SPX 30-Minute Chart 8 MA and 34 MA Cross Channel Failure

Watch the 8 MA and 34 MA cross, the 8 is poised to stab down thru the 34 which would signal bearish markets for the hours and days ahead. Price is perched at the bottom rail of the upward-sloping black channel which is also the uber strong support at 1460.  The purple trend line below intersects at 1450-ish so price may fail the channel and travel lower to test the trend line. The indicators are weak and bleak (short red lines) so a lower low in price is desired which would mean sub 1457. The futures are weak to start the week, S&P's down about seven, so the sub 1457 appears on tap for the SPX after the opening bell rings.

The dark blue lines show the important S/R levels at 1476, 1472, 1468, 1460, 1446, 1441 and 1424.  Drilling closer in at the middle range, S/R is 1460, 1457, 1453, 1451, 1447, and 1446. Also of interest is the weak utilities sector (UTIL under 481.36) which will likely position Keystone's algo, Keybot the Quant, to flip short. If the SPX drops under 1457 and remains under, Keybot will likely flip to the short side after the opening bell today. 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 10/8/12 at 2:30 PM:  The 8 MA stabbed down thru the 34 MA at 10:30 AM today, indicating bearish markets for the hours and days ahead.