Monday, April 28, 2014

SPX 60-Minute Chart 200 EMA Cross

The SPX is above the 200 EMA on the 60-minute at 1860.48 signaling bullish markets for the hours and days ahead. Bears got nothing unless they push price under the 200 EMA. Price teased a failure on Friday but the bears did not have the oomph to push lower. Now the histogram, stochastics and money flow want to see a positive divergence bounce. The RSI and MACD line leaks lower wanting another low. The tight standard deviation band squeeze results in a sharp move lower, that penetrates the lower band so a move back to the middle band at 1873 is in play. April began at 1872.34 so this 1872-1873 level may see action as the month ends on Wednesday to determine if the month is positive or negative. The year began at 1848.36.

Key SPX S/R is 1897, 1891, 1884, 1878, 1872, 1868, 1859, 1848, 1841, 1831, 1828, 1815 and 1808. Markets are not reacting negatively to the news of new sanctions against Russia today. S&P futures are +5. Bulls are fine above 1859-1860. Bears will growl strongly under 1859-1860This 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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