SPX 30-Minute Chart 8 and 34 MA Cross

The 8 MA crossed up through the 34 MA at 11 AM to signal the bull ride ahead. The 8 MA is 1588 so the bears need to push the SPX under 1588 to curl the 8 MA to the downside.  The indicators are negatively diverged, although the second price top is somewhat cheesy as shown with the short red bar. A better candle close may be desired and price movement up into the rising wedge. A move up to 1563-1564 would serve as a matching or higher high compared to a few days ago and satisfy the money flow indicator that would like to see a matching high.

The bulls are driving the bus. The tweezer bottom (black circle) was created by the ECB pledging support for Cyprus which immediately bounced the indexes. The indicators would have preferred lower prices. The RSI is not overbot so that may give the bulls an opening to 1463-1465, otherwise price should roll over again. Watch the 8/34 MA cross. 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.