SPX 30-Minute Chart 8/34 MA Cross Descending Triangles

The 8/34 cross theatrics continue with the 8 under the 34 MA signaling bearish markets for the hours and days ahead. As long as price stays under the 8 MA at 1687, the negativity will continue. Stochastics and money flow are oversold in this 30-minute time frame chart and the indicators overall have a sideways feel.  Price keeps teasing the 1685 level but is not yet able to collapse down through. The sideways channel at 1685-1697 remains in play for the last 7 trading days. The light blue lines show two descending triangle patterns in play both with a base line at the strong 1685 support. The triangles would target 1660-1670 if the 1685 level fails. Watch the 8/34 cross.  For now, the bears are driving the bus. 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 1:44 PM:  The markets collapse at the opening bell. The SPX drops to 1660 fulfilling the descending triangle pattern mentioned above.