SPX 30-Minute Chart 8 MA and 34 MA Cross Fibonacci Retracements

Price has rebounded to the 50% Fibonacci retracement level at 1448-1450, a logical place for a reversal back down.  You know the drill. Watch the 8 MA and 34 MA cross. The bulls are in charge to start the day, watch to see if the 8 stabs down thru the 34 to signal that the bears take over control again for the hours and days ahead, or not. The indicators never wanted to see a bounce off the 1431 low; perhaps the invisible hand helped. Projection is sideways action moving forward with a downward bias. 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.

Note Added 9/28/12 at 1:00 PM:  The 8 MA (1438.95) just stabbed down thru the 34 MA (1439.68). See if this holds today, if so, the bears rule for the hours and days ahead.

Note Added 9/28/12 at 1:53 PM:  The 8 MA comes back up to attempt a cross back above, both moving averages are 1439.87. How do you like that?  The drama continues.

Note Added 9/28/12 at 4:15 PM:  Lots of market jumpiness today. The session ends with the 8 MA above the 34 MA signaling that the bulls will rule for the hours and days ahead, but, watch the cross after Monday's open. These markets are as fickle as a southern gal at the Autumn Cotillion.