SPX 30-Minute Chat 8 MA and 34 MA Cross Upward-Sloping and Sideways Channels Overbot Negative Divergence

The bears keep having the rug pulled out from under them like Lucy pulling back the football just as Charlie Brown approaches to kick the ball. The 8 MA fell under the 34 MA on Wednesday signaling the all-clear for bears but yesterday, the football was pulled away once again as the 8 MA moves above the 34 MA signalling bullish markets for the hours and days ahead. The 8 MA is 1597.38 so the bears need to push the SPX under 1597 to start curling the 8 MA to the downside.  The brown lines show the ongoing sideways channel through 1576-1598 for the last two weeks. The blue lines show the upward-sloping channel in play for the last two weeks. Price is at or near the tops of both these channels increasing the drama for the imminent Jobs Report.  The red lines clearly show negative divergence across the board; the price highs are occurring with less and less oomph. Anything can happen when the jobs numbers hit but the projection is sideways to sideways down moving forward. As always, use the 8/34 cross on this chart as the bull-bear guide moving forward. 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.