SPX 30-Minute Chart 8 MA and 34 MA Cross Overbot Negative Divergence

Here is Keystone's fave chart to monitor lately as the bulls and bears duke it out each day.  The pink circle shows the tight BB drama from yesterday's open which resulted on a bullish moon shot. Those inflections are important since the SPX could just as easily have collapsed to 1393 and in fact the lower percentage move was to the upside, which obviously occurred.  Last Friday, a week ago, the 8 MA fell under the 34 MA placing the bears in charge, but Monday the fight renewed and by Tuesday the bulls were in charge with the 8 above the 34, as it is now.  Note how far the 8 MA is above the 34 MA which begs for a pull back.

The brown square highlights the candle action yesterday, with multiple prints above the upper BB, a rare occurrence.  Once th eouter BB is violated, a price move back to the middle BB, 1410, is expected if not a move to the opposite BB, 1401.  The red lines show mathcing price highs the last hour and one-half of trading but all the indicators are rolling over with negative divergence, so a move lower, even a small one, would be anticipated.  OpEx shenanigans will be in play at the open sa well.  Lower prices are expected but this is like waiting for Godot as the low volume pushes prices higher. A move to 1410 would provide a nice oppotunity to reassess. The 8 and 34 MA cross tells you who is in charge, for now, the bulls are driving the bus. 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.