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

The blue sideways triangle was in focus yesterday and the breakout move turned out to be up with price jumping over 1457 before pulling back down. The red triangle is very symmetrical and it would project a 20 handle move which targets 1442 + 20 = 1462. The chart shows a tweezer top (small circle) after the opening bell with negative divergence that helped create the downside although the MACD line would be agreeable to another thrust upwards, and the futures are up seven at this writing.  The chart is weak and bleak as shown by the red lines so the chart is actually wanting to see further downside. As usual, the 8 MA and 34 MA cross will lead the way; the 8 is above the 34 so the bulls are in charge. An opening pop will help to slow that downward stab the 8 MA is now exhibiting, watch to see if the 8 crosses down thru the 34 MA today to place the bears back in charge, or not.

The black lines show the major S/R levels at 1468, 1460, 1447, 1440 and 1424. Note the upper trend line over the last week which may serve as an upside target this morning for price to test 1452. Also watch the 10-day MA at 1450.49 and the 20-day MA at 1443.47. Projection is sideways to sideways lower prices moving forward. 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.