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

The bulls continue to frustrate the bears since the Fed is the third man on the field with the self-imposed mandate to keep the stock market elevated at all costs. Each time the 8 MA crosses down through the 34 MA or attempts the negative cross, Chairman Bernanke shows up telling everyone to buy stocks and the 8 MA moves ever higher.  Market bears got nothing unless the 8 crosses down through the 34.  The 8 MA is above the 34 MA so the bulls rule for the hours and days ahead.  The 8 MA is 1694.35 so the bears must push price under this level to curl the 8 MA to the downside.

The blue bull flag targets 1705-ish but the indicators do not appear to have the juice for that move. If price can continue the upwards buoyancy and extend the red wedge, however, the SPX may squeeze out 1700-1705 in tomorrow's trade. Price may play around inside the rising wedge for a few more candlesticks (say one to three hours trading time) which would float the indexes out sideways for today, however, the anticipation is for a negative divergence spank down and for price to fall out of the rising wedge moving forward, perhaps into the close today, or tomorrow. Watch the 8/34 cross, for now, the bulls are driving the bus. If the SPX moves below 1694, that will be the first sign of weakness entering markets but if price stays above 1694, the bears are going to continue to receive beatings until moral improves. 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.