Wednesday, January 22, 2014

SPX 30-Minute Chart 8/34 MA Cross Expansion Pattern Sideways Channels

The 8 MA remains under the 34 MA signaling bearish markets for the hours ahead, however, the 8 is moving higher for a potential positive 8/34 cross to place the bulls in charge (pink circle). The move early in the session is very important. The bulls need to maintian price at 1842-1843 and moving higher to create the positive cross. The bears need to send price under 1841 and lower to maintain the negative 8/34 cross. The blue lines show an expansion pattern in play which would be maintained even if price comes up today to print and play around at 1845-1847.

The short green lines show long and strong indicators wanting to see more higher highs so price may elevate for 2 to 6 candlesticks more which is from 1 to 3 hours. Thus, maybe the market price action this afternoon will be more interesting. Price should move through the horizontal support/resistance lines looking for a sideways channel to follow. The SPX should move higher to test the resistance levels above and the top rail of the expansion pattern at 1846-1848. Watch the 8/34 cross since it tells you the winner moving forward. Key S/R is 1851, 1849, 1848, 1846, 1843, 1840, 1832, 1818, 1808 and 1803. 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.

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.