SPX 30-Minute Chart 8/34 MA Cross

The bulls keep toying with the bears. Every time the red negative 8/34 cross occurs ushering in market weakness, the bulls find a way to reverse the drop and create a positive 8/34 cross like Friday's move. The 8 MA is above the 34 MA signaling bullish markets for the hours ahead. Price is printing a matching high at this 1805-1806 area and the RSI, MACD and stochastics are all negatively diverged wanting to see price move lower again. The money flow, reflecting the continued uber bullishness in the markets, creates a higher high wanting to see another higher high for price before it is willing to negatively diverge and allow a roll over to the downside. In addition, the RSI did not reach overbot levels so this opens the door for price to play around in the 1805-1809 area on Monday. The anticipation, however, is that price will roll over again perhaps by late Monday or Tuesday.

The brown sideways channel at 1782-1808 is in play, or 1782-1814 if you prefer. New all-time highs will be guaranteed if price moves through the 1808-1810 gauntlet of resistance. Bears will re-exert the downside if they hold 1808-1810 R. Watch the 8/34 cross. 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.