Tuesday, October 8, 2013

SPX 30-Minute Chart 8/34 MA Cross Channels

The 8 MA is below the 34 MA signaling bearish markets for the hours and days ahead, but look at the 4 flip-flops over a few days time and anything can happen in these erratic and unstable markets. The dark blue channel is highlighted where price received the spank down from the upper rail at 1685 yesterday. The indicators are weak and bleak so lower prices would be anticipated in this 30-minute candlestick time frame. Thus, markets should be weak this morning but perhaps set up for a bounce as the morning moves towards noon time. Key S/R is 1691-1692, 1685.08 (200 EMA), 1689, 1687, 1685, 1682, 1680, 1679.53 (50-day MA), 1675, 1672 and 1669. Watch late morning as the indicators move into the oversold territory to see if positive divergence sets up. The SPX may favor the sideways 1669-1692 range as the politicians dance through the shutdown and debt ceiling limit looking for solutions. 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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