SPX 30-Minute Chart 8 MA and 34 MA Cross Sideways Channel 1399-1413

The 8 MA stabbed down thru the 34 MA yesterday morning paving the way for the market bears for the hours and days ahead. The markets recovered in the afternoon but the 8 MA remains below the 34 MA, by pennies.  Watch the 8 and 34 cross at the open to note the market direction forward. The bears are in control with the 8 under the 34, the bulls will take over control if the 8 moves above the 34.  The sideways channel thru 1399-1413 continues.

The red descending triangle pattern is of interest so that requires watching moving forward. Likewise the blue falling wedge pattern. The descending triangle would send the SPX to 1367 if the 1397-ish base line fails (1427 top; 1397 base; 1367 target). The falling wedge would forecast weak markets forward but a slow steady leak lower thru the wedge pattern, which would lead to a strong market bounce from 1380-1390 in a couple weeks time.

Markets are waiting for the ECB tomorrow morning, in about 24 hours, Draghi will return from the mountain on high and read the tablets in front of a media circus. The break, either up thru 1413 to signal all clear for bulls, or down thru 1399 to signal the all clear for bears, remains important. The drama continues. The 8 and 34 MA cross will tell you the broad market direction moving forward. SPX S/R is 1427, 1424, 1422, 1419, 1413, 1410, 1406, 1403, 1399, 1394 and 1391. 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.