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Thursday, July 26, 2012
SPX 30-Minute Chart Fibonacci Retracements 8 MA and 34 MA Cross
The 30-minute chart was posted this morning before Draghi set the markets on fire. At that time it was unknown if the 8 MA would cross up thru the 34 MA but that was a done deal at the opening bell. This ushers in bull favorable markets for the hours and days ahead, as long as the 8 MA stays above the 34 MA. The bulls were happy on Friday the 13th, the bears took control and celebrated on 7/20/12 and now the bulls are in control once again. The Fibonacci retracements are shown for the down move from 1380 to the bottom at 1330. The 30-minute chart allows for a more detailed near term look of the current market action. The price jump after the open blew up thru the 38% Fib, thru the 50% level but received a spank down from the 62% Fib at 1360-1361. The SPX attempted another run at the 62% Fib as the clock ran out.
The green lines show the falling wedge, oversold conditions and positive divergence that bounced price late Tuesday and Wednesday. The red lines show the rising wedge, overbot conditions and negative divergence that should create a smack down for price now. Note that the MACD line is not negatively diverged for today's move (green line), it is long and strong so that may create a stutter step move for price to allow the MACD line to negatively diverge and match the other indicators to signal the spank down. Strong resistance is at 1363 and 1366. Projection is for the 1361-1366 area to hold as resistance with price moving sideways to sideways down moving forward. That is, of course, as long as Draghi does not announce another upside orgy. For a short term trading signal, continue following the 8 MA and 34 MA cross on this chart. 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.
KS, thanks for being the sound of reason! Many investors, advisors, or you name what are either silent or baffeled after today. Your analysis is spot on, accurate, factual and to the point! A true trader! Today was my first day back after a quick break in the woods, coast of Oregon and I hadn't had time to study the charts in enough detail to see the possitive divergence lurking... Complacency..? Whatever it is the market never gives a dull moment... Lol?? I did also note the negative divergence creeping in today and your charts confirms my thinking! Thats cery re-assuring. and if things continue as you mentioned, which I think they will, this negative divergence will also show up quickly enough on longer time frames (days), getting us ready for the spank down at last.
Again, thanks for being a true beaker in one of the tuffest and hardest to trade markets I've seen over the past few years.
Anybody who questions KS doesn't know what he/she is talking about. KS doesn't even charge a fee or anything. It's all for free! Enjoy!!!
something is going on when you can't get short in on divergent overbought RSI... Gold may be a fake break out to the 120 MA on the 30MIN chart. Oil looks like a kiss back to the broken up trendline. We need that above 91.75 if doesn't happen this be first down week for oild since its lows at 77.
I think everything almost makes a new high but doesn't talk isn't going to solve the Europes insolvency and nothing they did from last year to date has either. Whoosh it all goes to DUST - TZA - ERY - TECS next week is going to be a ride.
Danke for the words Arnie, but, as the world-wide readership here must remember, since the site is free, you get what you pay for. LOL
That reminds Keystone to thank all the loyal readership, especially our loyal viewers in the U.S., Canada, U.K., Singapore, Russia, Germany, Netherlands, Australia, Spain and Malaysia. Thanks for the comments and ideas.
Yep, MCAP, the markets remain a sideways mess moving forward, thru the SPX 1310-1380 range, only a 70 handle spread, for two months. Next Wednesday afternoon (Fed) and then pre-market Thursday morning (ECB) will see wild action. Interestingly, midnight tonight ushers in a major Bradley turn date for the markets, so more drama is on tap. Keystone will likely update the Bradley turn chart and post that this weekend.
NYA 40-week MA is big-time bull-bear indicator moving forward, assign it strong clout, watch it like a hawk today. The 40-week moving average is currently at 7756.53. It will probably be a bloody fight today since the stakes are so high.
KS, thanks for being the sound of reason! Many investors, advisors, or you name what are either silent or baffeled after today. Your analysis is spot on, accurate, factual and to the point! A true trader! Today was my first day back after a quick break in the woods, coast of Oregon and I hadn't had time to study the charts in enough detail to see the possitive divergence lurking... Complacency..? Whatever it is the market never gives a dull moment... Lol?? I did also note the negative divergence creeping in today and your charts confirms my thinking! Thats cery re-assuring. and if things continue as you mentioned, which I think they will, this negative divergence will also show up quickly enough on longer time frames (days), getting us ready for the spank down at last.
ReplyDeleteAgain, thanks for being a true beaker in one of the tuffest and hardest to trade markets I've seen over the past few years.
Anybody who questions KS doesn't know what he/she is talking about. KS doesn't even charge a fee or anything. It's all for free! Enjoy!!!
something is going on when you can't get short in on divergent overbought RSI... Gold may be a fake break out to the 120 MA on the 30MIN chart. Oil looks like a kiss back to the broken up trendline. We need that above 91.75 if doesn't happen this be first down week for oild since its lows at 77.
ReplyDeleteI think everything almost makes a new high but doesn't talk isn't going to solve the Europes insolvency and nothing they did from last year to date has either. Whoosh it all goes to DUST - TZA - ERY - TECS next week is going to be a ride.
Danke for the words Arnie, but, as the world-wide readership here must remember, since the site is free, you get what you pay for. LOL
ReplyDeleteThat reminds Keystone to thank all the loyal readership, especially our loyal viewers in the U.S., Canada, U.K., Singapore, Russia, Germany, Netherlands, Australia, Spain and Malaysia. Thanks for the comments and ideas.
Yep, MCAP, the markets remain a sideways mess moving forward, thru the SPX 1310-1380 range, only a 70 handle spread, for two months. Next Wednesday afternoon (Fed) and then pre-market Thursday morning (ECB) will see wild action. Interestingly, midnight tonight ushers in a major Bradley turn date for the markets, so more drama is on tap. Keystone will likely update the Bradley turn chart and post that this weekend.
NYA 40-week MA is big-time bull-bear indicator moving forward, assign it strong clout, watch it like a hawk today. The 40-week moving average is currently at 7756.53. It will probably be a bloody fight today since the stakes are so high.