Friday, June 28, 2013

SPX 30-Minute Chart 8 and 34 MA Cross Potential Tweezer Top

The 30-minute chart with 8/34 MA cross is the sister signal to the 60-minute with 200 EMA cross and it shows the 8 MA above the 34 MA signaling bullish markets for the hours ahead. These two signals must agree and when they do that will dictate the market direction forward. Either the SPX jumps above the 200 EMA on the 60-minute signaling the all-clear for market upside, or, the 8 stabs down through the 34 MA on the 30-minute signaling the all-clear for bears.

The indicators clearly show the negative divergence spank down and price also exhibits a tweezer top candlestick pattern just like the 60-minute chart. The 1619-1620 level is key since it is the confluence of moving averages as Keystone continues to harp on this morning. Key resistance above is 1614, 1618, 1623 and 1626-1627. The 8 MA is 1614.67 so as long as the SPX prints below this number it will curl the 8 MA to the downside and set up a potential negative 8/34 cross today.  More drama is on tap in this circus-like stock market with the central bankers as the ring masters. Watch for the potential negative 8/34 cross since it will signal that the bears are in firm control of markets. The bulls rule if the 8 stays above the 34 and this will occur if the SPX can stay above 1615 and head higher. 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.

1 comment:

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