SPX 30-Minute Chart 8 and 34 MA Cross H&S

The bulls continue higher with the SPX printing a new intraday high for 2013 at 1527.73 so pay a lot of attention to this number. The move higher is very surprising with copper tanking. The mixed signals and market confusion continues. The Fed is pumping hard. It appeared on Friday that the bears would finally have a go at the downside, and the copper gives the green light, but the 8 MA pierced up through the 34 MA signaling bullish markets for the hours and days ahead. This constant flip-flop of the 8/34 is highly uncharacteristic and verifies the mixed market signal confusion in the broad indexes. For now, the bulls are running with the ball again.  Watch the potential H&S pattern with a new head now at 1528 and neck line at the strong 1514-1515 support which targets 1500 if 1514 fails (a right shoulder will be needed as well on the way down).

The negative divergence says down although the MACD line and ROC have some further momo juice, so a candle or three may be needed for these indicators to turn down, which would be an hour or two of time.  Projection would be down but each time the selling attempts to take hold, the Fed pumping overcomes the negativity. Copper is experiencing a significant down move today and this will drag markets lower despite the market positivity today. Resistance above is 1528 and 1531; price is now testing the HOD again and the 1528 R. Watch the 8 and 34 MA cross as the day plays out. 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 2/19/13 at 12:14 PM:  The SPX punches out a new intraday high at 1528.17.

Note Added 2/19/13 at 4:05 PM:  The SPX closes at the 1531 resistance for new closing and intraday tops, the top trend line, another uber bullish day.