SPX 30-Minute Chart 8/34 MA Cross H&S

The bulls push the 8 MA up through the 34 MA yesterday afternoon signaling bullish markets for the hours ahead and ruining the bear's fun as usual. The bulls have rich Uncle Ben on their side with his thumb on the scale. The red rising wedge, overbot conditions and negative divergence created the top and smack down to begin this week. As the 10-minute chart previously posted shows, price is moving through the sideways channel at 1685-1700 this week so bulls win above 1700, bears win below 1685.

The H&S is in play with head at 1710, neck line at 1685, which targets 1660 if the 1685 fails. Note the big gap below at 1653-1660, big enough to drive a truck through, so that likely desires a filling at some point forward. The light blue lines show another H&S with head at 1710, and neck at 1675, which would target 1640 if the 1675 fails. Markets are meandering sideways and may very well end the day flat today with both sides deciding to take the weekend to think about things. A move above 1700, or below 1685-1688 today, however, will accelerate the move in that direction. 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 3:50 PM:  At 12:30 PM, the bears push the 8 MA down through the 34 MA signaling bearish markets for the hours ahead.