Sunday, December 15, 2013

SPX 30-Minute Chart 8/34 MA Cross

The 8 MA is under the 34 MA on the 30-minute chart signaling bearish markets for the hours ahead. If the bulls come to play to begin the week and start the action with an upside rally, the * mA may move above the 34 MA placing the bulls back in the drivers seat. The bears must keep price under the 8 MA now at 1776.83 to keep the 8 MA heading lower. If you see price inching above 1777 that will be the first hint that the bulls are developing some upside juice.

Price bounced off the 1772 support due to the positive divergence (green lines) but note how over the last couple hours the RSi and MACD line are long and strong but the histogram, stochastics and money flow are not enthusiastic about moving higher. This hints at some sideways behavior which may be the order of the day into the Wednesday Fed meeting. Key S/R is 1814, 1808, 1803, 1798-1799, 1796, 1791, 1788, 1782, 1775 and 1772. 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.

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