SPX 30-Minute Chart 8/34 MA Cross Rising Wedge

The 8 MA is above the 34 MA signaling bullish markets for the hours and days ahead. The pink boxes show the level of frustration the bears experience since each time a negative 8/34 cross is attempted to signal the bears turn, the markets are pumped higher and the 8 MA curls upwards again. The red rising wedge is in play which allows a price move to 1712. Keystone's 80/20 rule says 8's lead to 2's so the move above 1708 hints that 1712 should come. The red lines for the indicators show negative divergence but Friday's late-day push creates momo so price should remain buoyant. the 2-hour and 1-hour charts are setting up negatively but they are content with some additional sideways to slightly up bias as well. A few more candlesticks for these charts would place the markets into this afternoon where a potential roll over may begin.

The red line at 1701 is important for today (8/5/13). Keybot the Quant is long, however, if JJC (copper) stays under 39.02, and the SPX loses 1701 today, it is very likely that Keybot would flip short. So lots of drama on tap as usual. Watch the 8/34 cross. Bears got nothing until they send the 8 MA under the 34 MA. 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.