Friday, November 22, 2013

SPX 30-Minute Chart 8/34 MA Cross

The bears are tormented further by the bulls never allowing a negative 8/34 cross for more than a couple days. The bulls are more sadistic these days since they teased a recovery on Wednesday only to allow the bears to sell the market thinking this time they finally can push lower, but yesterday, the bulls spike the SPX higher lancing the bears on a pike. Lucy pulls the football away before Charlie Brown the bear can kick it successfully. This price action certainly provides non-stop drama and theatrics. 

The 8 MA is above the 34 MA signaling bullish markets for the hours ahead. The 8 MA will not curl to the downside unless the SPX prints under 1794.30 and lower moving forward. Market bears got nothing until they receive the negative 8/34 cross. The blue lines show key support and resistance at 1802, 1798, 1791, 1782-1783, 1775, 1772 and 1762-1763. The 20-day MA is 1773.07 and rising. The red rising wedge over the last few hours, overbot stochastics and money flow, and negative divergence developing or in place should roll price over to the downside as the day moves along. Typically, Friday afternoons are positive since shorts tend to pare back positions, so this makes for an interesting set up for today.  Projection is sideways to sideways lower going forward. 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 6:24 PM: The SPX moves steadily higher all day long continuing the red rising wedge higher to new all-time highs at 1805. The hourly and minute charts are negatively diverging with the new price highs today so the anticipation would be for the SPX to top out and roll over on Monday or Tuesday.

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