SPX 30-Minute Chart Sideways Symmetrical Triangle 8 MA and 34 MA Cross

The sideways triangle is squeezing out a decision and the futures point towards a collapse thru the bottom rail of the triangle today.  Price should test the 1370 support in the early trading.  Using the 30 point vertical side of the smaller triangle that began forming five days ago, the downside projection is 1377-30 = 1347. Using the larger triangle with a vertical side of about 80 handles or more, that downside projection is 1290-1300, which also matches the two-month megaphone pattern projection previously charted (use the search box to find and study that chart).

The 8 MA just began to slice down thru the 34 MA signaling trouble ahead and the early action today should reinforce the cross which favors bears.  The green and red circles identify the crosses which forecasts which side is favored.  Note how price moved into the sideways pattern with the crosses becoming more frequent as price now decides to commit to a direction.

Even as price falls at the open this morning, a back kiss will be required of the 1380 level at some point forward before price would head lower in force. The RSI and stochastics under 50% is bearish. Watch the money flow 50% level. The MACD went negative which is bearish as well. SPX S/R is identified in the previous message. It appears that the early action will occur around 1377, 1375, 1372, 1370.58, 1370, 1368, 1366, 1363.61, 1363 and 1361.