SPX 30-Minute Chart 8 and 34 MA Cross Sideways Symmetrical Triangle

Here's one of Keystone's faves, the 30-minute with 8/34 MA cross. The 8 MA remains under the 34 MA projecting bearish markets for the hours and days ahead, however, the bulls have curled the 8 MA upwards with the push higher this morning so watch to see if the bulls receive the go signal if the 8 pushes back above the 34.  The blue sideways symmetrical triangle is in play now and the top rail is at this 1555-ish level tested as this is typed. Watch to see if price receives a slap down from the trend line, or if the bulls push up through to signal a Friday party. The indicators have a sideways vibe so maybe traders will simply push markets out sideways into the weekend and wait for the word on Cyprus.

Late February the bears had something going but the bulls slapped the bears silly as March began. Early March the bulls teased the bears with the 8 dancing across the 34 MA but the bears could not push it under, then in mid-March same thing. Finally the bears pushed the 8 under the 34 to create the selling days ago but then the bulls fight back again. Bulls have more lives than cats since the bears are fed with the Fed's crack cocaine stimulus. The bears pushed the 8 under again and that brings us to the present. Watch the top rail at 1555 and to see if price moves through the triangle today, or not. Any move out of the triangle will send price stronger in that direction.  Watch the 8 and 34 MA cross since this will give you the initial read on who is winning, bulls or bears. 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 3/22/13 at 1:24 PM:  The 8 MA moves up through the 34 MA so the bulls are favored for the hours and days ahead. The move is tentative so if the bears can immediately push the SPX under 1555 and lower, that will curl the 8 MA over to the downside for a possible reversal. The 1556 level is strong resistance.