SPX 30-Minute Chart 8 and 34 MA Cross Overbot Rising Wedge Negative Divergence

The 8 MA is above the 34 MA signaling bullish markets for the hours ahead, however, the 8 MA may curl to the downside today setting up a potential negative cross. The 8 MA is 1652.38 so if the SPX moves under 1652 and lower it will curl the 8 downwards to make the bears happy. If SPX stays above 1652 and floats higher, it will be another long day for bears.  The overbot conditions, rising red wedge and negative divergence across all indicators say a smack down is needed. This chart is reflective of the 1-hour chart and 15-minute chart as well so in the minute to hourly time frames ahead price should stumble lower. At this writing less than an hour in front of the opening bell, the futures are flat to higher.

The brown lines show key S/R at 1649-1650 and 1652-1653. If price moves higher up through 1654, the door to 1666 is opened. The chart above does not forecast that outcome. In the near term, hours ahead, this chart wants to see market weakness. Perhaps this will create markets weakness today into the FOMC Minutes where the proverbial Roman thumbs up, or thumbs down, will be given to markets. Projection is lower prices ahead. Watch the 8/34 MA cross. Market bears got nothing unless the 8 MA stabs down through the 34 MA. 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.