Wednesday, June 19, 2013
SPX 30-Minute Chart Upward-Sloping Channel Overbot Rising Wedge Negative Divergence
The 8 MA is above the 34 MA on the 30-minute signaling bullish markets for the hours ahead. The stochastics are overbot and the indicators across the board are agreeable to downside ahead created by the negative divergence. Note the 8 MA continues to climb so the bulls are feeling pretty good about everything right now. If the SPX falls under 1651.66, however, the 8 MA will begin curling to the downside for a potential negative 8/34 cross today. The Fed controls the day depending on whether the QE happy talk is pumped, or not. The pink circle shows the start of the week Monday morning. The bears were in great shape ready for the 8 MA to stab down through the 34 but instead a huge up starts the week and the 8 MA explodes higher throwing the bear hopes into a mud puddle. Bears got nothing until they can attain the negative 8/34 cross to signal bearish markets ahead. 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.