Tuesday, February 25, 2014

SPX 30-Minute Chart 8/34 MA Cross

The 8 MA remains above the 34 MA on the 30-minute signaling bullish markets for the hours ahead, however, the 8 MA has curled over to the downside for a potential negative cross today. Bears got nothing unless the 8 MA crosses down through the 34 MA. The lower red trend line is important since it has numerous touches over the last couple weeks; so bulls are happy above 1846-ish and bears are happy under 1846-ish. The green ovals show the band squeezes and yesterdays opening bell was a doozy. The white candle shows a rocket launch. Price tagged the upper band so it moved back down to the middle band already. The lower band at 1835 would be in play if price fails the red trend line.

The MACD line is trying to squeeze out one more bit of upside price juice but overall the indicators created the spank down and are weak and bleak. The RSI dropped under 50% into bear territory. Watch to see if stochastics fall below 50. The strongest S/R is 1859, 1851, 1848, 1843, 1841, 1839, 1828, 1808, 1803 and 1800. Watch the 8/34 MA cross as a bull-bear guide for equities. 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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