Monday, September 16, 2013

SPX 30-Minute Chart 8/34 MA Cross Sideways Triangle

The bears were all set late last week, receiving the initial negative divergence spank down on Thursday.  Friday was a sideways struggle with price barely maintaining the lower red trend line, however, the bears could not create the negative 8/34 cross, and the lower trend line will hold. The 8 remains above the 34 signalling bullish markets for the hours ahead. The upper trend line is at 1699-1702 (red dot). Futures point to a spike to 1707-1711 but price may recede to the red upper trend line as the morning plays out. The blue triangle indicates an upward move of about 10 to 15 handles from 1688 which targets 1998-1703 which should be satisfied on the opening prints. Market bears got nothing until they can create the negative 8/34 MA cross. 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.

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