Friday, June 7, 2013

SPX 60-Minute Chart 200 EMA Cross Downward-Sloping Channel

The SPX recovers yesterday in dramatic fashion setting up a back kiss of the 200 EMA. This is very important today. The failure a couple days ago at 1628-1630 signals bearish markets for hours and days ahead. The bulls either reverse this signal today with price recovering back above 1628, or, price collapses keeping the bears in the driver's seat. A move back above the 200 EMA signals that a recovery rally is in place for markets. The 1634 is strong resistance as well as 1626-1627. Note how the top rail of the blue channel targets 1634 so this is important overhead resistance. The 200 EMA at 1628.30 forms a confluence at the 1626-1629 area which serves as key resistance determining the near-term fate of markets. Obviously, the Jobs Report will dictate the answer. 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.

Note Added 10:46 AM:  The SPX moves up through the 200 EMA today at 1628.46 signaling bullish markets for the hours and days ahead.

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