SPX 30-Minute Chart 8 and 34 MA Cross H&S's and Megaphone Patterns

The lazy hazy winter day continues.  Lots going on with the 30-minute.  The 8 MA is above the 34 MA signaling bullish markets for the hours and days ahead, however, note the 8 MA coming down towards the 34 MA for a potential attack. The seesaw moves are ridiculous, these markets are very erratic and unstable.  The pink lines show the H&S in play over the last few days; head at 1514-1515, the right shoulder was yesterday and this morning printing at the 1514-1515 as well, neck line at 1498, would target 1480 if 1498 fails. An alternate target uses the 1496 level as the neck line which would drop the target to 1476-ish.  The blue lines show the H&S over the last two days that Rich mentioned in the comments section this morning.  Head at 1514-1515, neck line at 1507 so target at 1500 if the 1507 fails, call it the 1498-1500 target zone, which would then potentially place the pink H&S in play.

The red lines show the negative divergence spank down that was easily identified as it formed.  The indicators are weak and bleak hinting at lower prices ahead.  RSI, stochastics and money flow are all under their 50% levels, bearish.  Note the green megaphone pattern, or expansion pattern if you prefer.  Price is deciding between another upside orgy to 1517-ish, or a collapse down to 1493.  Watch the 8 and 34 MA cross, the most important thing on the 30-minute. 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.