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

Drilling down further, the 30-minute chart clearly shows an H&S pattern over the last three days. The head is 1597, neck line at 1580, and it has a right shoulder from Friday's action, so failure at 1580 will target 1562, which is key support.  An alternate count shows the neckline at 1582 which would target 1567. As always, the most important item on the 30-minute is the 8/34 MA cross. the bears took control on Friday but note how the bulls are already curling the 8 MA higher again to foil any bear hopes. However, the S&P futures are down about eight right now so a lower start does appear on tap, which will test the 1580 neckline.

The indicators are agreeable to a sideways vibe moving forward but this morning's negativity is introducing a downward bias as the day begins. If the 8 MA stays under the 34 MA, the bears are driving the bus and lower and lower prices are expected moving forward. 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.