Sunday, May 22, 2016

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

The SPX remains under the 200 EMA on the 60-minute at 2059 signaling bearish markets for the hours and days ahead. The 200 EMA cross on the 60-minute is one of Keystone's key short term market signals. Bulls came up five days ago to tap on the 200 EMA but the bears quickly spanked price back down. That high is interesting since it also occurred directly at the top trend line of the downward-sloping channel.

The 2059 is a very big deal for the week ahead. Market bulls win big if they move above 2059. Bears will maintain pressure on markets and cause them to break down again the longer that price remains under 2059. The last hammer candlestick hints at a trend change so price may float higher to begin Monday morning. Watch the upper trend line at 2055-2057; this would be the first clue that the SPX wants to battle at the critical 2059 level. Bears need to maintain price inside the downward-sloping channel.

The strongest price support/resistance is 2072, 2067, 2061, 2057, 2046, 2042, 2032, 2022, 2019 and 2011. Combining the 200 EMA with price resistance sets up a key 2057-2061 resistance gauntlet; a key bull-bear battle ground. 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 Friday Morning, 5/27/16, Before the Market Open: The market bulls punched the bears in the face this week; the SPX catapults above the 200 EMA (now at 2063.30) sealing the bear's fate. The SPX is at 2090 ahead of Friday's trade.

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