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

The 8 MA will likely stab down through the 34 MA at the open. Watch the 8/34 cross all day long to see who is favored, bulls or bears.  The red rising wedge, overbot conditions and negative divergence created the spank down from the top as we watched last week.  The indicators are weak and bleak pointing to lower lows for price, and this is in place before the Cyprus chaos this weekend.

The brown H&S shows head at 1564 and neck line at 1556 which creates the target at the strong 1548 support level. The 1548 support may serve as a magnet at the opening bell. The neon green H&S shows head at 1564, neck line at 1548 with a lower target at 1532 if the 1548 level fails. The 8/34 cross is a direct indication of the bullishness versus bearishness in the markets so it is key today. 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.