SPX 30-Minute Chart 8/34 MA Cross Downward-Sloping Channel

The SPX recovers off the LOD at 1680.07 today. The histogram, stochastics and money flow create the bounce with positive divergence (green lines) but the RSI and MACD line are not as agreeable to the move higher. The spike is sharp, about 10 handles in one and one-half hour, three candlesticks. That spike curls the 8 MA to the upside. The 8 is under the 34 signaling bearish markets ahead, however, the 8 is starting to angle towards the 34. Bears will need to push price under the 8 MA at 1685.58 as soon as possible to turn the 8 MA lower again. The longer that the SPX stays above 1685.58, the more strength the bulls will gain. Note how on the way up that when price crosses the 34 MA that will lead to an 8/34 cross. Price is at the 34 MA right now, so bears need to hold the line at 1689 maintaining this level as a ceiling. Price is playing around at the top rail of the blue channel so the bears need to keep price inside the channel as well.  Watch the 8 and 34 MA. Bulls got nothing unless they can push the 8 MA up 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.

Note Added 7/26/13 at 6:38 AM:  The bulls ran higher into the closing bell to 1690-1691 with the 8 MA now very near a positive cross with the 34 MA to signal the all-clear for market upside again. The bears must jam markets lower at the opening bell today to prevent the 8/34 cross and keep the 8 under the 34 to maintain bearish markets. The S&P futures are -5.