Tuesday, October 8, 2013

SPX 60-Minute Chart 200 EMA Cross Downward-Sloping Channel

Look at the knock-down drag-out fight for the critical 200 EMA, one of Keystone's Short-Term Turn Signals. The bears push price under the 200 EMA at 1685.08 signaling bearish markets for the hours and days ahead. Bad things will happen to equities the longer price stays under 1685-ish. Note that the top trend line of the downward-sloping channel also helped spank price lower. The sideways channel through 1669-1692 is in play. Key S/R is 1691-1692, 1685.08 (200 EMA), 1685, 1682, 1679.53 (50-day MA) and 1669. Watch to see if the indicators stay under the 50% levels in bear territory to indicate further 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.

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