Thursday, February 23, 2017

SPX S&P 500 30-Minute Chart; 8/34 MA Cross; New All-Time High; Negative Divergence; Tight Bands

Here's the SPX 30-minute with the 8/34 MA cross. This spurt higher this morning is a new record high for the SPX at 2368.26. The 8 MA remains above the 34 MA by a couple points so the bulls remain in control of the stock market. To push the 8 MA lower, the SPX price will need to move below the 8 MA at 2363 and head lower to drag the moving average lower for a negative cross. Price is at 2360 so that will continue to send the 8 MA down to the 34 MA for a potential negative cross. Market bears got nothing until they receive the negative 8/34 MA cross.

The red lines show neggie d across all indicators so down would be expected in this 30-minute time frame. Look at those tight standard deviation bands (green lines). Whoa, doggie. That is tight. There should be a big move at hand. Tight bands do not tell you direction but it appears she may be breaking downwards. The bulls are sneaky, however, so you never know. The next hour or two may be entertaining. 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 on Sunday, 2/26.17:  The 8 MA stabs down through the 34 MA so the bears cheer, however, the 8 MA is already moving higher and may potentially create a positive 8/34 cross in Monday trading slapping the bears in the face once again; like Lucy pulling the football away from Charlie Brown each time. The market bears must come to play to begin the week and start things off with a negative mood to send the 8 MA lower and maintain the negative 8/34 cross and send stocks lower for the hours ahead.

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