Keystone's SPX 30-Minute Chart with 8 and 34 MA Cross

This is the soap opera chart we have been watching. It will announce the winner moving forward for the hours and days ahead, bull or bear, depending on whether the 8 MA moves above the 34 MA, or if the 8 MA stays under the 34 MA, respectively. Last week the sideways symmetrical triangles were in play (thin black lines) but these patterns led no where, the action much prefers the sideways channel range, idling along as markets wait to see if Draghi and Bernanke back up their stimulus talk with action. The 1394-1406 channel is in place for one week closing Friday at the top of the channel.  Any move above 1406 is going to pump the bull case, and the high from last Tuesday is very important at 1407-ish. A move above will lead to 1410 and more likely the strong resitance at 1413.  On the down side, 1399 provides support and the very strong support exists at 1394 and 1391.

The 8 MA and 34 MA cross is what matters on this chart. This is one of Keystone's Turn Signals. The large black circle highlights the drama from last week. Drilling down, the small black circles display the theatrics directly as the 8 MA kept tapping on the 34 MA, and then finally punching down thru at Friday morning's opening bell. But this movie may be plotting many different endings. The 8 MA closed only pennies below the 34 MA so the bears are favored, but by a single hair.  The case can be made that this is a back kiss move, and that will be known, or not, to be the case as this morning's trading plays out. Watch the sideways channel and S/R levels highlighted above, and most importantly, the 8 MA and 34 MA cross which tells you the winner, bull or bear, in the VST moving forward. 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.