SPX 30-Minute Chart 8/34 MA Cross H&S

The drama continues with the 8/34 cross  The 8 MA is under the 34 MA signaling bearish markets for the hours and days ahead, however, S&P futures are higher and set to curl the 8 MA upwards again. The blue lines show an H&S pattern in play that would target 1660 if the 1685 neck line fails. The bears pushed the SPX down through 1685 at Monday's opening bell, printing the 1683.35 low, but then folded like a cheap suit as the dip-buyers trip over each other to buy the market.  The SPX finished Monday a couple points lower at the same time the VIX finished lower down to 12.81. One of them is wrong. Complacency is rampant in the markets currently as evidenced by the low volatility and low put/call ratio's (CPC and CPCE). Bulls have no fear whatsoever about any significant market downside occurring (typically this is when market tops occur). The market bears are fine as long as the 8 stays under the 34. The bulls regain market control if the 8 moves above the 34 today. 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.