SPX 30-Minute Chart 8 MA and 34 MA Cross Shows Bears in Control

SPX 30-minute chart shows the 8 MA stabbing down thru the 34 MA in the final hour of trading yesterday. Each candle represents one-half hour of trading so there are 13 candles in one day of trading.  The bulls signaled the all clear (green circle) a full day before Chairman Bernanke announced QE Infinity. The negative divergence created the spankdown off the top last Friday morning, but, as always, there is a slight fly in the bear ointment since the MACD line was not negatively diverged, so a possibility to test the high at 1475-ish has to remain on the radar. However, note the weak and bleak profile of all indicators, placing lower lows as price places lower lows, this is very bearish action.  At a minimum, the chart says it needs to see a lower low in price than yesterday, which wsa 1457.55, and at that time you can look to see if any positive divergence develops, or not. Watch the 8 and 34 MA cross moving forward. The market bears are in control now and the only way the bulls can wrestle back control is if a strong upward move occurs this morning curling the 8 MA upwards. Also watch to see if the RSI and/or money flow indicators move under 50% (bearish) or over 50% (bullish). 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.