Tuesday, May 28, 2013
SPX 30-Minute Chart 8 and 34 MA Cross
The 8 MA runs up through the 34 MA signaling bullish markets for the hours ahead. The bears were only allowed to shine for three days before the bulls took the ball away again. Interestingly, the bottom price action did not occur due to positive divergence. The broad indexes are simply running higher on the weaker yen. The dollar/yen is above 102 now at 102.41. Say no more. The dollar/yen has ran from 101.00 to almost 102.50 in the last 14 hours taking equities higher. The all-time closing high is 1669.16 so this number is important today as well as the all-time high at 1687.18 printed last week. The price action has momentum so prices should remain elevated into and through the lunch hour. Key S/R is 1687, 1669, 1666, 1649-1650 and 1634. 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.