SPX 30-Minute Chart

Watch the 8 MA and 34 MA interplay; the 8 is now above the 34 so the bulls are winning. The red lines show the rising wedge, overbot conditions and negative divergence that creates a smack down. Then the green lines show the falling wedge, oversold conditions and positive divergence that creates a launch pad bounce. Note the pink lines showing a C&H vibe with base at 1249 and breakout for the cup and handle at 1265-ish. Thus, 16 point difference so 1265+16 = 1281 so the C&H target has been achieved.

The teal lines show an intraday high yesterday at 1283 matchinig the highs from two days prior but note the weakness in the indicators. An ascending traingle may be in development now with vertical base from 1260 to 1283 so if this continues to form, price would come down to the bottom rail at 1273-ish, then back up, and if the 1283 base line gives way, the target would be 1306 but this is projecting too far in advance at this point.

The all-important jobs number occurs in a few hours which will effect equites markets greatly and provide more clarity for this chart. The 1287, 1258 and 1235 levels are key S/R. For three days now we are trading thru the horizontal range of 1270-1283 so the break out direction from this range is important. Price is also being squeezed thru the 1275-1283 zone and will break one way or the other showing the direction forward. Of course a break of that upward-sloping lower trend line would be bearish. 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.