SPX 30-Minute Chart Overbot Rising Wedge Negative Divergence 8 MA and 34 MA Cross

Watch this chart in the Wednesday session, one of Keystone's Turn Signals.  The 8 MA moved above the 34 MA to signal bullish fun ahead on 7/26/12.  Then the bears took over 7/31/12.  Back to the bulls on 8/3/12 which takes us to the here and now.  Note how the 8 MA is starting to curl down. Watch to see if the 8 MA stabs down thru the 34 MA tomorrow, if so, the bears will regain control of the markets for the days ahead. The red lines show the universal negative divergence in place that created the spank down during the last two hours of trading today.

Also note how the price has not made a lower low as compared to this mornings' opening print. But, the indicators are already showing weak and bleak profiles for the same time period. This is bearish for price moving forward and should act as a weight on price trying to drag it lower.  The early warning signal for bears to be happy will be when/if price falls under the 34 MA, at 1399; this action should precede the 8 MA falling under the 34 MA.  Projection is for the 8 MA to stab down thru the 34 MA to allow the bears to drive the bus for a while. 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.