SPX 30-Minute Chart 8/34 MA Cross

The red rising wedge, overbot conditions and negative divergence (red lines) create the spank down off the 1710 top. The indicators remain weak and bleak, the RSI and stochastics are both under 50%, and both are not yet oversold, so this hints that price should make further lower lows after any bounce would occur. The SPX parked itself directly on the strong 1697-1698 support to spend the night. Key resistance above is the strong 1706 R, then 1708, 1710 and 1712. Strong support exists at 1697-1698, 1691-1692, 1685, 1682, 1669, 1657, 1652, 1649 and 1639.

The 8 MA is above the 34 MA signaling bullish markets for the hours ahead, however, note that the 8 is only a measly dime from stabbing down through the 34 to create a negative 8/34 cross and place the bears in the drivers seat for the hours ahead. The bulls can only save the day with a gap-up opening and that is what the futures are attempting with the S&P's +7. The broad indexes are at the mercy of the political machinations so any happy talk will pump equities but the chart above says price wants to come back down after any early session pop occurs, perhaps to explore the strong 1691-1692 support today. Watch the 8/34 cross since the market bears may receive the green light today, or not. 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 10:39 AM:  The bulls catapult markets higher with a big gap-up open to SPX 1718. This sends the 8 MA immediately higher and negates the potential negative 8/34 cross, stick-saving the markets for the bulls.