SPX 30-Minute Chart 8 and 34 MA Cross

The bears throw confetti in the air as the 8 MA stabs down through the 34 MA signaling bearish markets for the hours and days ahead, however, there is no joy for bears since they have had the rug pulled out about one half dozen times this year, the most recent at the start of May where the bear party did not even last one day.  Thus, it is the bears turn and we will see if they run, or stumble. The red lines show the negative divergence we have been watching the last few days. This spank down may have some legs. The blue lines show an H&S pattern with head at 1635, neck line at 1626, so the target is 1617-ish if 1626 fails.

No sooner can this message be typed before the bulls are already fighting back to send the SPX higher. As long as price stays below the 8 MA at 1628.57 the market bears are fine. The bulls will pull the rug out once again if the SPX starts printing above 1629. For now, the bears calmly smile as Yogi sneaks out the back door to buy some booze for a potential late day celebration.  Watch the 8/34 cross to see if the bears can keep it negative through the closing bell today, or not. 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.