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

SPX 30-minute shows the 8 MA moving south perhaps ready to stab down through the 34 MA to signal bearishness ahead. The 8 MA is 1556 so if the bulls can keep the SPX at 1556 or higher they can curl the 8 MA upwards to prevent the coming negativity. The next hour or two is very important. The sideways brown channel through 1550-1561 is in play.  The light blue H&S is also in play, head at 1564, neck at 1540 targets the 1516-ish area.  Well, what do you think?  Will the 8 stab down through the 34? 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 3/21/13 at 1:36 PM:  The 8 stabs down through the 34 about one-half hour ago signaling bearish markets for the hours and days ahead. More whipsaw action occurs today now sending markets lower.  Watch to see if the bears can keep the 8 under the 34, if so, markets will continue lower. SPX 1548 is strong support, see if that holds, or not.