SPX 30-Minute Chart 8 MA and 34 MA Cross H&S Pattern
The 8 MA crosses down through the 34 MA signaling bearish markets for the hours and days ahead. The Fed is on tap in minutes, will the bulls try to reverse the bear move and ruin the bear's day as usual? The black lines show an H&S in play. To keep the math simple, a head at 1597 and neck line at 1587 would target 1577 now that the 1587 ruptured. The 1576 is strong support so call the target 1576-1577. 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.
KS, you are expecting a fight at 1576 and maybe a bounce from there? It looks to me like 1538-40 is begging for a tap. A 10% decline (no biggie) would target 1,440, the level hit in early Jan.
ReplyDeleteIf 1576 fails, where is your next target? Thank you--
All of that above makes sense. Support is 1579, 1576, 1569, 1565, 1563, 1556, 1552-1553. The 1563 and 1552-1553 levels are very strong support and point to far lower numbers if they fail.
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