SPX 30-Minute Chart 8 and 34 MA Cross H&S's Negative Divergence Megaphone Expansion Pattern

Here is an update on the all-important 30-minute with 8 and 34 MA cross.  The 8 stabbed down through the 34 MA signaling bearish markets moving forward. The blue H&S has played out; head at 1514, neck line at 1507, target at 1500, achieved.  The purple H&S is in play with head at 1514, neck line at 1496-1498, so if price loses the neck line, the door to the high 1470's opens. The red lines show the negative divergence spank downs. The 1498 support is very strong and important, if it is lost, the downside is assured  Also, as long as the 8 stays under the 34, lower numbers will continue to print 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.

Note Added 2/7/13 at 11:18 AM:  Art Cashin on CNBC highlights the H&S shown above; head at 1514-ish, neck line at 1495. This would yield a target of 1476 (1495-19=1476). Art comically refers to the less-than-textbook H&S as a Picasso H&S, and Quasimodo's hump, the H&S is not pretty, a couple heads, a couple right shoulders, but the general theme is in play. Art says bearishness ahead if 1495 fails and to stay cautious and alert. Watch the HYG (high-yield) today as well. Type 'HYG' into the search box to bring up the latest chart that shows the negative divergence that creates the weakness.