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

The bulls are running again today. The 8 MA was converging towards the 34 MA then whammo, big up this morning in the broad indexes so the 8 MA moves higher and remains above the 34 MA signaling bullish markets for the hours and days ahead.  The indicators are negatively diverged wanting to see a pull back.  The RSI on the 2-hour chart is in the overbot territory now so some flattening of price should occur then a roll over to the downside.  Now that last week's high at 1589 is taken out, the next resistance is the all-time closing high at 1593.37 then the all-time high at 1597.35.  The purple H&S remains in play but the bulls are trying to negate the pattern, and will, if price moves above 1597. Projection is flat move through 1586-1593 then roll over. The 8/34 MA cross is what matters on this 30-minute chart and the bulls are driving the bus right now. 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 2:47 PM:  The SPX floats higher to a HOD at 1592.64 a short time ago, testing the 1593.37 resistance area. The 8 MA is 1589.94 right now and the SPX price is 1589.67. Watch to see if the SPX stays under 1589.94 and heads lower, if so, this will curl the 8 MA to the downside and move it towards a potential cross of the 34 MA. If the SPX stays above 1589.94 and heads higher the bulls remain in full control. The negative divergence highlighted above and now in place should help kick in a downside move.