Thursday, July 30, 2015

SPX S&P 500 60-Minute Chart 200 EMA Cross

The bulls overcame serious technical resistance yesterday although the joy may be under scrutiny to begin today with S&P futures -8. Price ran above the important 200 EMA at 2098 signaling bullish markets for the hours and days ahead. The bears need to send the SPX under 2098 as soon as possible. Price back kissed the 200 EMA and moved higher although a more solid back test is likely needed. The weak futures should bring price down for the critical back kiss of the 200 EMA where price will either bounce, or die.

The SPX pierced above important moving averages and last week's high so watch these support levels today;

2118 price resistance
2110 price resistance
SPX begins today at 2109
2108 price support
2105 price support
50-day MA 2100.19
20-week MA 2099.21
2099 price support
Previous week's high 2098.63
200 EMA on the 60-minute chart 2097.88
100-day MA 2095.38
20-day MA 2092.93
2091 price support
2086 price support
150-day MA 2084.28

The indicators are turning negatively but the MACD line and money flow are long and strong wanting another high in price after any pull back in the hourly time frame. Thus, markets may top out around lunch time or this afternoon. The RSI has not yet become overbot so that may allow further upside.

The SPX 2-hour chart shows long and strong indicators across the board so a higher high in price is expected and it may take from 3 to 6 candlesticks to roll over with neggie d which is 6 to 12 hours which would target anytime this afternoon or tomorrow for a near-term market top. It would not be surprising to see stocks higher this afternoon after weakness in the morning since the 2-hour chart indicators are long and strong. Watch the 2-hour chart indicators to see when negative divergence occurs to identify the near-term top. Bears need SPX under the 200 EMA on the 60-minute at 2098 or they got nothing. 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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