Friday, June 6, 2014

SPX 30-Minute Chart 8/34 MA Cross Upward-Sloping Channel

The 8 MA remains above the 34 MA signaling bullish markets for the hours ahead slapping the bears in the face day after day. The chart above is set up with negative divergence but the MACD line likely needs one more price high to give up the ghost. The 2-hour and 1-hour charts are negatively diverging as well but the 2-hour chart likely needs from 1 to 3 candlesticks to properly set up for the spank down, so bulls may be able to float markets higher into the weekend, but a top is expected today or to start next week. The Monthly Jobs Report is imminent so that should send the indexes violently one way or the other.

Projection is for some sideways then roll over to the downside once the hourly charts set up properly. The bottom of the upward-sloping channel is in the 1925-1930 range and serves as a downside target. Bears got nothing without the negative 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.

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