SPX 30-Minute Chart 8 MA and 34 MA Cross Sideways Channel 1429-1439 Ascending Triangle Pattern

Here's one of Keystone's fave real-time charts to watch during the day; the 30-minute chart. Each candle is 30 minutes so each trading day has 13 candles (6 1/2 hours). The readership here is used to hearing Keystone preach about the 8 and 34 MA cross these days.  The cross typically signals the broad market direction for the days ahead, but lately, with all the Draghi and Bernanke drama, as well as the German vote yesterday, markets are stumbling in more of a sideways move which will not yet provide a clear winner. This is atypical behavior that should return to normalcy in the days and weeks ahead.

To start today, the market bulls are in charge for the hours and days ahead, the 8 MA is above the 34 MA..  Keep watching, however, since this can easily flip sides once again after the opening bell. The case can be made for an ascending triangle over the last two days which is a bullish pattern that would send the SPX above 1450; no doubt the outcome if Chairman Bernanke shows up with the super deluxe bazooka. At the same time, note the strong negative divergence behavior over the last four days that wants to see lower prices (red liines). The SPX support and resistance to watch is 1440.24, 1439.15, 1438, 1435, 1431, 1429, 1427, 1424, 1422, 1419, 1413, 1410, 1406, 1403, 1399 and 1394. Watch the black sideways channel thru 1429-1439; bulls win above 1439, bears win below 1429. The 8 and 34 MA cross provides the market answer in real-time today. For today's action, the bulls need to move above 1439.15 to ignite an upside acceleration and the bears need to move under 1433 to ignite a downside acceleration. 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.