SPX 30-Minute Chart 8/34 MA Cross Sideways Triangles

The 8 MA is below the 34 MA signaling bearish markets for the hours ahead but do not blink since the cross may flip to the bull side at any time. Typically, this 8/34 cross indicator should show a cross, followed by a trend in that direction for a few days, then the 8/34 cross will occur, and the other side will ride the wave for a few days, and then back again. This is the regular ebb and flow of markets in the near-term and VST time frames. There are 4 crosses, and potentially 5 today, in the last three days. This ridiculous behavior verifies markets that are like a deer in the headlights, frozen in place not knowing which way to leap.

The lower blue triangle is a sideways symmetrical triangle with vertical side 20 handles tall. So if the upside break out continues from 1638, the target is 1658. If price returns inside the safety of the triangle at 1634-1638, and collapses out the bottom at 1634, then 1614 is targeted. The larger blue sideways triangle is not symmetrical but is important since it represents the upper trend line of all the price action over the last week. The bulls will claim victory if they move above 1643 today. A move above 1643 would target 1673. If price leaks lower and fails at the 1634, the same lower tend line as the smaller triangle, this would target 1604. Watch the 8/34 cross to see if the bears remain control, or, if the bulls take the ball away and run higher to fulfill the triangle patterns. If the cross stays bearish, the downside target is 1604-1614. If the 8/34 cross turns positive and price gains traction higher into the 1640's, the upside target is 1658-1673. 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 12:57 PM:  The 8 MA pierces up through the 34 MA shortly after the opening bell today signaling bullish markets for the hours ahead.

Note Added 1:44 PM:  SPX punches up through the upper trend line discussed above at 1642-1644 and jumps to a HOD at 1655.72, thus far, only two points shy of the 1658 triangle target mentioned above.