SPX 60-Minute Chart 200 EMA Cross

Bears are not allowed to shine. Each time the SPX drops under the important 200 EMA at 1682, the bulls recover. The SPX is above the 200 EMA signaling bullish markets for the hours ahead. Stochastics are overbot while the other indicators are long and strong. Therefore, it should take about 2 to 6 candles to play out the upside. The 2-hour chart is long and strong as well which may require a few candles to play out before a roll over can occur. This would take equities into this afternoon or Monday as a potential window for a trend change back to the downside. If the politicians negotiate over the weekend, that would set up for a thumbs up, or thumbs down, Caesar-style decision on tap to begin next week.

The stochastics wants to see a spank down but the other indicators want to see more upside. Thus, perhaps a move lower to tap 1685, even perhaps back kiss the 200 EMA at 1682, but price should move above the important 1691-1692 resistance. Current thinking is that the 1697-1698 resistance should hold and this may be the test for this afternoon. JPM and WFC bank earnings are imminent and will send markets firmly in one direction or the other. 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.