SPX 30-Minute Chart 8 and 34 MA Cross

Q2 begins. The SPX tries to break up through Friday's high but fails after the ISM data, at least so far today.  The 8 remains above the 34 so the bulls are in charge for the hours and days ahead. The purple square shows how the bulls taunt the bears with a potential 8/34 cross but it is only a tease and new highs are printed once again. The dots show the higher highs and higher lows characteristic of a rally. Note the spike low a short time ago created a lower low than the prior 1565-ish number so watch this level to see if a lower low locks in place that would signal a trend change. Note how price respects the 200 MA.  The more touches that a candlestick performs the more clout that trend line or moving average line carries.  Thus, another test of the 200 MA at 1555-ish would be in order.

The black square shows a Tweezer Top. The indicators are weak and bleak preferring to see lower prices. The rising wedge and negative divergence patterns also suggest downside ahead. Market bears got nothing unless they push the 8 MA down through the 34 MA 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.

Note Added 4/1/13 at 1:35 PM:  The 8 MA stabbed down through the 34 MA at 1 PM signaling bearish markets for the hours and days ahead. Watch to see if the bearish cross holds through the close, or not.