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

The 8 MA remains above the 34 MA signaling bullishness for the hours and days ahead.  This is a 30-minute chart so each candle represents thirty minutes of trading. The two moving averages are converging, however, so watch for any potential cross in the hours ahead.  The SPX punched up thru the top rail of the downward-sloping channel two days ago after the 8 crossed up thru the 34 in the final hour of Friday trading, so the cross pointed the way forward.  The red rising wedge and negative divergence smacked price down yesterday afternoon but price did stage a comeback, but, falling short of matching the high earlier in the day at 1390.

The sideways channel thru 1377-1391 is very much in play.  Price needs to print 1390-1391 to determine if the negative divergence remains in place. Watch the thin blue lines today. If price prints 1391-ish, and the blue lines for the indicators continue to slope down, then price will roll over and head lower.  If the 1391 prints and the indicators strengthen and want to move higher back up towards overbot territory, then price will run right thru 1391 and up towards 1403. The 1391 is very strong resistance so its importance cannot be underestimated, a move thru 1391 says 1403 is coming. Obviously, bears will be trying to hold the 1391 ceiling with all their might.

The most important thing to watch is the 8 MA and 34 MA cross. The bulls rule above, the bears rule when the 8 crosses down thru the 34. 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.