Wednesday, December 11, 2013

SPX 30-Minute Chart 8/34 MA Cross Sideways Channel

The sideways channel through 1782-1808, or 1782-1814 if you prefer, continues for one month's time. Bulls win big above 1808-1814. Bears win big under 1782. The sideways funk continues inside the pink channel. The 8 MA stabs down through the 34 MA yesterday signaling bearish markets for the hours ahead. Simply look back at the prior crosses, however, and each time the bears try to shine, they are stuffed. Is this finally the time the bears receive some downside legs? The 8 MA is 1804 so as long as price stays under 1804 and lower, the 8 MA will continue lower and foil the bull's hope of a positive 8/34 cross.

The indicators are stumbling sideways not providing a proper hint of the path ahead although the RSI, stochastics and money flow are all under 50%, and the MACD line is under zero, all in bear territory, providing a nod to the bears moving forward. Today's trading action is very important. 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 7:28 PM:  The SPX pukes 20 points, -1.1%, today dropping to the bottom channel rail at 1782. Thursday is a big day since price will either bounce, or die.

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