SPX 60-Minute Chart 200 EMA Cross Falling Wedge Positive Divergence

Today continues the drama with the price versus the 200 EMA on the 60-minute chart. This is a bull-bear line in the sand.  The candles clearly show the struggle over the last day, one minute the bulls winning, the next minute the bears winning.  At 1341.45 to start the Thursday session, the bulls want to remain above 1339.69 while the bears will be pushing for failure. The chart shows a falling wedge in place now, with oversold stochastics, and positive divergence, favoring the bulls.  The MACD line is a lone dessenter that wants to see a lower low in price which may serve as the bottom of the falling wedge, and also test the upward-sloping lower trend line.  SPX 1325-1335 may be considered for a potential long entry.

The U.S. futures are deteriorating as this missive is typed. SPX 1337, 1336 (50-day MA), 1331, 1329, 1326 and 1325.63 (10-month MA) are important support levels.  In a nutshell, if price is under the 200 EMA, the markets favor the bears in the days ahead, above the 200 EMA favors the bulls moving forward. 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.