Wednesday, February 5, 2014
SPX 60-Minute Chart 200 EMA Cross Bear Flags
The SPX lost the 200 EMA about one week ago signaling bearish markets for the hours and days ahead. Price will need to back kiss the 200 EMA going forward. The light blue bear flag is in play with the first leg from 1850 to 1772, 78 handles, so the second leg from 1800 targets 1722. Another smaller dark blue bear flag is in play with the first leg from 1800 to 1740, 60 handles, so the second leg from 1760-ish targets 1700. The daily chart has an H&S pattern in progress that targets 1694. Thus, a downside landing zone at 1694-1722 may create the proper amount of pain to mount a sustainable upside relief rally. 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.