Tuesday, May 26, 2015

SPX S&P 500 1-Hour Chart

The critical 200 EMA on the SPX 60-minute chart is 2108.72 and rising. Market bulls remain in party mode and bears got nothing unless 2109 fails. The 200 EMA is a key short-term signal that forecasts bullish markets for the hours and days ahead. Price has been moving into a sideways triangle with a breakdown occurring on Friday. The RSI, MACD line and stochastics are weak and bleak so a lower low in price would be anticipated.

The blue lines show a closer look at an H&S pattern that targets the 2111-2113 zone and the 2108-2110 level is an important and strong support level. Thus, market bulls are fine as long as they keep the SPX above 2108-2110. Market bears win going forward if the 2108-2110, and the 200 EMA at 2109, fails. 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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