SPX 30-Minute Chart 8/34 MA Cross Falling Wedge Oversold Positive Divergence

The 8 MA remains under the 34 MA signaling bearish markets for the hours and days ahead.  The oversold conditions, falling green wedge, and positive divergence (green lines) want to see a bounce. The MACD line continues lower so it wants price to play around at these lower levels for one to four candlesticks (one-half hour to two hours). The 2-hour and 1-hour charts are setting up with positive divergence as well so if one to four candlesticks are needed on those charts for price to base and then bounce, that is about one to six hours of trading time. Therefore, a near-term bottom is likely at hand, which is signaled by the TRIN and NYAD as well, and should occur, say between 10 AM and 2 PM today. This is VST behavior only. Overall, the bears will continue to drive the market bus as long as the 8 stays under the 34. Keep in mind that there are two large gaps left behind, one at 1680-1685 and the other at 1652-1657, which will need filled at some point in the future. 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.