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

The bulls move the 8 MA above the 34 MA at yesterday's open to signal bullish markets for the hours ahead, however, note the reversal on the 8 MA to the downside. The bears need a weak day to move the 8 downwards for a negative 8/34 cross. If the SPX stays under 1660 and lower, the 8 MA will be pulled lower. It is odd to see the shoe on the other foot since the pink circles show how the bulls have beaten back the bears every time a negative cross is attempted, and then even when the bear cross occurs, like last Wednesday, it is short-lived. Perhaps the bears will be the ones that frustrate the bulls moving forward?

Note the sideways triangle vibe that may be developing (thin black lines) where the apex will be coming within the next couple days. The indicators also hint at a squeeze into a sideways move which will likely result in a violent leap higher, or violent collapse lower. The side of the triangle is about 40 handles. The 1666 (for happy bulls) and 1649-1650 level (for happy bears) are key and will indicate which side is winning. A drop under 1650 would target 1610-ish while a move up through 1666 will set sights on 1706. Key S/R is 1687, 1669, 1666, 1649-1650 and 1634. Watch to see if the bears can manage a negative 8/34 cross today. If the broad indexes sell off but the 8 MA does not stab down through the 34 MA, the bears got nothing. 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.