SPX 30-Minute Chart 8 MA and 34 MA Cross Inverted H&S Pattern

The 8 MA remains under the 34 MA signaling bearish markets for the hours ahead, however, the 8 MA is sloping upwards, and 34 MA downwards, and the futures are pointing to a positive open, so the bulls may obtain an 8/34 MA positive cross this morning. The thin blue lines show the inverted H&S highlighted on the weekend which targeted 1620 if the 1600 was taken out but instead, the SPX collapsed at the open, and dropped down through the head at 1580 negating the pattern.  The purple lines show a new inverted H&S pattern with head at the 1560 low, and neck line at 1600-ish, which yields a 1640-ish target if the 1600 gives way to the upside.

The green lines show how the positive divergence bounced the SPX on Friday, and yesterday. The indicators are not impressive from a bullish perspective since the bottom showing a sideways vibe more than upwards, so the jury is out to just how strong any up move will be today. The pink box highlights the bracket formed by the 8 and 34 MA's at 1575 and 1584. Price may bounce along inside this bracket today and watch for which way it exits. The most important aspect of the chart is the 8/34 MA cross so watch this closely today. If the 8 crosses above the 34, then a test of the 1600 is likely on tap, and that will determine if a move to the H&S target at 1640 is justified, 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.

Note Added 1:24 PM:  The 8 MA pushes up thorugh the 34 MA at 11 AM EST signaling bullish markets ahead.