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

The drama continues. The 8 and 34 MA cross on this chart is deciding the fate of the markets. Note the red and blue lines on top of each other the last couple days. This verifies the bull-bear struggle ongoing. One side or the other will win, probably tomorrow, and that will chart the market direction forward for the hours and days ahead.  The bull signal from 8/3/12 remains in place as the current theatrics play out.

The sideways symmetrical triangle presented last evening simply continued along today, the bulls pushed higher for a while today, then petered out, then the bears pushed lower, but they ran out of gas, so the markets languished sideways closing at 1403. Price is 1402.80, the 8 MA is 1402.77 and the 34 MA is 1402.66. Ay carumba. Only a fourteen cent difference between this trio. This tells you that whichever way price breaks it will take the 8 MA with it and determine the 8 and 34 MA cross which determines the broad market direction moving forward. Further, whichever way that price breaks from the triangle will result in either a 1418 target above or 1386 target below. Interestingly, the 1386-1391 area would jive with the daily charts projected pull back area.

Simply take it as it comes. Today was a surprise since it was expected that the 8 and 34 MA cross should have determined a victor, but it has not, yet. Friday may be an exciting session. The down direction is favored but any news bite out of Europe, such as Spain formally requesting a bailout, would catapult the broad indexes higher. Conversely, bad news out of Europe, or central bankers that say they are less open to acting with stimulus, will act as a downside catalyst. The 8 MA and 34 MA cross tomorrow will decide the broad market direction for the hours and days ahead. Bulls win with the 8 above the 34 and bears win with the 8 under the 34. 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.