Sunday, June 2, 2013
SPX 30-Minute Chart 8 and 34 MA Cross Descending Triangle
The 8 MA stabs down through the 34 MA at 1 PM Friday signaling bearish markets for the hours ahead. The negative cross on Friday provides a heads-up warning that the late afternoon swoon was on the way. The indicators are weak and bleak showing further weakness ahead. Price collapses down through the base of the blue descending triangle. The vertical side of the triangle is about 40 to 45 handles so failure at 1643 targets 1600. Price will likely want to back kiss the base of the triangle at 1639-1643. The bears are driving the bus as long as the 8 stays under the 34. If the 200 EMA on the 60-minute chart signals bearishness this week the markets will be headed firmly south. 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.