Sunday, November 24, 2013
SPX 30-Minute Chart 8/34 MA Cross Overbot Rising Wedge Negative Divergence
The 8 MA is above the 34 MA on the 30-minute signaling bullish markets for the hours ahead. The bears need to push the SPX under 1802 to curl the 8 MA downwards. Bears got nothing until they receive the negative 8/34 cross. The red rising wedge, overbot conditions and negative divergence want to see price move lower but note how over the last few hours the RSI and MACD line are squeezing out some long and strong strength. Thus, price may want to play around at these elevated levels for 1 to 3 candlesticks which is an hour or two. The 2-hour chart hints at a jog move needed as well so the SPX may want to stay elevated for Monday morning into and perhaps through lunch time before the negative divergence should kick in across the minute, hourly and daily time frames and send the SPX lower. The central bankers are powerful, however. The opening bell is important tomorrow. Bears need to show up with their game face or the bulls will jam it to 1810+ and maintain bullishness into December. 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.