Thursday, February 14, 2013

SPX 30-Minute Chart 8 and 34 MA Cross Daily Chart H&S's

The 8 MA crossed down thru the 34 MA to signal bearish markets for the hours and days ahead. However, the previous whipsaw behavior shows that markets remain jumpy and the bulls will not go down without a fight.  The MACD line is agreeable to another low although the chart in general hints at lots of sideways as well.  The red negative divergence created the smack down. The pink H&S targets 1511. The green H&S targets 1505. The 1505 and 1503 levels are very strong support and it is a significant development if they fail. Watch to see if the 8 stays under the 34 through the close today, or not. 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.

Note Added 2/14/13 at 2:32 PM:  The bears cannot get a single break in these markets. The bulls fight back and the 8 MA moved back above the 34 MA at 1 PM to signal bullish markets ahead. Watch to see if the bears can fight back by the closing bell.

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