SPX 60-Minute Chart 200 EMA Cross Downward-Sloping Channel

The SPX drops under the 200 EMA at 1629.00 yesterday signaling bearish markets for the hours ahead and days ahead. The market bears are on easy street as long as the SPX stays under the 200 EMA.  Bulls can pop the champagne corks if price moves above the 200 EMA.  Price is now testing the bottom rail of the blue channel. The green lines show positive divergence that created the initial pop today and should point to further recovery. The SPX 50-day MA is 1605.11 which was tapped this morning so this area is a logical place for a bounce. The 1614 resistance is important and serves as a ceiling so far today.

S/R is 1593, 1597, 1600, 1605, 1614, 1618, 1626-1627, 1634 and 1649-1650. Monitor the 200 EMA here on out to see if the bulls can develop any upside juice, 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.