Thursday, May 16, 2013
SPX 30-Minute Chart 8 and 34 MA Cross
The saga with the 30-minute continues. Each time the 8 MA flattens to hint at rolling over the SPX is goosed higher to prevent the 8/34 cross. The 8 MA remains above the 34 MA forecasting continued bullishness for the hours ahead. For the bears, price needs to fall under the 8 MA at 1657.65 and head lower to cause the 8 MA to curl downwards. Bulls are on easy street if they keep the SPX above 1658 and higher. Price is printing matching highs but the indicators are negatively diverged. The small red circle may serve as a tweezer top. Note how the chart does not even allow any ovesold conditions to occur. The central banker easy money is powerful. Watch the 8/34 MA cross to see if the bears can develop any mojo to the downside. Current print is 1658 favoring the bulls. 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.