Friday, November 1, 2013
SPX 30-MInute Chart 8/34 MA Cross
The 8 MA is under the 34 MA signaling bearish markets for the hours ahead but the bulls are set to mount a come back this morning with the S&P futures +5. This would send the SPX higher to test the 1763 resistance. There is a juicy gap fill needed at 1752-1753. The bulls had curled the 8 MA higher to ruin the bear's fun once again yesterday but late day, as Israel fired missiles to destroy a missile shipment in Syria resulting in a large explosion, the SPX dumped into the close turning the 8 MA lower. With a bounce at today's opening bell, the bulls will try to curl the 8 MA higher again. Bears are okay moving forward as long as they maintain the negative 8/34 cross. Bulls are back in charge if they create a positive 8/34 cross. Therefore, the 1763 S/R line may play a key role in price action today. Bulls win above 1763. Bears win under 1763. 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.