SPX 30-Minute Chart 8 and 34 MA Cross Inverted H&S Negative Divergence Developing Potential Rising Wedge

The inverted H&S pattern (blue lines) with head at 1677 and neck line at 1692 targets 1707 which prints yesterday so the pattern is satisfied. The red lines show negative divergence in place and overbot stochastics preferring to see some price weakness, however, RSI is not overbot and the money flow has some near-term momo. The red lines for price show a potential rising wedge in play that would top out at 1710-ish. The 1-hour and 2-hour charts are agreeable to another day of SPX buoyancy so even if the price is spanked down a little in the 30-minute time frame, it looks good for the bulls moving into the weekend at this juncture, only minutes from the Jobs Report.

The 8 MA is above the 34 MA signaling bullish markets for the hours ahead. The 8 MA is 1704.82 so the bears need to move under this level to curl the 8 MA to the downside. Projection is for price to roll over and head lower moving forward but the bulls may maintain buoyancy into early next week to allow time for the 1-hour and 2-hour charts to set up for the downside. 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.