Tuesday, October 22, 2013
SPX 30-Minute Chart 8/34 MA Cross Upward-Sloping Channel
Bulls are running through a channel continuing the upside party. The higher prices result in negative divergence over the last week as the red lines show. The gap-up open has created VST momo so a few candlesticks may be needed to roll price over to the downside. This would equate to an hour or two or trading time. Stochastics and RSI are overbot. The bears keep getting cheated on the way up. The pink circles show where the markets were about to go negative with an 8/34 MA cross, but alas, the bulls are strong, fueled by the Fed's easy money crack cocaine, and price continues higher simply teasing the bears. The 8 is above the 34 signaling bullish markets for the hours ahead. Bears need the 8/34 cross or they got nothing. The SPX would have to drop under the 8 MA, now at 1748 moving higher, to curl the 8 MA to the downside. 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.