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

The 8 MA is under the 34 MA projecting bearish markets for the hours and days ahead. The bears are driving the bus. Each time this year, however, the bears have been short-changed, receiving a slap in the face each time the markets try to move south. The Fed's money bazooka is powerful and continues to pump equity markets, fundamentals and technicals be d*mned. Perhaps this time the bears have legs? Note the 8 MA (blue line) recovered yesterday and started back up as the Fed pumped the markets from 10 AM on as usually occurs each day. However, a slight change to the regular game plan occurs, since the 8 MA curled back over to the downside as price collapsed into the closing bell.

The 8 MA is 1555 so as long as the bears stay under 1555 they are fine. Bulls will strive to push the SPX above 1555 which will curl the 8 MA upwards again towards the 34 MA. The brown H&S pattern shows head at 1564, neck line at 1549, so the target below is 1534 (1549-15) if the 1549 fails. Today is a big day for the equities markets. The indicators are meandering sideways not tipping their hand although the MACD line favors a downward bias. The 34 MA now rolling over and sloping negatively is also of interest. Watch the 8/34 MA cross to see if the bears maintain control today, or not. If the SPX drops, watch 1549 since far more downside is ahead if it fails. 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.