SPX 30-Minute Chart 8 and 34 MA Cross Overbot Rising Wedge Negative Divergence

The drama picks up where Friday left off. The 2-hour, 1-hour and 30-inute charts are set up with negative divergence but the push on Friday created a smidge of a higher high with the RSI on the 2-hour and 1-hour chart so the momo should help create market buoyancy into lunch time today. The 30-minute chart is set up universally with negative divergence wanting to see a spank down, but the short green lines show some remaining momo in place here as well. Thus, even though the futures are down, equities may stage a comeback, and then the noon hour on will likely be much more important and should set the stage for a weak afternoon. The new moon is today and markets are typically weak through the new moon. However, this OpEx week in March is typically up over 80% of the time, it is a very bullish week usually, so that is in the mix as well.

The 8 MA crossed above the 34 MA on 2/27/13 and it has been another bull party ever since. Watch the Fed's money pump which usually manifests between 10 and 11 AM. The bears got nothing unless they can move the 8 under the 34 and to curl the 8 downward the SPX must start printing at 1549 and lower. 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.