SPX 30-Minute Chart 8/34 MA Cross Upward-Sloping Channel Overbot Rising Wedge Negative Divergence

SPX 30-minute shows universal negative divergence so a the bears will finally receive a pull back today. The price action will likely have a lot of sideways to it today. The red rising wedge, overbot conditions and negative divergence will send price lower. The stochastics have a little more juice so an initial move down will likely then lead to a move back up to test the strong 1685 resistance ceiling. The chart says the 1685 should hold and price should leak lower. The blue lines show the strongest S/R at 1691, 1685, 1669 and 1652. An upward-sloping channel is in play so it would be reasonable for price to move towards 1669-1675. If price moves above 1691, then 1700+ numbers are next.

The 8 MA is above the 34 MA signaling bullish markets for the hours ahead. The bears need to push price under the 8 MA at 1682.39 to curl the 8 MA downwards. Bears got nothing until the negative 8/34 cross occurs. Note the big bull-bear fight 8/29 through 9/4 where the markets could not make a decision. The bulls won on 9/4/13 helped by the new money entering the markets for the month, encouraging China and Japan data and the retreat from Syria military action. The indicators on the 2-hour chart show a bit more juice available so there should be a couple or few days of action where price will attempt to punch up through the 1685 and 1691 resistance levels, which will decide if the SPX returns to 1700+, or not. 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.