SPX 30-Minute Chart

The 8 MA stabbed down below the 34 MA at 11 AM yesterday which favors the bears moving forward and reinforced the large down move occurring in the morning.  European happy news pumped the markets off the bottom after lunch time. The green lines show the sideways vibe taking place now. A sideways symmetrical triangle is taking shape and the vibe is reinforced by the RSI and money flow so far.  Markets are typically buoyant in front of the holiday weekend but in these markets, with higher volatilty, anything goes. Yesterday afternoon, many traders were already buying into the holiday vibe and quickly turned bullish, perhaps prematurely.

The sideways triangle shows price at the top rail right now. So this morning we see if price will contain itself within the triangle moving forward. If so, that would require price to tumble down to the lower rail (red dot) and then to recover thru tomorrow to the green dot again, skidding sideways overall the next two days.  Note the red circles that show a weaker histogram. This hints that lower lows in prices are needed moving forward. The thick red line is the armageddon line. SPX 1292 is very strong support but more importantly, the 12-month MA is 1293.70, if this fails, markets are in for a world of hurt. The 8 MA and 34 MA cross is the most important thing to watch on this 30-minute chart and that currently says the bear's are driving the bus.  This information is for educational and entertainment purposes only.  Do not invest based on anything you read or view here.  Consult your financial advisor before making any investment decision.