Bulls got nothing until they receive the positive 8/34 cross to confirm a sustainable rally. As this missive is typed, the SPX explodes higher to 1838 breaking up and out of the sideways channel. The bulls are making a run higher. Watch to see if they receive confirmation of the rally with the positive 8/34 MA 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.
Note Added 10:18 AM: Markets leap higher with the SPX printing a HOD at 1843.77 using the 1834-1844 level as a resistance ceiling. The 1841 and 1848 levels are very strong overhead resistance. The year began at 1848. The move reverses as the erratic market circus plays out for another day. Current prints are SPX 1834.08 with the 8 MA at 1828.93 and 34 MA at 1829.18. The bulls are so close to the 8/34 positive cross they can taste it, only a quarter, 25 cents, away. A new candlestick is printed for the 30-minute chart above in less than 10 minutes time at 10:30 AM. Bulls must keep pushing to receive the 8/34 buy signal but they are slipping on a banana peel.
Note Added 10:30 AM: The 8 MA is 1828.74. The 34 MA is 1828.74. How is that for market drama? The major indexes are all now negative. Bulls are losing ground. Those that chased the upside out of the gate are now receiving their heads on a platter. The day is young, however. Since the 8 and 34 MA both printed 1828.74 simultaneously that is your pivot today. Bulls win big above 1828.74. Bears win big if price stays under 1828.74.
Note Added 10:36 AM: Bulls receive the positive 8/34 cross; 8 MA is 1828.83; 34 MA is 1828.77. SPX is 1831.43 pushing higher again. The bulls are in charge for the hours ahead unless the bears can spank price down in quick order to reverse the 8/34 cross.
Note Added 2:30 PM: The market circus continues. The 8 MA drops under the 34 MA giving the bears the nod again but the broad indexes are in recovery mode over the last hour and the bulls will try to create the positive 8/34 cross again before the closing bell. The SPX is at 1834, recovering from the intraday low at 1816.29, now back at the top rail of the sideways channel. Flip a coin.
Note Added 6:12 PM: After the smoke clears today the bulls win finishing at the highs today. The 8 MA is above the 34 MA signaling bullish markets for the hours ahead.