Monday, July 15, 2013
SPX 30-Minute Chart 8 and 34 MA Cross Rising Wedge Overbot Negative Divergence
The bulls have managed to push equities higher with Fed talk each time the technicals want price to roll over. Here we are again. The thicker red lines clearly show strong negative divergence so lower numbers would be expected. The 8 MA is 1675.88, call it 1676, so the bears need sub 1676 to curl the 8 MA lower for a potential negative 8/34 cross. For now, the SPX remains above 1676 so the bulls have no worries as they sit with their feet up on the desk smoking a cigar. The 8 MA is above the 34 MA signaling bullish markets for the hours ahead, however, keep an eye on things since the red lines want to see a negative divergence, rising wedge and overbot conditions smack down. 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.