SPX 1-Hour Chart 200 EMA Cross H&S

The SPX fell under the 200 EMA last week and continues to signal bearish markets for the hours and days ahead. A back kiss of the 200 EMA would be prudent moving forward. The 200 EMA is 1674 moving lower. The blue lines show the Quasimodo Head and Shoulders (H&S) pattern with two right shoulders. The head is 1710 and neck line is the important 1685 S/R, so the target is 1660, that was achieved, satisfying the H&S.  The green lines show the falling wedge, overbot conditions and positive divergence that creates the market bounce. Watch the 200 EMA cross moving forward; the bears remain in firm control of the markets as long as price stays under the 200 EMA. 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.