According to Mihir (@RhythmicAnalyst), both the S&P 500 and NASDAQ indices are currently testing key support levels on the daily timeframe. Technical indicator charts shared by Mihir highlight that a weekly close below level-2 could trigger increased downside momentum for both indices, potentially leading to broader risk-off sentiment across global markets. Conversely, a weekly close above level-1 could alleviate immediate bearish pressure and restore some bullish confidence. For crypto traders, these stock index levels are significant: sustained breakdowns in traditional equity markets often correlate with increased volatility and potential downside in the crypto market, as risk appetite contracts. Monitoring these support levels is crucial for anticipating short-term Bitcoin and altcoin price moves, as well as shifts in overall crypto market sentiment. (Source: Mihir via Twitter, May 30, 2025)