SPX 30-Minute Chart 8 MA and 34 MA Cross

Lots of drama continuing for this fave chart of Keystone.  The 8 and 34 MA crosses tells you who is winning for the hours and days ahead. The bears took control yesterday although the 8 MA is curling up again. We watched the sideways triangle pattern to start the week which resulted in an upside breakout for that pattern.  Yesterday, the 5-minute chart was showing a descending triangle but the bears simply could not push it under the 1440-1441 level to have the pattern play out.  Instead, as the chart above clearly shows, the price action formed a falling wedge which created the late day bounce.  A tweezer bottom occurred in the afternoon and the indicators were all clearly positively diverged as the two prints occurred forming the tweezer bottom.

The SPX major S/R levels are 1460, 1447, 1440 and 1424. Watch the 1447 resistance level in early trading today.  Also watch the important 20-day MA at 1445.51 to see who is winning today's game.  As always, the 8 and 34 MA cross is most important for this chart and it will tell you who is steering the ship in the hours and days ahead. 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.