SPX 30-Minute Chart with 8 MA and 34 MA Cross

The bears were celebrating at noon time yesterday when the 8 MA stabbed down thru the 34 MA to signal bearish markets for the hours and days ahead. However, into the close, the bulls had already managed to curl the 8 MA back upwards and now the two moving averages are converging once again.  The opening bell is very important today. For the bears to make headway lower, the SPX must drop right out of the gate so the 8 MA can turn immediately lower. If the bears do not push hard to the downside, then price floating sideways to sideways up will cause the 8 to move up thru the 34 and announce that the bulls are back in charge again.

The spank down due to the rising wedge and negative divergence occurred, but the action yesterday shows strong support for the markets. The 1460-1461 strong support continues to play a key role.  Note the sideways channel thru 1457-1468 now in play. Bulls win above 1468, bears win below 1457. The indicators are a mixed bag. The 8 and 34 MA's are lining out sideways so perhaps the markets will idle along sideways another day. The markets may be waiting for the ECB rate decision on Thursday morning as a catalyst, thus, there are two trading sessions, today and tomorrow, in the States, before Draghi announces his intentions. The 8 MA and 34 MA cross tells the story 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.