SPX 30-Minute 8/34 MA Cross Potential Bear Flag

Bears are making a run at a negative 8/34 cross before the closing bell. With SOX at 474 there is no help there for bears. Volatility is moving higher today which provides bear fuel. This morning both the SPX and VIX were higher hinting that something was going on in volatility land. VIX is at 14 but bears still need 25 to 30 cents higher, to 14.28, if they want to growl. Watch the dark blue square to see if the negative cross occurs, or not. For now, the 8 is above the 34 signaling bullish markets for the hours ahead.  The thin blue lines show the diamond pattern from this morning that went bust. Price gapped up at the open but then fell back down to earth around the 1683-1685 center line. The neon blue now shows a potential bear flag in play. Leg one is the drop from 1699 to 1676, 23 points. The sideways consolidation occurs now with a slight bias to the upside in price, and now we see if price wants to fall for leg two of the bull flag which starts at 1693 and would target that 1670-1672 support area that keeps coming up in recent TA. The 1670-ish may be a magnet line that price wants to explore again.

The indicators remain on the sideways vibe with now money flow and stochastics hinting at downside. All the indicators are under their 50% levels now as well in bear territory. Simply watch to see if the negative 8/34 cross occurs to show the bears retaking control, otherwise, the bulls will keep driving the bus. 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 3:27 PM:  The 8 fell through the 34 MA a short time ago but the bulls already reversed the negative cross back to positive and are pushing the SPX higher again. The drama continues. The bulls remain favored with the 8 above the 34.