SPX S&P 500 2-Hour Chart with 200 EMA Cross; Battle at SPX 4467 Continues; Sideways Symmetrical Triangle

The SPX hourly chart has been of interest as price battles at the critical 200 EMA an extremely important market metric for VST (very short term) and ST trading. It is atypical for such a battle to occur. The crosses are usually far cleaner.

The bulls break out above the 200 EMA in late August with the AI orgy and lower inflation rally. The bears fight back in early September taking back control of the stock market. Bulls say not so fast mid-month and take over the show. Bears slap the bulls in the face on Friday and stumble downfield with the stock market pigskin (American football season has started so are the analogies).

Price collapses after making the bounce or die decision at the 200 EMA on the SPX 60-minute chart at 4467. Watch this number closely going forward. Price will need to back kiss the 4467 to make a bounce or die decision again. A successful back test for the bears will see price come up to kiss 4467 and then collapse into a black hole below. Bulls obviously need the SPX to move back above 4467 or they got nothing.

The blue lines show the ongoing sideways symmetrical triangle pattern that keeps squeezing price forcing it to make a decision by the time, or when, the US government shutdown deadline occurs. Will Congress avert a shutdown and spend more money to save the day in this doomed crony capitalism system? Yes, of course they will; that is all the scumbags know how to do. Like everyone else. Spend money they do not have. The masses then vote for the same politicians since they want the handouts that are promised. Such is the failed human condition and America's crony capitalism breathing its last breaths.

A drop below 4430 out of the triangle will forecast doom and gloom ahead for the US stock market. Conversely, if price can recover back above the 4467, and then pop out the 4490-4500 area, the sky is the limit above. The Housing Starts on Tuesday morning and Fed on Wednesday will move markets. 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 9/18/23, Monday Morning, at 5:20 AM EST: The SPX ends the week at 4450 continuing the sideways slop. The 200 EMA on the SPX 60-minute chart bull/bear line in the sand is at 4467 and this number may adjust lightly as the new week of trading begins. 34% of the capital in the SPX is in the top 10 stocks and they have an average PE of 50. That's funny.