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

The 8 MA is above the 34 MA signaling bulish markets for the hours ahead, however, the moving averages are on top of each other with the 8 MA poised to stab down through the 34 MA this morning. The bulls need a strong upside open so the 8 MA will curl higher and they can prevent the negative 8/34 MA cross from occurring, and the S&P futures are +7 so the bulls know what they must do. The price action is favoring a sideways symmetrical triangle that should make a decision today, at the latest tomorrow morning.  The vertical side of the triangle is about 20 handles so if the move is up, breaking up through 1614, the target is the strong 1636 resistance level. If price collapses out the bottom of the triangle, the target is the mid 1580's. The 200 EMA on the 60-minute chart is 1619 and a very key decision level that would point the way forward, but the 1614 is important as well as evidenced by the triangle so a move up through 1614 can very well signal that the bulls want to run higher and will break through the 1619 level and the 1618-1623 resistance gauntlet. Simply watch the 8/34 cross. The bulls are firmly in the game as long as the 8 stays above the 34. If a negative 8/34 cross occurs, the bulls will fold like a cheap suit.

The 30 and 60-minute chart signals must agree and that agreement will point the market direction forward, either the SPX punches above the 200 EMA on the 60-minute chart to agree with the 30-minute chart above to give the bulls the nod, or, the 8 MA stabs down through the 34 MA on the 30-minute chart to agree with the 60-minute chart to signal that the bears rule 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.