Tuesday, August 4, 2015

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

Stocks stagger sideways the SPX at 2099 battling key moving averages. The 20-day MA is 2098.22, the 50-day MA is 2098.18, 100-day MA is 2097.19 and 20-week MA is 2098.59. In addition, a short term market directional signal, the 200 EMA on the SPX 60-minute chart, is at 2098.86. The SPX is at 2098.52 a smidge below the 200 EMA signaling bearish markets for the hours and day ahead, however, an intense battle continues. Strong price support/resistance is 2098. It is obvious why this 2097-2099 level is key; bulls win big above 2099 and bears win big below 2097.

The chart indicators are staggering sideways after the red lines created the negative divergence spankdown starting last Friday.  A potential sideways symmetrical triangle pattern may form as the indicators line out sideways. This places the top trend line at 2105-2110 in play and the lower trend line at 2075-2080 in play. The thicker line representing the vertical side of a potential sideways triangle is about 70 handles, thus, if price breaks out higher from 2108 the 2178 target is in play; call it 2180. If price collapses out the bottom at 2077 then 2007 is in play; call it 2000.

Watch the 200 EMA at 2099 above since it decides who wins the game for the hours and days ahead. 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 10:58 AM: The SPX tried to break out to the upside from 2097-2099 printing a HOD at 2102.51 but leaks lower back into the 2097-2099 decision range again then slips out the bottom now printing 2096.12.

Note Added 11:07 AM: The SPX is 2097.02. LOD 2094.36. The battle continues; a tug-o-war at 2097-2099. Who will win?

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