Thursday, January 19, 2017

SPX S&P 500 30-Minute Chart; 8/34 MA Cross

The 8 MA remains below the 34 MA on the SPX 30-minute chart forecasting bearish markets for the hours ahead, however, the 8 MA is sloping upwards and the 34 MA downwards so a positive cross may occur today which would cause the bulls to throw confetti and imbibe in more Fed wine. The ECB rate decision and press conference takes place over the next three hours, then testimony by Steven Mnuchin on Capitol Hill, President-elect Trump's pick for Treasury secretary, which will impact the US dollar index and stocks all morning long.

Market bears need to curl that 8 MA to the downside and maintain the negative 8/34 MA cross. Bulls need the 8 to pierce up through the 34 to signal bullish markets for the hours 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.

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