Monday, May 13, 2013
SPX 30-Minute Chart 8 MA and 34 MA Cross
The bears are not allowed to shine receiving a stick in the eye from bulls. The bulls send the 8 MA back above the 34 MA signaling bullish markets for the hours ahead. The SPX prints a new all-time high at 1636.00. The red lines show negative divergence remaining overall but there is near term long and strong action (short green lines). The stochastics are overbot. The bull case is that price will move up towards 1640 and provide time for the RSI to move higher to become overbot, or, price rolls over at any time. The projection remains sideways to sideways down moving forward. Bears would need to move the SPX under the 8 MA at 1632 pronto to start curling the 8 MA to the downside. A stronger up move would be expected once the 1634 was breached, however, volatility remains flat to up and copper and commodities lackluster so this creates a small weight on price. The SPX and VIX are both up so one of them is wrong. Perhaps the action will expose which one this afternoon. 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.