure. Analysts identify $6,119 as a key short-term pivot for determining bullish or bearish momentum, while $6,292 serves as the major bull/bear level.

Market Outlook

With both traditional and digital markets exhibiting high technical sensitivity, 10x Research concludes that the AI investment cycle and crypto’s resilience continue to define the current risk-on environment, though short-term volatility remains elevated across sectors.