SPX 30-Minute Chart 8 MA and 34 MA Cross

One of Keystone's turn signals is very important as the opening bell rings this morning.  Watch to see if the 8 MA crosses above the 34 MA to signal market bullishness ahead, or not.  On Friday the 13th, the cross announced the wild upside orgy and subsequent five day rally.  Then, last Friday, the 8 MA stabbed down thru the 34 MA signaling bearish fun ahead. Markets have dropped ever since. Today we see if the 8 MA crosses above the 34 MA which results in the market bulls throwing confetti, or, if the 8 MA stays under the 34 MA signaling continued bearish markets in the days ahead.

Also of interest is a potential two-leg bear flag pattern under development shown by the dark pink lines.  The first leg is the drop from 1380 to 1330, 50 handles.  The sideways consolidation, forming the bear flag, is now in progress. If the bears have their way today, the bear flag pattern will be in play resulting in a target of 1293 (1343-50=1293). Take things one step at a time, however, and the first step is to watch the 8 and 34 MA's like a hawk during early trading today. 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.